ERC-20 Transition

#302

Well both would only be diluted in percentage terms, but the amount and hopefully the value of the shares or coins they hold would not decrease in actual terms (always strange that many investors I’ve spoken with seem to point to the percentage rather than the actual value ((qty x price)) of what they own).

Sorry Mark, my reasoning about what specifically?

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#303

Sorry for not explaining :slight_smile:. IIRC in the past you’ve ruled out a raise by creating more MAID, so I had assumed the current plans were only considering some form of share issue.

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split this topic #304

6 posts were split to a new topic: Advertising on SAFE to raise funds

#305

I know it’s not much but I’ll donate $1,000.00 USD to the cause.

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#306

I think having an ERC20 MAID will be better. Also can we not partner with an exchange (POLONIEX for example) to manage the swap?

I know that lot of project do that now. You deposit you OMNI MAID and you get automatically ERC20 MAID. Maybe they will be interested as it will attract lot of new users coming to swap.

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#307

Now with MAID, how many are wanting to trade their coins?

There is a reasonable amount of statements on this forum saying people are holding their MAID waiting for the live system.

Is the call for converting to ERC-20 by those who wish to trade? So then the time consumption by Maidsafe would be for people to trade and not for the benefit for those who want MAID for the network. Maybe this plays into the thinking of @nicklambert

And of course those who bought in the ICO did so under the condition that only that many would be issued prior to launch.

Also its like printing money, you have to print more and more to get the same value.

Exactly

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#308

It’s encouraging to see this topic reopened. I own MAID coins and have been wondering what to do with them. They are sitting on Poloniex at the moment(!) Given that the SAFE coin is not expected for some time, and considering the evolving regulation of the market as well as high transaction fees for MAID that I read about in this topic, I wanted to ask other contributors what my best option was to store the coins for the moment?

I am not technical, but I understand that I can open an OMNI wallet for offline/cold storage? Would this be the best option, despite the fees today and in the future to transfer back to an exchange? Or, given that I’ve just read about Bitker, would it be prudent to transfer my coins from Poloniex to that exchange? I’ve not been as proactive as I needed to be in storing coins - I bought some coins as a small investment to support the project and I intend to hold them medium-term - but realize that I need to get up to speed on storing them securely.

Any suggestions would be appreciated, with an understanding of costs, and how to get a cold wallet if that’s the best option for now. thank you. If this is the wrong topic to ask the question, please direct me to a more appropriate one. Thank you.

(As a side note, I did also hold the STORJ counterparty coins. I remember selling them for BTC on Poloniex when STORJ launched their new ERC20 STORJ coin. I then purchased the new coin from BTC, thus avoiding the need to send to a burning address etc, which I remember wasn’t problem-free for all participants. There was abritrage too because I ended up with slightly more STORJ coins than original SJCX. If MAID was to take the ERC20 route, I’d exchange in the same way, wouldn’t mind paying two transaction fees, and I’d be able to store them on the Lykke exchange, which seems to me to be much more secure than Poloniex…?)

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#309

A question about MAID being called a security was raised in another topic and while MAID should be safe from being considered such, moving to ERC-20 could show an intention for MAID to be a tradeable asset and no longer as clear cut as far as the SEC is concerned.

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#310

Please see this link

Or use the search function. Storage is discussed in depth many times over.

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#311

I am still not convinced adding more exchanges will raise the price of maidsafecoin, which seems to be what people are most concerned with. It may even dilute the market over more exchanges, triggering delisting.

If the point of going to ERC-20 is to get on more exchanges, is it worth the effort?

@nicklambert, is there resistance getting on exchanges because of omni or is it more that the fees/terms are not acceptable for both parties?

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#312

Thanks Mark. Yes the current funding is going to be an equity raise.

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#313

There are plenty of exchanges that user Tether, Paul, so the main issues are finding terms that are acceptable.

EDIT: And I would agree with the part of your statement about additional exchanges raising the price of MAID, I don’t think you’d see this unless it was a Binance listing and even then it would be very short lived.

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#314

This would not be unprecedented.

USDT Tether has done it, they started with their Omni version & have integrated their ERC20 version on many many exchanges. Poloniex, for example, gives a nice aesthethc option on its wallet page for USDT using either the Omni chain or ETH chain already.

Also there are many currencies that run on many chains, including BTC’s Omni, ETH’s ERC20/21/23/721 etc, Tron’s chain, WAVES and many others. Exchanges handle it on a regular basis.

Nothing is technically novel or difficult here. I always thought MaidSafe’s reasons were non-technical.

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#315

If somebody outside of MaidSafe will prepare averything for OMNI to ERC change I would agree. Anything else will just postpone release of Safecoins which every holder of MAID want.

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#316

Thanks for your response. Will check that out.

#317

The guide you referenced to is very comprehensive, so thanks again. However I wanted to ask the question bearing in mind current developments such as the stability of MAID on Poloniex and the current transaction costs, and to judge whether to leave coins on Poloniex or not at the moment given those conditions.

#318

Do your due diligence. I cant decide that for you.

#319

I would say one should never leave any significant amount of coint, or fiat for that matter, on any exchange ever.

#320

Since it doesn’t appear clear that there is any significant advantage to converting to ERC-20 ATM, then it may be prudent to wait and see.

If polo delists and/or other exchanges stop supporting OMNI (either of which would give advance notice to Maidsafe), then they could swap fairly quickly to ERC-20.

At that time (if it comes to pass) then not all OMNI holders would need to swap either I guess as if they just want to hodl, then could stay in OMNI.

As time goes on though, a transition becomes more attractive to me personally. But we will hopefully have safecoin within a couple of years (I hope!)

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