[Ann] Safecoin maidsafecoin

[Chang Hum]

On MasterXchange there is currently an offer of 400 MSC for .17.  I find this strange.  

Tomorrow one will be able to buy MaidSafe for either BTC or MSC.  
Since the rate is fixed, you will pay either 1/17000 BTC or 1/3400MSC per MaidSafeCoin.  

So, if you want to save money you can buy the underpriced MSC now @ .17 and spend them tomorrow to buy MaidSafe to profit 400*.03 or 12 MSC.  That is about equal to $1000.

Why are people leaving $1,000 on the table?  It seems to me there is a 100% chance of the event occurring as planned.  In that case, MSC should be priced at about .1999999 today.  However, it is still sitting way down at .17.  That is a very curious discrepancy.  

Got any idea why this is happening?

It's me, buy them please

[RawDog]

its not safe to keep your coins on the exchange, isnt it?

It is safe to keep coins on MasterXChange.  Those guys are totally cool.  I don't think there is any problem there.  But, you can use the DEx if you like.  No need to have a middleman or fees.  But the DEx isn't exactly user friendly yet.  Might take a while to figure it all out so you can trade there.  

[RawDog]

On MasterXchange there is currently an offer of 400 MSC for .17.  I find this strange.  

Tomorrow one will be able to buy MaidSafe for either BTC or MSC.  
Since the rate is fixed, you will pay either 1/17000 BTC or 1/3400MSC per MaidSafeCoin.  

So, if you want to save money you can buy the underpriced MSC now @ .17 and spend them tomorrow to buy MaidSafe to profit 400*.03 or 12 MSC.  That is about equal to $1000.

Why are people leaving $1,000 on the table?  It seems to me there is a 100% chance of the event occurring as planned.  In that case, MSC should be priced at about .1999999 today.  However, it is still sitting way down at .17.  That is a very curious discrepancy.  

Got any idea why this is happening?

It's me, buy them please

lol!  Are you panicking again?  Hahahaha!  you are one skittish fucker.  You'll see, price @ .20 for the next 30 days. 

[hmmmstrange]

But I think they need to include a hard cap.

Isn't there a cap of 4.3 billion safecoins?

The sale event will run until ten percent of all safecoins (429,496,729) are sold or 30 days have passed, which ever happens first.

Total safecoins will be ~4.3 billion

Sorry my bad, I must have skipped over it somehow....

even with the market cap I do not get why an appreciating price would be a good thing for the system. sorry but i did not find time to read the widepaper. but let us assume the price goes from 80 million market cap too 800m - will the price of let's say storing stay constant in safecoin terms or will it be a stable price in dollar or bitcoin terms?

Appreciating price would be a good thing, but in anything tech there will be deflationary pressures in the cost of service. As long as the value of the network increases faster then the cost of the network then the price of safecoins will appreciate.

This network has the potential to carry more data then amazon web services, in a more secure fashion, in a decentralized manor.

[aleksand]

Guys, am I right? Look, I need to send btc from wallet and then I'll get MaidSafeCoins. But how can I get them if my wallet is btc? I do not understand really. Also I should download mastercoin to send my MaidSafeCoins to an exchange. But how my coins, that I'll got from my btc wallet can be sent from mastercoin wallet? Pls help me to understand

[RawDog]

Guys, am I right? Look, I need to send btc from wallet and then I'll get MaidSafeCoins. But how can I get them if my wallet is btc? I do not understand really. Also I should download mastercoin to send my MaidSafeCoins to an exchange. But how my coins, that I'll got from my btc wallet can be sent from mastercoin wallet? Pls help me to understand

Think of your BTC address as an address which can hold many things.  Just like you can park three cars at your single home address, you can park MSC, MaidCoin and BTC on a single BTC address. 

Just make sure you have the private key.  If your BTC address is at Coinbase, you don't have the private key.  You must have the private key to a BTC address and then that is your address for everything.

[aleksand]

Guys, am I right? Look, I need to send btc from wallet and then I'll get MaidSafeCoins. But how can I get them if my wallet is btc? I do not understand really. Also I should download mastercoin to send my MaidSafeCoins to an exchange. But how my coins, that I'll got from my btc wallet can be sent from mastercoin wallet? Pls help me to understand

Think of your BTC address as an address which can hold many things.  Just like you can park three cars at your single home address, you can park MSC, MaidCoin and BTC on a single BTC address. 

Just make sure you have the private key.  If your BTC address is at Coinbase, you don't have the private key.  You must have the private key to a BTC address and then that is your address for everything.

Thank you very much, but what is private key? How to make it? First time here about private key(

[Chang Hum]

Guys, am I right? Look, I need to send btc from wallet and then I'll get MaidSafeCoins. But how can I get them if my wallet is btc? I do not understand really. Also I should download mastercoin to send my MaidSafeCoins to an exchange. But how my coins, that I'll got from my btc wallet can be sent from mastercoin wallet? Pls help me to understand

If you're sure you know about the risks and you still want to trade I think it's only fair you know you can get 29750 per bitcoin at the current rate of .16 on https://www.masterxchange.com/market.php?currency=msc   this is because maidsafe are exchanging at above the market rate for using Mastercoin (this will probably equalize with Bitcoin by the sale) and you get an extra *140% if your in early!  

RE: Private key: Don't bother just withdraw straight from the exchange to the mastercoin web wallet.

[zhouhuiyan520]

 
There is no hard set cap on safecoin as there is with bitcoin. I don't approve of bitcoins inflationary model so I find it hard to approve of safecoins hyper inflationary model, determined by moores law. The number of safecoins is correlated with moores law and the value of safecoins is thereby correlated with the cost of resources which will continue to decline.

You have to understand this from a pragmatic perspective. Why would I ever pay for this service when I can simply offer the network more resources than I can use. Safecoins are not the same as investing in a companies equity, because companies do not continually dilute the shares in the company. Safecoins are more a way to account for and economize resource on the network. You can only loose money by holding on to safecoin. The price of safecoin will never be determined by the market per se because no one ever has to purchase safecoin as long as they provide more resources than they consume.

[jabo38]

I'm new to this too and not quite sure what to do. I think I'm almost there but still confused. I have master coin at mastercoinexchange. I have a lite weight bitcoin client on my mac. I'm afraid to move my Mastercoin to the client on my mac. I did get the Mastercoin faucet to send some small Mastercoin to my client on my mac. The web wallet even recognizes it once I entered my address, but I need my "private key" and I'm worried about broadcasting that on the Internet. Basically I have Mastercoin at Mastercoin exchange and a faucet on my bitcoin client wallet but I'm not confident about moving any of these and if I can move them, I'm not sure about how to keep them safe. Somebody said I can just send from my mastercoinexchange wallet to the maidsafe deposit address. I'm thinking if this is true then maidsafe coins will be sent to my mastercoinexchange wallet. Is this correct? If so I don't have to use the bitcoin client. Right?

[Elwar]

The information says they are selling 10% of the safecoins. But is that current safecoins or is there a hard cap?

I like the idea and the project and would likely create some software for this but if safecoin has no hard cap and is inflationary then it is like dollars and should only be used when needed but not held. Let alone, purchased as an investment. Imagine buying Zimbabwe dollars.

[blackvoice]

After researching I wouldn't, up to you though!

https://groups.google.com/forum/#!forum/maidsafe-development
http://www.safecoin.io/

Chinese scam coin?

[Chang Hum]

The information says they are selling 10% of the safecoins. But is that current safecoins or is there a hard cap?

I like the idea and the project and would likely create some software for this but if safecoin has no hard cap and is inflationary then it is like dollars and should only be used when needed but not held. Let alone, purchased as an investment. Imagine buying Zimbabwe dollars.

No it's the hard cap, 10% prefarm! the rest are "farmed" by providing storage space to the storage network. If you wonder why I keep writing farm its because thats what they call mining mining I think because it suggests positive contribution of..rather than burning of resources!

[Chang Hum]

After researching I wouldn't, up to you though!

https://groups.google.com/forum/#!forum/maidsafe-development
http://www.safecoin.io/

Chinese scam coin?

Yeah 

[Elwar]

The information says they are selling 10% of the safecoins. But is that current safecoins or is there a hard cap?

I like the idea and the project and would likely create some software for this but if safecoin has no hard cap and is inflationary then it is like dollars and should only be used when needed but not held. Let alone, purchased as an investment. Imagine buying Zimbabwe dollars.

No it's the hard cap, 10% prefarm! the rest are "farmed" by providing storage space to the storage network. If you wonder why I keep writing farm its because thats what they call mining mining I think because it suggests positive contribution of..rather than burning of resources!

Ok, thanks for the clarification.

[inBitweTrust]

My btc address : 1HuN7HxBn6Ae76MsojMgtKsV6CMvzE2fJx

Have somebody tried to calculate market cap for this coin ?

$10 million from fundraising, $12.5 at the last set price (17000 per bitcion), with 90% more coins to be farmed by contributers to the system over 10 years

This press release seems to indicate that 15% of that 90% remaining will be taxed to be paid to the Maid developers:

http://www.coindesk.com/decentralized-internet-project-maidsafe-raise-funds-via-safecoin-sale/

I am curious to know who controls the distribution of that ongoing mined tax?

[niner]

My btc address : 1HuN7HxBn6Ae76MsojMgtKsV6CMvzE2fJx

Have somebody tried to calculate market cap for this coin ?

$10 million from fundraising, $12.5 at the last set price (17000 per bitcion), with 90% more coins to be farmed by contributers to the system over 10 years

This press release seems to indicate that 15% of that 90% remaining will be taxed to be paid to the Maid developers:

http://www.coindesk.com/decentralized-internet-project-maidsafe-raise-funds-via-safecoin-sale/

I am curious to know who controls the distribution of that ongoing mined tax?

The MaidSafe Foundation would be in charge of distributing the 15% according to the white paper ...
https://github.com/maidsafe/Whitepapers/blob/master/Project-Safe.md

I'm not clear if the 15% is taken out of farmers' earnings.
It could be created separately based on the total amount farmed on the network. ??

edit: typo

[petskup]

Buying Safecoins for bitcoins:1KHfLixa2idRnZXMUfEisBati1vpywaH6E

[hmmmstrange]

Sorry those are correct.

Bitcoin address : 1KHfLixa2idRnZXMUfEisBati1vpywaH6E
Mastercoin address : 1ARjWDkZ7kT9fwjPrjcQyvbXDkEySzKHwu

[linna]

A lot of local tyrants!