Have you heard about salami slicing? Poloniex attempts to be compliant with regulations, so pulling that move and keeping the residual decimals would be a very irregular thing for them to do.
It is not just not elegant, it is plainly illegal.
They better come up with something clever otherwise they will be in deep waters.
Well you have the choice to withdraw all OR just the whole portion of it. So they are not stealing anything since it is impossible to give you the fraction and its your choice to throw away the fraction or not. Maybe that is still illegal under USA law, I donât know, but poloniex lets you withdraw up to 8 decimal places but the omni protocol strips off the fraction since its an indivisible coin.
If that is how they are doing it currently, that is plain wrong. They wonât last long if they do that, it is concerning.
brittrex is the same but at least warns you, poloniex doesnât
And what is really wrong is the 10 MAID poloniex charge for w/d fees
They will be racking millions of maids that are unclaimed.
The honest thing would be to refund those unspendable decimals back to BTC.
How many people do you think are withdrawing MAID with decimals? And how many of them do you think do it more than once? Really wouldnât be that many surely?
Its not on each trade, only on withdrawals from poloniex.
If I were Poloniex, and if I were evil, thatâs what I would do:
I would announce, 3 weeks ahead of the safecoin migration, that all maid wallets will be disabled soon and Maid will be delisted.
That way Poloniex would rack up all the MAID from people who missed the announcement and were left behind, and all the Maid fractions. Then I would cash in the resulting safecoins.
If they do it this way it could trigger a panic sell before the migration. Some people trust the exchange to convert Maid for Safe, so they would sell their Maid to get rid of it, if they understand the conversion wonât be taken care of by Poloniex.
I hope we wonât get screwed by this kind of manipulations. Conversion to safecoin should trigger a rally. not a panic sell.
Something that blatant would signify the death of poloniex as an exchange.
Who on earth would trust them anymore?
Btw, they are trying hard to legitimize their business so a move like that donât think it is likely at all.
I agree. My job is always to consider the worst possible scenario so I just thought of this one.
But donât think it would be the end of Poloniex. Nobody cares about Maid for now, and Poloniex has already delisted crypto currencies in the past without warning.
Do not trust unregulated exchange more than you would trust a bank. Both have the ability to do harm for a profit.
In you scenario, it was about 3 weeks before the migration, by that time I am pretty sure we will be way past beta, fully functional, and final release impending. The market cap of MaidSafeCoins would be through the roof, the moon, mars and past the andromeda galaxy.
If they decided to pull that move in those conditions, it would be nothing short of a scandal.
Amen !
(compulsory characters)
MAID is an asset with an expiry date. Looking at it with a traderâs perspective, past the expiry the asset is worthless.
WORTH-LESS
I am sure Maidsafe will do everything in its power to onboard everyone, they will annonce the migrations months in advance. But at somepoint, the clock will be ticking and the deadline approaching. There will be fantastic arbitrage opportunities in the last few days.
In any case, it is not a scandal to delist an asset that will become worthless 2 weeks later, especially if Poloniex has warned in advance. Late or misinformed investors are⌠late and misinformed.
This migration process may not be smooth, you cannot rule this out. What is a Maid worth, 10mn before the deadline, when OMNI runs on bitcoin and every blocks are 10 min appart ?
When you consider the worst scenario you need to be imaginative.
Let me give you another one:
In the middle of the safecoin conversion, the OMNI guys implement their long due burn tax, screwing up everyone in the process. Now, to send MAID you need to burn 2 OMNIs.
A massive short squeeze on OMNI happens and each OMNI is worth 3000$ passing the value of a bitcoin, as every maid holders try to get a couple.
It may never happen, but, personally I bought 10 OMNI at 6$ when I first bought MAID, in order to be hedged against this unlikely possibility.
Again⌠that 's my job 
âPrepare for the worst, hope for the bestâ
It is 100 times more likely that Poloniex and other exchanges will set a date/time that MAID will become SAFEcoin without any need to delist MAID. This will provide greater stability. Afterall one MAID equals one SAFEcoin so there is no cheating or anything like that.
100% agree, but Maidsafe team should contact Polo before the migration to make sure it happens this way, and have a good conversation about it.
Poloniex have already asked for this. About 2 year ago.
Also just thinking about it. Poloniex cannot trade both at the same time because they themselves have to do the exchange with MAIDSAFE to convert their MAID (the users collectively) to SAFEcoin. Obviously this would have to be organised beforehand and withdrawals of MAID prevented during the conversion time. Thus it is one or the other, cannot effectively trade both together on the exchange
What happens if you hold maid offline privately? How do you then go about converting to safecoin?
I think the idea was that you will need to use a wallet compatible with the omni protocol like âomniwallet.orgâ then send all your maid into a bitcoin address provided by MaidSafe. Then they would send you back your safecoins in an address that you own on the Safe network.
###This
###Time to do this
When the network is live and Maidsafe have announced the start of the conversion process
So you can keep the coins in your private address and only when its time then use say omniwallet.org