It is just a treasury
It’s so easy that there are many versions from many third parties:
Cool so we could wrap bitcoin on SAFE to bring in liquidity for a DEX, haha. Nice. It would have to be verifiable and transparent though which is a feature of blockchain but I’m assuming something mimicking a blockchain could be achieved by having each transaction by a treasury ID be published to a XOR address and so on. Not sure how a burn/deletion would work off the top of my head but I think it’s achievable. Interesting idea.
We can do many things. The point is, it all takes time. And the opposite is already working. Literally I can release a ERC20 MAID in 15 minutes on UniSwap and you will be able to buy it without KYC immediately.
What worries me is that I’m pointing to a possible attack on the network. So far, we have discussed any other attacks rationally. Perhaps the difference with this attack is that it is social, not technical.
What I see is people strong desire to explain how such an attack will never take place. And I’m interested in discussing what we can do if such an attack takes place.
Why can’t we just create it, not list it, and hand the keys to Maidsafe and they can do what they want with it?
But there is no SAFE now, so the point is moot.
Do you have a crystal ball that allows you to see what liquidity will be when we actually have SAFE? If so, please share said crystal ball with the rest of us. I’d like to buy some lottery tickets. Please and thank you.
Alright, facetiousness aside, you are trying to predict outcomes with too many confounding variables. It’s more likely that there will be suitable liquidity for SAFE, particularly if we lay the groundwork now. If we don’t lay the groundwork now, liquidity (or the lack thereof) will be the least of the challenges facing SAFE.
For all we know, and if history is any sigil, it’s equally possible that no one will be using UniSwap by end of 2021 or beyond (whenever SAFE actually comes into existence). Once again, you are solving tomorrow’s problems according to the way the world operates today, which isn’t practical.
This doesn’t make sense to me. If ERC20.SAFE would essentially be a stable coin (I.e. wrapped coin) pegged to SAFE, what exactly is the attack vector? Especially if:
In a world where there is no SAFE (yet), it doesn’t make sense to spend time arguing about whether to create an ERC20 version, particularly when there are so many more pressing issues to solve.
Sorry i wasn’t clear. I posted a separate topic on this attack vector.
The problem with liquidity is that if we take a snapshot for omni MAID the liquidity can be 0 for days or months which is a problem only if someone attacks us with another network during this time and our farmers can’t sell, but theirs can.
$ 1,750 million went through UniSwap last month. I find it very likely that it will continue to climb, but of course I don’t know, it’s all just probabilities as you pointed out.
It makes sense to discuss these things, because we do not all have the same knowledge. There are many people in the forum who have not even used Ethereum.
safecoin on exchanges will be developed BEFORE snapshot so when snapshot is declared then they simply change the name of the coin to safecoin and withdraw to SAFE network coin balances. This is why resources should always be put into native before any proxy.
Farmers would always have a market to start with anyhow, direct to those who want it. I might agree if we got 10s of thousands of farmers each and every day from live. But seriously it will follow the “S” curve life every other real life organism and fast adopted project.
And the natural development is for exchanges to install SAFE wallets and incorporate safecoin before the network goes live. (as simple as setting up the CLI interface, easier than BTC core)
This much is true. And there are even more who have not realised the versatility of an ERC-20 token. And that versatility can be a double-edged sword that may be a lot sharper on the other side…
That was the first simple way of doing it. Now there are many different types of wrapped BTC projects that try to do this in a better, more trustless and decentralized way. They use staking tokens for the nodes that validate reception of tokens on one network and issuance of tokens on the other.
This suggestion came from a telegram person @Selena12347 , but her user in the forum was deleted due to a technical error:
You guys will sort it out your a smart bunch.
Only thing I’d like to add is that you all think about the story and the branding for the prospectus or whatever it is that is used in the applications.
I’ve said this before and I don’t think anyone agrees with me but I still think there is a lot of condition between MaidSafe, SAFE Network and MAID.
Personally I’ve always loved MaidSafe/MAID better than SAFE. Anyway.
As a reminder, please provide your Phase 1 exchange suggestions by Friday.
Here’s a liste that has a filterable list of exchanges. Might be helpful.
Tried to do a little community work with emailing Bittrex, would love for them to add MAID back for their US users, I would even buy some more at sub 10 cents to try to support the volume a tad… maybe if we got the active SAFE community here to all tweet on something with 60+ replies or such they would listen? Not sure the best way to get the majority involved on this forum to help, maybe through a footer note at the bottom of a dev update, feels like the wrong medium but those posts I think get the highest views from our active user base every thurs.
Aug 19, 2020, 4:40 PM PDT
You used to offer the only token I cared about as a US user but then Bittrex removed it without explanation. Can it be re-reviewed and added back? Then I will resume using this site.
Aaron Turnbolt (Bittrex Support)
Aug 19, 2020, 10:30 PM PDT
Thanks for the request.
Our policy is to not comment on whether we will launch coins but we only add coins under active development with high community demand. Please encourage the development team to Submit a request for this coin if they have not already.
We list coins based on numerous factors such as social media, coin distribution, coin network health, development, volume on other exchanges, among other things.
Follow us on Twitter @bittrexexchange and tweet about how much you like this coin and Bittrex.
Aaron Turnbolt @ Bittrex
Follow us on Twitter @ https://twitter.com/BittrexExchange
@mav had some good token analytics we might be able to throw at them to explain where we are with volume and user demand, also a large tweet group of us saying we want it and ways to show active development may help(maybe compile links of the last 10+ weekly dev updates?). Ofc also having someone from MaidSafe submit the coin over again would be necessary too, I looked at the fill form, takes about 30-60 mins of effort probably to fill it out with good detail.
But you know about the US SEC securities law? It is out of there hands until Safe becomes a utility coin. Probably better to mail US gov or SEC.
The response you got from Bittrex was a standard form response from a gatekeeper that can’t say anything on why MAID is not listen. MAID was remowed when SEC turned up the heat on tokens as securities.
Its a case that have already said a utility coin, is out of their hands
That is say a in game token, and tokens like safecoin to purchase network functionality (storage/messaging/communications/etc) and no ownership of the network/anything is in the coins either. And that is with the knowledge people will trade it. There is no promise of future profits and all the typical things that are properties of a security.
If a coin don’t have a current use then it is seen as a security and just for speculation or raising funds. The coins needs to be used for buying storage on the network, that will make them utility and not security.
How can a non-existent thing be a security. safe coin does not exist? So surely we would be talking when it does and then its a utility coin.
MAID is not a security either, it is merely a token to be exchanged for safe coin when it come. Just like in game and network pre-purchase tokens are not security.
If you say its a security then I need to see where the SEC has overturned guidelines it published
Right now you can’t do anything with MAID on the future released network, so it has no current “utility”. The tokens future use case is not enough to give it “utility” status, from what I understand. It needs to have a current use case besides speculative trading or raising funds.
How is that different to network and game pre-purchase tokens that also are not securities. And the future SAFE network is a network.
Anyhow it has never been picked up by SEC as a security, it does not pass any guidelines by SEC to be a security, and listening to the analysis by a previous SEC auditor discussing what requirements are needed for a coin to be considered a security and in none of those does MAID come close.
This is why I need to see a guideline or ruling by the SEC that overturns its previous guidelines.
It does not represent ownership or share in any entity, no promise of any profits or income or such thing. No residual or earnings of any kind. Basically its not a security or holder of value, and not represented as such.
Now of course the SEC can change its guidelines or previous decisions but to date I have not heard of any.
Then its not a USA thing anyhow so they have no control over it anyhow.
Also many coins traded are not considered by the SEC as securities after investigation as well.