Re: Proposal for Standardizing the Distribution Rate of Dev MSC via the MSC Protocol
I think perhaps it is time to convert more of our BTC to MSC. I'd rather have MSC in a rainy day fund than BTC anyway. As you say, giving away BTC attacts people more interested in BTC, and I'd rather the foundation hold MSC than BTC.
Here's my crazy proposal:
1) Keep only the 1000 BTC we've already moved into offline wallets
2) Use the remainder of our BTC to purchase MSC over the next few months on the distributed exchange
3) Pay all future bounties exclusively in MSC
4) Keep half of our MSC money for a rainy day and/or future distributed bounty system
5) If our rainy day fund becomes excessive, we can always vote to lower the ratio later
I realize that this would potentially make all of our existing investors absurdly wealthy, but, well, the stated purpose of the Mastercoin Foundation is to serve the holders of Mastercoins, and I'm having a hard time seeing this course of action as anything but a huge positive for them, as long as we do it transparently and over a long enough period of time that nobody who wants to sell to us is left out.
Also, MSC prices would probably go up to the point where I'd sell 1% and quit my job to work on MSC, which I hope would also be in the best interests of our investors.
Here's my crazy proposal:
1) Keep only the 1000 BTC we've already moved into offline wallets
2) Use the remainder of our BTC to purchase MSC over the next few months on the distributed exchange
3) Pay all future bounties exclusively in MSC
4) Keep half of our MSC money for a rainy day and/or future distributed bounty system
5) If our rainy day fund becomes excessive, we can always vote to lower the ratio later
I realize that this would potentially make all of our existing investors absurdly wealthy, but, well, the stated purpose of the Mastercoin Foundation is to serve the holders of Mastercoins, and I'm having a hard time seeing this course of action as anything but a huge positive for them, as long as we do it transparently and over a long enough period of time that nobody who wants to sell to us is left out.
Also, MSC prices would probably go up to the point where I'd sell 1% and quit my job to work on MSC, which I hope would also be in the best interests of our investors.
I do like the "eating your own dogfood" type ethos of this idea, but I share some of Kyune's well-stated concerns as well. This may make sense IF devs are willing to work for MSC (which I doubt, at least at this point, since it's so new and unstable, even compared to BTC).
This, right here. I wouldn't even feel comfortable getting paid in BTC let alone a currency that's just a few months old.
I have a feeling that we sometimes forget how fragile MSC still is. There are so many things that will or could happen that will have a great influence on the perceived value of the coin itself. It would be seriously irresponsible to use most of the Bitcoins from Exodus to buy more Mastercoin.
J.R., if you want to leave your job, do you really need to sell Mastercoins to do this? I'm sure a part of the 3000 BTC currently sitting in Exodus could be exchanged for non-internet money so your family has the security that for the foreseeable future they don't have to worry about anything while you work on Mastercoin. Having you on board as a developer would solve a lot of problems and speed up the process. I'm currently often waiting on votes on the way how the spec should be interpreted before continuing on. Having you in the trenches would surely speed this up.