Quote from: udecker on April 20, 2014, 07:01:42 PM

Quote from: sixteendigits on April 20, 2014, 06:34:44 PM

Wait, can anyone who is familiar with MSC confirm this? Is this how MSC works?

I work for the Mastercoin Foundation. This is how it works.

Quote from: sixteendigits on April 20, 2014, 06:34:44 PM

So everytime there is a large asset issuance on MSC, an ungodly amount of MSC needs to be acquired?

Only if the ratio between BTC and the new token is intended to stay fixed during the crowdsale (independent of market fluctuations.) The protocol functions as a fixed ratio of MSC to the new token. Adding the extra BTC step is where it becomes more complicated.

Quote from: sixteendigits on April 20, 2014, 06:34:44 PM

And I guess I didn't catch this part but where does the MSC that is used to create MSAFE go? I assume it doesn't disappear, and it can't be going back to the maidsafe guys because why then why would they even need a large MSC loan? They can just keep reusing the same MSC.

And they dont. In this case, the loaned MSC is being used by the protocol to generate token for purchasers who use BTC. Those MSC get returned to the loaner once the crowdsale completes, and the BTC stays in the hands of the party running the Crowdsale (in this case, MaidSafe).

Quote from: sixteendigits on April 20, 2014, 06:34:44 PM

The more I know about MSC, the more I become a believer that XCP will overtake it one day. It may not have the marketing and funds that MSC has, but the fundamentals seem way more solid. But I am not trying to turn this into a discussion on XCP. Not that that should stop you from immediately running out to buy a few hundred, or thousand, whatever floats your boat Tongue

Thats your prerogative. We have nothing against the Counterparty guys, and wish them the best in their project. We share best-practices and help one another avoid pitfalls. We have open communication between the developers of both projects.

Do you have something against an automated token generation mechanism that takes one token as input and spits out another token(s) in return? That seems like a genuinely simple way to perform a Crowdsale of a new token, which is what we have implemented.

Craig

I'm not really hating, just trying to understand. Just gotta use any opportunity to mention XCP, as I am one of the first burners, gotta root for the home team!

Ok, I get that the MSC is gonna be returned to the loaners. I get that a MSC generates so many of an asset at a fixed rate.

What I am not understanding, is what happens to the MSC used to create MSAFE after it is sent off to the exodus address, and before the crowdsale ends and it is returned to the loaner? Does the blockchain just give it a warm hug and hold onto it for a fixed period of time?

I'm asking, if I wanted to sell 1000 DRAGON DILDOS using the MSC protocol, I can create an asset called DRAGON DILDOS, set the rate at 1 MSC=1000 DRAGON DILDOS and limit the asset to a total of 1000 DRAGON DILDOS, send 1 MSC to the DRAGON DILDO exodus address, receive my 1000 DRAGON DILDOS, and then my 1 MSC...........take it from here, what happens to that 1 MSC after this point? I guess I am asking where does the MSC go, how long is it there, who has it, and where does it eventually end up.

This is a serious question but I did abuse this opportunity to type DRAGON DILDOS in all caps as many times as I could.