Are MAID holders hostages of OMNI?

maidsafe

#1

Hey guys, as I am steadily gaining trust to MAID so I am getting deeply invested. Lately, I started to be afraid of the possibility of being a hostage of OMNI as a MAID investor.

Could please somebody estimate here the worst scenario, what could happen to a MAID investor if the project goes huge and OMNI community wanted to get a quick buck?


Bitcoin fork 1 August
#2

All of omni is open source


#3

Meaning that potentially MaidSafe or someone else (from the community) can create another Omni so that people can get their MAID out?


#4

Tried sending some MAID the other day for the first time in a long time. Was quite shocked to find out the fees, think I paid about .0035 BTC (~$10) for a simple transaction.


#5

I expected it’s going to happen! I am stupid, I am having my MAID spread across 10 wallets… In today prices, it would cost 100 $ just for converting MAID to SAFE? Does anyone know, if its possible, fees are going to be even bigger in the future?


#6

The fees will depend on the outcome of the Bitcoin scalability. Whatever happens will happen in August.
If UASF is activated and Segwit is enabled, the fees should fall.
I don’t recommend doing any on-chain transactions until then, especially if you are moving little volume.


#7

Withdrawing MAID from an exchange is on-chain transaction, isn’t it? Would you recommend withdrawing amounts like 500 MAID (from Bittrex)? What do you mean by “little volume”? What is the possible risk of doing on-chain transaction until the fork is done?


#8

Well its better than that, you can run a full omni/BTC node and operate on the coins irrespective of what the omni people do.


#9

Let’s say, its optimal solution… what is the worst case cost of MAID->SAFEcoin exchange?


#10

Well even running your own node you still have to pay the fees and if you don’t pay enough then the transactions may not be accepted by the BTC miners.

So we are at the mercy of BTC fees because omni transactions are at the mercy of BTC fees.

Don’t know the future and what the fees will be.


#11

For now, I would just keep it in the exchange and wait until August to see what will happen.
If the Bitcoin network is updated, the fees will drop.
Once the fees drop to more reasonable levels, make your move.


#12

I thought nothing happens till 1st July, and the real time to worry is from 1st August. Fees for w/d from exchanges are likely to remain as is.


#13

Please let me transform your two answers into one and tell me if I have got it right.
“OMNI devs are not able to take us as a hostage, the only bad thing what could happen is raising fees in BTC blockchain. There is nothing like OMNI burn tax risk!”

Am I right?


#14

To the best of my knowledge that is correct


#15

There’s another option, but it has drawbacks such that it would not be desirable unless bitcoin fees really were too great. Tell me if I’m wrong. A snapshot could be announced whereby the ‘location’ of all MaidSafeCoins is recorded when we reach a specified block height on the bitcoin chain. Then in order to claim Safecoins one would simply sign with bitcoin private keys to prove ownership of the addresses which held MaidSafeCoins at the snapshot.

The advantage is that nobody would have to pay fees. The most obvious disadvantages are having to communicate the fact of the snapshot, and dealing with associated problems. For example people would maliciously or unknowingly sell MaidSafeCoins after the snapshot, when they are virtually worthless. It would also complicate things with exchanges.

Mind you (and maybe I shouldn’t say this) it could be useful to have a snapshot just in case some kind of rollback is necessary upon launch if there are Safecoin troubles…:grimacing:


#16

Agreed. It’s an undesirable situation, but recoverable.

BTW you don’t need to take a snapshot as the entire history of snapshots is recorded already (on the blockchain). You just have to announce when the cut of point is taken from.


#17

I don’t see a problem with OMNI, quite the opposite… from what I’ve seen it’s one of the better projects out there for simply plugging away at improvements and avoiding hype. It’s got huge potential and not attracting attention like other markets is nice to see. Certainty has been the better option for MAID pre network providing a stable link to BTC blockchain.

The liability, if you want to call it that, might be OMNI’s natural defense of its liquidity… future charging a small fee for those removing liquidity… 0.05%. OMNI’s principal tool atm looks to be https://omniexplorer.info and there suggested features: https://omniexplorer.info/features.aspx which includes that fee system.


#18

Can you quote which one you are talking about, because when I go to that page I see all of them are already activated except the “betting” feature which is on hold.


#19

No.9

9 Fee System
Once activated fees will be collected from cross-property Send To Owners and trading of non-Omni pairs on the Distributed Exchange (there is no fee for trading Omni pairs). The party removing liquidity from the market will incur a 0.05% fee which will be transferred to the fee cache, and subsequently distributed to holders of the Omni token.


#20

That is for the DEX, their distributed exchange that they have been running for a while now and seems they are expanding it for non-omni pairs.

This does not seem to affect normal (simple) sending or receiving omni coins

Cross property Send is an exchange of sorts. MAID is property#3, and that would be like sending MAID and the person receiving another property#. Not sure how that would work apart from DEX