Questions from a noob

Hello all,

I’m new to the forum and have been out of the bitcoin scene for a wee while having suffered a number of investment disatsters courtesy of Danny Brewster and a handful of bitcointalk securities scams and failed businesses.

I bought into Maidsafe having been inspired by David Irvine’s podcast on Letstalkbitcoin! and only in the last week realised that not only has bitcoin price crashed but maidsafecoins have gone up significantly since my initial purchase.

Over the last couple of days I’ve been hit by the bug again having brought myslef up to date with the latest on Maidsafe.

So that was my intro, now down to the subject matter. I’m not that well informed on Maidsafe and have the following questions, although before I go ahead I want to say that I’m in this for the money in equal part to believing in this technology concept as a betterment for mankind and can’t wait to start farming.

  1. If safecoins are to be distributed in set proportions; x to crowd sale, y to devs and z to farmers then what incentive is there for the network to continue once z has been depleted?
  2. Will farmers who get in early benefit from that in the same way bitcoin miners benefitted from a low ‘difficulty’.
  3. If goverments and large corporations decide to put an end to David Irvines dream can they be prevented?
  4. If comercial data centres pop up to support the network and account for the large proportion of resources what happens to the network if they lose incentive?

Thanks guys. I’m only a stones throw from Troon and would love to pop in one day, but for now it’s best to let them crack on. Good luck.

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When people buy storage space from the network they pay the network in SafeCoins. Those SafeCoins are absorbed by the network and are re-issued over time to farmers. This is called SafeCoin recycling.

Yes, you’ll definitely have an advantage. I’m not sure if the advantage will be as big as with Bitcoin though.

Once the network is live it practically can’t be stopped. Before that, since all code is open source and most features are documented, they’d have to eradicate all copies somehow. If anything, expect resistance in the form of regulation of SafeCoin<->fiat trading and possibly a ban on the software or data packets in some countries, similar to how Tor is dealt with.

Since SafeCoins get recycled the goal is to always have an incentive to be an honest farmer providing resources to the network.

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2: No, farmers make money by providing cpu-power, bandwidth and chuncks. If there are a lot of vaults, so a lot of farmers, less Safecoins are paid. If a lot of people start to store data on the network, the number of Safecoins that can be mined will go up. So the network will pay more if there are less resources.

3: No, if the network is “live” nobody can shut it down. Only thing they can do is shut down the internet.

4: The network is made in a way that little units (farmers) have an advance over the big ones. So it doesn’t make sense to provide hundreds of terabytes in a vault. And if big commercial players would show up, they probably only bring down the number of Safecoins that can be earned by providing resources. So, if they don’t make enough money, they move away and there are less farmers willing to provide resources. That way the network will keep itself in balance.

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Thanks very much for your responses. Plenty to mull over and rather than post follow up questions, I shall read more. I’m as excited as ever!

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Actually scratch that. If Maidsafe is to be a new incarnation of the internet, then why would someone download software onto their machines and then be happy to pay money to use storage space when they have a 2TB disk under their desk? Surely that would impede mass adoption?

Early farmers do have an advantage, since a farming attempt may fail if the SafeCoin to be farmed is already in existence. So in the early days when only about 30%+ of the SafeCoins exist, 2/3 of your farming attempts will succeed. In the later days when 90% of the SafeCoins exist, only 1/10 of your farming attempts will succeed.

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Because using the network removes the need for backups and provides access to the data from any connected device.

If you use the 2TB disk, you’ll either also need a separate backup or lose your data when the disk breaks, plus you’d need to leave your system on and accessible from the internet to be able to access your data from for example your workplace.

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Thanks for taking the time to explain Seneca. It’s got me convinced and I suppose that it’s all about getting the message across in the right way. The masses will need a more persuasive approach as they’ll see it differently. Most don’t care about the issues being resolved by Maidsafe or the blockchain and they won’t part with their cash as readily. The question is, are there enough ‘believers’ to make this work at this moment in our history?

I think MaidSafe will be immediately attractive to the security and privacy conscious crowd. Ever since Snowden and major hacks like Sony, that crowd seems to be growing. Add to that the attention for crypto-currencies thanks to the rise of Bitcoin.

The masses may not be interested as much in security, privacy or crypto-currencies, but many do care about cloud storage for the access convenience it provides. If MaidSafe turns out to be an economic competitor to Dropbox and the like, it may cause mass adoption. Also, regular people might like the idea of using their unused harddisk space to earn some currency. Free money is always attractive.

Achieving mass adoption is mostly about presentation and user friendliness. If we can make usage of MaidSafe smooth and intuitive, so that people feel that “it just works”, then we will have a real winner here.

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This is not only Davids dream anymore, there are a lot of other people here & everywhere who are coding Maidsafe in their sleep. I’ve forked Maidsafe
Downloaded it
Upload to my Gmail/Mega-Upload/Box account, stored it on a USB stick and burned it on a CD. Hmmmm I might even send it to all my contacts

Maidsafe will be in everything (computers/fridge/tv) with home pc I think it’ll have enough storage/computing power/security to function. In the future it will also be optimized to work on smartphones

I work as a freelancer and recently sat in a BBC meeting where the staff employees were told to be very careful about using cloud storage companies before the BBC lawyers had had a chance to read and agree to their terms and conditions. It seems that some staffers had been uploading material and unwittingly gave ownership rights of pre-transmitted programmes to cloud storage companies.

Now I’d argue that Maidsafe might be just what the BBC needs.

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And the BBC won’t be the only one. There are many companies that don’t want to use cloud services from other companies for such reasons, including business secrets. Of course, MaidSafe will first have to build a good track record before it’ll overcome suspiciousness, but if it manages to do that, MaidSafe will be very attractive to major businesses.

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The BBC will need a lot of storage when you consider the number of staff uploading rushes in HD. And as you suggest, that’s just one of many. Certainly, to me, it’s a no brainer when we understand that security is removed from trusting people and handed over to mathematics.

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Yeah.

Ironically, once the network has proven itself, it will be the network of choice for spies and spy agencies as well as the general public and businesses.

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I am very impressed with all of this and thanks very much for your informative replies everyone.

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There was also discussion about using your local hard drive as an encrypted cache of what your store on the safe network. With this technique, you could maintain performance, but gain security, redundancy and be able to access your data anywhere too.

Consider storage of a bootable OS on the safe network which can link to your safe net account - you could boot your system from any machine (hardware limitations excepted), with complete security. That is very powerful in itself.

That’s right. Good point. Maybe they have some advantage because they can get a better ranking with their vaults as well. But the question was about “low difficulty” and the answer to that is no. Depends for a great part on supply and demand. Even if you only make Safecoin 1 out of 10 times a chunk is provided, if the number of Safecoin is 12 times higher for that chunk, you still make more money than if you get coins every request and you get 10 times less.

That’s just the data storage part you are talking about. Like @Seneca already said, the backup is done in the network. Another great thing about Maidsafe will be the fact that you can browse safe-sites and only need a login and password just once. So if someone creates a Youtube like website, you can join that site with just one click. The creator of the site doesn’t have to rent cloud-storage and SaaS on Amazon and find out a way to make money on the site. He’ll just upload the site to Safenet, directly gets money when his site is used and all backup and hosting is done by the network.

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I think it’s very likely that the SafeCoin reward (in terms of amount of SafeCoins) will be higher in the early days, because the value of SafeCoin will still be relatively low. The algorithm that determines the SafeCoin reward will aim for an equilibrium of supply and demand, so it will settle on a SafeCoin reward that in terms of (average perceived) value is just above a ‘break even’ for the average farmer.

So you’ll always earn a normal, fair compensation in terms of current value of SafeCoin, but if you hold most of those SafeCoins in the early days and if the value of SafeCoin explodes in the future, you’ll have an advantage like the early Bitcoin adopters had.

That’s right. Some speculation in there. Could go the other way as well maybe. Of course I hope not :wink: