I don’t think we should worry too much, or put very much effort into trying to make sure people don’t get scammed. I’m not saying this because I don’t care, but because it’s a fight we cannot win. Scammers will always manage to scam some. The prince of Nigeria offers his inheritance to millions of people, not because he thinks millions will fall for it, but because some tiny fraction always will, and that’s enough for him.
Trying to set up an internet so that said princes can’t do their thing would be a waste of time. I believe this goes for the MAID conversion as well as e.g. URL’s on Safe. Backups, bookmarks, sobriety and education are the only things that work.
Perhaps I am blind to the issue because I feel like there is virtually no chance if it being a problem.
Can someone explain what I am missing?
Unless Pulse tokens trade on Ethereum dex’s (as far as I know that is not possible, correct me if I am wrong please!!) where is the confusion going to come from?
Let me try to explain what I think will happen in general with the copies of the ERC20 tokens and specifically with the eMAID ERC20 copies.
Currently in the DiFi world are popular things that give a huge percentage of farming APY per year. The mass of new people do not understand the difference between a proven token printed from thin air (bitcoin) and an unproven token printed from thin air.
However, the rest of the people understand very well.
These two groups of people enter into such farming schemes with a huge APY per year. Most die quickly, either because of rug pulling or because of the so-called spiral of death.
There are exceptions like Hex, who give a huge APY per year, but due to their exceptional game mechanics, they introduce something called the Magic Carpet Ride.
In the case of Pulse, the network has a new invention by Richard called PulseX. PulseX is a copy of UniSwap where certain pairs of ERC20 tokens (wrapped in Ethereum through a bridge to Pulse) to PRC20 tokens will receive a new token for everyone who puts liquidity in them.
The innovation here is that for the first time people receive one part of the pair of tokens for free (the PRC20 copy on Pulse) and the assumption is that this will create enough liquidity to attract speculative traders to trade them.
This is the first time this has been done. There will be no such program for the most tokens. For eMAID, it is 100% certain that there will be no such program, so it is very unlikely that the copied eMAID tokens can be traded somewhere.
However, what can be traded are wrapped eMAID tokens, which can be transferred across the bridge from Ethereum to Pulse and placed in the PulseX decentralized exchange so that they can be traded against USDC for a small fee.
I’m not familiar with erc, but just as maid is omni asset xxx ( 3 iirc ) I believe erc maid will have a similar no, or as they call them contract no.
So unfortunately we can’t stop ppl who buy the wrong coin, we can make sure to clearly display our coin identifier / contract to Joe public to try and stop it as much as possible.
I’m sure dimitar knows far better than I though.
@Dimitar am I correct in assuming all erc coins have identifiers / contract numbers?
This is not something to worry about for maid holders. The Pulsechain fork can help all ERC20 projects to function again as intended instead of their only use case being speculation by traders whose positions are large enough to cover the fees. In case some of you reading may not be aware, the fees to do anything on Ethereum are disgustingly high(as I write it’s about $50 to buy any amount of any ERC20 and about $20 to send any amount of any ERC20 on chain), the cost to buy has regularly been $hundreds recently even if you just want to buy $10 worth! The pulsechain fork is not designed to scam people. It gives current ERC20 holders the option to transact for next to nothing with their existing ERC20 bags either by bridging their ERC20’s across to pulse or using their free PRC20 copy. If communities like Maidsafe or whoever else do not want this optionality they can just remain on the ETH chain and either don’t use the PRC20 copies, dump them on the market or nuke them altogether. The only people getting the copy are the current ERC20 holders. If you want to guarantee your ownership of the PRC20 copies make sure your coins are in your own private wallet not on a centralized exchange as some exchanges may decide not to give you the PRC20 version after the fork.
In my opinion, he is talking about crypto projects with decentralized products that cannot function at the moment due to the high ETH fees, their communities may decide to dump the ERC20 tokens and to switch to the PRC20 tokens. Of course, pseudo-decentralized products may decide to force communities of people to remain locked in an unusable network…
It is very unlikely that there will be traded eMAID PRC20 copies, because they have to come from our small community. Personally, I do not believe that there are people here who will try to scam our potential future brothers and sell them the PRC20 eMAID copies as real eMAID …
Of course, as I said, I will personally put a wrapped eMAID in PulseX, which can be traded cheaply there and returned to the Ether network when the time comes for the Safe network to start
Dimitar Is spot on with this reply. Tfa - I don’t think dumping them on the market would be scamming the buyers as anyone who wants to buy ERC20 maid for the sake of the project will have learnt enough about it to know that only the ERC20 and not the PRC20 will be redeemable for SNT when the network is live(if this is the way the dev team wants to go of course).
Anyone who is just buying a ticker symbol with no research is either a technical trader(for whom this is fine) or a complete moron who will have to learn from his mistake. Remember the old saying “a fool and his money are soon parted” you will never be able stop this however hard you try(just look at all the dog coins out there). On the upside for current maid holders, if a trading market for PRC20 maid does develop(unlikely if most holders are genuine maid community) you can sell your free copies and buy more ERC20 maid ready to be redeemed. Traders don’t care because they are just gambling on price movements of ticker symbols with a readable chart. Fools have to learn the hard way. Just put a big banner on the front page of maid forum/website declaring that only ERC20 Maid is redeemable, problem solved.
Unfortunately ppl make mistakes and we need to do all we can to stop it.
Wasn’t that far in the past that someone here reccomended buying radix iirc, and one of our forum members bought a fake coin thinking it was the correct one.
Labelling ppl a moron is just dismissive and ignoring the issue.
Pls don’t encourage scammy behavior.
We / I don’t know yet, just thinking aloud, but possibly erc maid won’t be redeemable and it will only be omni maid .
Time will tell.
I dont agree that this represents scamy behaviour, read the post again and digest what I said. I also gave the solution - make it clear on maid channels what can be redeemed. If people can’t be bothered to read or they buy something because someone on an internet forum said it was good and they did no research I have very little sympathy. I also think that calling out idiocy is much healthier for the idiot than pandering to their fallacies. We have all been idiots at times and making mistakes Is the best way to learn. Nothing sharpens your learning as much as losing money to your own mistakes.
Well we both have very different opinions on that then.
Knowing full well those prc maid are effectively worthlessness as they will never be exchanged for snt, then selling them anyway to someone who no doubt believes they will be exchanged for snt is to my mind the very definition of scammy behavior.
On top of that reading your post it seems like you think youd be teaching those confused buyers a valuable life lesson.
Just because you can do it without recourse doesnt mean its the right way to behave.
isn’t this a good opportunity to get more liquidity and exposure? why not just divide the value of the coins? so that when you want your SNTs instead of needing 1 ERC20 for 1 SNT you will need 2 ERC20 or PRC20 for 1 SNT? this will double the liquidity and expose maidsafecoin to multiple platforms with low fees?
Last I heard David say was that exchange using OMNI was preferred because it reduced the complexity of the exchange. Allows snap shot method and reduced time/effort to implement the exchange. So unless your “Little Birdie” was Maidsafe I wouldn’t be so certain.
BTW the ERC20.MAID was always supposed to be equivalent to Omni MAID, otherwise ERC20 is rather pointless isn’t it. Exchange to SNT is a separate issue and I hope your sources are accurate since you said this.
