Discussion about the conversion from MaidSafeCoin to SafeCoin

safecoin
maidsafecoin

#21

when the time comes - I hope someone from Maidsafe can outline step by step in screenshots on what to do. For a dummy like me. I think majority of folks are storing Maid on Omniwallet so a step by step procedure for that will be a good start.


#22

If you check our SAFE-FS demo, there is a simple input box to put your address, and it generates a specific burn address for each person who clicks through those boxes.

There are more efficient & more decentralized ways to handle this, but for you or anyone just using it, it would look the same as the safe-fs.io one, where you just send to a specific address and enter your wallet address into the web page or smart contract.


#23

Would sending a signed message using the Omni private key, containing a SAFENet ID work? If an email address could be setup and monitored during the 1:1 conversation period.

This way,

  1. would not have to worry about buying bitcoin to move any safecoins.

  2. you could keep your tokens in your Omni account, why knows why you would want to…

The only drawback, no public record that maidsafe could point to to say you have already asked for the conversation, could open the door to scammers.
Perhaps a public record of signed messages, with public Omni addresses could be places on a safe site by users of the maidsafe team.


#24

The aim will be to make it as straightforward as possible. And we’ll of course be testing the process well beforehand, so it shouldn’t be a surprise, or mysterious when the time comes.


#25

The problem is that people could do this

  • have multiple addresses
  • first address - do the exchange via your method.
  • once the safe coins transferred then send your MAID to the second address
  • 2nd address - do the exchange via your method
  • once those safecoin are transferred then send your MAID to a 3rd address
  • rinse and repeat till the exchange period expires.

Since the exchange period has already been stated will be for a year or more then I’d say this could be repeated a lot of times. And you get many times the SAFE coins that you are entitled to.

This is the reason you need the burn address and send your coins to it before the exchange can be done.

So as I said before, you do the signing of a message stating the coin-account and transaction ID after sending the MAID to the burn address.


#26

neo - how could I have missed this! Good point.

Hmm… what about if you ban exchange from addresses that have had a transfer past a certain block on the block chain?
That could work, but its just getting complicated.

Burn address is much better.


#27

Yea, not a good idea since it allow scamming people who don’t know and buy your coins that you already exchanged. Also doesn’t allow people who find out about the exchange late and want to move their coins or have it on an exchange that will not do the exchange for their customers.


#28

Could a mod please pull the MAID<=>SAFE conversion/burn discussion and replies to a new thread topic?


#29

Just to imply that this can be done with snapshot of the bitcoin blochain whitout burning…


My first, and probably last, video show-casing the SAFENetwork. And why I'm leaving