Topic: Why so much hype around mastercoin? - page 2. (Read 7395 times)

lol

No kidding.  So many bitter guys who didn't get on the train now run around screaming they are the ones who thought of Mastercoin - and in the same breath saying it will never work.

oh yeah?  Just go to Antibes and look a Linus Torvalds yacht parked next to Paul Allen's yacht and see if you can sustain that position.  You are an idiot AND you don't know what you are talking about. 

You'll see the exchange in action very soon.  You'll be shitting bricks about it then.

better buy up those Mastercoins before they run out then!

there are really two possibilities:

1) the Mastercoin people pulled one over on the VC by telling them that they have a technology that they don't(this much has been confirmed).

2) the Mastercoin people and the VC are pulling one over on us by pretending to have a technology in order to market these Mastercoins.

It's really not very difficult to profit from a scheme like this.  Start with 1 million in capital and start the first round of selling Mastercoins.  Lets say they are priced at $10 each.  Distribute a few to people with blogs and they just start churning out senseless crap with as many important sounding hot topic buzzwords as possible.  Suddenly the things are retailing for $15.  You just made a half-million dollars.  Slowly sell them off, a few months later- 'Mastercoin?  never heard of it'.  Have you read the 'whitepaper'?  this is the next big thing in Bitcoin?  lol.

Just a few weeks back they had supposedly put out a bounty for $50,000 to build a 'Distributed Exchange'.  To my knowledge the bounty was supposedly paid, but not to anyone who actually invented a distributed exchange, instead it appeared to have been paid to some pseudonymous programmers who made some kind of wallet app for Mastercoin.  Meanwhile Alex Mizrahi is talking to IBM rep on the BitcoinX list(just days afterwards) about the Distributed Exchange that Mastercoin has, that has never been defined, and a bounty was put out for it only a few weeks ago(the thing was conceived, accepted, and developed all in a few weeks? covertly?), and a rep from Bitangels publicly claimed that it doesn't exist!  The IBM rep is then writing on his blog about how awesome Mastercoin is.

None of these things exist.  None have been theoretically proven.  It's just people pumping up a digital asset, running around and avoiding any hard questions.  If this is your thing I bid you best of luck, amigo.  I think I might be one of the few people who is actually watching this thing who is not in on it.

Personally, I believe in open source.  Developing truly accessible open technologies pays you back more than any other engineering approach.  

http://www.urbandictionary.com/define.php?term=vaporware

nice try, but no.

criticising someone's poor behavior isn't jealousy or resentment, it's called indignation.

this stuff happened widely during the dot com era, and every time a company would issue stock options suddenly a gaggle of tech heads with edgy fashion sense would be waddling around talking about technologies that didn't exist.  I guess you think this is some kind of contest to see who can fool investors into giving them money?  and that Im butthurt because I lost the contest?  because that's what you're suggesting.  Most people don't know this, but a large disproportional number of these dot com scams came from Israel.

Would it be fair to say you have a small chip on your shoulder??


The ignorance of a VC says very little about the actual health of the project.

I was the first person to suggest this idea, which created quite a buzz.  As it stands I am also the only one with a verifiable solution to this problem.

The Color Coins crew, especially Alex routinely imitates my statements while simultaneously deriding and denouncing my works.

Obnoxious to the say the least.

Here's a tip, and honestly I'm not sure exactly what your involvement is with this group.  When you involve serious VC- let's just say they don't like to be made a fool of.  The Bitangles guy who posted here a few days ago seems to not quite understand what the Mastercoin project actually has, which makes me think that someone is playing someone else. 

I just want to make 100% clear that Im not involved with this.

Presently, there are about 86.4 shilling per dollar and about 80 dollar per Mastercoin.  So if you want to buy a Mastercoin for shilling, it'll be about 6400.

a list of TKeenans threads plugging/shilling for Mastercoin.

https://bitcointalksearch.org/user/tkeenan-154254

also,

אני יהודי

nice try though.

He is also confused as to what he is talking about.  Right after the anti-jewish bit - he stops making sense.

Oh, I see.  Now I get it.  You are the original and you are upset that JR funded a project to 'get 'er done' while you kept playing pong on your Atari for the last 6 months.  Too late to cry now. You wrote about it; JR did it.

The fact is, this group has been churning out LOADS of unreliable statements.  I've already pointed out a number of things that don't line up about what they're saying.  The sheer amount of just garbage they keep spamming every Bitcoin channel with is far too much for any single person to manage.  They are kicking up dust and making this thing look as though it's gigantic, oh and guess what?  you need to purchase Mastercoins right now if you want to be a part of it.  Get them while supplies last.

I know that some legitimate VC companies have declared involvement with this, and I've confirmed that through personal contacts.  This may indicate that 1) they don't know whats actually going [1] on 2) they believe this project will bear some profit.  In the case of #2, not sure how or why a VC would want to throw 2 million dollars at an open source project?  Obviously there is something else going on here, not exactly sure what and given the level of BS these guys are churning out, I don't care at this point.  It appears to be a pump and dump scheme for this crypto-asset, Mastercoin.  All the technical claims about this thing are just poor aping of various ideas floating around these boards and lists(such as the fabled Decentralized Exchange which I have written a detailed explanation of how to build).  At one point the technical claims started to look so contradictory and sloppy that Ron Gross[2[ declared that Mastercoin 'is not really a technology'.

The logo looks like something they stole from Legend Of Zelda.  The whole thing is just hilarious in my view.

The problem is that this space is just infested with Investment Pick Up Artists, who do have developed talents in attracting and convincing people with money.  They tend to gravitate into any area where there are people with money.  Like regular Pick Up Artists their home is dark sleazy places where people can't easily determine their identity.


[1] and this is remarkably common right now in the VC world.  There are many people desperate to buy a piece of the Bitcoin action and they don't know how to do it and they need get it on the shelf.

[2] whose name is on the DNS record for http://Mastercoin.org

being confused is expected if you take this forum seriously.

I'm very confused as to what you're talking about.

it's a bunch of guys in Israel trying to make a quick buck.

there's another guy in the Ukraine who is also shilling for them.

It's certainly showing how degraded that particular community has become.  They've poured money into Color Coins, nothing happened, mainly due to the failures of one, or perhaps two people.  I just want to make clear I have nothing to do with these people, because I have posted to some of the lists they appear to be stinking up.

you must realize that some of the people who have been posting here for YEARS are doing so under a false name from some unknown village in Eastern Europe where $500 USD is enough to pay for an entire years living expenses and your daughters dowry.  The fact that Bitcoin based payments are untraceable and irreversable empowers these types considerably so they are far more tenacious and numerous on boards like this.

the total is here (about 560k), plus about another 10% or so that vests over some period of time

http://mastercoin-explorer.com/

What are the total amount of MSC that were minted?

Thanks!

Trying to issue more MSC would fork the protocol - it would be just as hard as trying to change bitcoin to have more than 21M bitcoins. You can say you are doing that, but really all you have done is forked bitcoin, and anybody who doesn't like your idea will stay on the original branch. Same with Mastercoin.

Congratulations JR on what is a brilliant, elegant protocol that opens up mindblowing possibilities. I'd like you to talk to us more about trust issues though. What can you offer the sceptic that thinks you will mint more MSC when it suits you?

Thank all of you for great insights. It helped me to understand this idea. It's amazing how evolution works - in almost same time several similar projects occur. I believe we're heading in right direction although we can only bet on ship which will take us to final destination. At the moment I'd say mastercoin has the bigges momentum and it'll be great to see where it ends.

Those who don't understand the project might be selling - but I seriously doubt you'll find any sellers lower than 1:1 where the seller is educated.