Quote from: Meni Rosenfeld on August 03, 2013, 09:53:52 PM

Quote from: dacoinminster on August 01, 2013, 02:36:18 PM

Yes, I will still control the funds I use to purchase MasterCoins. That's why I can go all in, while the rest of you have to decide if I'm nuts, a scammer, or maybe could really pull this off

Quote from: Meni Rosenfeld on August 01, 2013, 08:21:09 AM

I would like to emphasize that, since you control the exodus address, it is important that you buy only few mastercoins and furthermore that you are completely transparent about how much you buy. Of course, this doesn't apply to buying them on the free market later.

As implied above, I actually intend to buy a large number of them - probably around 24 hours after the announcement. I really believe this will work, and I want to own as many of them as possible.

In other words, you're taking none of the risk and getting all of the reward?

I like you but I really don't like where this is going, you'll need to be extremely transparent (and with reasonable expectations set forth in advance) for this to make any sense.

That's the main of several issues I have against his project.

1) He controls the "exodus" address which means any bitcoins he sends is still in his own control and not at risk of being lost even if MasterCoin fails.
2) There's no explanation of what the expected expenses are. Is it salary for developer(s)?
3) In his white paper, he tries to appeal to greed and how important it is to get in "early". He wants investments/donations (don't know what to actually call it) to be sent quickly and rewards early bitcoins with more "MasterCoins". Why? Seems like cheap sales tactics to me. Let the product sell on its own merits.
4) Even if this turned out to work properly at all, he controls majority of the MasterCoins (so far).
5) He refutes all above mentioned criticism as "anti-capitalism" and "egalitarian". Which is misdirection from the actual criticism. It's the warped risk/reward ratio and circumstances of this being handled and misrepresentation under "project development".

It seems very rushed and he claims to have been working on this for a long time. It really doesn't matter if he initially had this idea in 2009 or 2013. Provided content or any proof of concept seems ... lacking. He went on to disregard reddit users because it's a "cesspool of ignorance" and deleted his own thread. He did not provide any insightful information to the criticism he met there. He danced around every reply. He's essentially giving himself a free pass if this fail because he has written a "disclaimer" and that he promises the return what funds remain at the point of the failure. So he could essentially give this a go for a 6 months period and return half of the funds and keep the rest? He would still keep 100 % of what he put in and 50 % of everyone else's.

I disregard the escrow issues raised, as there are other people more suited than me to address it. I don't expect him to quit his job, but I just don't understand why he's in such hurry to get funds sent to him. Or why he thinks it's necessary to use, what I consider, cheap sales tactics. He posted this in "Project Development", but in reality he's raising funds before any proof of concept.

Personally this raises huge red flags. This whole thing seems out of touch of reality. But maybe that's just me. I think this will inevitably be the downfall of this project before it even starts.