It having been our main exchange, laziness, and them holding coins when ppl refused to do KYC.
How much etherium, btc, and erc20 tokens are sat on exchanges?.
Edit. I’m not against an erc20, I’m neutral, and I would think its much the same to store, send to an address to which you can access the pvt key (but im guessing)
I tried to set up a wallet years ago, it was all CLI at the time , and a pita.
Do you know how easy it is to work with ERC20 tokens.
Step 1 - Download MetaMask from android play. Step 2 - Open the wallet and copy your address
I don’t consider anything on my phone as safe, I would need anything I had to be stored offline .
Also you lost me at copy your address, what address, from where, I have none.
Even better then. You can connect your hardware wallet to your phone and your keys can never leave your hardware wallet… Ethereum has been so good lately…
This is Ledger Live, not MetaMask:
Just catching up on all this.
Hard to follow the general sense of things as there seem to be some vocal proponents on both sides.
So it looks for now like we’re an even split between either side, yes and no/don’t know/let Maidsafe decide? Is that fair?
We seem to be awaiting the two most important answers that only Maidsafe can really answer;
Just asking are we any further along with this discussion than the short summary above?
Sorry if I’ve cut out the onboarding new/future users as well as guarding against potential future delistings, I’m assuming from the chat that it’s an important discussion but most understand it’s a secondary one for now.
To the point, the ability of the current exchanges to liquidate the loan in the not too distant future is the immediate question that requires an answer before the other stuff becomes in any way pressing? is that right?
Just trying to condense this discussion down so the passive followers who don’t speak get on the same page where our heads as a group generally are at.
Am I off by any huge distance here?
Fwiw I’m on the fence until the current funds not related to the community loan almost tank out, I’m guessing we’ll get an accurate idea of liquidity options plus the time burn an erc20 creation would take by then.
Sorry for the walk of text, just trying to get the dart thrown dead straight on this one. Let me know.
Ta
I do not own any hardware wallets, but that is a good option.
I would advise usb connectivity though, wireless is not all that safe imo.
Entrusting the future development of the network to just two exchanges, which could at any moment do the same as Poloniex, is in my opinion a risk that Maidsafe cannot afford.
If we add to that the fact that we left the USA people with no practical options, that simply leaves two real options. Add Maid to several reliable and globally accessible exchanges or opt for the Omni-ERC20 duality.
I don’t see any relation between the development of Fleming and the possibility of Omni->ERC20 conversion. @seneca already did a similar conversion with PDC and, besides some work on approving the conversions, it’s a simple process.
Reads about accurate to me. The number of exchanges willing to support MAID is limited and we need a way around that. There is also the issue of giving global access to said exchanges.
ERC20 does seem to potentially solve these problems. There will be more exchanges willing to support the token covering more regions. It also seems that there is a good chance of them having sufficient liquidity to be useful.
It bittrex can be ramped up and VCC exchange can help with US access, that also goes some way towards a solution. Medium/long term, it still leaves us with a slightly brittle situation though - we really don’t want a repeat of the polo effect when one of those others shuts MAID out.
This feels like the key point. We know the tools to migrate are there, we know the wallets are there, we know the exchanges are there, we know that liquidity will be there. What we don’t have is a process to ensure the process is straightforward and safe to used.
These two exchanges have some security concerns that prevent at least some of us from participating on them or recommending them to others as an alternative to Poloniex this Christmas. Maidsafe could keep wasting time perusing the small minority of exchanges that still support Omni but as Tether has transitioned to ERC20 the list of candidate exchanges could continue to shrink as time goes forward and exchanges jettison Omni and all the extra support time that it requires now that the biggest use case is gone. Case in point: Poloniex.
Once the upfront time cost of setting up Safecoin(ERC20) is done and liquidity is being provided on Uniswap then there is no more time wasted chasing up courting and paying new exchanges for listings - everything flows from that Uniswap liquidity as it is at the centre of the Etherum ERC20 token ecosystem. ERC20 exchanges will and come and go, ebb and flow around that Uniswap liquidity without MaidSafe team having to invest inordinate amounts of time and pay fee’s like the current Omni listings model. In effect Maidsafe would be free of exchange worries for the foreseeable future and free to concentrate on the real work while generating modest fee’s from providing liquidity.
Other concerns:
Those that wish to sit on the Omni chain can continue to do so while others that continue to invest our future income streams will have a larger choice of decent exchanges plus the ability to use hardware wallet interfaces that are used by hundreds of thousands of others, increasing security.
Deviations in cross chain price difference will be arbitraged out over time
Actual time to setup: The issuing ERC20 token side is already done and would need minimal adapting. There are many stories and examples out there of it being setup in a few hours and lots of support available but to do it properly will require decent a security review. The complication in this case is accepting Omni MaidSafeCoin and producing a burn receipt to pipe into that ERC20 minting script. Sounds easy enough but devil might be in the details I do not know of any existing examples.
What’s the evidence that ECR20 would solve the liquidity problem?
That’s a serious question because I don’t know much about it. Evidence as in comparable examples, or convincing logic?
What happened to other coins that migrated there from Omni, etc?
Just giving access to a DEX is not enough, do we have evidence that the DEX would gain enough liquidity etc.
It assumes those currently making the market on Poloniex would adopt the new exchange in sufficient numbers, whereas they may choose to stay on Poloniex and trade other assets.
I’m not sure if there’s any convincing solution that involves a new listing unless it involves a big exchange. Depends on the timeframe for Maidsafe too.
Is there currently a group of people on the planet who cannot buy MAID? Um … maybe the US?
It seems we are all forgetting omni dex, which we can already use.
I know it is not open to US customers.
Anyone familiar enough with it to know if you need omni to transact on it, I believe you did, and could not use btc.
Currently in the MAID ecosystem we have David as the seller, and this community as the buyers. There are/were some algo traders too but they are by definition fickle and winning new liquidity is time consuming.
If this episode is considered a distraction then David could run monthly auctions directly.
I’m not recommending this necessarily but it might be an alternative option for those who want to continue funding.
PS, Omni is supposed to include a DEX, not sure if that was ever completed. That would make swaps of btc and maid, safe.
Was completed years ago
Edit. Looks like currently only allowing maid / omni and not maid / btc.
Edit2. Looks like usdt / maid is also available
Totaly agree, a change to ERC20 might not give high volume just because it might reach more exchanges. But extended reach to more exchanges probably wont hurt and could increase the possibility to higher liquidity/trade volume.
Would be interesting if anyone know how a change affected other projects.
found this example of how to just create an ERC20 token in an hour. Of coarse it would be nice if the contract watched the bitcoin blockchain for a burn address assigned to Maidsafecoin, and then sent out the same amount of MAID it saw get burned. But I also feel like if @dirvine just through together a token from that template, most here would trust him to send their MAID to him and receive Maid-ERC20 from him without a contract handling trustlessness.
Too much work to expect of David or his team right now. The effort and risks involved in ERC20 conversion far outweigh the perceived benefits IMHO. Dev team should be full-steam ahead with ultimate goal of launch. What’s the worst thing that could happen with remaining at status quo? MaidSafeCoin holders would have to hodl onto their coins for a bit without any trading. That’s the worst isn’t it? Not so bad. Worst thing that could happen with conversion: a snafu occurs that jeopardizes everyone’s MaidSafeCoins and eventual conversion to Safecoins.
You may not have understood, but the developers’ paycheck money will come from the loan (in MAID) we gave to the company.
The worst thing that can happen is that “they” hit us extremely mean and surprisingly with another closing exchange and the company will have nowhere to sell the loan.
There are people who say that then the company will be able to sell directly to the community. I would certainly buy every month. The question is whether the community has enough resources and desire for this worst-case scenario…
We all want the best for the network here. What differs our opinion is which is best. If the knowledge of the crowd can be trusted, the best is ERC20 MAID…
You underestimate the resourcefulness of D.I. More than one option to counteract this scenario. Besides, none of us are privy to how much more loaned MaidSafeCoins still need to be liquidated. The smaller the amount, the smaller the problem.
