Crowdsale of already created property vs. meta DEx

[dexX7]

Say I create a property called DarkTokens which I'd like to bind to Mastercoin: in exchange for one MSC you'd receive one DarkToken and vice versa: for one DarkToken you'd get one MSC back.

Right now I'd setup a crowdsale which accepts Mastercoins and issues DarkTokens. Furthermore I'd setup a meta DEx sale with an equal price or conversion factor, but inverted currency pair.

The downside of this approach: the amount of DarkTokens that were converted back into Mastercoin end up in my wallet and the supply of DarkTokens does not equal the amount of Mastercoins-which-were-converted-to-DarkTokens that are in the wild.

A potential solution could be to allow a crowdsale where already created properties are sold. But I feel like I might miss something here and I'm wondering: is there a more elegant route that doesn't require such a crowdsale type?

[dacoinminster]

I don't think I ever imagined this particular usage. What would the advantage of having DarkCoins such as these?

On Thu, Oct 2, 2014 at 9:11 PM, dexX7 notifications@github.com wrote:

Here is another hint: those DarkCoins could transact off-chain and come at some point in the future back - with the full capability of being exchangable for the original property and vice versa. Argh.. I can't believe the DEx is the best route here. No one? :)

— Reply to this email directly or view it on GitHub https://github.com/mastercoin-MSC/spec/issues/266#issuecomment-57749664.

[dexX7]

For me one of most interesting applications are autonomous applications and with Mastercoin we have a rich set of tools to build those. For example, you could setup two crowdsales which each accept the token the other one emits - and you already build a trustless autonomous token swap machine - and with the acceptance of multiple currencies this can be extended further.

The main problem with this concept - it requires to create a new property each time, but I currently don't see, how this could interact with the available tokens. I could setup a crowdsale that emits MinisterTokens that are available to be purchased for Mastercoin, but how could I convert them back?

I'm sure, you know this picture:

I believe parts of this could be realized "autonomously" by combining the building blocks we have. :)

[dacoinminster]

Yes! That is how that diagram is supposed to work (autonomously). A data feed determines the actions of the escrow fund.

It would be so cool to test the waters with something like this, and it sounds like you are suggesting some kind of intermediate step, but I don't see the utility of it (yet). Without the datafeed changing supply, you just have a coin which is interchangeable with another coin . . .

It would be so fun to do the code for these escrow backed coins, just to see what happens :)

[Bitoy]

In order to create an autonomous token swap machine.

Create a fixed Dark Token (DT) 100 Create meta dex sell 200 DT for 100 MSC Create meta Dex sell 100 MSC for 200 DT

Anyone can then automatically buy or sell DT for MSC.

The DT issuer must have 100 MSC

[dexX7]

sounds like you are suggesting some kind of intermediate step

Since the meta DEx isn't available at the moment, a traditional DEx within the Master ecosystem could be an intermediate step, that's true.

@Bitoy (re: use meta DEx vs. crowdsale):

The downside of this approach: the amount of DarkTokens that were converted back into Mastercoin end up in my wallet and the supply of DarkTokens does not equal the amount of Mastercoins-which-were-converted-to-DarkTokens that are in the wild.

I'm mostly brainstorming without actual use-case, but this could be a way to create gateways for off-protocol transactions.