Topic: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread - page 54. (Read 165286 times)

Top dev priority right now is the RPC interface for MasterCore (cross-platform implementation) which exchanges have been asking for. Also, there's the distributed exchange for people who don't like trusting a website with their money.



We keep notes, not minutes, although we do formally track the outcome of board votes. That's burdensome enough, thank you very much.

Please nobody get all worked up about proper parliamentary procedure :-P

JR, I would like to make a request that all the board meeting minutes be released. The minutes are required to contain all formal proposals and along with who motions the proposal, who seconded, and the result of the vote.

is there ANY rationale reason that it is only traded on a small exchange, which only trades msc and maidsafe?

We spend money based on how much money we have. We are indeed cutting back expenses currently, and the bitcoin price increases lately have helped a lot too.

If it comes down to raising more money, we can't issue more MSC, so major holders such as myself would have to be diluted voluntarily. If it comes to that, I'll be looking for a long term investor who will hold onto their MSC for a long time! We talk to big-name VC firms all the time, so the assumption internally is that this would not be a difficult arrangement to make if we decide we need more money. It would simultaneously give VC firms a way to take a big stake in the project (which they can't currently do very easily), raise money for the project, and for the MSC holders participating (I presume/hope it would be open to anybody who had a large amount of MSC and wanted to join in), it would line our greedy, greedy pockets with cash we couldn't get through the open market, since the market it so immature and therefore illiquid. The downside of course would be getting diluted, so we're hoping to avoid that scenario entirely.

Please note that I am speaking speculatively - nothing like this has been arranged at this time. Please also note that in regards to being greedy, I can only speak for myself :-P

DGulari had some great points a few posts back - I couldn't agree with him more.

I'm contemplating doing a blog post about MSC price. As far as I can tell, all bitcoin 2.0 technologies have been on a long-term decline for awhile now. Eventually one or more of them is going to turn around and go through the stratosphere (I think we can all agree on that, right?). My goal is for it to be MSC.

I just talked to one of our core people this morning, and he told me he had never sold any MSC he received. I don't know how widespread that practice is (I don't ask), but it definitely reflects the long term optimism I see in myself and the rest of the team. We see the nuts and bolts of what we are building from the inside, and we think Mastercoin is hilariously undervalued, especially when you contemplate what valuations could be reached if we reach widespread adoption.

Got it. :-) It's a lot of money spent.......wish we had a touch more to show for it.

There are 3 "1000 btc" wallets. One of which is being tapped now. Take a look on the first tab "BTC Ledger". The "Overall Ballance" is 3179 BTC. Down from an initial "Beginning Balance" of 4740 BTC.

hmmmm. I see two transactions for 1000BTC each which are listed as being transfered to offline wallet: row 27 and 29. Doesn't indicate that money has been "Spent" just that it's offline.

Although yes- we should be farther a long with a reference client.

The foundation knows that they are running out of money.


So this is how JR and friends plan to cash out.

Who the hell proposed this? Who is the acting secretary and can't take minutes properly?

pffff.. what a bullshit conclusion...

Here is the spreadsheet. May has not been reconciled yet.

http://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE&usp=sharing

There about 45k msc that available to the foundation on the disbursement schedule. That works out to roughly 1000 btc at the current exchange rate. I have a hard time seeing those coins being worth much on the open market when all the foundation has left is msc to fund the project.

Given that the foundation has gone through just over 33% of their original btc funds, and increasing their burn rate significantly every month, they need to prioritize expenses.

With 578k msc in the public's hands, the foundation now holds less then 0.006 btc per msc at large.

The bottom line is, they have spent over a million dollars and we don't even have a reference client.

@hmmmstrange, There used to be a spreadsheet online showing all the foundation's assets and expenditures.
Was that your source?  Also, aren't there dev mastercoin still held by the foundation?

mastercoin foundation burn rate.....

1/1/2014 4431 btc
5/1/2014 3298 btc

4 months 1133 btc = 283 btc per month
3298/283 = 11.65 months from 5/1/2014

My calculation the foundation will be out of btc on April 20th 2015.

Most of the btc was spend when it's value was considerably higher then it is now. The only thing that can save the foundation from bankruptcy early next year, is another 500% increase in btc's value.

If btc's value had stayed the same as it was during the ipo, the mastercoin foundation would have been broke months ago.
 

Hey all,

given that only about 36 % of all multisig outputs of Mastercoin transactions are spent, I'd like to give "Coin Sweeper" another bump:

Coin Sweeper:
http://redeem.bitwatch.co

Instructions:
http://mastercointalk.org/index.php?topic=353.msg1022#msg1022

What can you do with it? Create a raw transaction which spends multisig dust. You need to manually sign and broadcast the transaction though.

Considering the source, I have nothing to worry about. Your rants are of an entire other class of ineptitude.

I cannot even find nxt's source code on github, to say nothing of value.

You could always try NXT.  Have you seen how advanced their system is?  Does MSC have anything like this: https://wiki.nxtcrypto.org/wiki/Nxt_API

Not even close.  MSC is a million miles behind.  MSC dev team is a joke.  They couldn't write their way out of a wet paper bag.  A real shame.

I think technically for features like savings, CFDs and other betting instruments, that MSC will still be needed for protocol enforceability, since BTCs can't be forced to some things similar to the technical reason why there are no standing MSC buy orders, and only sell [ed: Ron just confirmed so]

this only pertains to the crowdfunding mechanism

If MSC goes fully "open", investors should be reimbursed with the money left.

For sure, it reminds me of apple and android. If mastercoin could build things that others could not, it makes senses to use the lock-in model. But in this technology as we know it, does not take much to catch up, besides mastercoin does no longer lead.

If its possible I think you should be able to find a 3rd way between monetizing Mastercoin and make it free.
This could be done by exchange listing (Which is important to me and Mastercoin holders) and creation of smart property free. You should compare the competition and decide which options to make free and which option to charge a small fee.

Thank you for the open letter.
Jeroenn13