I can’t see this going tits up. We have been either manipulated or stagnant and we need new money and speculators and arbitrage to fix that. We’ll probably all still hold or if the price was to plummet to anything below 5cents I think most of us would sell our children (joking obviously) but we’d find spare capital for those prices.
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Ie the only time lost will be that of MaidSafe’s lawyer, who will have to read the contract. I’m in favor of wasting his time with both hands!
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If Maidsafe have to sign a contract that requires effort and expense on their part. There’s no way around that.
Plus as this is not a one off thing but an ongoing project, there’s the risk that they will have to do more in future, especially if things go tits up in some way as mentioned.
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Technically it could. Not sure that’s really the end goal here though.
In anycase it’s a decision to be taken by the issuer, with the approval of the community. Not a decision of the financial intermediary who is just a tech provider and kyc operator, mandated to supervise the switch.
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Apologies if not clear, I was just looking for the 1:1 lock, that dirvine has acknowledged. So, this looks to satisfy all interests - if I’d reading it right (after beer in a heatwave!), that the proposal is that a certain amount of MAID gets to switched to ERC20 and come the conversion to safecoin, all MAID are converted 1:1… whether that is ERC20 put back into Omni or not matters little…
Excited to see this evolve and kudos to @Dimitar for stirring the pot.
Afterthought that perhaps the pull of Omni:ERC20 is one way and draws an increasing interest in ERC20… is there an option for conversion back?.. without a conversion back puts Omni market at disadvantage… but again the MAID is a MAID is a MAID at launch.
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It puts more work and expense on the team, and risk iif something goes wrong
But David has agreed to honor them, so I may as well leave it if he’s decided.
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Worst case I wonder is that those looking for profit get burned in ERC20 markets… those who hold a MAID, regardless of flavour have the advantage…
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I would be more worried about someone exploting the contract sonehow, and the company ending up paying or in court.
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Yes, essential that the number of coins is not affected … I know nothing of ETH contracts… only looked at the v0.01 back in the day and from what I recall, they were readable but all code is…
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@SwissPrivateBanker has been very public about his job and role and a good community member. I’m sure he would triple check any numbers personally and the smart contracts are a standard for a reason beside the numbers put in.
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I’m just reminding you that a blockchain is a blockchain. You can see exactly how many coins have been created and if you use a smart contract without the ability to change it (no admin keys) whatever goes on the blockchain stays there forever…
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I hope it all goes well.
It seems the company is accepting liability by saying they will honour the maid erc ( to my mind anyway).
It seems if something does go wrong it is their problem to fix.
But that’s not my call .
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And I pray every day that they don’t find a bug in the omni protocol and make us all “happy”. Bitcoin has had 2 inflation bugs so far … If we are on two blockchains this increases the chance for everyone 
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If there was a slippage, then a rollback I wonder would be in order… the sum that is converted should be apparent… the risk of what ETH is, follows those who take that path.
Confidence seems high that such error cannot occur and I’m not especially worried by that either… the error in contract is a risk but to be expected very low, if as above is a standard ETH contract.
Of more bugs, sure does.
but if Omni.MAID is not affected by ETH20.MAID and visa versa, then there is no issue. If there is a bug and slippage, then the other should acknowledge what is held and the one that suffered can be resolved as it would if there was still only Omni.MAID to contend with.
I don’t see a reason not to proceed… the prospect of added visibility for the project within ETH community and increased activity in markets that might also follow; coupled with an option perhaps on a future on/off ramp for safecoin, is an exciting one.
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Should this go ahead and folks are tempted to add liquidity on Uniswap (and elsewhere) then hopefully this Uniswap: A Good Deal for Liquidity Providers? | by Pintail | Medium
may be of some guidance.
There are swings AND roundabouts.
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Too slow, friend I have already suggested it here:
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@Antifragile couldn’t agree more
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you hit the nail on the head sir.
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