I am new to Maidsafe .. A few questions

I bought maidsafecoin from masterxchange.com … what now ?
I sold Darkcoin and send BTC from my mintpal account directly to masterxchange.com .
and then bought maidsafecoin …

-Is there any wallet availble (windows) for maidsafecoin ?
-how will maidsafecoin be converted to safecoin ?
-when will be safecoin become live ?
-Will there any issue in future that I sent BTC from my Minpal account to masterxchange.com


The BTC part of the sale has now ended.

scroll down, read the FAQ.

  • Yes, you can use omniwallet(warning, alpha) or masterchest
  • You send the maidsafecoins to a burn address and you will recieve safecoins, more details will come later
  • After testnet 3 ETA end of 2014/Q1 2015
  • Shouldn’t be a problem

thank you very much for your response , one more question so you it ia good idea to keep coins masterxchange.com till 2015 Q1

Hi pradeep_aneesh,

First of all wellcome to the club…
-Is there any wallet availble (windows) for maidsafecoin ? Yup there is:
How do I get a MaidSafeCoin compatible wallet?

You can get a MaidSafeCoin compatible wallet by going to ominiwallet (alpha) or mastercoinwallets.org when the new version of Masterchain (0.4) is released.

-how will maidsafecoin be converted to safecoin ?
This will be done 1:1, 1Maidsafecoin is 1 Safecoin, I assume in the future that you will have to send your MSC to certain address and provide your Safecoin address to receive your coins.

-when will be safecoin become live ?
Sorry I don’t know the answer to this, they are busy with the Maidsafe testnet 1, so…

-Will there any issue in future that I sent BTC from my Minpal account to masterxchange.com
Hmmmm I wonder (I never used masterxchange.com), but key, was that you send your BTC, from a wallet that you was in control of the PRIVATEKEY (Blockchain.info/Bitcoin Client)

Wow you guys are quick or maybe I’m old and slow

Ideally you would want to make a backup, that you keep in a safe (never fully trust companies, to keep your things save). Blockchain.info got a good reputation and basically don’t need external funds to do business, so that’s why I personally use them. I don’t know about masterxchange.com, but LAW IS: always keep your own BACKUP, @ a bank in a safety deposit box and encrypted

There is no issue how you paid as you bought and hold your coins on Masterxchange - so long as Masterxchange honours your holdings and does not disappear. The way to avoid that issue is to move your coins to a normal bitcoin wallet that you control - ie are the holder of the private keys for the address (or a beta mastercoin compatible wallet, which I personally would not trust). You’ll need a small amount of BTC on that address in order to move the MaidSafeCoin when you want your SafeCoin.

This has been answered by @dirvine - from memory: you will send your MaidSafeCoin to a burn address with a signed message indicating the SAFE account to be credited with SafeCoin.

Great Stuff. Would you mind creating a FAQ post around these questions. I’ve seen these questions a couple times and your responses could be very helpful. Then we can ask @David to wikify it for the rest of us.

I’ll start right away…

I don’t mean to cheat (I do), but I’ll just copy/paste everything from http://www.safecoin.io/

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This comment has made me more confused. I understood (from reading the safecoin.io FAQ) that Maidsafe coins were only compatible with either the Omniwallet (alpha) or the Mastercoin wallet. How can I move my Maidsafe coins into a “normal bitcoin wallet”? I have been using Multibit for my bitcoin, but I can’t see any way of adding non-Bitcoins.

Sorry if that’s confusing.

The coins can be sent to any bitcoin address (one that you own the private keys for of course). So this means you can use any wallet generated address to receive your coins.

However, only a wallet that recognises Mastercoin protocol will show their presence, but you can still verify they are there by inspecting the blockchain address that received the coins, regardless of the wallet you used (e.g. go to https://masterchest.info and paste in the address).

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Got it now - thanks. That explains why there is a record of the transaction of my crowdsale purchase of Maidsafe coins on my Multibit wallet, but no coins have appeared. This initially concerned me and I did check the record of their presence on the blockchain.

I then purchased more Maidsafe coins from Masterxchange, so I’m glad to know I can transfer them to the Multibit wallet too.

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I am also new to Maidsafe and I completely missed out on the Crowdsale. I understand that 10% of all Safecoins are represented by the already distributed Maidsafecoins.

Has there been any discussion or plan as to when and how the other 90% of all Safecoins will be distributed?

As a rational investor, what is the case for buying Maidsafecoins now (giving me a claim on just 10% of all future Safecoins) or just waiting until the remaining Safecoins become available?

If this is already answered somewhere else on the forum, my apologies.

  • 10% safecoins in circulation now as proxy token

  • 15% safecoins reserved for developers

  • 5% safecoins reserved for initial investors of the company

  • the remaining 70% are distributed via providing proof of resource to the network

I would suggest giving the Project Safe whitepaper a read-through if you want to know more about the value of the safe network and safecoin: Whitepapers/Project-Safe.md at master · maidsafe/Whitepapers · GitHub