[Poll]: full OMNI to ERC20 swap

Great to see all angles being covered here.

I would caution against this belief, if it were simple somebody would have done it. We have been down several paths so far and none are simple. If it were simple then it would be a really simple list of exact technical points of what must be done. Not do a swap or similar statement, but what API to call in each system and what logic is needed for each step.

I see many folk suggest something is simple, I know 2 projects that went omin → erc20 and both have said it was a lot of work and much more hassle (having to run private servers etc. and then support etc.).

A simple solution would I believe be jumped on. Even if it was not so simple as just follow a few commands, then perhaps it’s s simple sub contract to do X, but even X seems to be a moving target. That makes people nervous.

i.e. The end result needs clearly defined then the path to it. Then I think folk can see here is the work or cost or both, here is the end result. Then it’s an informed choose and perhaps a better approach?

So nobody ignoring the potential issues with OMNI, we are all aware there are issues (as with everything), but the issues need measured against definite proposals I reckon.

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I was thinking from a technical standpoint vs the scale of the problem it solves as outlined in my post above. In terms of hostile UK laws and deliberate tax uncertainties, I agree that that side of it is certainly not simple for Maidsafe. The technology is pretty straight forward just look at what PDC could do in a short time on a shoestring budget. It is only the jurisdiction that makes it hard. That is why most companies operating in this space are in far flung places. Even Maid-o exchange #1 Bittrex Global packed up and moved to Bermuda… to make life simple. Not suggesting MaidSafe should do this of course…

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I would let Harmen speak for himself, but we did speak after he went through that (as we weere considering it seriously at that time) and it was not simple at all. It seems it was a lot of work and hassle. I think it still is hassle for the guys there. I see posts even now for folk to swap and I know the guys have to do work.

Then the risk of that server getting hacked etc. must be hellish.

No worries at all.

I wonder if Seneca would describe what they did as ‘simple’. I agree with David that the word is often bandied about without understanding, and I find it is frequently misleading.

[Inserts video about those asking an expert to create a system of seven red perpendicular lines, including some green and some transparent]

Yes better if it is not necessary at all. Love to hear other simpler solutions not wedded to any idea here… but slow going even getting the potential looming problem recognised.

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My proposal here boils it down to an even simpler technical level. No servers required that was a fancy add-on. Of course hostile UK institutions shoot it down, not technical difficulties.

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Scale.

(not the future of finance IMO, SN s/could be).

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Interestingly, 63% of voters (people who are actively interested in the project to enter the forum once every 2 weeks) want to receive an alternative full version of the OMNI token.

This raises the question of how we will manage the future of Safe.

Will there be a built-in voting mechanism? Who will make the final decisions after a vote?


Privacy. Security. Freedom

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I believe there were about 60-80 voters in that poll - no? That means only about 50 users out of the entire forum which must number in the multi-hundreds wanted to commit to the conversion. I don’t consider that an indication of majority support, much less overwhelming support which is what that proposal should garner to proceed, imo.

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There are 131 voters. That’s almost twice as many participants (measured in likes) as the weekly dev update resive…

Plus 1/3 of the forum cannot vote because it is not level 1…


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So app. 83 voters on the forum out of 561 active over last 30 days felt strongly enough about moving forward to vote yes? Still, not a strong showing given how controversial the conversion has been. Sorry, @Dimitar, I appreciate your efforts, as always (I’m the one that said you should be voted into the Safe Hall of Fame) but I just don’t think the proposal has adequate support to proceed. Far be it from me to throw a monkey wrench into anyone’s plans to do so though. Have at it, but I would say, make sure it is voluntary and will not affect those who choose not to participate.

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I don’t think Safe has a future where “we” will manage it.

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We are not talking about the technical functioning of the protocol. We are talking about the direction of development. Of course, the community will decide what to run on their computers, so it will be important for developers to know what the community wants.

We are the network. The protocol is strong only as strong as the community behind it. If the community has no voice, then people are just slaves and replace one master for another.


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Was just brushing up on Thorchain basics and came across this paragraph which gives another take on why extrapolating CEX trading volume to any possible future DEX liquidity provision is bound to be off by a wide margin. Substitute Bitcoin for Maid…

Under “Billions of TVL on the Sidelines” (TVL: Total Value Locked)

There is currently around $1,000,000,000 worth of Bitcoin wrapped as wBTC on Ethereum, and that number is quickly growing. Why? Because with the rise of DeFi, token holders do not want their assets to sit idly by in cold storage when they could be staking, farming, or providing liquidity in order to generate yield on their assets. Native Bitcoin doesn’t have any DeFi applications, so holders are flocking to Ethereum in order to allow their assets to be productive. But many, many Bitcoin holders are old school, and are adverse to the idea of wrapping their tokens on another chain or interacting with Ethereum at all. There is $200 Billion worth of BTC doing nothing . With THORChain, Bitcoin holders can stake their native BTC . This has not been possible before THORChain, and represents billions of dollars of TVL that can enter the network. The same is true for assets on any other chain – which also represent many more billions of potential TVL, and this is why THORChain represents a breakthrough in decentralized exchanges .

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Of all the IBC DEX’s I think Gravity is going to be king although Thorchain is getting more attention right now.

Possibly, although I doubt Inter-Blockchain Communication protocol will make it to Omni/Bitcoin anytime soon, so not of much use for this project. Thorchain also will probably never support Omni there are only 99 ThorNodes and they only take “economically viable” cross chain projects. SN is not a chain so SN native will also be unlikely.

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I’m trying to understand this better; which part is off by so much, or is it all of it?

If the figures are off by that much, is there any point in coingecko having a list of liquidity and trade volume for dex pairs? If someone more experienced than me were to do an accurate analysis using that data, what would it look like? How would it differ? I’m really curious, because it feels like dex pairs reported with different liquidity should actually have different liquidity, right?

I see what you mean around the motives for liquidity, how it’s not a greed thing, I get that. But I don’t understand why it’s so difficult to get some quantitative measure for the benefit or the cost of moving to a dex (especially the benefit). Any chance of getting some improved numbers? If analysis is not possible or too difficult, why is that?

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I think @krnelson is talking specifically about our token. Our community is extremely different from the average. 94% of our tokens have been in a cold wallets for over 7 years now.

This is something unique for the crypto world. The mass of holders of MAID does not trust the centralized exchanges because of our bad history with them.

If we have a secure way to provide liquidity, our community will probably provide it. This secure way is a decentralized exchange in my opinion.


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This is exactly how I feel about it. The only difference is that I didn’t vote. I’m still on the fence. If SNtoken is due within a year or so, then NO…otherwise YES.

We really don’t know when the media attacks against us will start (there is against bitcoin, it is reasonable that there will be against us as well).

Depending on when the bad people start using the network, it may even be during the tests. For those who don’t know, 2 years ago we kicked out a pedophile from the forum who was openly promoting himself.

We don’t know how long it will take us to build Fiat bridges to the network before the government bans direct access with CEX (my guess is that this will happen - the world doesn’t know anything like Safe, so it’s reasonable to assume and prepare for the worst. If things turn out pink perfectly for us, I will be very happy).

That is why it is important to act as early as possible in order to attract as many people as possible to the network.


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