You’re right, but you see that unforeseen things happen. SAFE is too important for us to take risks. It is better to have somewhere to sell MAID if another 1-2 exchanges remove OMNI…
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I’m not sure where Maidsafe liquidates their MAID holdings or the now loaned holdings but wherever they do obviously will need a decent amount of liquidity. Bittrex international can probably provide for that, perhaps HitBTC too (though HitBTC doesn’t seem to have a good reputation). But they obviously have to do so in very small increments as to not affect the price too much and a big goal here is to increase the price and encourage more trading and support by more exchanges so that Maidsafe can get more development from the MAID lent to them. If we can get more exchanges on board and come up with some plans for the community to provide lending/liquidity then we can get more people trading and get MAID some traction. It’s just been spinning it’s wheels for months and months almost like someone is suppressing the price which is easy to do with thin order books. It needs to have enough traders to break that cycle and get proper price discovery and with price increases often comes due diligence and interest which can make more long term holders which helps support higher prices.
I get the point that Fleming is close but it’s still not done and we don’t know exactly when that will be. What did the transition do for PDC or SAFE-FS? I don’t really know, I’ll have to check but MAID is more well known and the basis for the other two so it’s kind of a different animal imo. I would think it could only help to have more eyes and options for people to trade and accumulate MAID and for us as a community to spread awareness of that fact.
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My issues with dex are
- Are they proven secure.
- Who made the contract, and what they can do.
I would only ever consider using a dex if maidsafe created the contract.
If it’s a straight swap and coins don’t actually sit on the dex, even better.
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This most certainly happens in the ERC20 token world. Especially if MaidSafe becomes a liquidity provider on Uniswap, many other exchanges take their lead from there. As a liquidity provider MaidSafe also gets to earn a (volatility dependent) trade fee. A bit of back story here.
It is a compelling option - we are out on a limb now it would be prudent to reduce the risk plus there will be plenty of cross chain opportunities between Safe Network and Ethereum even after launch where a Safecoin(ERC20) token would be very handy.
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Most certainly this. Also there is no need to force any double swap that is completely unnecessary. Those who wish to sit on Omni chain may continue to do so. The script for minting Safecoin given MaidSafeCoin will work just as well as the one that converts ERC20 to Safecoin. Cross chain price differences will be arbitraged as in every other of the many examples out there, it is a non-issue.
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Perhaps not so much of distraction as imagined. Maidsafe hosted simple webform provides each user a unique btc address to send our MaidSafeCoin to. Simple script moves received amounts to a burn address and records the exact amount burned (provably burned receipt). After that it is all already done: Burned receipt amount is passed off to the ERC20 minting script and sent to the address specified by the user on the simple webform. Sure the security review may be a little tedious but the whole ERC20 second half of this transaction is already done there are plenty of working examples and forums filled with helpful devs to lend a hand. It is the burning Omni token side that Is not so well trodden.
After that MaidSafe provides liquidity on Uniswap and we are done, sit back and watch the rest of the massive ERC20 token ecosystem line up in their own time while MaidSafe generates a modest trading fee for providing liquidity through Uniswap.
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If it really is as easy as all that, then I’m for it. I wonder though if the devils in the details.
Someone at Maid needs to take some time to evaluate this proposal and give some cost/benefit analysis … the benefit is the big question, but if the cost of the process (which could go on for quite some time) isn’t too bad, then this seems like a decent idea.
The real worry IMO, is that we just don’t have enough buyers as omni token isn’t on enough exchanges and consequently, Maidsafe loses out on a lot of actual operation time due to continual price deterioration.
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Great to see the community swinging swiftly into action again!
I am such a hodler that I’ve never used ERC20 before and certainly don’t know much about setting a conversion up. On the other hand, if it is a technical problem, I can help to solve it.
Due to my hodler mentality, I was against having an ERC20 coin before, but seeing the impact of the poloniex announcement and now the maidsafe funding consideration, I now support it. The MAID market is just too thin and open to abuse when the project depends on it, IMO.
Both safe-fs (@whiteoutmashups) and decorum (@bzee, @Seneca) went through this, so it would be good to hear their honest feedback on this. However, from observing their process for a distance, it looked manageable.
No matter what, I think Omni MAID will need to coexist with ERC20 MAID. Many, many people do not check the forum all the while and would not want the hassle of the change; they are likely holding out for SAFECoin when they are ready.
Fleming may be getting closer, but it will take years for folk to transition their MAID for SAFECoin. A big bang at launch would be high risk. So, we need to consider a several year time line here.
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Yea I personally would likely just stay put as omni is not about to disappear and even if something happened then the record of the amounts is still available.
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Just to add, going to ERC20 and using these clever distributed exchanges is entirely in the spirit of the project and decentralization. I would be far happier going this route than throwing money at exchanges, especially since many seem devoid of morality and loyalty.
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The Omni-ERC20 duality should have begun in February of last year when several of us raised this need just in case something like today happened.
We will see what happens in the next weeks, but right now, 40% of the development funds recently obtained have gone up in smoke. Trying to recover a previous value, increasing liquidity, is far more important than the exchange problems that could happen in the future between dual Maid and Safecoin.
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To be fair, the last time this was discussed, maidsafe were not nearly as dependent on MAID for funding. I stand by my decision not to support ERC20 in the situation, but we have entered a different ball game now.
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I have some $TRX full disclosure. I wouldn’t call it a heavy bag and even if it was I would not expect the expected MAID-token volume to like vastly increase it or anything. I think we all need to stop worrying about what the other guy is getting and just focus on what we are getting from the deal. jealously is never beneficial.
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So long as it’s feasible and doesn’t cost an arm and a leg, then I support an ERC-20 option. I didn’t in the past, but there were multiple exchanges then.
It’s not merely funding that’s the issue here - it’s marketing for the project overall as well and that’s no small matter.
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you hit the nail on the head
All of us are not “down to 2”, US residents are ‘down to ZERO’ exchanges for Maidsafecoins, and have been since Polo, cut US out of their equation!!
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I see that our Factom friends are also listed on VCC exchange (https://vcc.exchange). Looks like a new fast growing exchange which might be interested in listing MAID.
https://support.vcc.exchange/hc/en-us/articles/360000666722-10-REASONS-INTERNATIONAL-TRADERS-SHOULD-USE-VCC-EXCHANGE
Some interesting points:
People from US might be able to trade here as well, but I am not sure, there is no extra info about that.
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The man has a point.
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I would like to stay put too and honestly we should be able to for that reason. When launch arrives there should still be a way to convert any ERC20 or Omni that hasn’t been converted to ERC20 (and burned in the process) to Safecoin.
Am I wrong here? There is nothing to lose. Sit and Omni and hodl, don’t help join a liquidity pool for an exchange, fine. Or transition, trade, join a liquidity pool, and get this coin traded.
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