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Author Topic: [ANN] IPO of MaidSafe:  Entering the Future of the Decentralized Internet  (Read 534649 times)
mitao
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May 07, 2014, 05:32:28 PM
 #841

In fact,  a lot more than $3 million has already been burned over the 8 years of software development for this coin. 


If this is true, I would sell all my safecoin immediately. 

It's been said, repeatedly, that the MaidSafe guys have previously received funds invested from "friends and family" for past development work on this project, which is what I am assuming this refers to.  And provision has been made for "rewarding" these early alpha-stage investors, seed-capital supporters, in the current coin structure, which seems appropriate to me.


Nothing to do with budget, if you are developing something for 8 years with nothing released, then you should be worried.  I guess with $6mil now, they can keep going for another 16 years!  I personally know of 3 legitimate Maidsafe competitors that will have working products in the next 6 months.  I hope Maidsafe can beat that time frame. 

I agree, if they release something working it will be easy to raise tens of million$ from VC instead of in BTC community.

Mind to tell which 3 competitors?
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May 07, 2014, 05:40:19 PM
 #842


I agree, if they release something working it will be easy to raise tens of million$ from VC instead of in BTC community.


No it wouldn't, it's not easy to raise any money from VC's, and if Maidsafe had something working they wouldn't need to raise any money.  I only invest in coins that have beta released.  You will learn about the competitors soon enough. 
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May 07, 2014, 07:25:04 PM
 #843

In fact,  a lot more than $3 million has already been burned over the 8 years of software development for this coin. 
If this is true, I would sell all my safecoin immediately. 
It's been said, repeatedly, that the MaidSafe guys have previously received funds invested from "friends and family" for past development work on this project, which is what I am assuming this refers to.  And provision has been made for "rewarding" these early alpha-stage investors, seed-capital supporters, in the current coin structure, which seems appropriate to me.
But I don't know that exact dollar amounts have been published, have they?  And is $3 million really that much for a project of this scope and potential?  Seems to me that even developing a silly game or smartphone app these days often "burns thru" a million or more before anything really substantial can emerge: how much does something like Angry Birds cost?
$3 million in 8 years is $375K a year = still looks like a shoestring bootstrap software development business to me, but they HAVE developed something compelling, so far... looks like to me.
So unless all this is totally wrong and I'm an idiot, personally I'm still gonna hang on to my safecoin, but if you don't agree?  Then, yeah, ya better go sell all of yours off before it tanks to $0 zero.
Hard to tell at this early stage of a game like this which one's really the smart move... if making money in speculative VC-type investments was so easy, then everyone would be doing it :-P
My point exactly.   There is a cost to development.   I'm glad the development is on a shoestring budget.   I am glad that they raised $6 million for future development.  In the world of competitive crypto-currency, this is a nice war chest to have.   
Mastercoin has also a very large development budget however in my opinion MSC is built on a suspect vision and idea.   Safecoin in contrast has a lot more solid ideas.   

Come on people... It was a bad idea to send so much money without knowing exactly what it was.
Most people where sending Bitcoins because they've been impressed by the cash flow.
You're lucky that it didn't end like a quick scam as we've seen so many recently.
Even in the case of a legit project, you should not send money before being 100% sure of what you are doing (I'm not talking about you FrictionlessCoin but about most investors here).
By sending money to a non-finished project, you are encouraging this kind of IPO that can be easily turned to scams.

Anyway it was a bad idea for most of you. Right now I can buy much cheaper and much safely. I just had to wait few days. Can't you wait few days people ?

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May 07, 2014, 07:29:25 PM
 #844

If Maidsafe had something working they wouldn't need to raise any money... You will learn about the competitors soon enough.  

"If they had something working they wouldn't need to raise money" is another way of saying that old chestnut "build a better mousetrap and the world will beat a path to your door"... which simply isn't true.  A nice, romantic, idealistic concept that's never been "reality".

In the real world it takes MONEY to make things happen.  

Lots of people have good ideas: ideas are a dime a dozen, and many even have "prototypes" but they still don't ever get anywhere (this could prove true for MaidSafe too, of course).  Execution & Implementation (and iterate, iterate, iterate) is all that matters.

So, if there are other companies in Maid's space, let's hear about it.  I've never heard of anyone else doing this, and unless they really exist, anyone can say anything.  Vaporware isn't real.

Also MaidSafe has patents, I believe?  Which they've said they'll only use defensively, but point is THEY have 'em.  That ain't cheap (I suspect a lot of the friend and family seed money went into costs for lining this up, getting ducks in a row...)

And also, just like bitcoin, looks to me like first mover advantage and network effect will play a big role in this space too.

Again, anyway, I don't wanna debate this here really.  If y'all don't like what you see with MaidSafe WTF are you doing here?  If you're disappointed with what you're seeing after you bought into the IPO, just sell the interim token coins off, take your loss, and STFU... right?

Again, again (LOL) I'm personally just gonna tuck away this little pile of safecoins from my measley little 1 BTC investment that I put into this, and wait to see what happens.  If someone put too much money into this longshot, clearly high risk speculative investment, and now regrets it, who's fault is that?  If you can't afford to lose $500 on something like this, ya shouldn't have bought it... so, who's fault, again?

Srsly........ LOL


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May 07, 2014, 07:40:30 PM
 #845



Come on people... It was a bad idea to send so much money without knowing exactly what it was.
Most people where sending Bitcoins because they've been impressed by the cash flow.
You're lucky that it didn't end like a quick scam as we've seen so many recently.
Even in the case of a legit project, you should not send money before being 100% sure of what you are doing (I'm not talking about you FrictionlessCoin but about most investors here).
By sending money to a non-finished project, you are encouraging this kind of IPO that can be easily turned to scams.

Anyway it was a bad idea for most of you. Right now I can buy much cheaper and much safely. I just had to wait few days. Can't you wait few days people ?

I watched David Irvine's presentation and I did read the Maidsafe papers,  so I was pretty impressed as to what they were creating. 

Now, predicting if an IPO price is priced right is a difficult task.

Right now, the price is trading below the IPO for BTC buyers and above the IPO price for MSC buyers.  Essentially, it is trading actually above the average purchase price of all buyers.   So it is not as much as a disaster a people claim it to be.




      
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May 07, 2014, 09:15:17 PM
 #846

A couple of possible "competitors"...

https://projectmeshnet.org/
http://storj.io/

(I have no idea how "real" these projects are or when they may have a working product)


 
 
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May 07, 2014, 10:02:54 PM
 #847

In fact,  a lot more than $3 million has already been burned over the 8 years of software development for this coin. 


If this is true, I would sell all my safecoin immediately. 

It's been said, repeatedly, that the MaidSafe guys have previously received funds invested from "friends and family" for past development work on this project, which is what I am assuming this refers to.  And provision has been made for "rewarding" these early alpha-stage investors, seed-capital supporters, in the current coin structure, which seems appropriate to me.


Nothing to do with budget, if you are developing something for 8 years with nothing released, then you should be worried.  I guess with $6mil now, they can keep going for another 16 years!  I personally know of 3 legitimate Maidsafe competitors that will have working products in the next 6 months.  I hope Maidsafe can beat that time frame. 

I guess time will tell who's talking out their ass - Maidsafe or your 3 legitimate Maidsafe competitors. My bet's on your "competitors". LOL
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May 07, 2014, 11:34:06 PM
 #848


Bravo!  Enough of the whining and the scamming and let's get down to business!

Bravo what?  These guys have raised $6mil, so I think it's only fair they are subjected to tough questions.  In the real world, if you want to raise $6mil, you are going to be vetted thoroughly.  Instead, this guy is censoring his "forum" so all you will see if cheerleader comments like this.  Lame. 

$3mil
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May 08, 2014, 01:15:04 AM
 #849

A couple of possible "competitors"...

https://projectmeshnet.org/
http://storj.io/

(I have no idea how "real" these projects are or when they may have a working product)

The first one doesn't seem to be QUITE the same thing, although sure it's interesting in it's own right.  

And the second one, this Storj project: on their first posted thread on BitCoinTalk they include:

Quote
Special Thanks
BitAngels, esp. David Johnston and Jeremy Kandah - For your continuing input and support.
Jeff Garzik (jgarzik) - For technical and concept help.
Gregory Maxwell (gmaxwell) - For the initial seed concept and discussion thread.
Maidsafe, esp. David Irvine and Nick Lambert - Hackathon input, mentoring and continuing conceptual synergy.
Mastercoin Foundation - hackathon support, input and mentoring.

...so, if anything it looks like they're co-operating or co-developing with MaidSafe, and not precisely "competitors" either.

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May 08, 2014, 05:44:08 AM
 #850

StorJ did say that they're going to use the maidsafe platform for their service.

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May 08, 2014, 08:58:42 PM
 #851

A couple of possible "competitors"...
https://projectmeshnet.org/
http://storj.io/
(I have no idea how "real" these projects are or when they may have a working product)

... they could be better than MaidSafe or released before.

What will be the value of MaidSafecoins then ?

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May 08, 2014, 09:06:13 PM
 #852

A couple of possible "competitors"...
https://projectmeshnet.org/
http://storj.io/
(I have no idea how "real" these projects are or when they may have a working product)

... they could be better than MaidSafe or released before.

What will be the value of MaidSafecoins then ?


If maidsafe folks were mentoring them,  do you think they would be able to create a better maidsafe?

All your negativity has absolutely no substance.

In fact,  most of the negativity I hear against maidsafe is coming from the same group of NXT supporters.  Is this part of your NXT 'swarm'?  Well, I hope David Irvine sues you guys for defamation.


      
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May 08, 2014, 09:58:25 PM
 #853

If maidsafe folks were mentoring them,  do you think they would be able to create a better maidsafe?
All your negativity has absolutely no substance.
In fact,  most of the negativity I hear against maidsafe is coming from the same group of NXT supporters.  Is this part of your NXT 'swarm'?  Well, I hope David Irvine sues you guys for defamation.

"Defamation" won't enter into it.  Not necessary.

The proper remedy in a situation like that would likely be "patent infringement".

But, that probably won't happen either, since it appears the MaidSafe guys are actually helping & supporting next-level development that will utilize and therefore SUPPORT the core MaidSafe technology.

This is "building-out" their own market, via these "competitors", in other words, and simultaneously cementing THEIR position as the underlying foundation.

It's a pretty smart approach, actually.... IF this is indeed what is happening.

But, again, I have no idea personally, if true or not.  I only first even heard about all this a couple days before the MaidSafe IPO Event and put 1 bitcoin into it pretty much on a whim, on just instinct, after a cursory review of the project website.

A totally reckless gambler "plunger bet", in other words, LOL

But the more I read about what is really going on with this, the more I feel like it was a correct decision... sometimes if you go with your gut, your gut IS right, eh?  LOL... hope so, but if not?  No biggie really.  I've probably already gotten $500 worth of entertainment value out of all this...  ;-)


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May 08, 2014, 11:00:07 PM
 #854

When will I be able to mine (POR) these?

How I've earned 0.088 BTC for making few forum posts on LetsTalkBitcoin.com
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May 08, 2014, 11:03:17 PM
 #855

I have invested with BTC, I'm stupid.

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peacefulmind
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May 08, 2014, 11:46:24 PM
 #856

I missed the "IPO" do to the extreme demand but am today still considering converting some BTC into Maidsafe.

Can this still be done, as the website still says, "any BTC sent will be returned."  This leaves a lot of people feeling like they missed the boat if they were unable to get in the first 4 hours there was actually a sale.

I am also going to buy Ethereum, and frankly I think Ethereum has a huge advantage - they are going to make the IPO available to everyone who wants in at the beginning.  No feeling of losing out, or being cut out by big players.

With this in mind, if it is possible, why should I not just skip this and buy Ether?  I will know I was able to get in on the ground floor, on the same terms as everyone else.  This also means a lot more people advocating for Ethereum.

Would just like to hear what is the benefit of buying Maidsafe second hand today?  Why should a person put 10 BTC into this, and why would that be better than the Etherum IPO?

I am wondering if anyone can make a convincing argument.  I know the engineering talent is here, but I think you don't have the community, and now no way to adequately reward those who missed the botched IPO process.

If anyone can explain why someone should today try to get some Maidsafe second hand, and are looking at this as a speculative investment, should do so I would love to hear it.

At least NXT is on all the exchanges and I can be sure about consensus market value (no I am not a NXT advocate but respect them for letting the financial markets dictate their future) but Maidsafe should "float" on major exchanges also imho.


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May 09, 2014, 12:03:30 AM
 #857

I missed the "IPO" do to the extreme demand but am today still considering converting some BTC into Maidsafe.

Can this still be done, as the website still says, "any BTC sent will be returned."  This leaves a lot of people feeling like they missed the boat if they were unable to get in the first 4 hours there was actually a sale.

I am also going to buy Ethereum, and frankly I think Ethereum has a huge advantage - they are going to make the IPO available to everyone who wants in at the beginning.  No feeling of losing out, or being cut out by big players.

With this in mind, if it is possible, why should I not just skip this and buy Ether?  I will know I was able to get in on the ground floor, on the same terms as everyone else.  This also means a lot more people advocating for Ethereum.

Would just like to hear what is the benefit of buying Maidsafe second hand today?  Why should a person put 10 BTC into this, and why would that be better than the Etherum IPO?

I am wondering if anyone can make a convincing argument.  I know the engineering talent is here, but I think you don't have the community, and now no way to adequately reward those who missed the botched IPO process.

If anyone can explain why someone should today try to get some Maidsafe second hand, and are looking at this as a speculative investment, should do so I would love to hear it.

At least NXT is on all the exchanges and I can be sure about consensus market value (no I am not a NXT advocate but respect them for letting the financial markets dictate their future) but Maidsafe should "float" on major exchanges also imho.


You can buy maidsafe at masterxchange.com .   Right now it is below the IPO price, so you are lucky that you missed the IPO.

When Safecoin comes out (maidsafe is just a 1:1 proxy of the coin), then it may likely be the first crypto-currency where the contributions of the "miners" / in this case the "farmers" have real value (storage).   Proof of work systems really just burns energy but the value of the computation is worthless.   Ideally one would like to value of the network to increase as more nodes participate in the network.   Safecoin has this property,  Bitcoin does not.

Anyway,  that's my reasoning. 

However, one warning,  not every investment is going to be a slam dunk.   There could be competitors that come in over time.   

Regarding, Ethereum,   as I understand they wanted to raise 35 million,  much more than the 6 million raised by maidsafe.  So relatively,  Ethereum might be a more expensive IPO. 





      
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KeyJockey
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May 09, 2014, 12:22:43 AM
 #858

Would just like to hear what is the benefit of buying Maidsafe second hand today?  Why should a person put 10 BTC into this, and why would that be better than the Etherum IPO?

I agree that you're "lucky" to have missed the IPO, since you can buy a little cheaper now on the open exchange.  I've considered buying a little more to dollar-cost-average my own little safecoin holding downward a bit.

But really, for YOU?  Why do you feel you have to choose between Maid or Ethereum?  Why put 10 BTC into only one or the other?

What you're trying to do, with that, is kind of like trying to pick either AltaVista or Google as the search engine winner, 'way back in the early days of the rise of the Internet, before anyone even knew that search would be important.

If you have 10 BTC you can afford to lose on this, if I were you?  I'd just put 5 into each.  But even that's pretty rich for my blood, LOL, as I noted above, I only tossed ONE bitcoin on this myself, as a total longshot speculative gamble.  I fully expect that bitcoin might be already lost... but if not it could turn into $$$$$$ worth of future value.

But your question makes a good point: I should probably not dollar-cost-average more money into MaidSafe, but rather wait and put a little into Ethereum later Wink

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May 09, 2014, 02:36:49 AM
 #859

I have invested with BTC, I'm stupid.

I invested in BTC...and I don't consider myself stupid.

Stupid is trying to play the day trade game without going through the motions and learning about it...using small increments first over a long period of time and doing the research necessary to understand all of the coins that one is placing money in...even if for just ten minutes.

That game sucks.  Research is more fun and when one does the research, one sees the reasons for the altcoins and why everyone is experimenting with different algorithms, different tactics...it's all about creating a better system.  Yeah...money is the incentive, I won't deny that but research led me to MaidSafe and I like what they are doing and the fact that they want to help people.

I invested in them with BTC...I will farm.  If I see profit on my IPO investment then cool...most likely I will to some extent.  But There are so many opportunities for doing awesome stuff with their platform that I might not care as much as I would have five years ago...
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May 09, 2014, 02:43:27 AM
 #860

At least NXT is on all the exchanges and I can be sure about consensus market value (no I am not a NXT advocate but respect them for letting the financial markets dictate their future) but Maidsafe should "float" on major exchanges also imho.

Maidsafe is a proxy coin...meaning it is a placeholder until the Safe Network is live and then it will be exchanged 1:1 for Safecoin...which is used for transactions on the network...

Maidsafe could be on other exchanges but none of them are set up to handle Smart Property yet...which is what Maidsafe is considered.  So it is better to wait...in my opinion for the Safe Network.
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