Quote from: crypto era on April 30, 2014, 01:49:30 PM

I'm trying to follow everything that's being said. So to do an asset issuance on the mastercoin protocol you have to have a good chunk of all mastercoins like tens of thousands, or did I miss something.

It was impossible for this fundraiser to ever reach the target of $10mil using the mastercoin system. This is because the value of Mastercoins lent to Maidsafe to exchange for Bitcoin didn't amount to $10mil at a value of 0.2 per bitcoin.

As per the table I've posted if the price was left at 0.06 then 68% of all Mastercoins would have had to be sold in order for the fundraiser to sell out. They changed the price to 0.2 for one of these reasons:

- So Maidsafe could re-sale the Mastercoins they'd been lent by Bit-angels at a higher price in exchange for Bitcoin.

- So only 20% of all maidsafe coins in existance would need to be sold for the fundraiser to sell out. (relative to 68% at previous price)

- Because they thought the market was going that direction anyway (official reason given by David Irvine of Maidsafe but most unlikely)

The system is so insanely floored it suggests the whole thing was a con to take advantage of a particularly gullible customer or that the customer himself is a conspirator.