I couldn’t help but notice that trading Maidsafecoins requires trusting an exchange, because Mastercoin does not support decentralized trading for user-issued assets, only for MSC.
Meanwhile, Counterparty does, allowing users to trade without counterparty risk (there is no risk of losing funds to the failure of an exchange).
Therefore, could we have an officially issued Maidsafecoin token on Counterparty, tradeable at a pegged ratio of 1:1 with Mastercoin tokens? If these Counterparty tokens were recognized by the Maidsafe developers as a stake in Safecoin like the Mastercoin ones, it would eliminate the risk of keeping funds on an exchange.
You’re right, I mentioned this approach in another topic here some time ago.
MaidSafe could delist (all or one part) of its coins from MSC, put them in escrow, and back a new issuance (in the same amount) on Counterparty. Any holder could redeem them for “MSC-based” MaidSafe by sending in their Counterparty-based coin, although that wouldn’t be necessary (except in case of delisting) since the two would be worth the same.
MaidSAFE hold a bunch of MSC, the value of which needs to be maintained in order to fund development.
A move like you are promoting could be seen as a loss of confidence in the Mastercoin Foundation.
The trading of Maidsafecoin is well catered for.
This is your first post on this forum and you have not declared yourself an investor in the SAFEproject. Please explain you rationale for raising doubt around the security of the current arrangement, this close to launch?
How does MaidSAFE’s holding of MSC impact MSC’s value? MaidSAFE’s spending of MSCs would impact it, but in fact the liquidity is so low (e.g. volume today so far: 2 BTC) that they can’t really be spent without instantly crushing MSC to zero.
This was already discussed here: Current finance condition and statement of Maidsafe
If anything, MSC-backed MAID is already assumed to have claim on BTC-based MAID (issued on the Mastercoin platform)
Anyone who wishes to do this (I don’t have enough MAID coins to do it) could escrow their MSC-based MAID with trusted 3rd party and then issue MAID-like asset on any (Nxt, Counterparty, whatever) Bitcoin 2.0 platform so that the buyers could any time approach the person or organization that takes care of escrow to swap their asset for “real” MSC-backed MAID. While in case of random guys this sounds complicated, if MasterXchange were to both escrow and issue a Counterparty-based MAID, there wouldn’t be any additional risk (compared to now).
I argued the same because of better liquidity this way, but it’s well known that:
- most forum participants who voiced their opinion tend to disagree.
What other crypto exchanges do you want to see Maidsafecoin on?
- most forum participants want MAID (and SAFE, later) to be traded on a decentralized exchange
- IIRC even Project leaders want MAID to be traded on more than just MasterXchange
There’s no point in doing this for MaidSafecoin (the proxy token) because the time-scale is only around three months, so I think this only relates to Safecoin which exists on the network.
So I think your suggestion is really about trading between Safecoin and other currencies once the network launches, for which you solution would be one option, but the Mastercoin/Counterparty comparison will no longer be valid and there are likely to be exchanges set up on SAFE as well as multiple exchanges trading Safecoin directly.
could be seen as a loss of confidence in the Mastercoin Foundation
…which is not good for Maidsafe
This will just simply cause a larger market gap; ill - Liquidity doesn’t improve anything; The solutions ought to create a trust-less system, where each item can be transacted without a third party custodian; Digital persistent entities for transmitting all transactions;
These serve the purpose of allowing any person to input their balance via import of a private key; These clients run the protocols of coins; Instead of relying on a centralized storage unit for allowing database update transactions;
That’s exactly how Counterparty and Dogeparty work. The two work on different blockchains so they don’t really compete.
But if you have more platforms for the same pair (BTC/MAID or BTC/SAFE) and they don’t talk to each other, then instead of 5548 and 5550 you’d have spreads like 5500 and 6000. Although each platform would be good from the perspective you mention, it wouldn’t work well for users.
as someone else pointed out this point is somewhat moot at this point since the launch of the real network is a few months away (right?)
regarding the spreads, well that is primarily due to two things, based on my knowledge of following bitcoin and crypto markets since 2010: a) MaidSafe has no miners at this moment (farmers are miners, or diggers in dogelish) b) there are two exchanges and one of them is not super user friendly (i.e., the get your money out issue)
a) will get solved as soon as there is some packaged s/w that guys and gals who run mining farms can try out
b) will get solved when a) is solved as those people will go to their favorite exchanges and want to see safecoin trading there