Around 22 hours left at the 5% bonus; so, for the next seven days after will have no % bonus added to buy ins; 8 days remain in the Safe Exchange Coin crowd-sale.
During the subsequent seven days we will take the average price in usd for the day (based on the hourly price) for both MAID and BTC, this will determine the distribution price of the Safe Exchange Coin at the conclusion of the crowd-sale auction.
For the purposes of safex coin disbursement could you not just use the equivalent BTC value of MAID without going to USD? Would save that redundant step of using USD since MAID is priced in terms of BTC anyhow?
Normally that would work, though the fluctuations in between have relevance. I think the fellows at cyber.fund mentioned it recently, an even more accurate reading would factor in the volume at each price in determining the average. That’s an optimization we’ll add to our exchange.
We’ll get the 30 min reading for btc to usd, and maid to btc, we can use the 30 min reading of btc to usd for our maid to usd comparison. That’s for sure. Hope that answers your question Neo
@neo I think your question assumes purchasing in already owned BTC or MaidSafecoin. I think the relevance of the dollar rate is for those who purchased BTC with fiat in order to invest.
To find the MAID → USD you first get the MAID → BTC then BTC → USD
If I do AUD → USD the exchanger does not factor in volume but gets the current exchange rate.
Then to get MAID at any particular time the exchangers would simply use the exchange rate of MAID->BTC to get a value of MAID in terms of BTC then use the BTC->USD value to get the USD value.
In all cases the MAID is calculated in BTC value first before then finding its USD value.
So in effect you have your MAID and BTC payments in terms of BTC before you convert to USD. So why do the USD valuation.
I do understand that in converting MAID into BTC value the value used (every 30 minutes) has to account for volume since a “one MAIDcoin” bid/offer at a lower/higher price might give unrealistic value (fiat exchangers have this factored into their published exchange rates). But if you do not convert to USD then you skip doing that for the BTC->USD[quote=“happybeing, post:88, topic:6110”]
relevance of the dollar rate is for those who purchased BTC with fiat in order to invest
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That should be irrelevant to safex, since safex only accepted BTC & MAID. Does anyone adjust their BTC price calculations based on what you paid for your BTC rather than just what the current rate is. What if people mined the BTC they used? It does not seem reasonable to attempt to account for how people got their BTC.
Neo doesn’t seem you’re missing anything. We will do just this, get the Maid/Btc price and the BTC/USD price - from there we can get Maid/usd price as well.
Nevermind the volume factoring, that’s for another project.
If that was the case there would be no point in getting the BTC/USD price, but that adjustment was stated at the start, so like or not, that’s the way it is being done
How do you make sure a user has only one account? What happens if a user needs multiple accounts, say for instance they lose access to the first. And third, and this is the hard one, how are you going to prevent people from buying and selling trust? That is how do you prevent them from buying/selling their accounts, buying/selling as instructed or otherwise showing loyalty to a third party in return for favors?
Are you saying @dallyshalla had changed the rules? I’m going from memory and trusting he’s just doing what he said - I don’t wish to go verify this though, so if you doubt this I suggest you take that up with him. If I’m wrong, that would be an issue, I agree, though more technical than practical since the allocation will not be much different, and I think most people will have invested to support him rather than be too concerned about a percent here or there.
The conclusion fiat price is the only relevant factor in distribution, what price folks paid for bitcoin is not a factor for the sale, only a factor for the individuals. Rules as original the fiat price will be taken for btc and maid. The concluding distribution will be based on number of btc and maids contributed times the fiat price of each divided by the total number fiat units received and the proportion to the 2.147 billion coins.
@Blindsite2k good questions, I think we will find answers to those issues.
Anyone who hasn’t gotten any SEC as yet, consider this:
A few buck worth of bitcoin or MaidSafeCoin will get you thousands of opportunities to have your voice heard regarding experiences on the Safe Exchange. That is all most people will need.
I’m really happy to see the overall total of funds raised so that development can be completed. But I’d really, really be happy to see that number go up just a little more, but the total participants sky rocket.
Of course, I’d also be happy if a few more people put in a lot of money. But I think the number of people getting SOME is really important just now. Look at as a cheap price ($5-10) for the opportunity to have all you’ll need to participate in the future.
Just my opinion. I happen to believe in what Daniel is doing, but what’s to lose, even if I’m wrong?
I will be using my millions of SEC to work as reward tokens for my future business clients. We use SafeX to do our business agreements and my clients are super happy enjoying the benefits of the market and receiving free SEC from me
@fergish I’m glad for the generosity of our allies and friends. I won’t be surprised if anyone on the planet felt they needed a safe exchange coin they’d get one.
@MrAnderson hopefully no one drops a whale on the sale before it’s over, and you’ll have that chance to distribute coin to your customers, I think that that is an excellent mode of dissemination of the ability and experience of safe exchange and the network itself. And today an affordable one
an official note here: Distribution of coins will take place by February 5th, 2016