In the recent blog post it was let known that Maidsafe coins have been advanced from a supply caused by glithch. Though this project is running behind schedule the design of the Safe Network will be exemplary. To finish rolling out this software faster we should support the acquisition of additional funding.
MAID was created as a intermediary token to exchange for safecoin though I am hoping for decoupling of value after exchange becomes possible. After all MAID is it’s own currency.
I believe that the coins in question could be used to provide funding without sacrificing any of the DEV pool and without actually liquidating them.
On poloniex they are margin traded so it would be possible to borrow against them, provide funding and payback with the resulting appreciation. Of course that would not fly from the PR of it though. I seen someone on another thread suggest stamping them as separate and selling them and that may actually work in my opinion. Another thread discusses the DAO option. That seems interesting but it would be a lot of time and energy put into not even knowing if it would provide funding among other problems.
Here is what I would probably do if I was making the decision. Leave the coins where they are and issue bonds redeemable in safecoin. A crowd loan if you will. I am sure there is enough of us who would lend in this way.
The bonds idea seems interesting - it keeps the coins off the market until SafeCoin is up & running, and people who buy the bonds know they’re supporting MaidSafe directly.
On the down side, I guess MaidSafe would still need to borrow the MaidSafeCoin from the MaidSafe foundation, and it may be simpler to just sell coins in chunks.
There would likely be fewer investors willing to buy these bonds than simply buying chunks of MaidSafeCoin at a premium, as the bonds are likely to be far less liquid.
It your main motivation for the bonds to keep the MaidSafeCoin off the market in the short term, or do you see other advantages?
Well I am not really sure whats best there are many points of view. But issuing bonds and leaving the MAID where it is would potentially solve funding but also keep them on the table just in case.
What’s the difference (point of) borrowing against a bond and paying that back versus borrowing those coins and paying those back? It seems to add complexity, and uncertainty, for no advantage. If I understand you, MaidSafe would be borrowing coins from elsewhere, have to liquidate them to fund development, and then pay them back just as with the current proposal - only with the added complexity of obtaining and administering many individual loans.
That is valid argument. My main motivation is community discussion on this here
lol I just thought of this, and posted on the other thread. I don’t like the margin trading though. It can be a bad PR.
Instead of that, use crypto-bonds.
Yes the bond idea is growing on me. We could buy bonds with Maidsafe and receive Safecoin with interest. I would love to buy some.
The 24 million Maidsafecoins rverse redeemable for burnt safecoin jajaja But seriously I am okay with what is proposed by the team. I wanted to ponder altenatives and I like how conversation went here so far.
The difference is that with a bond you set the future payback price upfront. With interest rates as low as they are borrowing in fiat is obviously cheap (unless we see massive future deflation). By borrowing the coins the Maidsafe team are exposing themselves to the risk that when they come to pay the coins back through development rewards the value will be much higher.
I feel strongly that if they decide to borrow the coins the future price (and therefore rate) should be set now to eliminate this risk.
I must say I’ve been a little disappointed to see how much anger this has caused. Sure, the price has fallen and there is a risk it will fall further as the coins are sold, but that only punishes people with a short-term horizon who probably don’t believe in the true potential of the technology. For those people who do, any downward pressure on the price should be welcomed, assuming of course it’s temporary. Ultimately I guess it comes down to trusting whether David and his team will use the funds to accelerate deployment of the alpha/beta network and I see absolutely no reason to think that’s not the case.
I’m actually really excited, because it suggests we are closer to seeing the final push towards that release.