Post
Topic
Board Altcoin Discussion
Re: MasterCoin: New Protocol Layer Starting From “The Exodus Address”
by
proinside
on 09/01/2014, 14:37:29 UTC
Well, MSC is an interesting idea. However, I feel very strange about this as such.

There is the question about how exactly MSC makes my coins harder to steal when using the bitcoin protocol as a layer for itself. If it would be possible in a few years to actually "create" bitcoins by finding collisions in the sha256 bitcoin uses, will MSC still be stable?

With the initial funding and distribution of MSC, the devs "valued" their own MSC at a given MSC/BTC ratio. Why do you exactly get 100/BTC?  Is it good to value your own currency without looking at the market first?

devMSC is a thing that actually bothers me. It's not like you did a fundraising for your work at first and then you actually create yourself new MSC beyond already being funded... That sounds not fair to me. You should have gone with only the fundraising and not simply implement a coin generation like that. -> You increased your value of MSC by 1/10 for your dev crew only. Meaning you archived a margin of fundraising by 10% already for you guys simply with those devMSC.

Another thing that bothers me is that there is no exchange already. According to your Exodus add you received around 5000 btc on that one. That would be 5million dollar funded by you without having a working exchange.

This should not mean that MSC is a bad thing. I kinda like the idea behind it, but there are still things you need to think about. Why stick with MSC if you simply could roll with BTC because MSC is not that much of a difference right now. Simply just another alt coin. Ye its nice it uses the bitcoin protocol and stuff, however it is far to insecure for me to actually believe it will skyrocket anytime soon.

I also would predict that it actually shrinks to around 0.005 - 0.09 BTC. The main reason for this is that MSC can't do anything without being backed by BTC.

My biggest problem currently is that the devs actually look greedy and simply are hiding the fact that this was a quick nice idea to get some bucks in their pockets. Why else create 10% more coins just for the devs after fundraising the whole thing...