The Litepresence Report on Cryptocurrency

[presence]

ppc




I'm back to holding LTC.


I'll sleep in it tonight.

 

[PaulConventionWV]

Can you sum up Mastercoin for me?

If the price already went from .01 btc to .3 btc, do you really think it's going to get close to or overcome btc in value? If that happens, then what happens to the price of btc? Are we supposed to assume that msc is the new thing now?

Sorry if this is a lot of questions, but how is it different from btc in terms of how it works, and what makes you think it's going to get bigger?

 

[presence]

Can you sum up Mastercoin for me?

If the price already went from .01 btc to .3 btc, do you really think it's going to get close to or overcome btc in value? If that happens, then what happens to the price of btc? Are we supposed to assume that msc is the new thing now?

Sorry if this is a lot of questions, but how is it different from btc in terms of how it works, and what makes you think it's going to get bigger?

Mastercoin is not a new "alt coin"; you can better think of it as an additional color coding of bitcoin.


As a metaphor, if this is Bitcoin:

This is Mastercoin:

Both $20 face value.



I'm still coming to understand the project myself... its quite complex and multi layered.... its not just "gold backed bitcoin" or "commodity backed bitcoin"; but something bigger.


I've sent PM's to the dev team to help me further comprehend the project... I'll post updates as I become more familiar. Until then I suggest you read the whitepaper

https://github.com/mastercoin-MSC/spec

Our claims are built on the following assumptions:

• Alternate block chains [ALT COINS] compete with bitcoins financially, confuse our message to the world, and dilute our efforts. These barriers interfere with the adoption momentum of bitcoin and the adoption momentum of alternate currencies as well, regardless of how well-conceived their rules may be.
• New protocol layers on top of the bitcoin protocol will increase bitcoin values, consolidate our message to the world, and concentrate our efforts, while still allowing individuals and groups to issue new currencies with experimental new rules. The success of any experimental currency protocol layer will enhance the value and success of the foundational bitcoin protocol.
• Getting consensus and widespread adoption from the bitcoin community is not needed to add protocol layers, since no changes to the foundational bitcoin protocol are required.
• Tiny bitcoin transactions can be encoded into the block chain to support and represent transactions in higher protocol layers.
• A protocol can pay for its own software development, “bootstrapping” itself into existence, utilizing a trusted entity to hold funds and hire developers.
• It is possible to create tools to allow end users to create currency protocol layers which have a stable value, pegged to an external currency or commodity. In this way, users of these currencies can own stabilized virtual currency tied to U.S. Dollars, Euros, ounces of gold, barrels of oil, etc.
• It is possible for users of these new currencies to exchange between currencies with each other using simple rules and no central exchange. [ie no need for btc-e, gox, huobi, etc.]

MasterCoin is a new protocol layer on top of bitcoin which adds

features for improved security,
distributed exchange between bitcoins and coins on higher protocol layers,
distributed betting on real-world stuff,
user-created currencies and property tokens,
and even user-created currencies which track real-world values like the price of an ounce of gold.

If you've been living under a rock, you may not know that

we recently raised nearly 5000 BTC to build

a new protocol layer on top of bitcoin. The new layer is NOT an alt-chain currency - it's built right on top of bitcoin, and is called "MasterCoin"

I am VERY excited to announce that I now have a complete specification for building a protocol layer on top of bitcoin (like how HTTP runs on top of TCP/IP). [check this link for more on HTTP vs TCP/IP to understand the metaphor]

The coins of the new layer have

• Additional security features to make your money much harder to steal
• Built-in support for a distributed currency exchange
• Built-in support for distributed betting (no need to trust a website to coordinate bets)
• Built-in support for "smart property" which can be used to create and transfer property such as titles, deeds, or stock in a company
• Capability to hold a stable user-defined value, such as an ounce of gold or U.S. Dollar, with no need to trust a person promising to back up that value

This is a significant improvement over anything we've had before, including colored coins. This protocol has been my life's work for over two years now, and you can finally get a piece of it today!

Want more details?

• Readthe complete MasterCoin specification here: https://github.com/mastercoin-MSC/spec
• Watch this video of my explaining MasterCoin to the bitangels investor group, in which I use screen-sharing to explain MasterCoin and demonstrate what it could already do at that time (we've come a long way since): https://docs.google.com/file/d/0B3nInaIJVqrtc3NqdkloLTZNOXM/edit?usp=sharing
• "Let's talk Bitcoin" has an episode in which they interview me about MasterCoin: http://letstalkbitcoin.com/e37-meeting-mastercoin/ (my segment is towards the end)
• We now have a wiki with a FAQ: http://wiki.mastercoin.org/index.php?title=FAQ

About me:

• I've been a software engineer for over 10 years. Here's my LinkedIn profile: http://www.linkedin.com/in/jrwillett (connect with me!)
• I've been pushing for new bitcoin protocol layers since 2011. Here's a video of me as an expert panelist at the Bitcoin Conference in San Jose in May, talking about this idea (I'm the second guy from the left): http://www.youtube.com/watch?v=_qdr_Z3hrqQ

MasterCoins are intended to be an investment opportunity on par with buying bitcoins when they first came out. However, as with bitcoins, there are a lot of risks too. Before you buy MasterCoins, please take a few minutes to read my summary of some of the ways this could go wrong and you could lose your money: https://sites.google.com/site/2ndbtcwpaper/MasterCoinRisks.pdf

Perhaps you have heard of the Genesis Block, from which the first bitcoins were created. MasterCoins have a similar starting point in the bitcoin block chain, called the “Exodus Address” (http://blockchain.info/address/1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P). MasterCoins were created by sending bitcoins to the Exodus Address during the month of August 2013. That fundraiser is now over, and anyone wishing to buy MasterCoins will have to purchase them from an early adopter.

Bitcoins raised in the fundraiser are being used to fund the development of software implementing the MasterCoin protocol. The fundraiser was structured like a kickstarter, but it is also an investment.


If we're successful, the purchased MasterCoins could be worth a tremendous amount of money someday.


Thanks to everyone who participated, helping us raise over half a million dollars worth of bitcoins. We're tracking every every expenditure of that money in a public ledger: https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE&usp=sharing

 

[muh_roads]

Looks like I can exit that nmc position soon. you still in presence?

 

[presence]

Looks like I can exit that nmc position soon. you still in presence?

Yes... I'm still holding. I'm going to give up on the day trade gig next few days, busy w/ life... waiting on that last pop of LTC before exiting to fiat. I'm sensing we're @ 23.6 charting forward at about a half percent average gain daily until LTC pops up for 5%... then begins its post bubble deflation.

best of luck... read up on MSC. Lemme know what you think.

 

[PaulConventionWV]

As far as I can tell, MSC is the same thing as bitcoin, except with added features that allow it to be traded without a third party, right? That's pretty neat considering the fact that it eliminates exchange fees and trusting a third party. I'm still not sure what its prospects are, however, or what the upward potential is. I'm also kind of apprehensive about the effect it could have on the value of regular btc, so I must say I'm torn right now.

 

[muh_roads]

After reading that whole thing about Mastercoin I still don't understand it. It sounds like they are being cryptic on purpose with the so-called usefulness of extra protocol layers and giving props to Bitcoin to appear friendly to the community. They have yet to give a real world example of its use. Although I have yet to watch the videos.

MasterCoins were created by sending bitcoins to the Exodus Address during the month of August 2013. That fundraiser is now over, and anyone wishing to buy MasterCoins will have to purchase them from an early adopter.

Yuck. Feels like a premine.

 

[muh_roads]

http://bildr.no/image/ZFowYlNi.jpeg

Predictions for $10K & $100K

 

[presence]

As expected....


Huobi, the market volume leader has now entered a very tight consolidation;

BTC is now 4355y holding very steady.

Here are 4 hour candles, and 3 minute candles below

 

[presence]

The "expectation" is a short and quick 5% gain at the tip of consolidation as the bulls make their last run... followed by reversal of trend and then 60 days of steady decline.


This is a consolidation however and "the way it breaks" ; up/down is much more difficult to predict than the fact that it "would consolidate" after despair.


So you really want to watch your charts; especially huobi right now.




It would be from this place we could

1) most likely 5% up short then ... 40% down over 60 days

2) regain momentum and enter "double top" of 7500y (unlikely)

3) make an unlikely, yet plausible 30% short gain over 24 hours back to 5200y area.



odds:

1) 85%; my expectation

2) 5% highly doubtful

3) 10%; could happen if there is enough enthusiasm.

 

[presence]

message sent to btce support; ticket opened:

RE: Please consider mBTC notation of trading pairs

Пожалуйста, обратите внимание mBTC обозначения торговых пар



https://en.wikipedia.org/wiki/Significant_figures


"The significant figures of a number are those digits that carry meaning contributing to its precision."

------------------------------------------------------
Terracoin (TRC) and Feathercoin (FTC) are both trading with only 2 "significant figures"; trading at:


0.00068/btc for TRC last, and (significant figure "68")

0.00055/btc for FTC last (significant figure "55"


In each trading pair there are only 2 significant digits and because of this you will loose market share as investors loose interest in trading coins without precise values.


BTC/USD last is $745.667/btc that has 6 significant figures (745667) and allows for much more market interest and precise placement of bids.


Please consider mBTC notation for your alt coins, especially in pricing FTC and TRC.

This decision would increase demand and trading frequency building on YOUR FEE REVENUE and building interest in these alt coins.

I expect that noting all trading pairs including NMC, PPC, and LTC in mBTC rather than BTC would have a similar effect.



"mBTC" is the coming standard for trade in alt coins, see this web page for more info on converting BTC prices to mBTC:

http://www.btcpedia.com/what-is-mbtc-ubtc-bitcoin-conversion/





thank you for your time and kind regards,


litepresence















via google translate:



https://en.wikipedia.org/wiki/Significant_figures


" Значительные показатели ряда те цифры , которые несут означает вклад в его точности. "

-------------------------------------------------- ----
Terracoin (TRC) и Feathercoin (FTC) оба торгуется только 2 " значимых фигур " ; торгуется :


0.00068/btc для TRC в прошлом , и ( значимой фигурой " 68 " )

0.00055/btc для FTC в прошлом ( значимой фигурой "55"


В каждой торговой пары есть только 2 значащие цифры , и из-за этого вы потеряете долю рынка , поскольку инвесторы теряют интерес к торговым монет без точных значений .


BTC / USD в прошлом составляет $ 745.667/btc , что имеет 6 значащих цифр ( 745667 ) и позволяет гораздо более рыночно интерес и точном размещении заявок .


Пожалуйста, обратите внимание обозначения mBTC для ваших альт монет , особенно в ценообразовании FTC и TRC .

Это решение приведет к увеличению спроса и торговли частоты здание на ваш гонорар ДОХОДА и строительной интереса к этим альт монет .

Я ожидаю, что отметить все торговые пары в том числе NMC , PPC, и LTC в mBTC , а не БТД будет иметь такой же эффект .



" mBTC " является приход стандартом для торговли в альт монет см. на веб- страницу для получения дополнительной информации о конвертации BTC цены на mBTC :

http://www.btcpedia.com/what-is-mbtc-ubtc-bitcoin-conversion/





спасибо за ваше время и наилучшими пожеланиями,


litepresence

 

[presence]

Looks like I can exit that nmc position soon. you still in presence?

Approaching 00800

 

[muh_roads]

Approaching 00800

**high-five**

 

[PaulConventionWV]

The "expectation" is a short and quick 5% gain at the tip of consolidation as the bulls make their last run... followed by reversal of trend and then 60 days of steady decline.


This is a consolidation however and "the way it breaks" ; up/down is much more difficult to predict than the fact that it "would consolidate" after despair.


So you really want to watch your charts; especially huobi right now.




It would be from this place we could

1) most likely 5% up short then ... 40% down over 60 days

2) regain momentum and enter "double top" of 7500y (unlikely)

3) make an unlikely, yet plausible 30% short gain over 24 hours back to 5200y area.



odds:

1) 85%; my expectation

2) 5% highly doubtful

3) 10%; could happen if there is enough enthusiasm.

You lost me at the last part, 85%, 5%, and 10%... of what? How is 85% your expectation while 5% is highly doubtful?

 

[presence]

**high-five**

I just exited NMC @ 00782 for roughly 20% gain (bought in in USD... so its a rough gain)

 

[presence]

You lost me at the last part, 85%, 5%, and 10%... of what? How is 85% your expectation while 5% is highly doubtful?

sorry...


I was saying option 1 was 8.5 in 10 odds

option 2 was 1/2 in 10 odds

option 3 was 1 in 10 odds


follow?

sorry bout confusion.

 

[PaulConventionWV]

So you're saying there are 85% odds of a 5% 24 hour increase followed by a 40% decrease?

 

[presence]

Litecoin begins interacting with long support

0316 ltc/btc bottom?

 

[presence]

So you're saying there are 85% odds of a 5% 24 hour increase followed by a 40% decrease?

That's what I'm banking on. 40% decrease will be over the course of 60 days

 

[muh_roads]

I just exited NMC @ 00782 for roughly 20% gain (bought in in USD... so its a rough gain)

Almost slept in it.

out 00769