For the 52 voters for an ERC20 Maid token (easy to compute 52% of 100 voters): Please organize yourselves to do it and let the dev team concentrates on the network.
Price went from €0.102 to €0.068 and stabilized at this level with a high volume. For me this isn’t a disaster (but I am just a small holder from the ICO). But you (traders), if you are not satisfied with current situation, then provide the liquidity yourself and develop a solution (maybe centralized) to convert to and from this token.
Please go ahead and act, instead of just complaining on this forum.
Ledger Live mobile also supports USB (I suppose if phone supports USB OTG). They’re is also a desktop version of Ledger Live. You can also use Ledger hardware wallets with 3rd party wallets such as myetherwallet, MyCrypto, MetaMask, or even directly with geth.
I understand where you come from with your opinion. I think it is quite possible you to be right and part of the people who voted to want to trade.
I do not agree that everyone who voted for it, however, wants to trade. For example, I want ERC20 MAID for the following reasons:
more new people will be able to take advantage of the low price and buy. I think that 16,000 address owning 10% of the currency is not good. I prefer a lot more people to have MAID and the ethereum ecosystem is the most developed with the most users.
more people will take their MAID out of the exchanges if they can store it easily and safely. And being on ethereum is incredibly better in this respect than it is with OMNI.
low liquidity will allow even greater price manipulation.
And these are just 3 things beyond the main point, which is to protect access to an easy sale of the Loan…
I can tell you of one coin that did that move : Oxy. It took them quite some time to migrate, it did not give them any leverage to any of the big exchanges and in the end it went to zero. Granted, the team was very bad and the project had limited reach.
On retrospect, I believe storj also went that route. Personally I do not like the etherium chain. It is a bloated, convoluted chain with way too many shit projects on it…
You’re right, but maybe could avoid that the current exchanges accumulate enough power to be able to hurt so hard this development as Poloniex just did.
I know people that would have liked to invest in this project, but that chose not to because they were uncomfortable with the prospect of having to deal with an Omni token. Unfortunately, it has a relatively high barrier to entry.
On the other hand, any old person can store an ERC20 token with relative comfort and ease as it more than likely is already supported by whatever means of managing their other crypto assets they are already using.
So whilst I understand and partially agree with the arguments against, I personally think there is probably more to be gained by making the effort and setting up another token.
The biggest risk to this project at the moment is probably developer funding and the less liquidity and smaller marketplace the token has, the more chance of a catastrophic funding failure. 35% overnight was bad. What if we loose Bittrex and drop another 35% overnight? Better to be proactive and face this head on before it’s too late.
I havet to disagree that a new equilibrium have been found. The sell volume on Poloniex is atleast 5x above normal, Poloniex should only have about 10-20% Influence of the price and hitBTC should in normal conditions have around 80% Influence of the Price by daily volume.
That would be pretty irresponsible though don’t you think? To claim something is MAID without broad consensus or support from Maidsafe would come off as scammy and fracture trust amongst the community. It’s fine we have different opinions and discuss it, especially before any action is taken. My initial reaction was intense because it was honestly the last straw for me in regards to price, interest, and adoption of MAID. A big issue is it’s just a proxy token. I’m wavering a bit given the Omni DEX might be a solution but then how long do we wait on that? Can we get anyone interested enough outside of this community to get this coin traded? Are enough people here willing to pool MAID to provide liquidity to anywhere? There is a lot to be discussed and organized and the Maidsafe team shouldn’t shoulder any of it so here we are. But we need to all be on the same page first.
If we can get real Safecoin sooner than later all of this becomes far less of an issue but Maidsafe isn’t a hasty company and that is a good thing. This is just kind of time sensitive situation because this delisting introduces additional risk for others to follow.
To be clear I am not in favor of creating an ERC20 token because I am not convinced this will have a positive impact on price.
My hope is that Maidsafe team won’t waste any resources on this issue due to community pressure, mainly traders who want to be able to constantly buy and sell to gain few dollars and also, supplementary constraints: without KYC and with low fees.
Exchanges accumulating assets are traders’ fault and they are the first to complain when exchanges misuse their power.
My philosophy is different just buy and immediately withdraw, only sell if you really need the money. That said, there are at least 52 people here having a different opinion from mine and wanting an ERC20 token.
But, as I wish Maidsafe to remain focused on the network, the logical conclusion is: organize yourself for that.
There may be issues to solve, but anyway I don’t want this in the first place.
Are you not a little concerned about the plung in market price, which coincided exactly with poloniex no longer exchanging MAID?
As in said before, I voted against ERC20 before maidsafe became dependent on selling MAID to fund development. If supporting other MAID exchanges is sufficient to avoid going the ERC20 route, that would be great. I’m a little concerned this may be hard to achieve though.
I believe the drop will be short lived(till maid is dead on polo for trading officially). And if folks successfully migrate to using Bittrex things can continue as normal(hopefully we see price rise back up over there to $.10+). Which its fairly easy to do if the community puts a little effort into signing up over there and dedicating $X,XXX figures to the cause. I personally am as vested in this project as much I can be in USD equivalent to $XX,XXX figures, which is as much as someone at my age should really be messing with. If I were rich I would be willing to drop more in but I view this project as high risk currently and can’t allocate any more of my money here for the time being until deliverables are achieved and we have something to hold to.
Traders are not the only ones that need to sell - If the Maidsafe team can not sell the coins that they borrowed from the community because there is no real marketplace for them then how will the project be funded? Whilst holding onto coins might be great for you, holding onto those coins is not a viable strategy for Maidsafe and so by proxy we all need there to be a strong marketplace.
Yeah, hopefully people can migrate to Bittrex, but I don’t know how wise it is to become so dependent on that exchange that could at any time do what Poloniex just did.
Everything is “hackable”, there’s no 100% safety, you need to evaluate the costs against the gains, and a new and small network has very little gain to an attacker.
The team needs to do the conversion from MAID-OMNI (to SAFECOIN) anyway, so doing a conversion from OMNI to ERC20 could be useful in the future (the conversion from MAID-ERC20 to SAFECOIN should be easier as there are resources/knowlage on how to do that?). BUT preponing the work would take away valuable dev time NOW when it’s needed to develop the SN.
On the other side, if we do the conversion to ERC20 and the coin value goes x2 we will be able afford x2 increase in dev time for just the cost of the conversion itself.
I agree its a risk, but isn’t this project very risky in nature anyways? We are still waiting for proof of viability with end 2 end network, and with Bittrex and Hitbtc(which I dislike but apparently does work for some) still around all we really have done is gone from 3 exchanges to 2. Albeit the highest volume legit exchange(polo) dropping us sucks, but its not dire like I think some here hypothesize right now. If people move to Bittrex operations should be able to continue as normal as long as MAID puts liquidity on Bittrex and there are people still interested in the project enough to buy it up(which is what is questionable to me, how do we get buyers and get interest? Well there is only one answer IMO, which is to deliver an MVP, I don’t know how far away that is but it needs to be soon IMO).
Sure, but what is more risky - a risky project that has a funding mechanism, or one that doesn’t?
Yes, there are still two viable exchanges (if you count Hitbtc, which I don’t think many people do), and yes it’s not the end of the world, but this recent development does put us all one step closer to a potentially dire situation.
Obviously launching the network is priority, but it seems clear that having a marketplace is also important for now and probably for the forceable future.
Currently ERC-20 ecosystem is by far the biggest market for decentralised token projects and decentralised finance (DeFi). Here is a log chart of Bitcoin, Ethereum, MaidSafeCoin and a subset of the ERC20 token universe (called the Bletchley Ethereum Token Indexes BTKN). As you can see the combined market value (liquidity) of ERC-20 projects token are a large part of the overall market and as a group have been trending upwards vs ethereum market cap for some time now as new innovative projects enter, issue ERC-20 tokens and build products that create market value. The Safe Network is as innovative as they come but has a liquidity mismatch.
However non of that market capitalisation comparison and trend is as important as the network effects in play here. As the majority of decentralised projects have issued ERC-20 tokens, the infrastructure to support them is significant. Fully decentralised stable coins, dozen or so hardware wallets, hundreds of software wallets, reams of educational materials, press coverage etc . As the ERC-20 ecosystem has the biggest market of developers and investors in decentralised projects it creates a feedback loop for new projects and all that helps with attracting developer attention and investor liquidity which you can see reflected in the chart and Santiment market-cap comparison links. Lots of extra highly innovative DeFi supporting infrastructure is also available, all helping with liquidity.
Of course you can find all sorts of examples as there are all sorts of projects of varying quality including a massive rise and fall of scam projects in 2017 (ICO craze), however the overall trend of the sector is what is important as shown in previous links. To get a feel for the type of development going on here is an index to monthly lists of the most active ERC-20 project Dapps. MaidSafe should be in that list!
This is not really the correct question, or coming at it from the wrong angle. In the massive ERC-20 ecosystem Uniswap has quickly come to dominate but it is not technically a DEX, nor is it an exchange. It is more like a open permissionless nexus point for liquidity which allows “traditional” exchanges which your referring to, as well as newer DEXs, much easier to adopt ERC-20 project tokens. Think of it as an independent one stop shop for liquidity that empowers exchanges to adopt new ERC-20 token projects. It would be the only place MaidSafe would need to provide liquidity and in doing so enabling significant numbers of traditional exchanges to list the token and have instant access to the liquidity pool. I have posted a few links and scientific publications about Uniswap in last two days it is highly innovative fully recommend reading up about it.
This is exactly the sector that the Safe Network will want to make large inroads into, and attract developers and investors from. A SafeCoin(ERC-20) token is but a foot in the door.