Topic: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread - page 46. (Read 165272 times)

A friend pointed me to this thread. Thanks for posting facts Ron and J.R.

So for the record:

1. The Decentralized Applications Fund wasn't just launched, it has in been around for months (since March) and we recently updated the website and started going by the www.DAppsFund.com to avoid confusion with the BitAngels Network, which is a different and unrelated entity.

2. David Irvine did not change the terms or price of MSAFE during the crowdsale. Your quote about fairness is when he described having sold out all the tokens, some for bitcoins and some for mastercoins and thus needing to take down the generation address as the event was sold out and they were required to honor the bitcoin purchases (obviously). If you really want the details they are all available in the open retrospective.

3. And yes, I (and Sam Yilmaz) are still volunteering on the Mastercoin Foundation Board of Directors.

4. As for the API Network, I hope people will judge it based on the code it has produced and the platform it will give developers, and not on how quickly it sold out its tokens (which still have 25 days to go by the way). This is a more complex and developer focused project and I expect it will take longer for folks to appreciate how it benefits them.

5. API Network is not vaporware, you can go and test it right now. Here is the link: docs.apinetwork.co connect a data source and then select the type of data you want, then click "Try It" to produce the output that the developer would use in his program.

6. As for the comment about MaidSafe selling out too quickly because it was over subscribed, and the commenter saying he won't participate in this crowdsale because it hasn't sold out. I'd point out that the API Network crowdsale in question was purposely structured so a few big guys couldn't buy it out quickly. See post: https://github.com/DavidJohnstonCEO/CrowdsaleBestPractices#future-models-for-crowdsales which was also posted on Reddit.

Text for the lazy: It is worth noting that neither the SWARM team or the API Network team expect to collect the maximum number of bitcoins by selling out all of their tokens (though it is possible if demand has been radically underestimated). Instead, both project have set a range of price points and are leaving it up to the market to decide the proper price of SWARM and API Coins (XAP). If the market decides these projects are highly valued, than the price of the coins will reach a higher level during the crowdsale. Conversely, if the market decides that these projects are not as highly valued, than the price of the coins will not rise as high during the crowdsale. Either way the pricing of these tokens is for the market to determine.

    

Thanks Ron and J.R for clearing things out. hmmmstrange and RawDog no longer trustworthy in my eyes, even though I didn't believe much in them before either.

Also, we LOVE David Johnston. He is our most active board member. Our protocol would be in much worse shape without his significant investment and ongoing involvement. The API Network was what he was doing BEFORE Mastercoin, and he saw Mastercoin as a great way to enable what he wanted to do with the API Network. Nobody got kicked out of anything - this is his own brainchild, which has to compete for attention among a lot of other really interesting crowd-sales, in an uncertain regulatory environment.

Don't bother answering trolls and FUD spreaders..

Once and for all:

1. All board members are known people, most of them have valuable businesses and reputation. Nobody is going to run away with anyone's funds.
2. Holding funds and generating paper with proper backup and security isn't a light matter. Some board members have volunteered to act as custodians of the funds. It is an operational matter only, and there is zero risk in my mind of board members running away with the Foundation's funds or deciding to 'hold the funds hostage'.
3. Rearranging funds in cold wallets isn't something that we do because of the time expenditure and potential for mistake. We spend funds from these wallets one at the time according to operational needs.

What BS is going on with the board? 

That is not true. They have accounted for all of the bitcoin. Right now you can see they have at least 2869 coins left out of the original 4740. How they spend the money is another issue.

My concern is the funds were supposed to be split up between 3 people so if one goes rogue at least there would be 2/3 left. Now that the foundation has spent over 1/3 of the btc raised they are now only securing the remaining funds in 2 offline wallets. With all the BS going on with the board members, it would be easy to imagine a scenario where member X or Y decides it is either in their best interest or even in mastercoin's best interest not to provide their wallet's funds to the board.

I would support X or Y or both to hold their funds hostage in order to get a new board properly elected.

I thought last month someone discovered 1000BTC 'missing' - i.e. spent but not properly accounted for.  Is that true?

With board member Z's offline wallet now depleted, and X's and Y's untouched, can we get proof that X's and Y's are still in control of the board?

It looks awfully suspicious that they split the funds between 3 wallets and now the remaining funds are split between 2 wallets, that have not been used.

Boy it would really be nice if the board was open with the reasoning to only spend from one of the wallets.

Didn't see it, will look into it when I got the time. But what do you mean that he got kicked out from the Mastercoin protacol? Both him and Sam are still listed as Board of directors on http://www.mastercoinfoundation.org/

You didn't see his new project: DApp Fund 1?  It is all over the internet if you bothered to read about it.  Don't believe me?  Have a look at this...
http://www.dappsfund.com/

Do you got a source for this or is it pure bullshit from ghosts in your head?

Anyway, he got kicked out of the MasterProtocol for doing that.  They made him and Sam Yilmaz go away to start a thing called the DApp Fund 1.  Now, the boss at MasterProtocol is Ron, JR, and some other guy.

Lol no he didn't. Or maybe he did, but only to his friends. I tried and didn't even got a response from him.

Yeah, because he "bought too many maidsafe". If david johnston did not buy up all the maidsafe he wouldn't have had them to give back to the guys he screwed over. You are giving him credit for putting a band-aid on the problem he created.

If you guys would have done anything else than complain you would've known that David Johnston sold maidsafecoins for mastercoins even after the fundraising was over, the the same price as during the crowd sale. 

Bottom line: MasterProtocol managers fucked up with their 'price fix' scheme = .2 MSC/BTC and totally destroyed all faith in the protocol and ability of its managers to act fairly.  No recovery on the horizon.  Shame really, because the idea was pretty good.

I'd love to invest in this one.  It is an awesome idea.  The only trouble is, once I give my $50,000 they will simple change the rules so Brock Pierce and other MSC whales can put another huge chuck of money in thier pockets.  Why should I lose another $50,000 because MasterProtocol thinks it is OK to change the rules in the middle of the deal?  No thanks. 

If you think the API Network failure has anything at all to do with the quality of the project - you'd be wrong.  It has everything to do with a fundraising platform that can be manipulated to take money from one group and give it to another group - 'in the name of fairness' according to David Irvine.  Fucker. 

I seriously doubt ANY project will ever successfully fund on MasterProtocol again. 

api network has raised a whopping 1.1 btc in the last 24 hours. That is how much the mastercoin foundation goes through in 3 hours.

Poor marketing by david or curtis? Bad idea? Maybe, just maybe, mastercoin's reputation is tarnishing the crowdsales on the network?

Curtis, if you are listening, you may want to move the crowdsale to another network. You can't get much worse then this.