When Vint Cerf and Bob Kahn described TCP/IP in their whitepaper published in 1974, they didn't follow up with requests for compensation. That is how a protocol works, it is submitted, reviewed and then vetted by professional peers - and either taken up into projects and worked into hardware/software, or abandoned if it is found wanting.
The fact that this protocol release is imitating an early 2000's tech-bubble IPO is extremely worrying, and I have grave doubts about the entire undertaking, even if your ultimate aim is to "improve bitcoin". You don't want to "compete" with bitcoin, but you'll gladly craft a system that takes "Tragedy of the Commons" to new heights of exploitation.
The blockchain isn't your personal hard drive to stuff with whatever you wish, it is a payment system and a global currency. There seems to be quite a lot of greed-driven behavior in bitcoin, and I'm sorry to say that this effort is no different.
Release the protocol and behave like the noble founders of the internet did, or get money signs in your eyes and behave like the monied interests that most people despise. It's your choice.
All very valid concerns. I think this idea is worth a (well executed) shot. Let's address *every* possible technical issue to a logical end in your theory this month before you undertake writing the source
I think I would prefer if these coins are destroyed via making 1exodus a blackhole by destroying every copy of the key, and for a separate fund to be created to support development, or vice versa. You can even send the coins back to the sending address if it turns out there's a flaw, and start over. Anyways, would this be more fair? why or why not. because if you spend bitcoins from 1exodus, the coins will get recirculated into the bitcoin ecosystem. i don't think this is good for establishing the value of MSC. Consider the fact that we have not had the luxury of two years' obsession poring over these ideas when answering our questions and concerns. The important thing is that we discuss these things through to a logical end.
But, all in all, this idea is too good to just let it not happen. We must make it happen.
If you already answered this, my apologies, though I'd appreciate a link to where you did or perhaps more clarification. I just want root reasoning for why this method and not anything else
The questions for whether or how much I should be compensated for this are interesting. I'm very happy and comfortable in my current job, and wouldn't be dabbling in stuff like this if there wasn't a way to make significant money doing it. If someone wants to launch a similar project with more egalitarian ideals, that's fine with me. Maybe the market will prefer that, and you will be successful, and I will lose out.
However, it should be clear by now that I have a lot of motivation to see this succeed. I have a huge vested interest in making MasterCoins valuable now. Idealistic projects can be abandoned as quickly as they are picked up, if there is no financial penalty for doing so.
So there will be no apologies about this - let me be perfectly clear: my goal is to make MasterCoins valuable, for myself, my children, and everyone who decides to come with me. If you want to come with me, that's awesome. If you don't like capitalism and you want to start your own thing, that is awesome too.
I plan to be extremely pragmatic about this. If one idea isn't working, we'll try something else. The goal will always be an increase in the value of MasterCoins.
With that, I
really need to get some other stuff done. Sorry guys.