Surely we must have precedence for this happening with other assets they have delisted? What do they normally do?
Surely, if they planned on liquidating their MAID, they would have done it while they still had a market place open for them; the buyers would have got bargains and the forced sellers would have their USD back.
If they sell them now, they would surely need to sell them on another exchange. It would seemingly be less effort and less fractious just to either give them back to their owners on request or sell/transfer the order book to another exchange.
It could be that we have finally discovered the price floor, under which only HODLers remain. Essentially, those who would have sold at this price point have done so and the rest have decided to be in it for the long haul, win or lose all.
Sorry but Maidsafe is not a foundation.
It’s a for profit.
It would be completely illogical and immoral that Maidsafe get returned Polo ´s coins.
It would drive the project to be more centralized and would be unfair to the whales and long term holders.
It would also cap the price of safecoin since you would have a massive seller who could offload some big chunk at will on the way up.
So I am definitely against this idea
The loan scheme is already a sloppy move but I didn’t say anything because Maidsafe finances are tight. But this is too much.
The locked coins should be burnt or removed from the 1:1 conversion process.
I can’t speak for @SwissPrivateBanker but there were various things (especially if I didn’t fully trust the company, which I do) that I feel could have been handled in a different way and would have been handled a different way from my own experience in RE transactions, PE deals, funding rounds and other similar closed market or accredited investor activities.
The announcement was very sudden, which instilled unnecessary panic and within that panic there was no per se, grace time given such as, here is our plan and we are going to start funding this idea in 3 days after questions are answered and guidelines are determined.
It allowed for first come first serve where in theory a couple large whales could have taken the whole lot before anyone even knew what happened, similar to a close ended fund but a real fund would never allow that kind of monopolization most likely.
Without the proper planning, what should have been a closed ended deal exceed a max that was provided because there was no good way to track, authenticate and enforce that 10 million coin number if my memory serves me correctly.
Other than David assuring that it was all legal and tip top, there was no documentation provided to show the steps that were taken ensure that was the case and even those could have been subjective since different countries carry different qualifications. I never did the loan so I’m u sure what people got as supporting documentation afterwards but regardless of what that said from a legal standpoint, it should have been provided before the deal was secured.
The optics of it was also bad as is coincided with restructuring of the team so regardless of your belief or how involved in the project you may have been any person who has truly invested before (not to be elitist) but truly have made large deals and buys in various asset classes and with experience and track record, it 100% looked like a sinking ship, it’s the only rational conclusion you could draw before more and more information became available which was not immediate what the long term plan was.
I’m sure there are some other nuances that could be touched on but that is the basic rundown from my perspective. Not sure if others have different ideas or vantage points but that was my feeling.
Again not to act above anything but there are a ton of people in this forum that seem to me are more technical or computer smart and haven’t been exposed to multi faceted investing. I know there are some day traders but while many of the times I don’t understand all the updates and pieces that are falling into place, this appears to many peoples first real crack on a retail investing level or at least have little experience and that seemed apparent to me with everyone’s willingness to just hope it would all go well. Happy to answer anything that’s not clear.
My only criticism of what you are saying is that you underestimate people’s ability to evaluate risk. For example, I know that I can lose 100% of my investment, but the potential profit for humanity outweighs any risk…
Sorry if that wasn’t clear, as that is not exactly what I meant. I think everyone regardless of experience knows they can become rich or lose it all, outside of the good it could do for humanity. My criticism is more directed at how the guidelines were drawn up and then essentially if you participated those coins/funds were locked up without you having access which is not a common investing practice outside of private equity deals or similar vehicles. Even if you understand the risk, everyone deserves to know the full game and I don’t feel as if it was explained in full at first, nor backed up with documents.
Even from that alone I am like ya so they need like 60k per month and we have about 10k worth of total orders if they sell it right to zero (which they won’t.) I think I will wait for either them to sell some or a whole bunch of new liquidity to show up.
Also even if there aren’t a ton of sellers today that doesn’t mean everyone will HODL forever. Unexpected expenses come up and boom someone could need to liquidate a whole bunch. BTC moves (up OR down) seem to often shake the tree to.
All and all I am not hyped to move my bids up yet. I don’t think there is sufficient reason to believe I won’t be able to buy for 1k sat again this week.
I would not say that. Just concerned about the short term viability of the MAID token for trading. Yes some of the value comes from a great project on the cusp of a major breakthough… but also some value comes from the fact it can be easily bought or sold. Chainrift is catching on nicely but I still think it will be a while before we see liquidity like on polo. So yes fundamentals are good but TA not A+ yet.