Wrapped MAID (ERC20 token)

One time swap is fine if enough people do it in time. It might make the market rather small if not enough is onboarded in the timeframe though. I prefer to give time for those that aren’t early adopter types to see others using it and think hey that sounds ok. This could do some sketchy things with price like create an artificial bubble because, while there is supply that wants to sell, most of it can’t reach the market.

And we aren’t asking you to make this your job @Dimitar. maybe just once a week look at the pending swaps and put your stamp on the multisig so they can go though. People should not expect swapping to be lighting fast if volunteers are doing it all by hand.

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Could we create some kind of app where we can sign with our private keys to pledge that we will swap to gauge interest?

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@andyypants

Perhaps beyond a certain timeframe those responsible for effecting the conversion could keep a percentage of the conversion as a fee? I would be happy to pay a fee if it meant being able to go between them on an ongoing basis.

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ya I have no problem with them charging a reasonable fee if that’s the difference between them being willing to do this small chore regularly or not.

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I don’t want any tokens to be doubled up. I won’t be interested if everything left over isn’t burned at the end.

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@andyypants

Perhaps the fee for conversion would make it tenable for Maidsafe to officially oversee and administer this initiative? That said, I have no objection to trusted community members administering the conversion.

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well if you are burning that’s like saying this conversion is final. I am not necessarily against that. We would need a way to switch back to OMNI though if this is just our little community trading thing, but maidsafe will only be honouring actual OMNI-MAID for the Safecoin swap.

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Which is why for this to work, @dirvine would need to say he will honour them if the steps are followed as outlined.

He could even do the swap if he wanted. I’m okay with that as well.

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problem is this came up when polo delisted MAID. As I recall they don’t really want to alter the original OMNI deal at all because that might have legal implications.

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@zeroflaw

Would you be satisfied if they weren’t burned (until final conversion to Safecoin) assuming the total quantity distributed across either OMNI or ERC20 didn’t exceed 452,552,412? In that way there would be no dillution.

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What OMNI deal is this? can you link?

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To me the ERC-20 tokens are 100% worthless until the remaining values are burned.
Or the OMNI go to @dirvine instead of burning.

sorry I don’t have a link. Basically at the original crowdsale the set out the parameters of MAID and eventual SAFEcoin and what the ratios would be. Anything that changes that, even if equal value is maintained, has legal risks.

ERC-20 tokens could be kinda like tether. They don’t burn the cash you deposit. They put it in an account from which it is withdrawn if you want to redeem back.

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Now without polo and chainrift, I don’t think this is an option anymore. It is a do or die, no?

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This topic of making an ERC20 token is like a “déjà vu” topic… Come on guys, stop debating for months or years on making an ERC20 token or not. Just do it or forget it until the SafeNetwork launch! Tired of reading same discussion every times without any acts or real decision…

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well last time interest kinda fell off cause we got chainrift and everyone seemed happy with that. Now that another exchange is biting the dust I agree its time to reignite the conversation on what could be our long term solution.

We do want to get something moving ASAP but there is also value in debating the alternatives. I think at some point we should just draw up a list on parameters we are debating and vote on them in a poll here so we can democratically pick something then all focus on making it happen.

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I would too, at least concerning their moral integrity. But it also complicates matters greatly if something were to go wrong. In my view MaidSafe’s risk is higher in this scenario than if they were to facilitate it themselves, because the trusted community members still need a commitment from them to honour the non-Omni tokens. But if a large amount of those were to be lost, stolen or illegitimately minted, that would open a massive can of worms for MaidSafe.

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3rd option:

Maidsafe / David mints the ERC-20 Tokens and for 1 day every 3 months, we get the opportunity to swap between OMNI and ERC-20

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It is too late for ERC-20. It should have been done 2-3 years ago. Right now with Fleming behind the corner and team cut to devs only it is probably waste of the time. I would love to see Fleming before I die on corona virus. And that exponential grow does not give us much time;)

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well there’s always risks of centralization. I mean if they get scammed, we can’t expect the trustees to cover it personally. It would just have to come out of the pot of what was available to everyone. Anyways it would be like any “exchange” where you just have to engage that kind of risk if you want to get your tokens on a liquid market. That said I would expect there are like 4 or 5 of them and at least 3 signatures to let any money move. That way you gotta hussle at least 3 of 5 smart people, not just one on an off day.

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