Backed by $5M, Mastercoin is building new layer on Bitcoin

marketwired.com

9 points·tadruj··3 comments

Ah, another scam like Ripple, http://ripple.com Ripple generated 10 billion coins, and started giving away millions to generate buzz and use, they've yet to even give away 10% though, and the idea is to create enough value that they can eventually dump all their "genesis" currency and reap the rewards.

Mastercoin's done the same thing with no real benefits over Bitcoin itself. Seriously getting tired of these fiat fiascos. I guess creating derivative cryptocurrencies is the new version of the classic pyramid scheme.

Some people call Bitcoin a pyramid scheme because of the speculative bubble, fair enough. But these currencies, Ripple and Mastercoin, are true pyramid schemes. Founders plan to get mega-rich based on the illicit adoption of their scamware.

Couldn't agree more, the moment I looked at the FAQ and the fifth one down is "Is it fair that Mastercoin early investors are richly rewarded, considering the short issuing period of one month?", I was like seriously? If Mastercoin is such a big improvement on bitcoin, why did you choose to address that of all things right away. Also all of the currency is pre-mined over the course of a single month? Wat?

The balls that these business folk have, and the soul-less programmers who fulfill their dirty visions..Eh, I'll try not to dwell on it too much.

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