This is an important point. It also means that if MaidSafe was going to do a full swap to an ERC20 token, they would first need to spend a lot of time and money with lawyers to figure out how it would affect their own tax position. Worst case they’d have to pay a significant percentage of their MaidSafeCoins in tax for this change. Would a possibly higher price due ERC20 be worth losing maybe 20% or even more of their MaidSafeCoins over?
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open-source DEX’s are the future in any case. So I agree 100% - no need to fear-monger people into accepting them.
Being listed on CEX’s in the short term is fine though as well. We don’t need to worry or concern ourselves with what governments or CEX owners might do in the future.
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Getting déjà vu… was there not another thread on exactly this a couple of months back.
Re-asking when nothing is changed seems a waste of time.
Zzz
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Freedom to choose is a basic of what SAFE is about too… along with privacy if this is also forcing kyc dullness… and the security of it on a whim and prayer seems a risk too.
Going to unsub from this thread now.
Of course there would be details to work out, but I voted yes because ERC20 has significant benefits over Omni, particularly access to DEXs and hardware wallets, and also easier CEX listing.
I assume that there would be no penalty for anyone who decided not to participate in the swap, or didn’t hear about it.
The only real down side I can see is the cost & effort of implementation, which this proposal says would be covered by the community.
I certainly don’t agree that any swap would be a taxable event in the UK, because it’s not a disposal - you keep the same asset on a different ledger. Even if a ‘burn’ was considered a disposal, if the replacement token were issued within 30 days, it’d be negate by the 30 day rule.
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Why is this topic pinned?
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Because David asked questions to the community. See the quotes in the first post.
Privacy. Security. Freedom
And at what point David envisage a full change?
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Good for you! That’s one of the luxuries of not being a mod…
(Yawn…)
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That is the purpose of this topic. Let’s see what are the limits within which we can work so everyone be happy. It is good that everyone expresses an opinion. It is not good that people are affected on a personal basis, but this is to be expected, we all have strong feelings on the subject.
Privacy. Security. Freedom
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That’s right, but wouldn’t it be nice if we could double the people who have tokens before the start?
Privacy. Security. Freedom
Not necessarily. Who can know what that outcome might look like. Could create more chaos during bootstrap.
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I haven’t voted yet because I think we need more information. In the past I have instantly said yes to this as it has made sense to do it for a long time.
But now these things need to be considered first:
- The tax implication needs to be addressed as that could really affect many things; if people need to sell to pay taxes due to the swap, we could really see the price dump hard if that’s the case. Also, like someone mentioned, this could really hurt Maidafe the company if they are holding a large amount of Maid. If we were going to do this it should have been done over 12 months ago when the price was much lower, so many would have been able to claim a loss or small profit. With the price up over 13x since then it complicates things.
- The current exchanges would need to be approached first to find out if they will facilitate the swap, and if so at what cost, if any? We don’t want to lose them in the process.
- Can those that don’t swap still swap for SNT later?
- Do we have any measure on how far away we are from the SNT launch? Months or years?
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This change implies an obligation for everyone, whether they want it or not.
It is neither ethical nor, potentially, legal.
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What @Sonder said plus:
- no to mandatory swap (Omni must remain valid)
- details of process for those doing a swap need to be clearer
- MaidSafe need to confirm they will support both tokens, what they expect reach SNT conversion will involve, plus any conditions they require to be met (eg who carries out the work)
Overall I’m again seeing this as more work and more risk, at a point when the project least needs it.
Things are currently flying, MAID value is steadily rising and not showing signs of weakness as it does so. Looks stable above ath. Bitcoin too. Of course that can change but for now it makes this less necessary IMO.
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Also we have to consider a couple of other things that can de-risk the exchange issue:
- @Sotros25 is leading a CEX expansion. It might be worth waiting to see what comes of that. She has done an amazing job in getting us on another exchange already with US access.
- Cross chain DEX’s like Thorchain are coming soon, so hopefully they will allow Omni trading. It would be good to get a list of them that will be able to do this and find out what the chances are of getting on them.
It might be worth creating a list of Omni projects to see if there is a way we can jointly pay for development of Omni traded tokens on the new DEX’s.
Edit: It looks like the Thorchain DEX is launching today.
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Voted yes because I misunderstood the post as suggesting it being optional to swap, and had at some point been taken in by the argument that it would be relatively easy, or at least nondistracting for the team.
Read through the comments, tried to go back and change my vote to no. Mandatory is a mad idea, and it seems to be lots of work and confusion. Exchange-discussion fatigue is real.
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Umm i pointed those out because they have a history of that stuff being on them and the authorities have not done anything to stop those internet systems. They are a set of protocols with storage, massive storage for nntp with plenty of bad stuff on them and easy for terrorists to use too.
The point is that you seem to be describing something happening that is not borne out by history and to use it as a supporting evidence is only going to see the argument fail because of faulty supporting evidence.
I am saying you need to get correct evidence to support your argument or realise that it may not be as you considered.
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I hope you’re right. In my mind Safe is not a protocol, but rather a separate product, a single whole. Of course anything is possible. Maybe everyone will love us for what we do here.
Privacy. Security. Freedom