Are you sure the swap applies to the shares in the SPV? I thought the SNT they got was in addition to the SPV shares but coming when network goes live.
The shareholder mentioned in some of those posts seems to me to be actual Maidsafe shares which those investors (separate to the SPV investors) have the option for the swap.
My memory of back then was SPV investors got SPV shares + SNT, no swapping
AND Maidsafe shareholders who invested in Maidsafe directly have the option for the swap.
Swapping the SPV shares for SNT when network goes live was the option given to the SPV investors. Of course, the bonus coins would only be realized at that time as well. Also, the shareholder mentioned in the post was not a holder of actual Maidsafe shares, it was in response to questions regarding the SPV specifically.
I stand corrected: The early bonus was 1 future SNT for every 2 pounds invested, not 1 for every 1 pound. So the 4000 pound invested would have netted 20990 future coins ($.25 per coin).
"For the duration of the fundraising campaign, the amount of Safecoin you receive will relate to the amount that you invest. The incentive is offered on a decreasing sliding scale so if you are looking to maximise the offer we suggest you get in early.
Sep 12 - Sep 26th - 1 safecoin for every Ā£2 invested
Sep 27th - 30th Sep - 1 safecoin for every Ā£5 invested
2nd Oct - 5th Oct - 1 safecoin for every Ā£8 invested
7th Oct - 9th Oct - 1 safecoin for every Ā£11 invested"
This post announcing the beginning and end of the fund-raiser covers the details:
Also, this:
The reason i question was that the swap was originally for Maidsafe shareholders to convert their original Maidsafe shares to SNT and as David said the foundation would end up with those shares and eventually all shares in Maidsafe if/when all of the 2 million Maidsafe shares were converted. Doing the maths that is approx 105 shares
5% from original whitepaper (before bttf) held in reserve for shareholders to convert. 5% of 2^32 / 2 million is approx 105 SNT per Maidsafe share. I think there was confusion in some of those posts at the time as to which shares were which. And in Davidās post above he even talks of the shares being owned by the foundation and has referred to Maidsafe as a private company and not publicly traded
So I want to update my understanding fully if you could provide the wording from the SPV offer itself that says a swap can happen. Please. Not forum members understanding or Davidās response to a question that may not reflect the offer itself
EDIT: I am currently slightly confused by the conflicting info and trying to understand fully.
Me too, but we will get there I am sure. The key is the docs agreed to and then the morally correct thing. I do recall an offer of a usb disk or similar, but lets get the docs sorted.
Andrew is on hols this week, but guaranteed he will find out the exact figures on his return.
Yes I remember that too, but doubt its of any use now. Wasnāt it something like getting the safe network coins (safecoin) on it.
Yes, itāll be good for Andrew to weigh in on this. I read the documents back then even though I didnāt buy any. and you have to be a SPV shareholder to get access now
It was something like that. A unique usb disk that showed you were an early adopter or similar, but likely wonāt work now anyway with the way the SNT works.
I came onboard much later than the original investors in Maidsafe and I assure you, the conversations and details of the BTTF offer referenced by the two posts above related to the 2016 fund raiser, not the original investment. In 2016, at the time of the offer, MAID was selling for about .08 USD on the exchanges so even at $.25 per coin, which seems like a bargain today, it was more a contribution to MAIDās success more than anything else that prompted most people to invest in the BTTF offer.
Without the offer documents then we cannot be sure as David was answering both Maidsafe shareholder and also the DPV shareholder questions. Also as you read those posts in the original topic (I did earlier yesterday before your posts) there is a degree of confusion when knowing the agreement in the original WP and the offer documents I read back then was being answered or even the answers seemed at times a mixture of the two blended together.
Have you the documents? If you do I wish to re-educate myself.
I donāt believe the bonus coins were ever anything endorsed or offered by BTTF as part of the official documents, it was solely an effort on Maidsafeās part to spark interest in the SPV.
āWe believe that BnkToTheFuture qualifying investors want to invest in the MaidSafe pitch, but the lack of incentive for investing early has probably caused many to hold back. To address this issue, and to give everyone an extra thank you for the support, we are going to be offering everyone who invests in our pitch two bonuses, one from us and one from BnkToTheFuture.ā
And, I would say it worked. The campaign brought in 1.5 million dollars according to the post. If only one-third of that had been invested in BTC in late 2016 when it was selling for less than $1000, it would equal about 30 million dollars today. Even if Maidsafeās administrative expenses were covered by part of that during the last 6 1/2 years, that would still leave a tidy sum in the bank. By that measure it was ultra-successful.
As far as whether the conversation of the two posts cited were in response to questions about the original Maidsafe investment or the SPV, I think the title of the posts speak for themselves.
The actual facts were, total raised was under Ā£500K. There was a much larger offer that fell apart what would have taken it over $1.5mm.
However, the monies were used as cashflow to keep the company going. It was not something to invest until BTC went sky high. All such pondering donāt tell us anything.
So this may be true, but not what happened, unfortunately, and if it had happened then the team would be much larger and grants much more common.
Yeah, unfortunate that there wasnāt an opportunity to invest some of that in BTC. The salient point, though, is that some of the BTTF investors, including myself, would not have taken part in the offering if it had not been for the option to exchange each BTTF share for 105 coins upon launch AND the offer of the bonus coins. It is a little disheartening, to me, to find out now that the details of this has been kind of forgotten by Maidsafe and not documented more professionally for posterity. It seems as though the only person who could corroborate what has been discussed in the replies above might be Nick Lambert. I am not sure who the Melvin person is but his posts are prominent throughout.
Andrew will get the paperwork and it will be exact. Itās how he operates, extremely thorough. I donāt see any issues here
How many bonus coins do you believe you purchased? Can you be exact and provide workings for it. That will help Andrew
I should add if Nick or anyone committed to anything on the companyās behalf, as a director, then it is a company obligation.
āHow many bonus coins do you believe you purchased?ā
Answer: 1250 (1000 for the first purchase of 2000 pounds and 250 for the second).
Sep 12 - Sep 26th - 1 safecoin for every Ā£2 invested
Sep 27th - 30th Sep - 1 safecoin for every Ā£5 invested
2nd Oct - 5th Oct - 1 safecoin for every Ā£8 invested
7th Oct - 9th Oct - 1 safecoin for every Ā£11 invested
I feel kind of like the Lone Ranger. I must not be the only one that remembers the offering this way. Sorry to cause any consternation. Just trying to see if my recollection and personal documentation from 2016 is on the mark.
In addition to the actual shares purchased in 2016 a bonus of 1000 (corrected) coins was to be credited for each investment of 2000 pounds made by, I believe, 9/15/2016. So if you invested 2000 pounds ($2654 USD at the time) you would have purchased 94 shares of the BTTF SPV which amounted to 9870 SNT (105 x 94) and been credited with an additional 2000 coins from the early incentive bonus for a total of 11870 SNT. The following month a bonus was given again for 2000 pounds invested but this time the bonus was only an extra 250 coins for each 2000 pounds if the investment was made by, I believe, 10/15/2016. So in this round your 2000 pounds ($2654 USD) would have netted you 10120 SNT (9870 + 250).
All total, that 4000 pounds (USD$5308) would have bought 188 shares of the SPV and entitled you to a total of 20990 (corrected) SNT if, in the future, you opted for the coins-for-shares choice. The 20990 coins for 4000 pounds translated, then, to roughly .190 pounds ($.25 USD) per coin, about half what they are trading for today.
I remember this too. Iām pretty sure it stated it on bank to the future when I looked last week.
I recall there were some incentives, and I am sure they will be recorded. Surely even old posts on here where some director has laid it out would be good enough to confirm?
Itās just a long time ago and so much happening that these details for me are hard to focus on.
Thanks for following up on this. I had forgotten the details too, so good to know. Iām sure maidsafe will honour obligations when the time comes, so good to have the details. Iāve not logged into bttf for a good while.
Fyi, fund raiser page: MaidSafe.net - Building a new, secure and decentralised Internet.
Capturing screenshot for archives:
Nice one, thatās pretty much definite in terms of what you were saying @VaCrunch so we are good there.
I actually made a little btc from the pool mining too. Forgot about that.
