Also, no matter how clearly this taxation stuff would be communicated, there will always be those who would blame Maidsafe (or whoever but themselves) for “surprising” tax consequenses.
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Ironically, we’ll never know how much time there is to go. We’ll only know how much time there was to go from any moment before the launch – only after the launch actually takes place.
The problem I believe the ERC20 maid would surely solve is the accessibility. All the other aspects – price, value, volume, etc. are just guesses.
Anyway, the lukewarm and hesitant reactions suggest it’s not gonna go through this time yet again. Unless there is a pretty much unequivocal ‘yes’ resounding in the room, it’s not happening.
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hey there
Olivier from Altcoinomy.com and Capland.ch
also one of the 5 board members of bancor.
happy to help Maidsafe mint an ERC20 token for free to support the community and facilitate a smooth transition, with a frictionless kyc process and burning process on a 1:1 ratio with Omni.
Altcoinomy has plenty of experience in that field, having organized the token sale of Elrond, Liquidapps or the buyback of the colu token, amongst other projects we have supported over the years.
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Hey @dirvine,
can you look this generous offer above?
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I have now 
Thanks very much @SwissPrivateBanker This sounds V good, but it would still create a taxable event for those in many countries I think? It’s a quandary for sure but seems like it would get us on more exchanges and pave a way for safecoin transition eventually. KYC may be a debatable/scary thing for many as well?
Even though, this is a fantastic offer as none of our Engineers (or me) would have any idea how to do all this work. It does appear to me to be a fantastic offer though. Good to hear other opinions or any feedback on tax/kyc etc.
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Should the transfer be mandatory? Can only people who want to switch to ERC20 MAID to transfer there Omni MAID?
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Please all realise, if you go down this route, and the contract goes wrong, and you lose your coins, thats on you, don’t expect the company to reimburse you.
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We have battlefield tested & audited platfom. never had a data leak or any sort of vulneratbility since we started this activity 3 years ago. We are regulated, audited by KPMG, and bound by banking secrecy laws in Switzerland.
I understand your concern about taxable event, but in my opinion it’s not subject to taxation as we are just switching blockchains and not expanding the supply.
KYC is mandatory nowadays for any token issuer, so I would advise to go for that option to protect yourself. Besides, we cannot act legally as a regulated financial intermediary in Switzerland without undertaking KYC unfortunately.
I know a permissionless process would be ideal, but that would take some development. However our traditional redemption/minting process could be customized in a week should you want to go ahead.
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it doesn’t have to be mandatory. both tokens can coexist. Also we can’t force people to do KYC.
Funny dynamics might be that the ERC20 that went through KYC process and is tradable on DEX will probably trade at a premium.
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Last question. When moon?
We can use a simple smart contract like gnosis which has been used countless times in the industry, or a more complex proprietary one (e,g GitHub - c-layer/contracts: C-Layer Ethereum monorepo)
Or even other opensource contract.
It does not have to be rocket science. We are just talking about a standard ERC20 here. I advise to go for the Gnosis smart contract.
in anycase we will deploy a contract that was transparently disclosed to the community and debated beforehand
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If I’m reading that correctly, it sounds ideal… those who want to pursue trade can head in this direction; those who are holders can stick with Omni.
That I wonder highlights the absurdity of fiat or other value but is a non issue.
If one MAID.Omni is considered and understood by all to be identical to MAID.ETH20 and so then the transfer to safecoin at launch is not affected, then any difference in the price will just reflect the opportunity certain markets have … and perhaps some traders will force up the Omni market above ETH20 even if Holders in MAID.Omni are reluctant to release those for sale.
Certainly worth thinking about…
What occurs if the ETH20 contract fails in some way, I wonder is just a burn on those taking part. I can’t see worst case affecting those holding MAID.Omni.
tldr; I like that Omni holders are not being forced by what appears suggested above… but as many explicit confirmations of each point would be nice to see.
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I voted Yes to the ERC-20 MAID. The biggest reason for me is the current lack of good wallets. I’m not buying more MAID unless I can easily and reliably store it on Trezor or at least something like Exodus wallet.
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In the stupid meme game we hand out hundreds of MAID. With ERC20 MAID, I will be able to airdrop to thousands of people as soon as the price of gas falls…
Sounds great apart from the KYC, which I would certainly not describe as frictionless.
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This wonderful offer along with this effort Community-Driven Exchange Listing Proposal we could get so many more coin holders on board to develop and drive a market to draw more people in.
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As long as I can stick with my Omni holdings.
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Nothing weird here. It’s called a liquidity premium
///
By the way remember that having a dual token Omni/ERC 20 opens the project to a new poweful force and different userbase : the arbitragers.
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@SwissPrivateBanker doesn’t arbitrage act as a force of balancing the price between the two tokens?
Yes it is a balancing force in terms of price direction, but it will also mechanically increase liquidity on the Omni side.
And more awareness from arbitrage traders who were not initially following the project.
So it is only a positive development
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