70% or 69.5% is rounding error for farmers.
4,525,524,120 or 32^2 is a different of 50% of the current MAID supply. Thats not a rounding error, its a kick in the teeth.
2 Likes
It’s 2^32 … your maths are way wrong.
1 Like
@zeroflaw the number of tokens doesn’t matter - it’s the value that counts.
If the person after you and me thinks we have eaten too much of the feast, he will not want to sit at our table.
It is much better to be a small fish in the ocean than a whale in a swamp and have your carcass eaten by wolves…
Privacy. Security. Freedom
2 Likes
The reduction would only have occurred because more funds were required to build the network, the minimal about of feast eating to get to launch. there is nothing unfair about that.
If the number of tokens dozen’t matter, why is reducing farmers by 0.5% a literal rounding error, such a problem? Those tokens to a farmer will simply be worth a tiny bit more
The difference is when the new tokens will come in circulation. The 0.5% that will be distributed long after we are alive is irrelevant, what matters is the premine.
The more tokens the Foundation controls initially the greater the chance we will see x100-1000 because it slows down the token dumping by weak hands. (The perceive percentage of the total circulating supply when the next people decide if it’s too late to get on the Safe Train)
Privacy. Security. Freedom
4 Likes
It does matter to some extent … but that extent is very tiny IMO. Remember that the 70% are going to be slow released - maybe over decades. So the change in number is going to be tiny in comparison to other market forces. The problem here is asking Jim to change it - but without any solid reason as to why he should.
It’s clear to many that there are issues with both proposals - good and bad. You and some others would like it changed, so IMO the burden is on you to show the flaw - legal or technical in the current proposal as many here just want to move on.
1 Like
I’m drafting my email to FINMA as fast I can.
The MAID tokens have been in circulation for nearly a decade (I would hardly call these people weak hands), and a premine of 10% or 10.5% is still so insignificant, I fail to see the argument.
You haven’t been able to sell (or buy) any serious amount for at least 5-6 years - I guess you haven’t looked at liquidity?
Privacy. Security. Freedom
2 Likes
So when the markets adjust again with the reverting of percentages, will the bottom fall out because people not involved in these discussions see it as failure of the project (even if its 1% of them)? If so then all this talk of dilution (happens in both proposals, one early and one over time) will be meaningless since the value dropped a lot more than the claimed 0.5% or 0.05% or whatever people claim)
Also @zeroflaw to be drafting a letter now shows a person unwilling to continue discussions and be like calling for the manager before time. I hope you are better than that and can learn to discuss accepting other people’s views as worth considering.
1 Like
So I shouldn’t be contacting the authority the network wants to be managed by, when I’m unhappy with a decision? Thats the whole point of being regulated, to allow the little guy like me, to raise a concern. If their decision is viewed as fair, then it will have no impact upon them. They have nothing to worry about.
1 Like
Bam you show balck/white thinking without considering what i actually wrote.
I said before time Discuss here first and stop being childish and when discussions fall down after doing your best then its time, maybe a month or so. These RFC’s take time so there is no problems with discussing here for weeks first. It took 6 months for this version and there is most likely another to come before things are set in stone, well not stone as the network will still evolve over the years.
Also if they are worth their salt they should be replying that you wrote before things are close to finalisation. They need concrete facts to work on and this is no where near that stage, its a RFC for goodness sake
1 Like
I’m childish for wanting a regulated authorities view on a difficult problem, that could have wide reaching legal implications?
Yeah, i’ll just let a bunch for developers sort it out for themselves.
Jim already said they had or were in process of sending proposal to legal team … why not just wait? If the legal team rejects it then we can change.
I see no point in engaging a gov. agency and drawing their (usually bad) attention - it could be perceived by some that you are threatening Maidsafe because you are unhappy with things. I won’t go that far but I think you are being rash - because legal team will sort out if current prop is valid or not.
Not managed and probably not wanted. They are gov. regulators (and IMO, generally bad dudes looking for grift) - most folk don’t call in the mafia when someone tells you something you don’t like; just be patient and work it out.
1 Like
LOL you’re just trolling now. Obviously you did not read my posts fully as most here will see that I did not say what you claim I said. Stop being childish in your reactions
Not only that the Swiss authorities have to approve it anyhow once submitted (because of the foundation).
1 Like
I’m not threatening anything. If FINMA says everything is cool, then everything is cool. It’s their job to know the laws related to this matter. They are the perfect people to review my concerns.
This is madness, I just want a third party to review this RFC I disagree with because I think it is unfair. Instead I should do nothing? I really don’t understand
good to hear
I think this is naive … but you will figure it out in due course I guess.
They are going to anyhow since it involves the foundation.
Its not the time for letter writing that just because of a disagreement one day. Discuss first, then if after giving it your best for say 4-8 weeks then write your letters. You will be able to be more concise and informative of your views and get better results. But you had better hope it progressed further than a RFC as they won’t be interested in a RFC which is a discussion paper and not a formal plan/proposal yet. Government department on finance don’t work with might do this or propose this in a Request for Comment paper that may or may not progress. Too many variables that may or may not happen that way when formally proposed to the authorities.
Did you read the above, its an adult suggestion for planning your letter writing campaign
1 Like
My email won’t be discrediting Maidsafe. The decision hasn’t even been made yet. I simply want to know if the above is acceptable in the view point of a regulated authority.
Nobody has done anything wrong because nothing has happened yet. Theres nothing to worry about I simply have a legal question, and I want a legal answer, which I will post onto this forum.
1 Like
I’m fully aware nothing has happened yet. I will make that perfectly clear in my question to FINMA. Nobody has done anything wrong. I have a legal question and want a legal answer.