MaidSafe rebuilding secure decentralised internet with BnkToTheFuture equity fundraising


#676

Not really. The burn is 75k pounds/mo and if they dont expand the team this minumum raised will take them through a year - but they then need positive cash flow to self sustain or another visit to the VC trough. Without reaching the funding goal of 2 million pounds and being able to accelerate developemnt we are back to that perception that this will never launch. This raise needs to reach 2 million in 9 days. Celebrating anything less is a waste of time.

What change is needed to bring in 1 million pounds in 9 days?


#677

Or they need to launch and start earning through the network itself :slight_smile:


#678

6 to 12 months away.


#679

Without a link… I’m pretty sure David suggested launch should be in around 4 months so if that’s missed by 8 months sure we have reason to worry.
More money may come from other avenues just like the big deal that has just been brought to light.
I think all is good.


#680

Its 4 months to test safecoin per David.

Im not suggesting things are dismal. But the goal was never 1 million pounds so this is really a mediocre accomplishment. Achieveing mediocrity should not be the goal. Exceeding the expectations should be the goal. Aim for 3 million - you end up with 2 million.


#681

The braintrust here should be asking what needs to be done to reach 2 million. Nobody is asking. Its not time to rest.

EDIT: and I include Simon Dixon in that rant.


#682

BiGbtc,

I agree it would be great, perhaps important to push the total closer to £2m. In addition, the £75k you referenced was for the current team so doesn’t include new hires.

I’ve spoke to friends who have invested in start ups before, but the learning curve is really steep and unfortunately they don’t seem willing to put in the effort. I’m assuming Nick has thought of contacting David Johnston (or any of the team at BitAngels) assuming these are the kind of investors MaidSafe wants to attract at this stage. I believe D Johnston has already visited Troon (he’s certainly spoken very favourably about the project and he team) and BitAngels (via the Dapps Fund) have definitely invested in MaidSafeCoin: http://www.bitangels.co/


#683

What do you suggest we / MaidSafe do to get people to invest (more) @BIGbtc?

I assume the low hanging fruit has been picked. By now people that follow MaidSafe and the project have read about the funding and considered whether they should invest.

Is there a specific target audience that we haven’t reached? One that is likely to register on BTTF


#684

I disagree. You put the bar higher than necessary here IMO and I think celebration is already in order, while I’m also holding that until we see what is actually realised by the end of the round.

Raising £1m is without doubt fantastic news for the project. Certainly £2m will be even better, I agree, but MaidSafe set these levels for a reason, and we are not privy to all the options and other things they are working on in this regard. Some will always paint things negatively, but there is no reason (I use the word precisely) to do so if £1m is raised - and I think that is the tone of “nothing to celebrate” so I take issue with that. Others will paint this negatively regardless, but joining in with that can only help them harm the image of the project. That isn’t to say we should see everything positively, we can all have our opinion and share it of course. :slight_smile: However…

David has already said that the amount available affects how long rather than whether or not, until delivery.

Nick has said they envisage being able to double the team with £1m, so that is a major impact IMO. It also shows their confidence in technical terms - because much of this money will be spent on outreach and marketing that would be wasted if the system itself was not technically ready.

We also have the vote of confidence from a significant commercial partner. This is not finalised yet, and things certainly can unravel due to unforeseen events in my experience, but that does seem unlikely given the partner has invested. Clearly both parties are committed to this deal, and when that deal is done and everyone gets to learn what it means in practice, I think we will have even more reasons to put on the rose coloured :eyeglasses:

After a long haul, MaidSafe deciding to seek and pass the £1m minimum seems very positive to me. I’ve followed this project daily since January 2014 which is a helpful perspective - many ups, downs, uncertainties and tangible outputs along the way. There will probably be further dips, but at this point it looks and feels to me like more and more things are coming together in positive ways.

The braintrust here should be asking what needs to be done to reach 2 million. Nobody is asking. Its not time to rest.

This I agree with. Let’s keep doing what we can to boost this. I will be doing that of course.


#685

We’ve started the conversation, first good step. 1 million isnt enough and the goal is 2 million. The efforts to excite the established crypto community have run their course. Nothing you can say or do from this point on will motivate them, so any further efforts are wasted. We need fresh eyes and minds. Working to expand the audience outside the current establishment is key. This would also bring interest from fresh dev talent.


#686

Again IMO too negative.

One of the things this undermines is going out there and saying “Hey, MaidSafe just raised £1m mostly from small investors, you can be a part of this too, but you only have 9 days left” and so on.

This is my principle message now. I’m open to hearing others too. So yes, let’s brainstorm.


#687

Im not sure how you calculate how much is necessary when you have no idea what the true costs are. There is no forecast for completion. No roadmap to identify a point of self sufficiency. No calcuable prospect of ROI.


#688

No, this is not negative. This is looking at this from a realistic perspective. Im not negaitve on Maidsafe. I feel quite positive about it and have complete confidence it will succeed…just not within the current fiscal contraints. IMO you are too optimistic and that is dangerous.


#689

I explained in my post my reasons for taking the position I have. You have not, and are sounding like you want people to see this negatively. I’m confused by your position and I don’t understand your reasoning.

The situation with roadmaps and development process is well known to everyone who has been here regularly for even a short while. It gets raised again and again, and answered thoroughly as far as that is possible. We have, as I summarised, several reasons for increased confidence in the technical status and deliver-ability of this project that go beyond just MaidSafe being able to keep going. Your point about roadmaps doesn’t change that, but rather is answered by it in a positive way.


#690

No, not at all…thats not my goal. It is imperative that more money is raised and that the current levels are not enough. Thats my message.


#691

The other platform that may be worth reaching out to is PlugandPlay: > Plug and Play is a global innovation platform. We connect startups to corporations, and invest in over 100 companies every year. We have 22 locations across the world with success stories that include PayPal, Dropbox, SoundHound, and Lending Club.

“Moving into Plug and Play Tech Center was one of the best decisions we made in the early days of the company.”
– Renaud Laplanche (Founder & CEO of Lending Club)

Just to be clear, I don’t think anybody other than a MaidSafe employee (which probably means just Nick and David) should be reaching out to these people on behalf of the company.


#692

1 Million is the minimum they were aiming for, it gets the rolls going, so it’s quite nice to see this amount raised.
With this money I expect a positive loop starting :new hires and exponential development will be seen, so 10-12 month from now on with double the team will not be like the last 10-12 months of struggles.

Also I read something about David saying beta launch should be in 4 months. Knowing his overly optimistic style, it seems more reasonable to see Safecoin in 8 months, but even so, the value of the tokens should increase before they run out of funds again

What I would like to see is how they plan financially for the period after these 10-12 months.
Options on the table:

  1. New funding from Asian partner
  2. Self sustain through apps development
  3. Start selling again (MAID)Safecoins
    etc, etc

#693

There, negative. I don’t see how you can’t see that saying it is “imperative” to raise more, and that £1m “is not enough” does not read negatively.

Shall we leave this and resume looking for ideas to achieve what we agree would be a good thing: helping MaidSafe raise as much as they can in the next few days? I’m all ears because I have a good social media following with my personal and SAFEpress accounts.


#694

I dont see how you can say my efforts to bring attention to the needs of Maidsafe are negative. Im only pointing out what no one here is acknowleging. Maidsafe set out to raise 2 million pounds and is halfway there and it needs much more work. If I said Maidsafe has “failed” and its not going to make it on 1 million well I can see your point, but I never mentioned anything along those lines.

I dont care how popular my posts are. These are real issues that need confronting. Funding will make this project succeed, not pretend successes.

Im ready when you are.


#695

13,3 months to be exact. This is next to the MAID they still have and sell in small parts. So my guess is 2 years with ease at the current burn. But as we go to BETA the MAID price might jump significantly. When we see 16 cents it might be 3 years. The idea is to get Safecoin/Farming up and running. That way they have a constant stream of income on a daily (actually hourly) base. I think that’s the best way of doing stuff opposed to “pre mined” coins where a project needs to look for money over and over again.

EDIT: Don’t get me wrong, I hope we’ll reach the full goal on BttF as well. But Maidsafe will be good for quite some time if it stays as it is.