As far as I understand the code is ready…
He’s stated otherwise.
Edit.
Last i read on it anyway, which was recently, not properly tested yet.
Nobody asked us to do this, it’s not something we have budgeted for either. Just for clarity. We all need to remember MaidSafe have an interest in getting everyone a return, but through developing the network. Paying for listings etc. is pushing it, supporting apps is cool though and we could consider this an app that kinda will help the network I suppose. It’s a grey line and I don’t like those so much. Here though @DeusNexus has stepped up to the plate and we would support him.
I am just wary of the MaidSafe is some super-rich entity that has some ton of pre-mined tokens to splash on the token side, we don’t want to get anywhere near investment company territory at all. It’s too much a minefield.
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Is there a write up on what is needed for this to happen such as a timeline, cost ect?
I’m sure the community can raise $ 30-40k for an audit, not that expensive. The question is for the company to control the nodes of which are the private keys for OMNI to the ERC20 token and vice versa. Would you commit to that?
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I am sorry to have to insist, but you ignored my question on the poll topic yesterday. I feel the question was reasonable, so I’ll try again. I asked there why, after insisting several times in your posts that DEX listing is basically a trivial amount of work and the only option for the company to survive, and having received a very clear response that MaidSafe the company appears to disagree on how easy and straightforward it is, you continue to insist on your opinion that it is both simple and the only way forward.
I’d like to let it lie but I feel it is a factor in this conversation going on and on - was the question yesterday not clear, or was I missing the point or something? Are you privy to some piece of insider information about how exchanges work that means that you know better than MaidSafe, a company with 15 years of experience in this area? Have you listed coins with the big CEXes before?
I wouldn’t normally feel comfortable asking in particular the last question about your work experience, but in the past you have not hesitated to share examples of the large well-funded marketing teams you have led as evidence of your business savvy. Likewise you have used the polls you conducted recently as evidence that your opinions on this topic at hand hold great weight.
This conversation has gotten plenty sour already in the community and is going nowhere. Your persistance with it, from a position of expertise which you readily assume, is really helping to fan the flames it seems to me. I know you’ve put a personal effort into the marketing recently and more power to you, but your strategy here makes absolutely no sense to me at this stage, I must say.
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I can see why Maidsafe doesn’t just want to take that on. Is there a way to do it without having Maidsafe responsible?
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We need much more info, I am sure there are a bunch of regulations and issues to consider. A UK Ltd company is a pretty serious thing, you cannot act like a person just doing what you feel at any time. For instance a small mistake and we are wide open for a law suite. So what insurance (probably impossible). So OK then how do we explain to investors that we are taking this risk, i.e. what’s the upside and so on.
It’s hard to run a company from a community, I love the interaction but it’s not as simple as oh here’s an idea, let’s get the company do do X then some Y and a wee bit of Z, then get them to employ this resource and hey they could also pay for some gizmo’s cause that would be cool 
So all that is going to require a serious plan. Even still there will be folk screaming blue murder regardless, after all it’s money.
I am not saying we shoudl get the community to pay for everything either, we just need to be careful and consider all angles.
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No amount of money would be enough to be constantly in the spotlight while running a company 
you deserve a very early retirement David!
I would rather hammer rocks!
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Does a UK Ltd not operate like a US LLC or is that more of a full corporate model?
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Maybe a trust could be setup in a crypto friendly jurisdiction.
Literally thousands of tokens and companies do this every day. There are thousands and thousands of tokens in UniSwap. If you have to register a new company to do this in a country with fewer regulations - the community will collect donations for the costs.
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If you know a UK company that did this then I am happy to chat with them.
I seriously doubt thousands of companies do an erc20<->MAID swap every day, in fact I doubt any company has apart from the omni/tether guys and their legals are not something I would want to deal with
A slip up in this area could finish any business, at least a UK business that has any small thing to do with crypto. The BOE head has been very vocal in his opposition to bitcoin etc.
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This is so true, you have to be careful. Personal anecdote: Got sued by a customer once who ordered a decaf coffee in our cafe only to have an allergic reaction. Apparently, she did not know that even “decaf” coffee has some caffeine in it. Thank goodness for insurance!
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I meant companies that have their own nodes and ERC20 tokens. This is nothing illegal, as far as I understand you are worried about taxes. The solution is a new company in another country where taxes and laws are in favor of cryptocurrencies.
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Swissprivatebanker might know how to best approach this.
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A limited company is what we are, so not a publicly listed company (that’s a new hell for audits etc.) but we do have fiduciary duties and responsibilities. When dealing with investors cash then it’s limiting in that we need to work towards a return in terms of products or services. We cannot for instance buy shares or trade as that moves us into a new category of company for tax purposes (investment company) and that wrecks investors returns (they lose tax status of recognised investors in a service, so they end up with extra tax bills on a return).
Basically it’s best to start a company, get everything right, do your audits and returns and stick to the path laid out for investors, in our case launch a network and then capitalise on that for a return.
Stray from the path is not impossible it just becomes much more dangerous and this field to be honest is dangerous enough. There are many who would cry murder at changes and then incite audits at a high level, these can cripple any forward motion of a business.
So nothings impossible at all, far from it, but everything requires serious planning.
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Man there’s a lot to learn about rock and roll. Who owns that company, is it part owned by Maidsafe ? there ye go, same story will apply. If not then it’s a separate entity, does it share directors? is any director over 10% shareholder (getting bad), even worse is any a >25% then we are in trouble, power of veto, so pseudo control and so on.
Again I am not saying any of this is impossible but a knee jerk, lets do this, is very likely to lead to issues.
Alway plan very seriously, then get legal advice coupled with accountancy advice and in the UK then you really should get an opinion from HMRC (that’s non-binding too, just to leave space to get you).
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All this is easier than adding us to a centralized exchange and is done only once. The ERC20 token can also be used for the Safe tokens afterwards, so it is a win-win.
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I agree, but it’s a long process and not simple. When decorum did it we spoke with them and it was not easy at all. Here I think we need to keep the server running and secure (the scary part). So a lot of T&C’s and maybe if it was UK run then KYC and a contract etc. would be needed.
There’s things I have done personally for the project that I could not commit the company to. Sometimes it’s easier to not have the company there, especially in an environment that can quickly become hostile. There may be a way to somehow decentralise this?
I wonder if bisq or some project could help here? A team involve din crypto would be better than our team and I am not being disingenuous I would not want our guys to pick this up over a few days and rattle something out for us all to lose all our coins.
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