Bitcoin Forum

The undisputed fact is that MAIDSAFE MADE a huge error, intentionally or otherwise with the IPO.

They put and inflated rate on MSC, of 2.5 to 1 BTC vs market BTC rate.

https://i.imgur.com/6YB4xss.jpg

If the figure in the image is correct, being 2.5 x , then 1.5 parts of 2.5 parts would be returned thus if you paid up  1BTC then 1.5/2.5 x 1 should be returned.



However BTC offers something unique. A way to make this right a % of BTC back to the BTC addresses to make equal to MSC.  Lets see how legit they are.[/b]

A script to do this or even manually would be trivial.

This has tarnished and otherwise potentially great product, at its base.

We will call this Proof of Legitimacy. POL.

We have in BTC a mechanism that is open, and relatively easy to do so that all IPO people in BTC can be put back to actual MSC / BTC rate. MS even have the list of all BTC addresses. MS have the BTC.

This would probably set MS apart from all other IPO's, in the world, ever, and set a precedent of all IPO in crypto in the future. It would set the bar. It would also make MS be legit, and avoid endless scam at it's genesis, that has dogged NXT and others.

What will MS's IPO POL be, -250% or 100%, its not like they can't do this thing.

It not up for debate maid safe admit they were is error.

The ball is now in their court and you can vote here to make your voice known.

Fools and their money.  Was this information not available to you prior to your BTC donation?  Failing at math is not an IPO director's problem..

It's yours.

Sorry about your luck.

I did not invest that much so my lucks fine and the current MS exchange rate is about the same for what you invested anyway.

No this info was not clearly articulated at the IPO, nor was the speed of transition from MSC or BTC equal. The MSC people reconised the disparity themselves.

That's irrelevant anyway. What is relevant, is that I want Maidsafe to succeed, and this is a path to do that.

I invested 1 btc into this IPO because I find the concept interesting and it looks like it has potential. I think maidsafe knew that they screwed up the ipo, but it seems they're not willing to compensate the btc investors because it would eat further into the money they raised. I think it's in all of our interests (investors/maidsafe) to discuss this and reach a resolution as soon as possible, as it may grow into a bigger issue later on if left unchecked.

They can compensate btc backers:
1) giving back some of the btc.
2) sending more maidsafecoins to the btc addresses

both of them would be fair.

+1 Just lost around 30%-40% of my investment since MSC guys bought it for cheap.

I was considering buying some msafe from masterxchange.com, but the way maidsafe is operating doesn't look very reassuring.

Their PoL right now is in the single digits. I'll be watching to see how they handle this before deciding if it's worth investing in, or writing if off as a total scam.

yes i find it strange with 8 months of plans they do such mistakes.

after alot of thinking i decided to step away from this project.

No mistake, they "realized" the potential for extra profits. They created an interest storm, did the math on buying with msc then selling for btc and in the confusion executed a brilliant plan for extra profits. Anyone could have done this, though obviously they had an advantage.

This IS the ticketbastards ticketmaster  model. Aka how an artist scalps tickets. Instead of selling at a good price to the fans you realize the show will be sold out, keep tickets for yourself and then resell at a higher price. Brilliant...and it worked.


"The initial $6 million was comprised of $4 million in Mastercoins (the sale took place using the Mastercoin Protocol) and $2 million in Bitcoin. Noticing the disparity, MaidSafe CEO David Irvine partnered with large buyers to purchase the last $2 million for Mastercoins and relist them for sale—under the exact same terms and at a fixed bonus award of 40 percent—for Bitcoins."

Is maid safe the first company to scalp their coins?

So you change the rules after the start - i call it  - Proof of scam.

100% death of anything related to MaidSafe. 

A better way to go is to use the Mastercoin Foundation to put pressure on the insiders for a remedy. 

For example, the Mastercoin Foundation knows who the big whales are that took advantage of the unintended disparity.  Now, those same whales are selling into the MaidSafe market to realize their ill gotten profits.  Mastercoin Foundation can appeal to all those whales to reverse this. 

This is destroying both Mastercoin and Maidsafe.  So the foundation ought to tell those whales - the gig is up.  They should be pressured to buy MaidSafe.  This effectively returns the profits back to the BTC investors.  Although the Mastercoin Foundation can't force them with a script, they can convince them it is the right thing to do to.  If all whales who took an unfair profit wanted to fix this, they go right now to MasterXchange and buy shitloads of Maidsafe.  The price would go up.  Confidence would rise.  BTC investors would be back at .000042.  Everyone would be happy in an instant. 

The guys who made a killing off this inadvertent mistake, ought to realize the true price of that move.  Then, they should rectify it by returning those BTC back to the system by purchasing MaidSafe on the open market thus causing the price to rise.  The Foundation can appeal to all whales to fix this.  It will all be over in about 2 days.

why?

What happened with maidsafe in a regulated market would actually be illegal. People have served jail time for dodgy IPO offerings which screw investors. You would make a great lawyer for those people arguing that a fool and his money is easily parted.

At no part in the fund raising process was it made clear on the website that a huge amount of people were acquiring the coins signicantly cheaper than I was. In fact the website even implied that a 40% bonus would ensure a level playing field for all participants.

Stop wasting your time. They have taken your money. Now just hope that they will deliver with a good product.

so true brotha :)

+1 my bitcoin is gone.  hope it is a good return.  if it is what it says it will be, I think there is a real chance.

You guys got took!

Who's retarded idea was it to use MSC as payment in the first place? I can't wait for the price to rise so I can dump on this project.

Where are the mastercoin investors? All the investors I see say they invested with BTC. Even the maidsafe team only invested with BTC apparently.