MaidSafe rebuilding secure decentralised internet with BnkToTheFuture equity fundraising

@BIGbtc

I want my,
I want my,
I want my MVP

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Another way of looking at it is…one who already has a decent amount of MAID and more importantly they have projects that will benefit from a fully functional network…then the obvious solution to increase the value in both propositions is to make sure the core development team has all the resources they need. Hell and get a long term return on some equity of the team that has obviously proved themselves 100x over.

Those are two totally different propositions. One is designed to feed your children tomorrow (MAID) and the other is designed to feed your grandchildren. Both are equally important, but live in two separate universes.

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Agreed but why Ā£1000 minimum surely the folks that can’t afford that should not be excluded and why a minimum of 1.3M is 500K should it not be reached not better than nothing.

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Hard to say. Coins can be traded way faster, that’s where I made profit allowing me to do this investment (I still own MAID). But this could be the chance to invest in an AirBnB, Google, Uber, Amazon or whatever startup that got really big. That sounds a bit over the top? When was the last time you checked a forum about a project on a daily basis? When was the last time you where in a community that has people excited like little kids for the weekly dev-update? It tells me something very big is happening and we all feel it.

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Following my feeding children analogy…If I can’t afford to feed my children today then what I invest for their children is a moot point. So in my mind the Ā£1000 minimum seems somewhat protective.

Congrats :wink:

Now I’m being pedantic. They will only get the 5% garanteed the first what, 4 years? Then the money goes to the core developers, which will most likely be Maidsafe, but still. Its not forever. And Firefox kinda failed in the end, unfortunately I must say Statcounter Global Stats - Browser, OS, Search Engine including Mobile Usage Share
And I don’t think people prefer secure apps over free ones, so Maidsafe will most likely give them out for free, also because it doesn’t really make sense to charge for relatively cheap software (mobile clients) if your goal is to get as many ppl as possible to use it. We need the Network effect, so charging is a no-go imho.

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Maidsafe has to demonstrate burn. So if they need 12 months to launch at 100k a month thats 1.2M If they are allowed to cashin @ 500k they need to come back to the trough for another 700k to get to launch. If the second 700k fails the first 500k lose all.

Folks who cannot afford the 1K can buy coins. And they should be given that option on the BNK page. Then they participate.

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Never! In fact almost all Internet forums are toxic, this community is very special. Someday we may be diluted by mass adoption and the personalities that interact so peacefully here will be fewer. I think we are all here because of our similar beliefs and the potential we see of this technology to better our world and of course since it solves so many problems is a sound investment IMO. If for some reason this funding round doesn’t work I would encourage the team to try again closer or after beta where the potential will be undeniable. Currently I’m think that many people with deep pockets are holding off and letting MAID drop then last second they’ll buy in big in MAID and then do some drops in the bucket with the equity raise to inflate the price of MAID then potentially another dump. But that theory is based off from nothing besides my lack of good faith in the whales out there

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Nope, they’ll get 5% of all coins farmed. It will be an address fixed in the Vaults is my guess. So someone does a farm-attempt and when they succeed the Vaults will reward this Maidsafe address as well. So if we go to a billion dollar rmarketcap and 100 million dollar in new coins are farmed Maidsafe earns 5 million to let internal and external devs work on the technology.

I paid several times for my Whatsapp usage. Think about a combination where you will get some ads if you use it for free but won’t if you pay a small yearly subscription fee. The teenager in India probably won’t be able to pay. He’ll see some ads. I can pay and will on a yearly basis.

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So fastforwad to late 2016 from when you got in. If you were just getting started, knowing what you know, didnt have the profits and had to make a choice. What is it? Still equity?

Excellent points. Zactly my point to @nicklambert on how this type of thing should have been in the BNK pitch.

But if the equity value increase, will the token value follow or lead?

I’m not in that situation right now. How should I know :smile:. Depends on what you want. I know folks that don’t want to touch coins but rather have stocks. I also know people that don’t own stocks but do own some coins. Depends from person to person.

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I’m afraid thats not the case. The 5% are not Maidsafe specific, they are for the core devs. Only the first 4 (iirc) years will Maidsafe get exclusive payment. After that, they get a part of the 5% just like anybody else who will be doing core dev. I’m pretty sure Maidsafe will be the main core devs for a long time. Still.
I would assume the 5% will be hardcoded to the foundation (if not technically, then by law or whatever), and the foundation has to use it for the core development.

/edit in the bttf pitch, for instance, David says that they will get a chance to get some of that 5%. I forgot where it’s explained in more detail. It’s somewhere, maybe the whitepaper?

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Personally I invested 2/3 in coins and the rest in the company, but atm I’m regretting it because I want to be able to back it even more if it seems to be necessary. I dont want the FR to fail. But with the current prices, that plan doesn’t really work lol :sweat_smile:

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Is it clear enough what the equity means for an investor?

I’ve not looked closely being tapped out but surprised on first pass it is not more obvious.

Query atm on reddit about this: Equity vs MaidSafe vs SafeCoin

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This might have been the old idea. This is how it’s stated on the BTTF website.

Check the website. You confuse the 5% with the 10% for App devs.

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Huh, this doesnt really make sense, does it? I’m gonna check it, you got me worried and confused. Here, have a flower :sunflower:

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Really, this pitch missed the psychology of what drives investment in crypto (and beyond).

The killer app for bitcoin has ended up being Alts/speculation.

It feels very much like the beginning of the online poker boom in the world of crypto right now.

The greed and gambling fever is a self-fulfilling prophecy of huge ROI for the early birds in every solid project.

You have to feed the beast a little fomo when you design your pitch, that’s the life-blood of this world, even if it isn’t true for most of the people reading this post ;).

EASY WIN would have been: Ā£500k target, Ā£200k min, ensure Ā£300k is bought up before it even goes live by interested parties who you warn that it might sell out instantly (give community 24 hours of preference as ā€˜supporters’ to get the total up pre launch). If on day 1 people see it nearing the target they panic buy the confidence (trust me, even I’ve done it a few times :confused: ) because not all allow over-funding.

People do not always do due diligence just because they are putting £30k in. To many people £30k is like a few hundred to most of the rest of us. They will stick it in if they feel confident because everyone else is doing the same thing.

Then you do allow over-funding and let it take you to a million or beyond with no pressure.

That Ā£2m target with no prearranged buys was always going to end badly… Why do you think it sold out so fast in 2014? Did everyone get comfortable with the business model/tech/team etc? No, they were just scared of missing the chance to get in on something that everyone else seemed to want to get in on. :scream:

Putting an upper limit is really effective way to create the fear… unless you stick it so far away that everyone starts wondering why no one else is putting money in and why it isn’t getting anywhere near that limit, that obviously has the opposite effect.

Not that any of this matters in the grand scheme of things, apart from as a learning experience. Even if the BttF pitch does fail I suspect we’d look back on this blip in a year and see it as pretty insignificant.

Crazy though, I bet this will end up being the most profitable missed pitch on BttF if it doesn’t hit target! No surprises, if it was easy to see the true value it would already be $1 a coin and there would be plenty of cash.

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Why not? Other cryptoprojects use a premine like 5% of all coins going to the developers at the beginning of a project. That always causes trouble as they burn though it over time. In this case the coins are only paid to the devs (in this case the company) as they’re farmed. So this will create a steady stream spread over time. This is way better than premining and much more fair.

The 10% might be created for PtP. But a lot of software will be open source without using PtP.

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It’s better, but not decentralised. Ill check it later, gotta eat.

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@Jabba that makes so much sense I think you should be a consultant for maidsafe. I have a lot a faith in Nick but what you just described is a hype machine that probably would have overfunded the crowd sale. I think the current goal would work later down the line but right now your approach would have been ideal I believe

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