@Dimitar didn’t you say that if you personally provide liquidity in a uniswap contract then you receive the transaction fees or some kind of fee?
Curious how it works. If I control a wallet of my personal funds that provides liquidity that I can pull at any given time (I wouldn’t unless it was an extreme emergency) and I get to earn them I would provide a decent amount of liquidity.
That’s right. In UniSwap you are the exchange (if you become liquidity provider) and you collect the fees (in version 1, in version 2 there is a fee on your fee up to 15% of the fee for the UniSwap team and both versions are working on the blockchain forever)
There is also RISK in providing liquidity - Especially if there are significant price shifts - whether up OR down.
All this needs thought through carefully. I am however much reassured that we can get excellent informed help from @Birdinc1 and @SwissPrivateBanker who I suspect know a thing or three about the field of providing liquidity.
If the total number of MAID (I.e. OMNI + ERC20) cannot exceed the present supply and MaidSafe accepts to convert ERC20 MAID 1:1 for Safecoin as well as OMNI MAID 1:1 for Safecoin, then I don’t see why a person would want/need to convert back and forth between the ERC20 and OMNI versions. Under what auspice would a person want to do that?
Precisely. In the odd instance that something goes wrong, it would be fairly straightforward to rectify it as the blockchain keeps an immutable record of which walket had what tokens, when and where.
Omni is stable environment and ETH20 is something very new to some. Omni might be wanted in the early days until ETH20 evidences reason to be comfortable long term holding in that space. Equally an option to move back to Omni, removes anxiety for those wanting to try something new. There might not be good reason but people like options.
Also, perhaps more obviously, any difference in price will encourage an interest in movement back and forth.
I’d be curious to see how the arbitrage opportunity would play out and how long it would last.
I don’t know, the option to move BTC through ETH… but price will potentially drive alsorts of variety of activity - BTC holders becoming wise to MAID might want to go BTC->Omni.MAID first??
Certainly on the face of it Omni market doesn’t have a volume to expect movement back into it for the price of it… but it’s all guesswork from here…who knows… if it’s easy to have an option then to be preferred?
In addition to the additional time and effort that will be required it should also be mentioned that, although, @SwissPrivateBanker has generously offered to provide his services pro bono, Maidsafe’s attorney might not be so amenable to that. If a formal contract is involved, probably a substantial amount of funds not currently accounted for in what is probably a tight budget might also be required to pay the legal fees. Not saying it’s not worth it (whatever “it” turns out to be) but it is something that needs to be considered strongly, as @happybeing intimated.
This as a reasonable concern. The community could raise funds to pay for legal fees. I’d happily donate to keep from drawing funds from the project.
Tbh, I think the initial legal fees would be small and maybe David would have contacts who would do it free or cheap.
I’m more concerned that things end up being more complex than we can anticipate, creating an ongoing drain of time and money. I’m not saying that’s inevitable, but that’s it’s a risk, and that’s my main concern. I don’t see it as essential at this point, and I’m not clear that there are significant benefits to the project yet, which is why I don’t support it. Later maybe.
I made the point that this will, even if it goes without a hitch, cost Maidsafe time and money because that had not been mentioned. Just cos SPB will do his bit for free doesn’t make it ‘free’ for Maidsafe, though it is a generous and welcome offer.
Has anyone seen @dugcampbell recently?
Thread is one day old… just saying… no rush to judgement etc.
If one ETH20 coin is “MAID” and not complicated by “anyone can create a ETH20 coin that is MAID”, then it’s a simple alt option and easily tracked.
Unclear to me how many ETH20 coins already exist… are there as many as BTC altcoins??.. if there are many fewer significant coins bound to real projects, then perhaps ETH investors are looking out for option to invest.
Still, unclear it’ll necessarily do much for the price but cannot hurt having more options and the access to markets at a time where more users might want to become engaged is important… perhaps more so, than the price for now. Those within ETH are likely techy crypto savvy crowd worth engaging with a good idea.
Positives outweigh negatives to my mind but due diligence needs to follow day one on this.
I’ve recently introduced new people in to the project, and the coin, who probably want to buy more…
How long will the creation of an ECR20 token take?
I’d like to advise them that they should buy more sooner than later.
Totally agree, to me any coin on that eth ecosystem is lesser for not being its own thing. That chain is slow and expensive, not sure why so many people would want MAID to be on there!
2 projects I followed closely went there to die or drop 50% in price. Not sure it’s worth the risk!
The actual creation of the coin would probably take 10-15 minutes replacing some strings on an already well-tried and tested contract -including review.
A few hours running some test suites.
Lawyers etc will take a few days but there is nothing fundamentally new in what is being done here.
I have recently observed at close quarters the creation of an ERC-20 token for Scotcoin which will replace our old extremely clunky CounterParty token - which bears many resemblances to the MAID OMNI token.
The tech is pretty straightforward and we would appear to be dealing with seasoned professionals in @Birdinc1 and @SwissPrivateBanker.
The legal side is somewhat trickier but with goodwill on both sides should not be a major problem either in cost or time.
Hmm KYC to move to ERC20? That’s a hard no for me, crypto is about privacy, KYC be dammed!
But not half as slow or expensive as the BTC chain. With PoS at last on the horizon, at least if reports of “what Vitalik said” are correct, then the expensive part is no longer true.
Ideally we would want an Algorand-type clone, but we dont want to wait 2+yrs to develop our own. If ERC-20 can be delivered cheaply within a month, then lets do it.
I think one thing that makes this situation unique is that—just like the OMNI version—ERC20 MAID is a place holder token. When someone buys or trades the ERC20 MAID token they are doing so based on what SAFE could be. ERC20’s only purpose is to facilitate easier exchange.
I think for those other projects the ERC20 token was the project and the project was the ERC20 token. Moving to ERC20 doesn’t change the fundamentals of a project. If the project was inherently weak pre conversion to ERC20, the conversion won’t fix that.
In a sense, once the limitations on exchange are removed, we can finally get a clearer sense of how people value this project.
This could easily dovetail into another topic, but I’ve been looking closely at Algorand of late, and I’m quite impressed. Would be great if some kind of collaboration could be done with them in the future. Elixxir is also looking quite interesting.
Definitely true for one of them, still scary and not sure I like the Etherium chain hosting maid. Personally can’t wait to move everything to SAFE.
KYC is coming whether you like it or not. Even with full adoption of SAFE, vast swathes of the services will only be accessible by those who have KYC’d at least one of their accounts.