And remember Maidsafe the company can raise equity whenever they need to. I for one would love to chip in a few bucks
You can check their last return lodged with regulatory authority. From memory it details their cash on hand plus all the crypto on hand at the end of Feb 2018
Dont quote me on this.
But being as its a uk company i would have thought it would be done at the end of the tax year, so beginning of april.
I don’t know how many times this question of MAIDSAFE running out of money gets posted here, but it’s annoying. A company that is rapidly expanding thier staff to get us to beta, within 2 years is not in trouble: they are headed for the finish line! This is a highly intelligent, financially diversified company, full of substance, and devoid of fake hype. Even if money became an issue they will figure it out. No worries.
Wouldn’t the best way to stop questionning just be being more transparent on this financial aspect? I think this is legitimate to wonder such questions, however Maidsafe never give us answer. Some crypto start-ups have already addressed such topic and I think this is very appreciated by the community and very healthy to keep trust in the company.
I remember an answer from the team with regard to how long funding would likely last if the current dip in overall crypto stayed as it was.
Thats very transparent.
If you didnt happen to catch it. Thats on you.
Stop putting down the team for something that is complete nonsense.
Yeah I remember awhile back Nick making a comment on it some 4-6 months ago now. I feel including like balance left of seed Funding: $_____ (realistically a balance sheet of crypto and fiat) at the bottom of every weekly update would distract from the product and progress. On the other side it would be pretty dishonest if they act like everything is fine and then a month out surprise everyone saying we are out of money and need more or this shuts down because we could not deliver a working product in time. Its a balance of transparency and behaving responsibly to best meet the goals of this hard project.
They have provided responses, as late as earlier this year or late last year when someone queried the lodgment of their financial statements to the UK authorities. Search the forum if you want but I don’t see the need to respond to every query someone raises from time to time.
Perhaps someone can create a new topic and provide the link to the financial statements. I’m no good at that
True, well put. It is clear if the crypto prices keep falling like a stone we are all in trouble (I mean all projects in the space). however the very big issue I have with us providing detailed financial reports etc. is that they can be misrepresented, they do not show funding rounds happening and the real huge issue is market manipulation. That last point to me is a dead stop on us crying wolf or saying we have infinite runway. No company has that. The first many years we had less than 2 months runway, imagine that and how folk would react. Anyway we make judgments along the way and our massive focus is to deliver stuff. That delivery has been delayed with alpha3 and PARSEC work etc. but it is critical we do deliver and this is what most meetings are about these days. How to show value and deliver, everything else comes after that including more funding, if required.
We are in crypto currency land, anything can happen to prices and therefore runway and we need to live with it. It is what it is and we are where we are (not panicking yet ) and we have to keep focussed and deliver. I cannot emphasise that enough
The Development update on 29 November has the relevant discussion.
This statement is not true as we do provide such statements when appropriate. This is why companies have disclosure calls and accounting periods, very few provide some weekly financial position or do so at every whim of interested people as it would be suicide as well as ludicrous
Indeed, this project is vast and maintaining the vision of what absolutely needs to work to launch is critical or else you end up with a bunch of coders that want to sit and perfect and add features not critical to the mission(that could come later).
Create the “CORE” and see what happens from there heh . As far as crypto goes it easily could keep dropping the entirety of 2019(potentially half its value even now), 2017 was a wild year of speculation and fomo. A cooling off is good for crypto as a whole and it will see which projects are responsible enough to survive.
If it ever does come down to second batch of funding I think it fair to sweeten the deal to those who are already proxy token holders(even though from a technical perspective I am sure most engineers internally would be adverse to that. I personally am biased because I hold tokens and would view it as a dilution for a second round of tokens to be released to the wild prior to network launch). Maybe it breaks “white paper” rules to add value by creating more scarcity than originally envisioned, but then again I bet original intention was delivering the network off one round of seed funding. I also bet no other large holders in MAID would disagree to greater scarcity(since divisibility makes no technical challenge around fewer coins, just artificially will make the coins more valuable if the network takes off).
A second round of funding would be hard to do though too because many I have talked to in the crypto community view MaidSafe as the longtime project that has not actually delivered to production anything decentralized and proven to work at scale yet(yeah hard to plan/code and all that, but when it comes to companies you sink or swim is a brutal reality). Plus trying to fund on a bad year for crypto would result in a low yield. It may not even come to this, so hopefully its all just wishful thinking anyways but I ponder it nonetheless. I think yall are giving it 100%+ though and have some really brilliant folks, so if MaidSafe members leave it all on the line with no regrets for this project then as a team you can feel good about any actions that need to be taken.
Step 1 type “companies house UK” in Google search
Step2 - type “Maidsafe” in search function
You will find all legally required financial statements. And in case you don’t understand financial statements, As at end of Feb 2018 there was nearly 870k (pounds) cash and 2.56 million (pounds) of Bitcoin on hand. The Maidsafe Board have some switched on financial brains guiding this venture. I’m guessing some of the Bitcoin has been sold and funds are available to see development through to mid-end of 2020. I don’t have any issues with the finance side of things even though the technical side confounds me no end
Last time they needed funding they sold company shares as apposed to diluting tokens.
Sweetening the deal to current token holders is entirely different to not detracting from current holders.
And they have always tried to release more shares in a way that does not devalue the previous shares that have been sold, but adds value, which is only fair imho.
Gotcha, yeah I have never taken part or looked into in the shares side of things. What derives their value? Or better yet how will they have value/growth over time after network launch? Is a portion of what MaidSafe gets in revenue from being beneficiaries of the network going to the shareholders? Maybe there is some buried thread I would need to read to learn more about them, but I don’t want to derail this topic too much.
Have you looked at the share market @jeremyjpj0916 ?
Share prices are often driven by the worth of the company as seen by the share market and/or analysts and/or shareholders.
@neo I mean I do hold stock in a variety of US companies (Ticker: UNH, AUPH, SCYX just to name a few). Which derive their specific value based on market sentiment(analysts) and other more quantifiable metrics such as EPS and Dividend growth and measurable company success. I also invest in R&D biotech companies, which highly speculative and hope to see large profits based on the success of sales with new drug(or tank if that drug and its study fails to prove efficacy). In many cases little companies like this just get bought out by bigger ones if successful and thats how the stock price gains. In the case of MaidSafe I am curious what the driving factor of share value in terms of fiat growth, it would have to be the fiat value of their income from their stake in the network right selling of Safecoin they were granted?
And my understanding of stocks and shares are that they essentially represent the same thing:
No not really
The company after turning over the network to core developers around the world will be (as they have said) be developing Apps for the network and doing other programming projects.
Also they will derive income from being one of the ongoing core developers of the network and partake of a portion of the 5% core devs rewards according to the developing work they do.
I would have thought this was fairly straight forward. I must have a lot to learn in this area yet
Well I still do not have a clear distinction in how share value will grow after this little discussion , but I thank you for your time nonetheless haha.
MaidSafe(proxy token)/SAFECoin is clear cut to me, deliver a network and it can be used within the network and as a form of payment if someone so chooses. If network or coin gains in popularity for data storage or as a means of payment then the coin itself gains value to the user from network perspective as well as fiat value.
MaidSafe shares - I buy a share for $X amount. How does $X amount grow over time? And what even is the point in selling shares in the first place when realistically the majority of the funding of the project came from an ICO right? Or are the shares like a legacy thing pre ICO thing and how the company stayed afloat? I know MaidSafe started before the crypto buzz slightly.