Safecoin investment

You’ve answered your own question there:

spent years researching how it could pull all this together, this is innovation, no one has done anything like this afaik so he probably spent days and night thinking how he will make it work.

:smile:

@malice. One thing that I don’t see in scanning the responses is something I think will be a significant factor in both use and value of safecoin:

Because people will be earning safecoin in small amounts all over the world, in every household that uses the SAFE Network, safecoin will be positioned to go into direct use as a medium of exchange, bypassing the link to fiat currency to a very large extent. People will buy songs, books, movies, etc., (anything that can be stored on the network) directly with safecoin. They’ll trade them personally for cash with friends and neighbors. They’ll buy things from each other using safecoin. They’ll be able to convert bitcoin into safecoin directly on a decentralized exchange which will allow for a channel of fiat currency value to flow into safecoin via bitcoin, which already had portal to fiat currencies built up.

Part of the problem with cryptocurrencies has been the requirement to essentially establish value in relation to the fiat currencies, mainly the US dollar. The 10,000 bitcoin pizza which was probably the first swap directly for a commodity and gave bitcoin a place to connect with the real world is worth thinking about. Since that has already happened and bitcoin has established a more stable real value in relation to the rest of the world, including the dollar, being able to trade directly bitcoins for safecoins on a peer-to-peer basis will give safecoin IMMEDIATE real world value that can be, at least to a degree, quanitified.

So all the safecoin turning up in the hands of people all over the world will have some degree of relative value which will allow it to be used with some sort of consistency across the world, in terms of real-world value.

Safecoin is a very different use case than bitcoin, and will benefit greatly from the ground that bitcoin has broken. Safecoin will probably also increase the value of bitcoin because it will increase the utility of bitcoin in moving value around, in and out of fiat currencies.

Anyway, just some additional thoughts on why safecoin might be a good thing to get a hold of early on.

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I would say 90% + of my time was spent running around trying to get cash to pay engineers. For many years I had 2 months salary in bank and there were a lot of people trying very hard to take over / steal the tech. The last period since Oct/Nov I have focussed on delivery and since March a rewrite in Rust to get to market very fast and managed (since crowdsale till recently I spent nearly all my time with the community). It’s hard as hell but had to be done like this. Otherwise we would not be in a position to offer value first.

So now it’s full time no sleep implementation design and delivery which has shook the team to the core. The repo’s today got switched over to maidsafe and we will continue to provide a library per two weeks at least. So now iterative release tied with speed.

I want to change from a research based team with fantastic tech to the most efficient delivery team in this space. I know we will and the last few weeks has proven to be very encouraging with daily successes. Watch this space and see it happening right in front of you now.

We will get a break when we deliver a feature complete system that just needs deep testing, until then we will be in turbo mode and we need to be. You will see it all happening here MaidSafe · GitHub

[Edit, I should say every night I go to sleep thinking of the tech and implications and every morning wake with the same thoughts. So this is my life for now and I cannot wait to let others see it and improve it]

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It’s an honor to have an answer from you Mr Irvine. What you do here is extremely important ( i don’t need to tell you why :slight_smile: ) you have my full support and respect.

Your project sound very promising, may it be a succes !

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To add to this, just imagine how powerful it would be for Bitcoin if millions of people over the world would install a bitcoin wallet on their systems and generate addresses for themselves. They wouldn’t even need to buy any Bitcoins, but the mere fact that they can receive Bitcoin with minimal effort would be a very powerful network effect.

This is what viability of casual farming will mean for SafeCoin. The mere fact that people can receive them with minimal or even no effort once they registered an account for farming is going to be very valuable. Social networking and the integrated private and secure P2P messaging system will cause people to connect their accounts anyway. After that there’s no additional work required for Alice to send SafeCoins to Bob.

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