I thought only 10% was being pre-sold but he said he read the whitepapers and learned it was actually much more than that. Like triple.
Is that right?
These are the numbers he used. It just seems like kinda alot to have been sold already, especially if SafeCoin does become the world’s #1 currency. So I guess I’m saying its the purple section that caught my attention the most.
452,552,412 Safecoins were sold during the crowdsale (about 10% of the total, a little more because Maidsafe accepted Bitcoin and Mastercoin and Bitcoin buyers weren’t stopped automtically when 10% was reached)
5% of the 4.3 billion were going to the early investors (the years before the crowdsale)
5% to core developers in the coming years
10% to application developers
When the farming starts, are all of the safe coin immediately distributed to whoever is farming, or is the safecoin fed out slowly with farmers earning only some of it? Then the rest is reserved for the later farmers, possibly never being distributed but always available? I want to know if being the first farmer is any advantage or not.
So should we take the quote on the homepage as a false statement? “Safecoin has a predictable cap of 4.3 billion coins and at present, only 10% have been released via an intermediary coin, MaidSafeCoin, during a crowd sale that took place at the end of April.” http://maidsafe.net/safecoin
no, 452,552,412 out of 4.3 billion have been released. The others will be released in the years by the network itself (app developers coins, farming etc.) Not sure about the core development rewards.
It is correct to say that only 10% have been released at this point in time. As was pointed out in this thread the coins were over issued during the sale as the master protocol was very much in its infancy, but these are being held by the MaidSafe Foundation at the moment.
There is an advantage for early farmers because the farming rewards will be higher initially, and decrease as farming becomes more competitive. How much advantage and for how long is unknown.
Safecoin are issued as needed to reward farmers. More rewards needed, more are issued etc. Up until a certain limit, when all coin have been issued (the “cap”). After that, no more can be issued, but they can be recycled instead…
Safecoin are recouped by the network in exchange for storage.
So there is a two way flow. And the network can reward farmers with newly issued coin or recycled coin, up until all coins have been issued and only recycled coin are available - but there is no difference between the two except that a recycled coin has been used at least once before.
One additional point is that the network can adjust how much storage it provides per coin according to whether it needs more coin to be fed back into recycling, or less.
Also just worth stating before this thread runs away with itself that we have very much stuck to the deal we made as we publicised the crowd sale in the original white paper, so hopefully there should be no surprises here for those that have been following the project for a while.
Remember that the 10-11% figure is the likes of you me and anyone else who owns maidsafecoin. What happens with that coin when network is live?
it is hoarded for a latter day and/or sold to others
it is returned to the network when resources are obtained
thus it becomes rewards for farmers, OSS devs, app devs
To me it is more initial system currency to have an operational system. Every business has a “float” in their till, so while not a direct analogy it is an illustration that one needs people to have some of the currency in “circulation” for smoother running at the start of the “day”
And the other 20% set aside for specific (groups of) people is delivered over time and well deserved I think. Again their coin will be returned to the network somewhere down the track. (Unless hoarded forever)
Guess I am saying that having a large portion of the coinage set aside & presold in safecoin is not the same as if it were for bitcoin. Each bitcoin is created once and never again so having 30% “given away” would be almost unthinkable, but every safecoin (unless hoarded forever) is returned to the network and “recreated” time and time again.
So it is more than just getting the network developed and running, it is also the nitro to start the ball rolling, to increase interest in the project benefiting the developers with encouragment etc.
