Ninjastic
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Board Announcements (Altcoins)
Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread
by
mastercoin_foundation
on 30/04/2014, 07:10:12 UTC
Quote from: Chang Hum on April 30, 2014, 06:43:48 AM
Quote from: mastercoin_foundation on April 30, 2014, 06:38:16 AM
Quote from: ripper234 on April 29, 2014, 11:51:04 AM
Quote from: Chang Hum on April 29, 2014, 09:49:19 AM
has this been resolved?   source: http://bitcoinpete.com/2014/04/16/ex-post-toronto-bitcoin-expo/

A couple of boys from Alabama under the “BitStore” banner found a way to upload an iOS app without submitting it to Apple’s App Store, effectively cracking the cartel and opening the ecosystem to Android-like development. This was less interesting than the insight from one of the BitStore guys who audited the code of OmniWallet, a Mastercoin web wallet that was shamelessly pumped all weekend despite being in “pre-alpha,” and found that OmniWallet stores user info and private keys unencrypted in plain text on its servers, making OmniWallet a Flexcoin waiting to happen. [↩]

To the best of my knowledge, this is absolutely 100% not correct. We'll wait for the U.S dev team to wake up and double check.

In any case, there are right and wrong ways to do security disclosure. The wrong way is posting it on in forum/blog, the right way is sending it to security@mastercoin.org (I'm not pointing a finger at you you, but rather at the team who did the so called 'audit').

We have a security program - if anyone actually finds a security concerns, they get rewarded.

This is definitely not true, and was never true.  Anyone spreading false rumors faces legal liability in civil court.

I guess we have found a new revenue stream to fund our legal and regulatory engagement team- just kidding.  Cool

I think that it's you guys that will be facing legal liability lol.... Anyway can't see a reason mods have deleted this post except to misguide investors so I'll post it again and keep posting it everytime it's deleted. If I'm making false claims in this table mathematical mistakes can be easily dis-proven  Cool

I think it's worth noting for the devs here that Mastercoins business model is inherently floored and unattractive to anyone looking to issue digital tokens. The table below shows what % of the entire free market  Huh of Mastercoins have to be purchased in order to have a succesful asset issuance.

It also means that by their model they have to fix the price depending on how many assets are to be issued, and significant value is lost from the investment pool into the hands of Mastercoin holders.

Mastercoin Price                      Madesafe per Mastercoin                      Mastercoin required for IPO                %of mastercoin in existance                                      
0.001 (real value, pre ipo)                    17                                                        25264513                                         4000%
0.06 (maidsafe move price 1)                1020                                                      421075                                            68% (lol)
0.08 (maidsafe move price 2)                1360                                                      315806                                            51%
0.2  (crowdsource incentive price)     3400                                                                  126322                                                       20%  

Maths for madesafe per Mastercoin = Bitcoin conversion price*Mastercoin price
Maths for mastercoin required for IPO = 429496729.6(maidsafe issued)/madesafe per mastercoin
Maths for % of mastercoin in existence = (mastercoin required for IPO/619478.6(mastercoin exist))*100

This is totally fine to post if you stick to the facts and your opinions.  But the second you use vulgar language, anything that is  plain rude or anything that is defamatory, I reserve the right to delete.  Perhaps improve your manners.

Have a nice day.