if “Erc20” = true;
“network completion” = “network completion” + >200 days
EDIT:
This post has not aged well - Following the very welcome intervention of @SwissPrivateBanker and @Birdinc1, with the professionalism that @Sotros25 brings with her, I am now much more confident that an ERC-20 token could be delivered with fairly minimal impact on network completion (for various values of “completion”)
Unless Maidsafe want to spend time on ECR20, I’m not sure what the point of this is. Without the blessing of Maidsafe, people won’t trust it, imo.
I suspect Maidsafe are comfortable with the situation, even if it is a bit frustrating. I’m happy to trust them to make the call if needed.
There most likely is more to this than only creating a ERC20 token and sending Omni Maids to a burn address. Also I don’t know if there are any fiscal/regulatory problems to making this step either.
At the same time I do think there is a huge opportunity there to tap into all those DEXs. Everyone I talk to that wants to invest in MAID, sees the liquidity as the biggest obstacle and demotivator to get invested in this amazing project.
Low prices indeed also means putting the project at risk.
A little off topic so I apologise, but this is an interesting bit of market research you have highlighted.
I’m not sure what liquidity is expected, and my gut feeling agrees with their view, but looking at daily volumes on bittrex the average in 2020 is 2.2 btc per day and 184K maid per day. That seems like a decent enough volume to get involved in the market. I realise the orderbooks are pretty thin but it seems to me that good volume is there for motivated and patient (and legally domiciled) people.
One-liner to paste into dev tools console for the above link to reproduce these numbers:
x = JSON.parse(document.body.textContent); maid=0; days=0; btc=0; for (i=0; i<x.length; i++) { if (x[i].startsAt.substring(0,4) == "2020") { days += 1; btc += parseFloat(x[i].quoteVolume); maid += parseFloat(x[i].volume); } }; console.log("Average BTC tradede per day: " + (btc/days) + "\nAverage MAID traded per day: " + (maid/days));
Yes, at the moment the price of creating a new market in UniSwap is disgusting. 3 months ago I have trying to create a market for PDC/STORJ and 25$ seemed expensive to me then 
But remember that ERC20 is extremely easy to add to CEX too. One of the most hated new coins (hex.com), which is only 9 months old and is practically gatekeeped everywhere (in the coinmarketcap is stuck on the 3rd page, although that it has 1 billion market cap) and yet it is listed on more than 10 centralized exchanges just because it is ERC20 token…
Imagine what would happen if maidsafecoin delisted from bittrex?
The price will go up because we will have to release ERC20 MAID…
Highly unlikely I would think.
That branch was made to list coins like ours.
Its lack of product that makes most problems with listing law , for the states anyway.
I would say that something that happened once is more likely to happen again. But you’re right that’s why it’s made. They’re more likely to delist us when they understand how anonymous Safecoin is, but even that shouldn’t be right away.
Not guaranteed. Two coins associated with SAFE did the same and I don’t see them any more successful. There are traders wanting to gain initial profits from newly listing altcoins and doing pumps and dumps on them. Once those die down we may be back to suppression we currently see.
MAID is unlike a lot of coins where people are holding and moving to ERC20 will involve tax reporting implications for the majority and lose the token status that is MAID’s current status for most countries. Once it loses the token status then converting to SAFEcoin will become another tax reporting event rather than a zero value redemption.
The ERC20 is not a simple “lets do it” but one where everyone has to spend money in fees, report it on their taxes getting it and then converting to SAFEcoin. Not a cheap exercise for many and in the end people could easily be losing money on the whole affair.
One scenario is say someone has 100K MAID.
Whereas if remains as MAID the 60 cents price does not require tax reporting since it is simply redeeming the token for what it was for.
Important things to consider.
@Dimitar Your tax laws are ever so much better than most countries and you would not have this issue
This is completely clear to me. But what else do we have left if Bittrex kicks us out again? Omni is not supported in most places. Even Tether is transferred little by little to ERC20.
How exactly will the company have money for salaries without a place to sell the MAID it borrowed from us? I would donate monthly, but how many people will do it? The only possibility is ERC20 and it is better to prepare for this opportunity while there is a resource, rather than waiting for the last moment…
Aren’t most crypto holders ERC20 wallets? We are denying access to ERC20 wallets holders. Is this good for us if so why?
It’s good for people who still accumulate Maid because it keeps the token hidden. It is also good for people who are in “bad” tax countries. So there are no “us”. There are different groups of people with different interests here. You think we all want the same thing and it may be so, but some people want profit first and then freedom, security, privacy…
That is phase 0, which is just the staking in the beacon chain. There are no shards running the EVM in phase 0
It seems that the price of eth gas is high because of another Ponzi. Unfortunately, Vitalik doesn’t know how to deal with Ponzis … Pyramids and Ponzis are ignored, you never, never given them a publicity, because a percentage of people you are trying to warn are below average intelligence and will get into the Ponzi even though you tell them it’s a scam…
Here’s an article outlining some of the projects that issue Bitcoin pegged tokens on Ethereum. I’ve never heard of an Omni-Ethereum bridged token (Tether just issued new tokens as ERC-20s).
Liquidity is a big issue and will be a bigger issue if Hitbtc or Bittrex delist.
I think it is very important that we take into account that Maidsafe has to fund itself by selling MAID as well, and most likely uses the exchanges for that purpose as well.
2+ BTC per day is not an awful lot to fund the operation.
I got that wrong - it is only on Uniswap that the fees are so ridiculous - I can send any ERC-20 token to a normal address for $1.50 - $1.80
I don’t know how Uniswap can manipulate the fees such that it costs $100+ to make the transfer, perhaps someone can enlighten me?
It’s not a fee. When you create a new market in UniSwap you create a new internal coin. It costs gas. Ie you have 4-5-6 transactions and calculations for everything that takes a lot of resources and at a high price of gas the bill is salty. For people who use the new market will not be so expensive after that. $ 3-5 is right now to buy or sell in UniSwap any coin…