Re: MasterCoin: New Protocol Layer Starting From “The Exodus Address”

So I decided to check this new hot protocol over faucet. I entered all data properly and to my surprise got 0.0000546
BTC on my Bitcoin address but 0.00125 MSC to Mastercoin address. Now I'm totally confused about the whole deal here.

1. Why amounts for BTC and MSC differ?
2. When it comes to how much BTC and MSC one receives over faucet, is ratio constant or random?
3. What happens with my 0.0000546 BTC if I spend my 0.00125 MSC or I do it the other way around? In other words,
are those 0.0000546 BTC now bound to 0.00125 MSC or not?

http://mastercoin-explorer.com/transactions/5c707b42cebe78283eb2d4c61e4dd7d4a241f35690b265e862844b58ef489bbe

they are not bound, you can spend all the btc on the address, and the msc will still be on the address

The entire mastercoin protocol is bordering on insanity. There is no correlation as to amount of BTC sent and the MSC that is sent. It is completely arbitrary. In short, there is no real security that the MSC that is received is even the MSC that is available to send.

What this means is the value of 1 MSC is the same as 100 MSC or 1,000 MSC! So you do the math? If 1 MSC = 100 MSC = 1,000 MSC then clearly the underlying unit is zero.

You should read the spec before accusing the developers of insanityYou clearly have a fundamental misunderstanding of what the currency MasterCoin is and how the MasterCoin protocol works.

@Mastercoin Developers: There is a real lack of understanding of the MasterCoin protocol versus MasterCoin by MasterCoin-naive. There needs to be a concerted effort to disambiguate the two.