Crowd Sale (MSAFE)


#1

Check the http://www.safecoin.io/ for updates.

Please take time to read the “Buyers Guide” posted on the site.
Line 8 of the guide tells you how to “view” your MSAFE coins once they have been sent to your bitcoin address.

If you are using Bitcoin QT and running the Masterchest wallet layer on top of it, you will need to update to v0.4, which has not been released yet. See the Mastercoin link below for more details.
http://www.mastercoinwallets.org/

We appreciate your support, and patience.

IMPORTANT UPDATE:
The crowd sale is officially over. There have been a number of 3rd party websites popping up that look very similar to the safecoin.io website. We have no affiliation to them! Buyers beware.


#2

Just received my first MSAFE tx. Thanks!

I noticed that as part of the process it also deposited 0.000055 BTC back in my address. Why is that?

Hopefully it won’t be some kind of payment flag that will result in my second transaction (from same address) not being processed! :sweat_smile:


#3

Mastercoin is built on top of bitcoin. When you send something using the mastercoin protocol you actually send a small amount of bitcoin that are marked as being a different currency.


#4

Of course! I knew the basic principles of Mastercoin, but with this being the first time I received such a transaction, I didn’t at first realise that the small BTC transaction is the MSAFE transaction. It’s actually quite cool to see it in practice at last.


#5

Just make sure that you always use a mastercoin aware wallet whenever you use that address. A normal bitcoin client (such as bitcoinQT, or blockchain.info) will spend them as if they were just any other BTC.


#6

So I’m not sure familiar with Mastercoin. I sent Bitcoin to the Bitcoin address during the sale. What would be great is some sort of walkthrough or easy-to-follow explanation as to what we should do (or NOT do) with these coins.

Could someone spend their Bitcoins and destroy their MaidSafeCoins?

I just received a small amount of Bitcoin, and I wasn’t sure exactly how to deal with it. Last thing I wanna do is botch it.


#7

@russell, you raise an interesting question. I myself don’t know the answer yet, but my guess is that to be on the safe side it’s best you create a new address dedicated to your MSAFE coins. It’s what I did.

You can then use a mastercoin wallet to transfer your MSAFE balance away from the old address to the new address. You are then free to use the old address, and its BTC balance, as a normal BTC address again.

Better safe than sorry, at least until we learn exactly how it works.


#8

We’re waiting for confirmation from the master protocol guys, but pending a definitive answer, I’d advise not spending the bitcoins.

My guess is that @ktorn’s advice is spot on and using a non-mastercoin wallet to transfer the bitcoin could destroy the MSAFE coins.

We’ll update this thread and our safecoin.io page once we know.


#9

And… my guess is wrong :slight_smile:

Quote from one of the mastercoin team:

Your MSC and SPT balances stay with an address, and not with any
particular BTC that also live on the address. You can safely move the
two independently.

MSC is mastercoin, SPT is the MaidSafeCoin, and BTC bitcoin - so it’s safe to move the bitcoins after all.


#10

Thanks for checking on this Fraser,

If we are absolutely confident on this, we could add that update to the Safecoin.io website.

Being new to the Mastercoin layer, I also realize you “MUST” have some bitcoin in order to send your SPT. So maybe that needs to be mentioned as well?


#11

@Fraser

I’m not a mastercoin protocol guru, I only started looking into it during the crowdsale runup. However, it sounds as if you’re saying you can send the BTC after all - from a MSC/SPT enabled wallet. If you were to try and spend BTC from that address from a non-MSC aware wallet, there is a chance you could destroy your alternate coins no?

I think this is a major distinction that needs to be made - the client that you use for these transactions - so we don’t end up with people losing large chunks of coins.


#12

Assuming your client is a legit BTC client, then it doesn’t matter - i.e. you’re OK to move the BTC using a non-MSC-aware wallet too.

I should have avoided muddying the waters with my guess - sorry.


#13

Thanks for clearing that up. I guess I have some more reading to do on the Mastercoin protocol.


#14

@Fraser, thanks for the clarification.
I suppose one can even spend all the BTC using a normal wallet, just bearing in mind that the address does need to contain a small amount of BTC in order to allow spending the MSC.

Just found this reddit thread that also mentions it.

Still, can’t wait for next gen wallets that manage MSC as well as a wide range of altcoins.