MaidSafeCoin (MAID) - Price & Trading topic

I think the Bitcoin boom was because of a bunch of websites had huge volumes for BTC to fiat, and fiat to BTC, for the US, Europe, and China.

When Safecoin is released, will there be similar websites in place, for SAFE? Should people start building them now, or will we have to wait?

Obviously there’s The SAFE Exchange, but that might not be done immediately following the release of Safecoin (especially if the person who was originally going to build it decides not to, though I’m sure anyone can take up building it). Or will something like Safe Exchange be our only hope to have direct SAFE/fiat exchanges?

I’m just wondering this, because once Safecoin is released, there will be a big jump in price I assume.

…But not the biggest jump possible, which I think is only possible with much involvement in getting fiat/Safe to reality.

MaidSafe already organised agreements for SafeCoin to be traded by Poloniex,

And MaidSafe also has public plans to either build an exchange themselves or help fund / guide other people in getting them built

More exchange info in the roadmap

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Would be great to see it listed everywhere. It will need to be super easy for users to obtain safecoin I.e via credit/debit cards (circle?) to allow them to quickly purchase more storage etc

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I’ll be offering em $1,000 each :slight_smile:

Any purchase accepted! :smiley: just doing my part for the SAFE network!

Problem solved! :stuck_out_tongue:

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Even the reversible payment kinds? :wink:

Safecoins (once divisible in some way) will be different from BTC in that it isn’t just a settlement system, but it can handle a virtually unlimited number of simultaneous payments, and they are finalized immediately. There will be smart cards acting like a credit card, just probably faster. The switch from internet payments to real-life payments can be really easy, and that can drive adoption of Safecoins as a payment method better than an exchange or two.

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From certain people, trust level 4 or higher on the forum :slight_smile:

I’ll take two :wink:

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Lol I just had a thought, once SAFE is live and all the inevitable anonymous SafeCoin scams start to happen,

Think of all the phone calls MaidSafe will get in Troon… Even though it’s not their fault at all, most people won’t know that.

Imagine being–in practice–the one that the masses bother on such a large scale… Kind of being the fall guy for all scams on the whole internet??

Of course they aren’t responsible for any of them, but lol the masses might not understand that at first…

Random thought.

Need a good answering machine :stuck_out_tongue:

How about having a decentralised call center where people can answer calls (randomly forwarded to them, XOR group routing?) in exchange for safecoins. Then for an user to avoid receiving intentionally bad responses/advise from a scam call center, the user can choose to have his/her forwarded to the next (randomly again) call centre with the same question as many times as he/she likes. All this happening with a VoSAFE app (Voice over SAFEnet)…just another random thought! :grinning:

Hmmmm…now that I think of the VoSAFE, it just makes me think of the times when radio broadcasts were being shut down, like the story told in “The Boat That Rocked” film (which I love!).

Some decent trading volume today! Good stuff!

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Though, Poloniex doesn’t have ways to go to fiat. Also they require identification after a very small amount of money daily (compared to how much people are going to profit from bagholding, in the near-distant future). Bitcoin had many of places to trade to fiat during its trek to $1,000. Including in China, which is how the entire boom was even possible. Anyway, I trust everything Maidsafe does, and it’s good to know that they will be building an exchange as quickly as possible. I just don’t want people to forget, that it’s not going to be like, “Safecoin appears!! Instantly it goes to $1,000!!!”, because that won’t happen until many factors, fiat-exchanges being a major one. (Let alone the whole proof needed for SAFE Net itself—albeit most of which will be done before Safecoin even exists.)

@Tim87 I’m sorry I don’t really follow. I don’t know why I don’t. Maybe my brain is feeble, and used to how BTC was/has always been set up. I thought BTC has had ways to do real-life payments, too, actually. If anything, I think it might be “harder” to do that with Safecoin; but I’m likely missing something. I think it’s a big field that many more people need to be able to grasp, especially if I can’t even grasp it (and I’ve been following things for 2 years).

All that is required for someone to do real life payments is to have a wallet for themselves and their shop software to work with it. There are some around also I’ve heard there are some “gateways” that will do the conversion for you.

But Bitcoin takes 10 minutes at least to verify and sometimes a lot longer. Too long to pay for that cup of coffee or at the checkout in the shop. Although its OK for online stores to wait.

Then SafeCoin will be near instantaneous allowing you to use say your phone and transfer in real time the payment to pay for the coffee or goods in the store. QR codes could make it easy for a payment APP and all you need to do is check the amount and verify payment. Something bitcoin cannot do.

SafeCoin will have real utility as a “quick as” cash replacement. Imagine it being incorporated in the paywave machines.

When this is possible then the price of SAFEcoin will rise quickly

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Not sure what you mean but there are many bitcoin wallets that allow for QR point and pay. Mycelium is one of them, a very popular bitcoin app.

That was in relation to safecoin APPs, so yea similar to bitcoin Mycelium. But of course real time transfers/payments in the case of SAFEcoin

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yeah he was saying that btc takes 10-45+ min to confirm a transaction,

so only something like safecoin could confirm fast enough for real-time payments like that, for day to day purchases

side note: also helps stores save money from chargebacks! 100%! oh yeah and also all cc processing fees of course :slight_smile: (taxes? :stuck_out_tongue: )

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A BTC transaction needs to be included in a block first, and then it’s nice if we have some confidence that this block will become part of the chain, so it makes sense to wait 2-5 more blocks (additional “confirmation”) before we accept the transaction as final. At any given moment, we can expect to wait 8-10 minutes for a new block to show up, and then again that much for the following ones. That means BTC payments are very far from immediate, so no: you won’t go buy starbucks with your bitcoins, ever.

Another problem is the “bandwidth” – blocks have a finite size, they can’t contain enough transactions, and they can’t grow indefinitely (mainly because new blocks need to propagate through the network, and then get verified, before another block can be started.) The methods that try to patch this problem give only linear increase, but that will never get us near to the traffic credit cards handle.

These problems simply don’t apply to Safecoin: you can have near-immediate payment, and the number of simultaneous transactions is unlimited for practical purposes.

EDIT: I forgot the part about fees. Fees, right now, are still miniscule. Bitcoin’s adoption and the fees will have an interesting relationship: the more it gets adopted, the higher the fees will become (only the highest fee transactions will make it to a block), but then the higher the average transaction amount will become (only big transactions can afford to pay high fees), which in turn will push back on adoption (though the amounts transferred may be higher than before.) What won’t change is the average number of people (or other entities) using the system: it may shift from Average Joe to Big Corporation (“micropayments” will be maybe $100,000), or it will stay a toy in the hands of a few thousand users.

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Erm, people are using bitcoin at Starbucks right now: https://coffee.foldapp.com/

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Indeed. For small transactions, the risks of accepting zero confirmation Bitcoin transactions is small.

If loads of people started double spending, it would become more of an issue, but for now it’s still safe, and practical, whereas waiting for confirmations is not practical for paying in person.

I can’t help but think that if Bitcoin became very popular, people would exploit double spending to a degree where zero-confirmation transactions would lose trust. This shouldn’t be an issue with Safecoin however popular it becomes.

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This is hugely important. Bitcoin allowed settlement within minutes/hours, which was a big improvement on the legacy banking system, but it is still not fast enough to displace credit being used in the interim.

With safecoin, credit becomes redundant as a mechanism to bridge settlement time. If immutable, international payments can be made in moments, why bother with credit? Of course, there is still a use case for needing credit as a loan, but much of what banks do is swap promises, inlue of instant settlement.

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