MaidSafeCoin (MAID) - Price & Trading topic (Part 1)

[Knosis]

changelly.com has it!

[Sotros25]

I think that might be the last non-scammy option other than Bittrex-INTL. I’m curious how the MaidSafe’s deliberations on ERC20.MAID are coming along.

[bones]

Weren’t the community supposed to organise it?

[Sotros25]

@JimCollinson

This does—as you can see from all the threads within threads right here—quickly lead to questions of the redemption process, and the network genesis itself.

So that is where we find ourselves at the moment, we are discussing internally the various approaches to this, the practicalities, the sequence of events, and how these could be made intro proof of concepts, either by us and/or the community, so we can make it all robust prior to launch.

I guess I just wanted to acknowledge the frustration for some to see us standing in front of what looks like an open goal;

Sounds as though the MaidSafe team is/was internally deliberating and intends to weigh in whether they or the community bring this to bear.

[bones]

OK, the impression I had got from all the talk is that we were mostly agreed it should not detract from the devs, which this clearly will.
But what will be will be.

[dirvine]

@Sotros25

Sounds as though the MaidSafe team is/was internally deliberating

Just to be clear we are looking at redemption processes and the network genesis. So assuming there was an erc20 or some other thing and it can be transferred 1:1 then the mechanism for the Safe Network needs to cope with that. We are not looking internally at an erc20 process specifically, or any other token. We are looking at how safecoin emerges to the world and taking the existing tokens into account, whether omni or erc20 or …

[anon28980808]

I contacted the Coinswitch support yesterday. They claimed it’s all their partners. It didn’t sound like anything permanent. But it feels strange because I have been using this one for more than a year. It was quick and dependable, and now, it’s… dead (or just knocked out) for us. Too bad.

[anon28980808]

I miss the Polo times too. I wish we went erc-20 and got on ForkDelta or something. Buying (or selling) MAID now is such a drag, and even impossible for some. Seriously, 6 years after ICO, this feels weird. And I’m not sure why we expect the Fleming release should boost the price when so many people can’t really buy or sell MAID anywhere?

[Sotros25]

@dirvine

We are not looking internally at an erc20 process specifically, or any other token.

Thanks for the clarification on this! @bones, looks like you’re right. @JimCollinson’s response was a bit confusing. It’s unclear to what “open goal” he was referring… Perhaps he meant the redeem-ability of both ERC20 and MAID…

[JimCollinson]

@Sotros25

Thanks for the clarification on this! @bones, looks like you’re right. @JimCollinson’s response was a bit confusing. It’s unclear to what “open goal” he was referring… Perhaps he meant the redeem-ability of both ERC20 and MAID…

Sorry if I was unclear. By “open goal” I meant the direct offer of help from @SwissPrivateBanker to create an ERC20 MAID. I thought it might look strange, and be slightly frustrating, to some of you looking at that and thinking we were just letting the offer hang there.

[Dimitar]

Because Fleming will prove the technology and the speculators will come, they will make ERC20 MAID and the price will go up then, the high price will attract new people who will find SAFE.

[anon28980808]

Oh, that’s the plan? After Fleming, people who just can’t escape the attraction any longer will pop up and they themselves will create the erc-20 token so it can get huge, am I getting it right?

The will think, “pray, what an unpleasant scenario for this wonderful project! We need to inject it with some love that will materialize in an erc-20 token so we can get rich on it.”

Sounds lovely.

[Dimitar]

There is no plan. This is my speculation about what is most likely to happen according to what I observe in the crypto world. The project is decentralized and everyone can do whatever they want…

[Sotros25]

Oh the power of wishful thinking…

Funnily enough, at the first SAFE Network meetup I held, one of the participants passed out stickers saying “No one is coming. It’s up to us.” While that gentleman has unfortunately since lost interest in SAFE, I’ll repeat his shared sentiment. Fleming’s release is unlikely to be the panacea people expect with the current systemic weaknesses at play.

Wistfully, I hope otherwise, but practically I know there’s no reason to think things will “magically” be different.

[Audity]

However illogical: I have this incorrect thought in the back of my mind that some people will be left behind by not transferring to ERC20. Obviously the only real issue at this point is to balance Network development with said transfer, though, and nothing to do with excluding some people—since both Omni and ERC20 would ultimately be valid for transfer into Safecoin. There are maybe half holders and half traders at this point (or mostly the former?), or maybe it will be like that once the ERC20 possibility opens up. … Timing could be everything.

I wonder if any proving of coins for a transfer to ERC20 would have to be set up. If I privately owned the OMNI tokens, then… well I guess I would have to prove it regardless, because I’d have a corresponding ERC20 address for which to receive the equivalent amount in it. But if every OMNI address has a completely different amount of MAID in it, and the dev team sees that no duplicates there exist, then they all could be trusted right? Dunno.

[neo]

@Audity

I have this incorrect thought in the back of my mind that some people will be left behind by not transferring to ERC20.

Yes I believe this is an incorrect thought too.

Traders would do cross trades which would mean the OMNI will always be around the ERC20 price barring some delays in movement. This is assuming there is a significant amount moved to ERC20.

OMNI will always have a significant amount of MAID since many are holding waiting for launch and the redemption of safecoin, and do not wish to unnecessarily trigger any reporting requirements.

[Dimitar]

If the first third party which releases ERC20 MAID does not allow conversion from Omni to ERC, but only from ERC to Omni, we can see a serious difference in price.

[tobbetj]

Have you considered below information?

What Is the Law of One Price?

"The law of one price is an economic concept that states that the price of an identical asset or commodity will have the same price globally, regardless of location, when certain factors are considered.

The law of one price takes into account a frictionless market, where there are no transaction costs, transportation costs, or legal restrictions, the currency exchange rates are the same, and that there is no price manipulation by buyers or sellers. The law of one price exists because differences between asset prices in different locations would eventually be eliminated due to the arbitrage opportunity.

The arbitrage opportunity would be achieved whereby a trader would purchase the asset in the market it is available at a lower price and then sell it in the market where it is available at a higher price. Over time, market equilibrium forces would align the prices of the asset."

Law of One Price

[Dimitar]

Did you know that the price of Bitcoin is higher in countries where people do not have access to the market and only speculators can sell to these people? This will happen if a third party decides to sell only its coins that it has bought in advance and is the only one with access to the ETH market…

[tobbetj]

@Dimitar

Did you know that the price of Bitcoin is higher in countries where people do not have access to the market and only speculators can sell to these people?

“The law of one price takes into account a frictionless market, where there are no transaction costs, transportation costs, or legal restrictions,”

That would be legal restrictions in certain regions, if that is the case then price could differ in those regions, is that a something you see for MAID/SAFE?