On a more serious note, I’m surprised how much drama is rising from a normal, understable, well thought business decision of the type that is made in every company from time to time. Honesty and openness obviously comes with a price, but I’m hoping the Safe Team is standing above it. And giggle about it, every now and then.
Guys I have a suggestion on howto raise capital while making everyone happy and actually provide a useful extra feature.
What I suggest (and I literately thought of this 1min ago so maybe it sucks lol)
But why not enable people to buy specific Safenet urls, as a preorder type of thing, over a few days.
Think about it.
Those who then have projects under development can secure their desired urls already now, which many would gladly pay a reasonable amount of Btc for as it removes a bit of stress and such. And the alternative of not doing this is arguable that some guy with a bot will eat up a lot of the good urls, so way better to let the safeexcange, decoreum guy and everyone else get their url of choice
This is a good idea I think, but this type of token would most likely have to be classified as a private security and need to be registered in each region it is offered to meet regulatory guidelines, compliance, filing requirements, etc…
Most countries have minimum suitability guidelines and such for purchasers of assets like this that would make this a very cumbersome option for the Maidsafe crew…
As I said earlier, they need to be very careful about who or what they accept investment funds from, given there could be alterior motives of corrupting the network at the start, or forcing developers and team to “add this script to that library, we promise it’s harmless”. It might be open source, but there are many ways of corrupting what seem like highly secure systems.
Taking funds from private investors would have to be further defined, who can invest, because they become partners tied at the hip. This of course takes time and employee resources to define, meet with investors and sign agreements as well, so there’s that.
It’s probably “safer” to take donations and sell some of their windfall of MAID on open markets or in some separate sales channel.
Wow, well I got to the end eventually lol. 48 hours with man-flu and it takes me another 48 hours of reading to catch up with the many crypto dramas I’ve missed.
Ok, so at first I gasped a bit when I read this announcement. It didn’t take me long to appreciate one important fact though. There are no other funding options that would allow them to devote all of their time and energy to the project with no distraction. We all want that for every reason under the sun; to me it’s more important than anything.
Safety1st’s suggestion to raise funding from one of their inevitable killer apps would be the best alternative in my book, but they would need the time to set that up and execute it, then they would have to work on the app otherwise they’ve just given away a great idea to some devs with more time on their hands. If all resources need to go into the network now and there is only 1-2 months of capital left then it’s this or VCs and I prefer this.
At the end of the day the big problem that still remains unsatisfied here, as I see it, is that maidsafe could wind up with national GDP style debt for a couple of mill now.
I think that debt must either be repaid for the same fiat value it is sold for, or it must be set up so repayments are at a fixed and very modest %, if it must be in safecoin. So, there’s every possibility that it might not be paid back in the lifetimes of the staff currently working there… presuming this is the big success we all expect and they wind up with a staggering debt bubble.
I appreciate the openness and honesty about everything. I have a lot invested in the safeecosystem, so it does mean a lot to hear all of the thoughts from devs and critics alike.
I think I can see how this has played out now and why you guys were relaxed about finance. The crowdsale was very unfair on you guys, but at the same time you were thrown a lifeline. David and Nick probably would have burned those coins if they’d raised enough to fund the business and foundation as planned. I can see why they didn’t burn them given the situation they found themselves in, I wouldn’t have done either. They obviously hoped never to have to use them, but time has now run out and they are right on the verge, so now is the time to salvage the only good mistake that came out of that bloody crowdsale, god knows the bad mistakes have cost maidsafe enough!!!
I am very glad to hear a bit more money can be pumped into the project now.
I am a big long term holder and you have my full support and gratitude for the openness.
The debt will be directly in safecoin to be earned, so it’ll just come out of the Dev portion of safecoins produced. I think people don’t really realize the magnitude of the dev reward. It’s a small percent chance, compared to the other categories of earners. But it is a chance with ALL farm attempts, not just the ones that happen in a farmer’s vault, or via a particular app usage.
It will likely smart, as David hinted at in the interview, to have to burn safecoin that are worth so much more than they’ll be getting for the maidsafecoins now. But once the network is really up and running, and LOTS of people are participating, Dev awards will be up to the task, I think.
Yes, your correct…it wouldn’t affect the price…upwards! and that’s why you will get offers to take big chunks. They gain an arbitrage, buying a little lower from you and selling a little higher ON exchange. All your doing is handing someone else a profit and losing control of the Sell orders if they decide to dump.
If there is genuine demand for MAID, then let that come from the Buy Orders ON Exchange.
You want the price to increase whilst remaining open and transparent and the announcements to come will achieve that.
Selling OFF Exchange, potentially takes demand from the Buy side and at the same time, sets the scene for more dumping…it’s a lose/lose.
Please do not do it, it’s not in the projects interest.
why not let the value of the unused part of the cash cover the amount of money borrowed?
the more that remaining quantity rises in value, the smaller the debt gets. Until either the total amount is borrowed and is then paid back in btc or a mix of denominations that equate to the price paid at the time it was taken from the account. Or the rise in value terminates the obligation to pay by maidsafe.
i dont know about financial vehicles so maybe there is already a concept and a better explanations to the mechanics i have attempted to explain, please fill in the blanks or scratch away at the idea!
This would get tricky and very contestable. Any left over (i.e., not cashed in as MSC) would just be burned and that many less safecoins that need to be burned after launch to balance. That’s very clean, undebatable, auditable, etc.,
19 million MAID - Converted to Cash, but how much cash because if the price drops things could get ugly.
19 m Maid could easily become 190000 if the price per coin is $0.01, the community would also feel this price drop, triggering some to also sell.
The DAO, is almost in existence for 7 days, but it hasn’t make money yet. Matter of fact they are voting on spam proposals, people don’t understand this, but they don’t have the luxury of TIME. You can’t buy time.
In some way we are also a DAO, when things come to quick decision making you got to make decisions. If Maidsafe sells those coins the price will drop, Maidsafe will feel it, the SAFE Network community will also feel it. If we don’t take things serious, we’re simply wasting time.
SAFEX is a good example of how the SAFE Network community can see it’s value drop like crazy (I’m still holding on to my coins, but Daniels decision didn’t do good).
The Maidsafe crowdsale was done within 6 hours, we all did that because we care about privacy and security, but honestly we won’t get that if Maidsafe can’t get the money to do this. I forgive Maidsafe for it’s inexperienced first crowdsale, even our marketing is not what it’s suppose to be, but the most important thing right now is that we get the SAFE Network.
People can donate (without expecting something financially) I did that and I’m not even in the position to do that. That is half of my rent and I’m living in a small room in Zoetermeer the Netherlands (Even funnier that was my vacation money), I’m even willing to send Maidsafe all my Maidsafecoins because I want to see the SAFE Network happen.
19 M Maid is totally different from $ 19 M.
It’s strange that people want to talk right now like Maidsafe wants to drop 19 M Maid on the market, so what if they do, they are not going to abandon the project, but the market will react.
SAFEX went from 3 M to 357,734 our financial environment is that crazy now adays.