2019 MaidSafeCoin Purchasing advice?


#1

Staring this to document my recent purchase experience, consolidate older thread info, and keep some updated info on purchasing Safecoin.

I’m in a location that restricts operations of trading exchanges, so some available services/exchanges are not available.

Here’s how I recently purchased some MAID:

  1. created an Omniwallet
  2. used Changelly to convert existing cryptocurrency to MAID, depositing directly to the Omniwallet in the transaction.

This was all pretty simple and painless - Changelly seemed solid to me and I had no problems.

Questions:

  1. Changelly charges 0.5% fee for the transaction - what are options are currently available?
  2. What recommendations for cold (offline) storage are there ? I’m learning Omniwallet, but it looks like a simple Backup, then ‘Remove From Wallet’ puts me in local-copy-only. Is that correct? Other options/methods?

#2

Any tool that will let you generate a seed phrase offline will work for cold storage. This is known as BIP39. You send the MAID to one of the addresses derived from the seed phrase, and when the time comes to move those coins you can import the private key for that address, or import the whole seed phrase if the wallet supports it.
Andreas recently commented on Let’s Talk Bitcoin that old style paper wallets using QR codes for address and private key are not as recoverable if the QR code deteriorates over time for example, and that writing down a seed phrase is the way to go for offline paper storage.


#3

ok thanks @drehb - can you give me a couple of examples of seedphrase tooling? I have a blockchain account that does this, but it would be good to see some alternatives as well.


#4

Hardware wallets can generate them for you, or you can use something like this: https://github.com/iancoleman/bip39/releases/download/0.3.9/bip39-standalone.html


#5

@drehb have omniwallet fixed their problems with addresses starting with a “3” ?

If not then @circ can I suggest that any address you use should start with a “1”

That is the address not the private key


#6

@neo what’s that? sounds pretty janky… got a link?
Omni support staff have been reliably quick and thorough helping me learn the ropes.

… my address starts with a “1” so, yay I guess?


#7

Not sure about that @neo


#8

Yea, there was someone in this forum a while back that got caught because they used a segwit address generated by a hardware wallet device.

EDIT:
Have a read from this post onwards and see some of the issues. Sending MAID from a Trezor hardware wallet


#9

I just use my bitcoin wallet to generate an address. ( I use the main qt wallet)

Send maid there

Backup the pvt key.

Done.

Follow neos advice on the address, but my qt wallet has never generated an unusable address.

You can then import as a watch only address and your pvt key has never been exposed.

Ive kept maid on an add which had had the key exposed to omni, all was fine, but thats not advised for safety.


#10

The issue was not the watch function, but when the private key was imported the omni wallet did not use the address the MAID was sent to, but used the “1” address that can be generated from the same private key


#11

As i said. Never had an issue with any address my wallet created.

Im guessing segwit is not rolled ino the main qt wallet?


#12

Damn, bitcoin core does have segwit since 13.1.

Hopefully i dont run into issues.

Edit:
Just wound up the wallet, to reassure myself and make sure im giving good info.

All the addresses my bitcoin core wallet has generated do indeed start with a 1, so its ok to use.


#13

An update here after wrapping this up on my end.
I was mostly on a good track, I think.
I wound up running through Changelly ( because it was the only option I could find ) to an Omniwallet address that I then backed up locally, removed, and re-instated as a watch-only address.


#14

Hi everyone, I’m just reviewing which platform is best for me. I’m just a bit confused that when Maid can be exchanged for safe coin, which platform will support this?


#15

That will work, that you will send your MAID on specific address and recieve your SafeCoin. But it is not yet developed and we all have only MAID token and waiting for beta phase for 1:1 swap for SafeCoin.

Try to buy it on Poloniex, than keep it on Bitcoin paper wallet.


#16

As was said above.
The coins will exist on the safenetwork.

If you meant which exchanges will allow trading in it.
Most likely any that can profit from listing it.
And undoubtably we will have exchanges on the safenetwork itself.


#18

Use the dex then. If your more comfortable there.


#19

The other options are not really better. On Poloniex are not high fees.
I do not see much risky to login, recieve funds, buy MAID and withdraw all.


#20

Just because an exchange follow rules and regulation (kyc) by authorities, so they won’t get shut down, it is not a valid reason for not to recommend them. Poloniex stated around 3 months before they implemented kyc, which is required for them to remain their operation, that all trading operations by users will be halted if users account is not verified.

It is nothing wrong with that, it is very hard to understand why people complain about kyc which is required for operating an exchange within the US. I have never had any problems withdrawing funds from Poloniex, it is perfectley fine to recommend them. But maybe we should add a disclaimer to the recommendation, if users don’t want to follow rules and regulation required by authorities, then they might not be able to withdraw funds.

Decentralised exchanges don’t have alot of volume to support trading, as it is for now it seems hard to recommend them with the current lack of trading volume. And it is hard to recommend unregulated exchanges because if you look at what is happening to cryptopia right now!


#22

They clearly stated that within 1 quarter of 2018 they would implement kyc and they urged users to validate their account so that users trading operations would not be halted.
I don’t remember them saying you could withdraw funds after the date of kyc implementation, if you have their announcements you are free to prove me wrong.
Poloniex may have implemented kyc without giving exact date for implementation. But that is not a valid reason to not recommend Poloniex, if users comply with kyc they will not have problem to withdraw their funds.

For the record, I’am not an active trader or speculator.