The mastercoin foundation lent maidsafe.net a big chunck of MSC for the IPO. That was necessary out of technical reasons (conversion). During the first hours of the crowdsale the most of the Maidsafecoins were bought with MSC. To keep the balance between MSC and BTC buyers, maidsafe closed the IPO for MSC. That was only possibe with sending a big amount of MSC to the IPO address. So the 25.000 MSC buyer was maidsafe which sold the generated maidsafecoins to the IPO BTC buyers But still around 50 % of the generated maidsafecoins where bought with MSC.
38xx might be seen as the lowest point in humanity, to ultimately let through the biggest boom/boon to ever hit. Whales will be selling on the way up, too, and not know what hit them, until they’re left buying back everything they’ve just sold. It’s a pity that people even follow “set in stone” trading rules set by the worst type of capitalist maroons, instead of simply having foresight and anything that resembles anything wholesome at all.
Thanks for the explanation, great to know these details!
It’s important to tell that Maidsafecoin could be bought with both Mastercoin and Bitcoin.
Because of how the Mastercoin protocol works, the mastercoin foundation was able to automatically stop the sending of Mastercoins when a certain % was reached. This wasn’t possible with BTC, which lead to receiving an amount of Mastercoin and Bitcoin worth 452 million maidsafecoins instead of exactly 10% (430 million).
A lot of buyers with Bitcoin wouldn’t have received their coins if Maidsafe didn’t loan the 25.000 (not sure of the amount) Mastercoins from the Mastercoin foundation, so Maidsafe could still give the Bitcoin buyers their Maidsafecoins.
Thanks for the addition
Continuing the discussion from Poloniex trading thread:
Yes, and I think it was the absolutely right desicion
Not that this is really important at this point, but that move didn’t exactly make much sense.
Did MaidSafe borrow coins from MasterCoin? If they did, what did they do with those coins?
I understand that they were just borrowed and then returned. What was the logic of that move?
Why is Safecoin price crashing like a rock?
Thats how smart property is created on the omni layer, only possible with MSC…
Anyway, why not see the cheap maidsafe price as a chance.
The IPO was sold out after 5 hours and now the people can buy maid once more for IPO price; but with the big diffrence, that the network is in a much better shape
It wasn’t possible to stop MSC buyers taking all the MaidSafecoin and leaving BTC buyers with next to none, except by buying up coin using the loaned MSC and then manually distributing those MaidSafecoin to people who had sent BTC to the crowdsale address.
The problem was caused by MSC processing happening automatically, while BTC was not - it was being processed manually by MaidSafe. This, plus the crowdsale taking 5 hours instead of 30 days, meant all the MaidSafecoin was being gobbled up by MSC purchasers, which would have left BTC purchasers with nothing, and MaidSafe (and the project) with only worthless MSC.
Once the borrowed MSC had been used to buy the remaining MaidSafecoin, the MSC were able to be returned to their owner, and the MaidSafecoin distributed to BTC senders manually.
look what I just noticed.
SJCX is down about the same amount as MAIDSAFE starting from middle of October. the graphs almost look the same even.
Makes me think it is some large whale/fund that is pulling out of all their investments.
I think it’s just a trend against altcoins. I picked another random coin from the menu on the left and it too looks like those two.
But I think you’re right in that there’s less optimism about “storage coins” compared to few months back and primarily because people are discovering that storage is hard… And especially decentralized storage. It’s going to take more money and time to “get there” than we thought.
meeeh now he stopped … JUST BECAUSE OF YOU!!
The whale dumper deposited 900K maidsafe to POLO 10 hours ago~
Great, he only has 4M maid left. Thats the trading volume of about 2 days
Yes, thats the address with the 4M maid.
Yea, (s)he seems to dump about once a day, and is about due.
Maybe she owns MAID at just one address, but maybe not.
It looks like the dumping has paused. I bought few K of MAID today to test my hypothesis.
I am sure the MAID whale dumper will regret, as the Pizza BTC buyer: 100000 BTC for one pizza~
I am so glad to buy more cheaper MAID, though I was confused by the price down days ago.
but maybe without someone buying a pizza with bitcoins they wouldn’t have become as valuable as they are now …
It is important to use them otherwise there wouldn’t be any value …