This is true if you want a little Safecoin for personal use. If you’re a whale and want to buy a few million safecoins, that won’t help you.
Have to disagree here. There are so many projects working on interoperability right now. This is like saying before 1961 that there’s no way people could fly through space b/c planes can’t fly in space. We built space shuttles and went where no man had gone before. The future is not static. Moreover, where there’s a will there’s a way.
3 Likes
I don’t think that’s true. This is the wrap concept I think. I need to look into it but I would assume it’s just a secret key/private key to a specific amount that a program puts there, securely wrapped into a token standard.
1 Like
I know that. We are talking about now. If such a solution appears, it will be great for us. At the moment I do not know about such working solution.
And even if such a solution emerges, the liquidity problem remains. ERC20 token with access to high liquidity is better than safecoin with access to decentralized exchange without liquidity…
For example, UniSwap is an immutable contract. They need to release a new version that supports this functionality and people need to move liquidity into it. It is easier for a third party to launch a ERC20 safecoin…
A third party holds a private key for coins in 1 network and generates the same amount of coins in another network. Ie if I have 1 million safecoins I can create 1 million ERC20 SAFE tokens.
2 Likes
Like a treasury? Is it literally that simple? I heard something not that long ago where “wrapping” bitcoin was being worked on for some time and this does not sound like “wrapping”. I’ll have to find out and reference it.
What is Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin (WBTC) is an ERC-20 token backed 1:1 by Bitcoin and held at Bitgo Trust, and the underlying holdings are verifiable here. WBTC brings the liquidity of Bitcoin to the Ethereum ecosystem.
Users can wrap and unwrap BTC seamlessly via their CoinList wallet
1 Like
Does BitGo do this via a smart contract or is it just like a treasury or accounting firm? That question is an oversimplification but just curious. Thanks for the reference.
Edit: I’m looking at the link now
1 Like
Cool so we could wrap bitcoin on SAFE to bring in liquidity for a DEX, haha. Nice. It would have to be verifiable and transparent though which is a feature of blockchain but I’m assuming something mimicking a blockchain could be achieved by having each transaction by a treasury ID be published to a XOR address and so on. Not sure how a burn/deletion would work off the top of my head but I think it’s achievable. Interesting idea.
We can do many things. The point is, it all takes time. And the opposite is already working. Literally I can release a ERC20 MAID in 15 minutes on UniSwap and you will be able to buy it without KYC immediately.
What worries me is that I’m pointing to a possible attack on the network. So far, we have discussed any other attacks rationally. Perhaps the difference with this attack is that it is social, not technical.
What I see is people strong desire to explain how such an attack will never take place. And I’m interested in discussing what we can do if such an attack takes place.
2 Likes
Why can’t we just create it, not list it, and hand the keys to Maidsafe and they can do what they want with it?
But there is no SAFE now, so the point is moot.
Do you have a crystal ball that allows you to see what liquidity will be when we actually have SAFE? If so, please share said crystal ball with the rest of us. I’d like to buy some lottery tickets. Please and thank you.
Alright, facetiousness aside, you are trying to predict outcomes with too many confounding variables. It’s more likely that there will be suitable liquidity for SAFE, particularly if we lay the groundwork now. If we don’t lay the groundwork now, liquidity (or the lack thereof) will be the least of the challenges facing SAFE.
For all we know, and if history is any sigil, it’s equally possible that no one will be using UniSwap by end of 2021 or beyond (whenever SAFE actually comes into existence). Once again, you are solving tomorrow’s problems according to the way the world operates today, which isn’t practical.
This doesn’t make sense to me. If ERC20.SAFE would essentially be a stable coin (I.e. wrapped coin) pegged to SAFE, what exactly is the attack vector? Especially if:
In a world where there is no SAFE (yet), it doesn’t make sense to spend time arguing about whether to create an ERC20 version, particularly when there are so many more pressing issues to solve.
1 Like
Sorry i wasn’t clear. I posted a separate topic on this attack vector.
The problem with liquidity is that if we take a snapshot for omni MAID the liquidity can be 0 for days or months which is a problem only if someone attacks us with another network during this time and our farmers can’t sell, but theirs can.
$ 1,750 million went through UniSwap last month. I find it very likely that it will continue to climb, but of course I don’t know, it’s all just probabilities as you pointed out.
It makes sense to discuss these things, because we do not all have the same knowledge. There are many people in the forum who have not even used Ethereum.
1 Like
safecoin on exchanges will be developed BEFORE snapshot so when snapshot is declared then they simply change the name of the coin to safecoin and withdraw to SAFE network coin balances. This is why resources should always be put into native before any proxy.
Farmers would always have a market to start with anyhow, direct to those who want it. I might agree if we got 10s of thousands of farmers each and every day from live. But seriously it will follow the “S” curve life every other real life organism and fast adopted project.
And the natural development is for exchanges to install SAFE wallets and incorporate safecoin before the network goes live. (as simple as setting up the CLI interface, easier than BTC core)
1 Like
This much is true. And there are even more who have not realised the versatility of an ERC-20 token. And that versatility can be a double-edged sword that may be a lot sharper on the other side…
3 Likes
That was the first simple way of doing it. Now there are many different types of wrapped BTC projects that try to do this in a better, more trustless and decentralized way. They use staking tokens for the nodes that validate reception of tokens on one network and issuance of tokens on the other.
3 Likes
This suggestion came from a telegram person @Selena12347 , but her user in the forum was deleted due to a technical error:
2 Likes
You guys will sort it out your a smart bunch.
Only thing I’d like to add is that you all think about the story and the branding for the prospectus or whatever it is that is used in the applications.
I’ve said this before and I don’t think anyone agrees with me but I still think there is a lot of condition between MaidSafe, SAFE Network and MAID.
Personally I’ve always loved MaidSafe/MAID better than SAFE. Anyway.
As a reminder, please provide your Phase 1 exchange suggestions by Friday.
1 Like
Here’s a liste that has a filterable list of exchanges. Might be helpful.
1 Like