Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread

I'm a crypto newbie and discovered mastercoin recently, and learnt that it was the first crypto 2.0 project, and raised a ton of funds. What happened? why is mastercoin doing so poorly compared to the competition? I don't mean to sound rude, just genuinely interested in piecing together what happened. I appreciate people are probably still working to make mastercoin a success in the future, but something must have gone wrong somewhere in the early days to lose first mover advantage and all the ico funds.

A classic story of hubris really. Would you believe that the counterparty folks once offered to actually help build mastercoin? Yep. It was almost once one cohesive project of Bitcoin 2.0 tech. Now it's nothing really, and the division that was sowed in the community lead the real corporations to simply build their own projects rather than collaborate with the bickering "communities" down here below.

So yeah. Great idea, but ideas are not enough.

Anyone have reference to this story here?

There were multiple people/teams that were turned away from creating a bitcoind implementation during the first few months. The reason was, JR insisted that "he alone would create the reference client". Not sure why JR never did any programming. It would only be speculation that he is incapable, or maybe was too busy popping champagne.