Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread
We almost never watch this thread anymore, since it tends to be more of a trollbox than a forum, I think you'll usually get better results on reddit: http://www.reddit.com/r/omni/
That said, I'll try to answer the most recent questions.
Here lies the crux of the issue. The omni protocol you guys are building is amazing and inspirataional. You guys are crushing it.
However , i cant for the life of me figure out what the possible use for mastercoins is? Lets just be honest here. You dont need mastercoins to make the protocol work? Is that correct?
Or more accurately the mastercoins dont need value to make the protocol work.
What can possible give mastercoins value?
My answer is the same as it has always been. The near-term reason is the phase-2 distributed exchange which has all child currencies trading decentralized against OMNI. (phase 1 was Omni trading against bitcoin). The longer term plan is: http://blog.omni.foundation/2014/06/11/mastercoin-is-for-burning/
I can't imagine any way this might happen, and there has never been any discussion of doing anything even remotely like this.
They will be released quarterly. It looks like most of this 60k will be released in 2016 due to incentives I set up to reward longer vesting periods. What they do with them is up to the devs. I have no plans to ask. Over the next 3+ years, I hope to put the vast majority of my Omni in the hands of the developers working on the project. The impact on the price will be driven entirely by them, (what features they write to create more demand for Omni, and how much they decide to sell). When we ran out of BTC I decided I'd rather be a small holder of something huge than a huge holder of something worthless, so I'm trying to make sure the long-term incentives are in place for that to happen.
I have put enough features in the spec to keep them busy for a long time
That said, I'll try to answer the most recent questions.
Will there be any use for the mastercoins ?
Here lies the crux of the issue. The omni protocol you guys are building is amazing and inspirataional. You guys are crushing it.
However , i cant for the life of me figure out what the possible use for mastercoins is? Lets just be honest here. You dont need mastercoins to make the protocol work? Is that correct?
Or more accurately the mastercoins dont need value to make the protocol work.
What can possible give mastercoins value?
My answer is the same as it has always been. The near-term reason is the phase-2 distributed exchange which has all child currencies trading decentralized against OMNI. (phase 1 was Omni trading against bitcoin). The longer term plan is: http://blog.omni.foundation/2014/06/11/mastercoin-is-for-burning/
What would happen if everyone turned in their mastercoins for , i dont know, maybe a derivative on the omni layer.
ie: mastercoin tokens become valueless, as I suspect the omni protocol really doesn't need these to function, but whomever holds these gets their value transfered to something different.
ie: mastercoin tokens become valueless, as I suspect the omni protocol really doesn't need these to function, but whomever holds these gets their value transfered to something different.
I can't imagine any way this might happen, and there has never been any discussion of doing anything even remotely like this.
Does anyone know when the 60k msc, that JR donated to the foundation, will be paid out to the devs? It would be nice to see the devs not dump them as they get them, unlike the last year and a half.
They will be released quarterly. It looks like most of this 60k will be released in 2016 due to incentives I set up to reward longer vesting periods. What they do with them is up to the devs. I have no plans to ask. Over the next 3+ years, I hope to put the vast majority of my Omni in the hands of the developers working on the project. The impact on the price will be driven entirely by them, (what features they write to create more demand for Omni, and how much they decide to sell). When we ran out of BTC I decided I'd rather be a small holder of something huge than a huge holder of something worthless, so I'm trying to make sure the long-term incentives are in place for that to happen.
I have put enough features in the spec to keep them busy for a long time