Redeeming MaidSafeCoins for Safecoins


#1

When the time comes to redeem maidsafecoin for safecoin, will there be a limited time to do so?
After which the maidsafecoin will be worthless. Or will there be an unlimited time to redeem them?


#2

Hmmmm I’m just thinking out loud here. I don’t know if this is an actual fact. I don’t think your Maidsafecoin will become WORTH LESS, because if that happens, you might not support Maidsafe anymore. So I assume that you’ll be able to redeem them at any time.

BTW your Maidsafecoin will never be worthless. Maids all over the world will still be using it


#3

LOL thanks.
I was reading BTT in the NEM thread. It looks like they are going to release soon. But they are having a limited window for people to claim their coins. That started me wondering about our maidsafe.


#4

I’ve actually been wondering the same thing. I had guessed that the ability to redeem MaidSafeCoin for Safecoin was dependent on MaidSafe continuing to exist as a functional organization.

I figured that there must be some degree of manual oversight in the conversion (since MaidSafeCoin exists outside of the SAFE Network itself), and that converting from MaidSafeCoin to Safecoin was not something handled entirely automatically by the SAFE Network in perpetuity.

But, again, this is just my guess—so if anyone has a more technical understanding of the process, I’d be curious to learn more about it.


#5

The most likely mechanism is send Msafe to a burn address with a signed message. This will include the safecoin wallet address. On proof then safecoin will be manually (probably scripted) sent. This may improve nearer the time though, but as a back foot position this is good enough.


#6

Will there be a limited time window?


#7

I don’t think there needs to be but of folk wait for years it would seem unfair to expect somebody to hold the safecoin for them. So I would say no, but a reasonable limit should really be made. Last thing we want is some kind of weird speculation happening again :slight_smile:

Not sure what everyone thinks, but a reasonable window seems fine. I think on transfer we should announce all msafe trading should stop ? I really want to get away from these copy coins that are appearing now, its pretty disguising really so see thieves taking advantage like that.

Not fixed in stone by any means, glad to hear opinions though.


#8

Whatever is planned, it might be best to announce it to the community well in advance so people will not be taken by surprise.


#9

what do you mean by all msafe trading should stop? when would it resume?


#10

msafe will become safecoin so no point in keeping msafe trading when its converted. safecoin will always be traded I would imagine, bit not much point keeping msafe trading when its being converted. It only delays the conversion period.


#11

Agreed,

MSAFE = Safecoin token attached to the Bitcoin Blockchain.
SAFECOIN = Exists on the SAFE Network.

The sooner we can convert all MSAFE into SAFECOIN, the better.

Everyone should be aware, it costs Bitcoin transaction fees to move MSAFE from one address to another. I anticipate SAFECOIN not having any transaction fee, making it way more cost effective to spend, especially in micro-transactions.