Updated: RFC 0061 — Safe Network Token Distribution

Autonomi Network Token
63

Overall though, I’m pleased we seem to be left with discussing the degree of divisibility, how to define the word supply, and 10% MAID @ 4,525,524,120 vs 10.536% MAID at 2^32; as these are all at the minor end of the spectrum of things. So we are getting there!

That said… let’s not talk things into oblivion.

I appreciate you saying this!

This RFC was originally posted in what, June? We’ve been working hard on things since then, and there are a bunch moving parts to consider; not least of which is the machinations of the Swiss legal system which need time to feed though.

What I’m trying to say is, if we want to have everything in place to launch this year, we can’t really put this thing on and endless loop; there is little point in folk just restating the same arguments from the last thread.

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64

I still don’t understand the math here.
2^32 = 4294967296
MAID was suppose to be 10% of 2^32 = 429,496,729
Actual maid printed = 452,552,412 (5.36% extra)
Extra MAID = 23,055,683

The additional MAID was not sold as part of the crowdsale.

I don’t understand why we are overprinting Safecoin by 230,556,824 (50.94% of the current MAID supply) when the initial mistake was 23,055,683?

Who gets this additional 207,501,141 Safecoin?
This seems incredibly unfair.

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If 10% MAID exists and 10% is external investors / shares.

The overprinted Safecoin should only be 46,111,366 + 32^2.
I really don’t get why we a multiplying the error by 10x and creating a overprint that is almost 51% of the current MAID supply. It seems ridiculous there is nothing fair about this.

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Everybody else. All the proportions remain the same…

5% to Shareholders = 11,527,841.20
15% to the Royalty Pool = 34,583,523.60
70% to nodes = 161,389,776.80
Total = 207,501,141

It would be unfair if everyone else got proportionally less all of a sudden, because of a mishap in the MAID crowdsale.

I can explain through the medium of cake if that helps? :cake:

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67

The cake is currently made up of MAID and Shareholders. When Maidsafe made the choice to use the overprinted coins (no mishap here, actual choice!) these were the only parties effected.

The futures royalties and nodes are not part of the current error because they don’t exist yet.

Give the shareholders an extra 0.18%, so the total error is %0.54 of the total supply.
Thats a much better deal for the current investors and MAID holders.

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68

They are very much part of the full prospectus that was both invested in, and put forth at the crowdsale so I have to disagree. They would be affected, as they are part of the overall economy. It’s the cleanest, fairest way to deal with it.

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So the people that have skin in the game get less, and those with nothing risked get a bigger slice of the cake. In the name of fairness, this seems ridiculously unfair.

How is multiplying an error by 10x a solution. MAID holders already suffered when it was spent once, now we have the enjoyment of it being spent 9 more times.

What a total scam.

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I was not told Maidsafe would spend the overprint at the crowdsale.

People need to stop making the overprint and the use of the overprint the same event. One was a choice.

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let me see if I am following this …

  1. More MAID was created, so holders of MAID have more - a larger percentage of the pie by the old 2^32 number. So to compensate all the others get an equal percentage boost?

  2. So in the end nobody is being diluted?

  3. but some people think because maidsafe made an error, some participants should be diluted?

Am I missing something? Or do I have something wrong here? Just spit-balling.

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72

How can you be diluted if you currently hold nothing?
Maidsafe didn’t make an error, they made a choice.

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You can’t. But if you hold nothing then you’ve lost nothing.

What am I not understanding. Use small words, I’m stupid maybe.

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74

(sorry, I couldn’t help myself, I must be hungry)

MaidSafe are baking a cake. A big beautiful cake.

But in order to fund the ongoing baking of the cake, they decided to have a bakesale. But reather than divert resources away from the bakery dealing with the RealCake, they got another bakery to make a ProxyCake to sell at this bakesale.

Bakesale customers were promised they would get 10% of the RealCake by buying a slice of ProxyCake. When the RealCake was finished, they could just swap their proxy slice for the real deal. They would be identical in size.

But the proxy baker cocked up! They used a tin that was slightly too large; and the ProxyCake was just a little bit bigger.

We had already handed out all the proxy slices to the original size as promised though, and the baker arrived just as we’d shut the shop, and them the extra, albeit small, slice.

There was a decision to be made about what to do with this slice… do we just throw it out? Eat it right then and there? In the end, it was decided later to sell this extra slice when the need arose, and allowing the bakery to keep on making the RealCake.

But now, the RealCake is too small! If we give out all the slices matching the ProxyCake one when the time comes, there won’t be enough left to give out to the other people who’d been promised a slice, like investors in the bakery, or the people who only discovered the RealCake after it’s finished, but still want some the same as everyone else.

Aha! A solution though… we make the RealCake tin the same size as the ProxyCake tin! That way, all the ProxyCake slices match as promised, the investors in the bakery get the same size slice, and all the people helping the deliver RealCakes in future get the same size slices, just as tasty and nutritious as they’d been led to believe.

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75

So the nodes get up to an additnal 161,389,776.80 coins because they a multiplying the error by 10x. The Royalty Pool an extra 34,583,523.6.

Neither of these two groups can be diluted, as they don’t exist, they hold nothing.

The only parties that matter are MAID (10%) and Shareholders (5%). The share holders should have their portion increased to share the revenue generated from the choice to sell the overprint. So they are not diluted. ( The original MAID holders where diluted when the sale occurred)

76

You can hold less than nothing, and be diluted.

E.g. you don’t hold maid or shares, but put time and effort into the community, and building things, and in the expectation of something (such as network royalties / dev rewards, or running a node) and then lose out because you get less.

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77

MAID holders / share holders where diluted at this point. When you sold the extra slice.

Make the share holders whole by giving them extra, and the error is no longer an issue

78

You don’t get less, you get the same proportion of the unallocated cake slice.

Which makes sense that you think they get “less” because maidsafe sold a portion of their slice, when they sold that extra slice too.

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Nobody would be getting anything had that slice gone unsold. It’s been invested in making the Network, just like the rest.

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80

If there was an overprint, and the old 2^32 was in effect, then they are not diluted - in fact they got a larger share right? So this adjustment puts maid holders back in-line with original promise does it not?

I can agree with that, and one solution here would have been to reduce the percentage cut of these future participants. In that case, then Maid holders and shareholders would be given a larger share of the pie/cake … but we weren’t promised such, so maidsafe has no obligation to do that and it makes it look like they are manipulating the total supply for the stakeholders … which may throw flags up for regulators (maybe).

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At no point have I said the slice should not have been sold. i’m not against the choice that Maidsafe made. But please acknowledge it was a choice.

All i’m saying is when you diluted the pool when you sold that slice, only two groups of people had skin in the game. MAID holders and shareholders. MAID already felt the pain when you sold it. Now when you create safecoin you overprint for only the shareholders. Thats fair. all done.

82

I’ve already said that in black and white in the thread.

The decision is to spread the cost of making the Network over the whole of the Network economy. I don’t see how it can be fairer than that.

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