Re: MasterCoin: New Protocol Layer Starting From “The Exodus Address”
Let me get this straight, JR won't quit his job unless he's worth $100M, 
. After btc rally last week I guess many of us here are already millionaires, real jobs are getting less and less relevant, we should be doing this for passion.
. After btc rally last week I guess many of us here are already millionaires, real jobs are getting less and less relevant, we should be doing this for passion.My wife doesn't care one fig about internet money which isn't in our bank account. That's the real hurdle. The other half of the problem is I don't want to sell MSC at today's prices.
I think I have found the ideal solution though, which I just posted in David's thread about project money this morning:
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.
If you guys think that's a good idea, please go there and help me convince the board that:
1) It's not market manipulation, it's a stock buy-back over a long period of time, with complete transparency
2) It doesn't make MSC more centralized, because we'll be giving this money away in bounties rather quickly
I think it gives the appearance of qute a large conflict of interest, when you hold such a large proportion of MSC, and so would be the primary beneficiary.