Thanks for clarifying all this 
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A post was merged into an existing topic: Open Ledger DEX has closed all activities
Alot of us are hoping some sort of snapshot will be used.
To avoid
- People messing it up (sending to wrong address )
- Possibly triggering things that make it a taxable event.
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I know how to keep a pc reasonably safe.
I’m not sure on how safe a phone is.
Stick to what you know.
I read alot about Linux malware lately.
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A snapshot is the best way too in my opinion. Issues I can see includes scammers selling MAID to people not realising the snapshot has been taken.
Would really need to advertise the “date” of the snapshot months in advance and advertise it afar. Those who have MAID and don’t hear about it are OK since they are just holding and not affected. And those active or new buying on exchange will either see the advertising or not be able to buy on exchange since they will halt trading on the deadline. But in anycase if they don’t they just stop deposits/withdrawals and do the conversion on the books and withdraw/deposit safecoin after the deadline.
Saves any mistakes and only requires a signed message sent to MaidSafe with the safecoin account#
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Hm, the problem with this is that after the network launches MaidSafe can’t make any conversions. It’s all in the network then.
If the network launch will be a successful testnet out of many that is somewhat secretly chosen to be it, then it requires all MAID holders to be active and aware well before launch, and sign such messages for every testnet - just in case this is the one.
Doesn’t seem quite feasible.
Seems the genesis has to include all MAID holders somehow and accounts must have already been filled with the corresponding SC. These accounts must be the public keys of the MAID. The SC must then be accessible by the corresponding secret keys. This would allow MAID holders to have been away on Borneo, in coma or what ever, and chose to join the network at any time.
Problem with that is that any (of the later) testnet then requires all MAID trading to stop until it is clear if it was the one or not, which also seems a bit unfeasible to uphold.
IDK, haven’t had my morning coffee yet, maybe there’s an obvious answer here.
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Its the same problem if people have to send their MAID to a burn or otherwise address and get SC for it.
In every case a signed message will be needed to identify the owner of the address.
Basically the issues you bring up are issues that plague both the snapshot and burn address. And this is a major point. The snapshot is safer for the coin holders and solves tax issues of trying to explain transactions. Easier to explain they were only tokens being exchanged and not traded.
At least with the snapshot you have a set time when everybody knows that the MAID is no longer tradable.
Possible solutions that I can think of without much research.
First
- MaidSafe foundation is charged with sending the keys of the coin accounts with the SC corresponding to the MAID addresses,
- They send the keys upon receipt of the signed message via the safe network or email. Coin holder’s choice.
- If the network is only in later beta and needs restart then the coin owner already has the keys. (ie reuse same coin balance keys) Obviously when declared running system then this is not an option.
Second
Some automated process that is substituted for MaidSafe Foundation in the First Idea.
I really do not see any other solution at the moment that is both secure and allows restarts if in beta. Also allows for people even years later claiming their safecoin. It only relies on when MaidSafe Foundation wants to stop the process or when all coins are claimed
EDIT: And another nice point of snapshot is that even if omni protocol is defunct some time after conversion is started there is no problems continuing converting people’s holding of MAID
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I imagine the following possibility.
Maidsafe generates and holds 450 million coins in each test network. As before the first test network makes a smart contract on etherium in which against a signature people can get erc20MAID.
There are also 450 million coins in this contract, and anyone with MAID years later can get their safecoin.
To receive a real safecoin you have to send erc20MAIE to a burning address and MadeSafe will give you a safecoin in the network. Thus, all MADE will remain in circulation for the other SAFE networks, erc20MAID will be able to be listed on new exchanges and traded before burned when exchanged for safecoin.
I have never used ETH, so I’m in an uphill battle straight away in learning how to and taking the effort.
Too many steps in my opinion
Snapshot also requires NO BTC at all. Only sending one signed message
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It’s super easy and works with 2 clicks compared to everything on the Bitcoin blockchain.
To use a smart contract on ETH you do not need BTC at all to. It is a smart contract + snapshot in it. So you claiming with signed message too…
Not really easier for the user and this is super important. The snapshot method
- allows for “other” networks to allocate coins against your MAID since you do not move your MAID
- one step process. Send a signed message, that is all
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Again, this is also a snapshot but you have erc20MAID coins that you can burn for the test SAFE network and you can trade them immediately on Dex. These are two huge pluses that deserve one step more…
I only note if it is not understood that this is how we achieved the following:
- We can announce a preliminary date for the snapshot
- Continue trading on erc20Maid after the snapshot
Remember this is for the general population who are not traders or necessarily into crypto who bought years ago and waiting on the project.
Also I doubt we want trading of MAID going on while people are using and/or trading safecoin.
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If people start making other Safe Networks and give free money to Maid holders, we want Maid to continue trading. I will be happy to use this money for marketing SAFE…
I also think using erc makes it more complex.
(I don’t use erc and don’t want to have to.)
More likely to cause multiple taxable events.
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How exactly will this happen? I have a lot of Ethereum addresses and I regularly receive tokens from airdrops. Why should I owe tax on them if I haven’t sold them? If this was a real problem, the whole crypto society would scream against it …
Your tax system is not like other places in that any sending/receiving is a taxable event. A taxable event is merely a report event that may or may not involved adding to ones taxable income
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Now I look at one of my addresses, I have 43 coins, I bought a maximum of 10 of them …
Are you saying that if I send you an ERC20 token for free you need to pay tax on it?
By that logic, you have to pay a tax on the safecoin, because it is claimed in the same way
No pay tax on the increase in value when a transaction is done.
So then converting from omni to erc20 then out of erc20 tax is payable on the increase in value between buying and selling.
Its a way of accounting that allows the governments to collect more tax. If you have a net profit at year end then you pay tax, if you have a net loss then tough you get nothing from them. But of course you can apply the loss against any other trading profits from say shares
So then any transaction has to be reported in order to tally it all up.
Now MAID is a token and bought to exchange for SC, no value change also its a token being exchanged for the real thing so in the original purpose of the token is just that. Like at a shop where you buy a token to be exchanged for a burger. There is no transaction in handing over the token and getting the burger. Or like a store gift card
But if you go the erc20 route then its changing the token into a tradeable object and thus attracts the tax system
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