Mastercoin issues and implications for Maidsafe funding


#1

Hi, this letter just surfaced and I wondered what the community’s/dev teams thoughts are. Current msc price is around 20% of crowd sale price btw.


Question about future funding of the project
#2

Yea I was sent this for comment. I think they need to do something and I have sent a mail saying so. To me they are a good team and are trying hard. I hope they can re-focus and create an amazing platform thats clearly usable and valuable. Then they will have something to pin their hat on. For us I hope it does improve significantly, but we have reshaped things to not let it bother us too much. I hope we can avoid any issues with that price, I feel confident it cannot harm this project at any rate. I wish them luck though.


#3

Glad to hear that David, my own thought was that hopefully any loss can be mitigated/ compensated for by the amount of free work and goodwill from like minded devs. Three cheers for all the devs involved, just wish I could do something to help…really wish I could code…


#4

You’re already helping a lot and we’re very grateful for it :smile:. IMO Coding isnt all there is to such projects. The amount you guys contribute to let it be brainstorming discussions or answers to new comers on general topics here or on the mailing list is very much appreciated and is very very valuable . So huge thanks and hopefully you can continue to help us in ways you can.


#5

Cheers Viv, that’s good of you, msc now 10% of ipo price btw - everyone dumping. Are there going to be problems when it comes to exchanging msafe for safecoin if mastercoin is no longer around, which is looking more and more likely as time goes on. The value is heading to zero, they are reportedly spending around a quarter million per month on god knows what. Wallets etc are still not working and looks like they may never be as little incentive now.


#6

Huh, that’s an interesting question @Al_Kafir. Is the Mastercoin network becoming dangerous?


#7

I don’t see how it can damage the conversion to Safecoin as the ownership of MaidSafecoin is recorded on the blockchain, whatever happens to Mastercoin.


#8

yes, I just wondered how this actually physically happens if msafe can’t be moved - what is the process? How are msafe physically converted, or are they just allocated by checking blockchain, then msafe destroyed somehow? How are safecoin credited to wallets?
Russell - it just looks like becoming obsolete as people realise they can have same functionality much cheaper by using things like counterparty. Things that were going to use msc, such as Tatiana coin (i know!), changed their minds once they witnessed the msafe ipo. Massive loss of confidence in mastercoin, mainly due to almost universal impression that Maidsafe were raped by them. Trust in the team has just bottomed out. There are still large holders wanting to dump but can’t as it would make price actually go to zero, so it is dying a slow death…


#9

Actually @Al_Kafir you’re right - I can envisage scenarios that could get messy, so MaidSafe need to consider the possibility that MaidSafecoin trading or transfers continue after an unofficial stop date, and ensure that they can take a snapshot of MaidSafecoin holdings and associated Bitcoin addresses on the stop date.

So long as they have that, they can allocate Safecoin on the network. It will be MaidSafe who will control the handing out of Safecoin to the respective Bitcoin address holders, so I don’t see that part as an issue - just knowing where the MaidSafecoin were at the stop date is needed I think.


#10

yes, that’ seems to make sense so is a little reassuring, cheers happy.


#11

I’m very new to this type of thing. MasterXchange is the only place that has any record of my maidsafecoin ownership. How can I protect them today?


#12

I don’t think you can very easily or securely. Wallets are still alpha stage with ridiculous disclaimers on their use, so nowhere to move them to really. Masterxchange withdrawals are all being processed manually by 1 guy as far as I know and takes days for bitcoin even. Not even sure if they are able to effect msafe withdrawals yet, but this may or may not be resolved by now.Somebody correct me if I’m wrong as I may be.


#13

Correction, Masterxchange is not associated with Mastercoin and seems to be run and founded by decent bloke. He had the same thing done to himself really - got paid in msc to list msafe by mastercoin foundation, so bagholding himself. He has no confidence in mastercoin either. The more I read about the Mastercoin foundation the more concerned I become. They are supposed to be a non profit, yet the board members get paid around 6 grand per month each and their expenses are ridiculous - hence the quarter million per mth spending. I wouldn’t be surprised if they go broke within 12 mth - that’s unless somebody manages to pull a rabbit out of a hat sharpish.
Not trolling, I’ve read around a bit.


#14

Good to know.

Would you mind adding some links to the articles you are referring to? I can google as well but it would be great to have them here.


#15

Sure: Board member payments:

fund ledgers:

Transcript from Masterxchange chat box (darkemi is the username of founder and chat moderator)

DarkEmi42: I am a bit worried.
DarkEmi42: I really want MSC to rise and get better
DarkEmi42: but I am not 100% confident to say the least
DarkEmi42: I should probably not express my concern publicly oh well

xheers


#16

That’s not a ton of money though… aren’t there multimillionaire non-profit folks?


#17

72K per yr is a very low salary actually considering you would have to pay for insurance and everything out of this…


#18

I would say its unusual for an organisation that size but make your own judgements, I am just presenting the information and make no claims. I’ve read this stuff and formed my own opinions which is what others should and will do whatever I say.I’m not trying to persuade anybody of anything.


#19

Here is a very informative appraisal of Mastercoin issues and current status. The lead dev of Mastercoin is soon to respond to it. This is a technical type document and it may be interesting for devs to make their own appraisal of the technical claims. It is a bit over my head as I’m a not a C++ developer, rather a B- decorator. Be interesting to get some opinions and I’ll update Mastercoin Devs reply. Its either serious issues or serious trolling and I haven’t a clue.At least we should find out from this whether mastercoin is at least technically likely to succeed or not, This could actually explain everything including price drop as potentially only the protocol has value, not the coins. Very interesting development.


#20

The ongoing Mastercoin decline I think, gives us an opportunity to educate ourselves on what to avoid doing in order to maximise the chances of Safenet’s success. I’m sure some valuable lessons have been learned already and this is a good thing, we are now a bit more streetwise I expect. By valuable, I mean we’ve gained something at an early point in our history (I believe this will be historic if successful) which is useful knowledge for the future. In furtherance of our education I would like to suggest a list of things to try and avoid doing in order to retain community/investor support and everything that flows naturally from that. I’ll just start us off a bit, so my list won’t be exhaustive and hopefully it will stimulate discussion:

• Always have good communication: regular updates, keep everybody informed, don’t condescend etc.
• Don’t appear to be frittering large sums of money away with little to show for it, such as ill thought out side-projects, huge expenses, expensive promotions, board payments etc.
• Always be open and honest, issue board minutes, transparency etc
• Involve the community in every decision of import, such as 6 grand a month board appointments etc and always have people whose position/reward can be 100% justified. Only essential skills such as business, economics….or decorating

I’m saying avoid giving the impression, not taking a position on current issues. Just the impression is all it takes.