Yes, same here. I would love to convert it to eMaid because I’m an Etherean and ERC20 is just 10x more convenient, but I need the proper assurances first.
2 Likes
We could develop a simple python script to see average price increase of a period, the % the orderbook will move if someone wants to buy on Bittrex and required premium based on several weights.
As of now it still takes around 30 hours to convert omni-MAID to eMAID, if it market would increase a lot in that timespan than you can obviously also sell the eMAID at higher price (win-win), however selling on DEX and then transfering back to Bittrex in BTC or ETH (which doesn’t take more than 30-60min) could still see some price increase so you can buy bit less MAID again with what you sold.
I would just HODL if price would fall and you holding eMAID, no reason to sell at a loss then for arbitrage.
Also take into account you have to send the MAID from Bittrex to a personal wallet (btc fees) before doing mint process again. Doing this in large amounts will definitely help on saving cost and reduce mint fees in general, while still helping eMAID grow significantly over time.
@SwissPrivateBanker would it be possible to show that the funds originate from the same source by adding transaction history? If I were to do arbitrage the accumulated volume of the funds would grow even though it is from the same source but cycled? I want to be sure that it is sufficient proof if all transactions can be followed.
2 Likes
Just remember if you move that MAID to eMAID then someone else is paying the transfer/mint/whatever fee. If you had a system to keep buying MAID and convert it to eMAID again and again then really should consider repaying those fees.
7 Likes
Well thats one interpretation.
Personally i thought it was the low volume causing the premium
1 Like
Its definitly not high volume, but I’ve hedged back and forward over 500k maid at a 20% premium. Thats pretty decent volume to me. But yeah, I see your point. DEXs probably wont be any different though.
Our organic volume is very low since no new coins get into circulation through mining or something. Without market makers, there wont be any volume.
I’m not sure I agree, even though I intend to cover any cost I make. However, people hedging back and forward are probably not the ones converting 1000 maid but are bulking large amounts, which will result in fat less fees then several people transfering small amounts.
Not that I’m not willing to contribute, but if we can mint 50-100K or more per batch instead of small numbers spread among users, this method could also be beneficial for saving fee costs.
1 Like
Has anyone initiated getting the token added to Ledger Live or Trezor Suite support?
Here is the Ledger request:
I submitted my request. Perhaps if we flood them, we can get some support going.
4 Likes
The point was each one is costing a person. Yes large batches reduces this cost, but it is a cost.
While each person doing it maybe a smallish amount we have been requested to attempt to keep each person’s transactions down to 2, two only, one for test and one for rest.
While you personally may intend to cover cost, others may not. I made a general remark to ensure people know this is costing another person in the community and even 10 transactions is costing so it would be good for anyone planning to do this to cover their own cost (somehow)
I don’t see how since your actions are not going to save costs due to others since they hopefully will be keeping to the requested 2 transactions per person. If people want to buy eMAID then they will buy that, they aren’t going to be buying MAID and converting, except rarely. If eMAID is going to be attractive for people to buy then there will be the volume. Omni price will basically keep up with eMAID since some will be doing similar to what you suggested.
TL;DR
I was just trying to remind people this is costing someone else real crypto for each transaction and we need to be mindful of that and also mindful of the request to keep personal transactions to 2, two only.
2 Likes
It was very kind of someone to cover that cost at all.
Thats a very reasonable request, especially if ppl are profiting from the transfer.
3 Likes
Understood, I’m happy to cover any additional costs that occur when minting and helping eMAID grow much more over time.
@Sotros25 any idea when there is any action towards creating liquidity pools on DEX? I could do it today, but mostly waiting for people to convert and reach ‘desirable’ amount on eMAID. How long we should wait is a good question though.
3 Likes
Another one someone should do is add to MEW. I’m not 100% positive on all the info they are looking for so if one of the people at the forefront of this eMAID transition has a couple minutes:
Trezor:
The general fee structure would be as follow:
- MAID on Bittrex has to be bought and withdrawn to personal address (BTC network fees = 10 MAID ~ 3$)
- MAID has to be send to burn address (last tx was only 0.00000308 BTC ~ 0.12$)
- eMAID mint fee 9$ (should be donated back to the fund!)
- Gas fee for adding liquidity to the pool
- Gas fee for withdrawing USDC or BTC from the pool (not sure if direct withdrawal is allowed to exchange?)
- Buy more omni MAID and repeat.
2 Likes
I’d be happy to add some liquidity to a pool, but as you can’t control the price, I’m worried I’d lose a lot.
Is it possible to add liquidity to the pool at the same time as not risking losing MAID long term?
I find liquidity pools pretty confusing vs sell orders!
If a pool is a good way to go, would more people like a stablecoin pool, or ETH? My preference would be USDC / MAID or similar.
2 Likes
I guess we should wait until the 15th May to give people a chance to finish swapping?
2 Likes
There was a plan to do this in the coming week. @SwissPrivateBanker may be able to provide additional perspective.
This sounds like a great idea. A month from the announcement is ample time, IMO.
3 Likes
As mentioned before, I too am keen to see something more official from the team.
Having participated in the trial and knowing key team members were involved I personally feel it will come.
Would be very odd if it did not.
This statement from the last update is in my opinion the closest we have at this point.
My guess/hope is that what some of us seek in terms of concrete clarity will come along with an exchange listing announcement or the new whitepaper that is in the works.
2 Likes
Maybe your right, but to my mind they are completely seperate topics.
I doubt ( just my opinion with nothing to back it up ) ms hq would / could / should shoulder the risk.
But im not privvy to all the work and conversation that went into making this happen.
Im not pushing for an instant answer, just trying to make sure we did get an answer.
2 Likes
Personally I wont convert anymore until that clarity is written in stone.
Not to detract from the amazing work done by all. Very grateful for that.
3 Likes