I already asked the questions over at reddit but couldn’t get a definitive/satisfactory answer, so I’m trying my luck here
I already invested a good amount of money into safecoin and I want to make sure that this money is stored as safe as possible. So here is my understanding of the current situation.
The safecoins are stored at masterexchange.com and it seems they can be transferred to omniwallet, which is also an online wallet though and thus not the way I want to store my coins. It seems the masterchest wallet isn’t available anymore.
So, it seems that it is possible to send my maidsafecoins from masterexchange.com to my bitcoin qt wallet, BUT they appear as BTC and not as maidsafecoins, because the bitcoin qt doesn’t know about that currency.
I first thought I could send the BTC in my bitcoin qt wallet back to masterexchange.com account but they explicitly say one should not send BTC to that address.
So, is it possible to store my maidsafecoins offline (e.g. the bitcoin qt app)? How is the transition from maidsafecoin to safecoin supposed to happen? Is that already clear at this point in time? Where should they be stored in order to be exchanged with safecoins?
If someone could shed some light onto this topic, that would be really great.
In a bitcoin-qt wallet they do not appear at all, but they are at the address of your wallet. So they are OK there as long as your machine is secure. You can set up an omiwallet to read these and transfer them to an offline bitcoin address if you want.
When safecoin are available after the network launch then you will send these to a brun address with a message stating your maidsafe wallet address in the transaction. The safecoin will then be xfered to your safecoin wallet address. There is a chance there will be a direct route via some mastercoin projects as well, but we will see nearer the time.
So you have maidsafecoin right now in your bitcoinqt wallet. To do anything with them you need a mastercoin compatible wallet, which seems to be omniwallet at this time. Many folks (like me) are holding the maidsafecoin in a bitcoin wallet whether on a computer or offline in a paper wallet. If you type your wallet receiving address into the mastercoin blockchain you will see your maidsafe coins there.
Ok firstly you don’t need to use omniwallet in order to get your coins of out the exchange. You only use omniwallet for sending coins. So with that said, you can send your coins(Maidsafecoins) to any bitcoin address. You can therefore have your coins offline.
If you don’t want to use omni for coin sending, wait for mastercore which has an ETA around August.
Well, I sent 5 MSC from masterexchange to the address of my bitcoin qt app and they appeared as bitcoins in my wallet, but they don’t appear as MSC of course.
So, to recap. If I just want store them safely until safecoins are available, I can send them from masterexchange directly to my bitcoin qt wallet and be sure that they won’t be lost. If that’s the case then I’m happy
As far as I understand, these coins/tokens that sit on top of the Bitcoin blockchain (Mastercoin-type and Counterparty-type) are managed by essentially graffiti-ing on the blockchain when making small Bitcoin transactions. They can be viewed with a lens that can read the graffiti, and sent by wallets who know how to graffiti in the correct way. You have to write the graffiti in a specific way, following a protocol, so that it can be viewed, but that’s essentially how it works.
For example to send Maidsafe Coins, you do a little Bitcoin transaction which the Maidsafe Coins will piggyback on. If you look at the receiving address with a regular Bitcoin wallet all you see is a tiny incoming transaction. If you look at is with the special lens of Omniwallet or anything else that ‘understands’ Mastercoins, then you’ll also the Madesafe Coins. To send the coins further, you would need to use a wallet that is capable of writing the graffiti for the next payment.
Just want to make sure the above information about sending MaidSafeCoin to any BTC address still applies (and no bugs were found that would make this dangerous).
If I’m using something like Electrum and send to one of its addresses, to spend them would I need to send the BTC to a bitcoin Omniwallet address, or would I need to import that addresses’ private key into Omniwallet? What would happen if the output with the MaidSafeCoins gets spent to a regular bitcoin address?
Maidsafecoin is attached to address only, not the bitcoin. It only rides on the bitcoin to get to address -to move maidsafecoin like this requires something like omni wallet . You can spend everything else on address in any way and the maidsafecoin will remain. I put my maidsafecoin on bitcoin paper wallet and can see maid balance when i enter public key into omniwallet.
Its like faith… You believe on something what you do not see. . I left my stake in the exchange… yes its risky, but the there’s more risk if i mishandled my precious coins…
Sorry, it’s correct. Im on the road posting from rest stops with very cheap phone no Swype. anyway i thought i hadn’t really answered your questions very well and ran out of time
Thanks. Could you go into a tiny bit more detail? Let’s say I send them to a bitcoin address I control. Even if I spend any BTC from outputs to that address, the maidsafecoins will still be there no matter what, correct?
And lastly, what will I need to do to finally spend them?
When you use a wallet like blockchain.info it will move bitcoin on and off the active addresses including the one you have your maidsafecoin on. This won’t affect your maidsafecoin at all. But, i prefer to put mine on paper wallets…single addresses that are out of the mix since i don’t intend to sell anytime soon. This also leaves the small amount of bitcoin needed to move maidsafecoin on the address as I have masterxchange send directly to paper wallet public key. When the time comes i will import private key to omni wallet to move them where they need to go or whatever instructions maidsafe gives to convert to safecoin
I have 0.00454378 BTC in my Omniwallet, and the transaction I’m trying to create says that total fees are 0.00035 BTC. However, when I try to create the transaction, I am told: “Please make sure you have enough Bitcoin to cover your transaction costs, and try again.” What gives?
anyway i thought i hadn’t really answered your questions very well and ran out of time