[ANN] IPO of MaidSafe: Entering the Future of the Decentralized Internet

[JakeThePanda]

Hi Dirvine/Maidsafe,



"BitAngels have already said they will honour some of the MSC guys who did miss out"


In your post you mentioned the above, can you please exapand on that.

Yes BitAngels have proven themselves here for sure. Their honesty and integrity were shown to us in this process. I cannot go into too much info about earlier post as it would not be fair to presume. All I would say is that this is a new world and BitAngels and the Master Protocol team can provide a great service with the ability to balance out any teething problems quickly. If you do a crowd sale these are the guys to work with. I will blog about the experience we had and are having.

I would like to ensure we can ensure the network efforts that need to happen now, can and soon. This means more developers and not maidsafe developers, but new people in new teams all working in unison, but competitively (in terms of the core dev pool).  I hope that helps. It is best to assume this sale stops at 6700 BTC, but we may be able to do better for these teams.

This structure though is discussed in the white paper and on my blog. I think it's  of huge importance. 

Are you saying it's possible I will still be able to buy in with my Mastercoins?  When will we know?

IPO for MSC was closed. you can still invest BTC before the amount up to 6700BTC.
thanks for your supports.

I'm asking what this statement means?
"BitAngels have already said they will honour some of the MSC guys who did miss out"

[mtbitcoin]

Hi Dirvine/Maidsafe,



"BitAngels have already said they will honour some of the MSC guys who did miss out"


In your post you mentioned the above, can you please exapand on that.

Yes BitAngels have proven themselves here for sure. Their honesty and integrity were shown to us in this process. I cannot go into too much info about earlier post as it would not be fair to presume. All I would say is that this is a new world and BitAngels and the Master Protocol team can provide a great service with the ability to balance out any teething problems quickly. If you do a crowd sale these are the guys to work with. I will blog about the experience we had and are having.

I would like to ensure we can ensure the network efforts that need to happen now, can and soon. This means more developers and not maidsafe developers, but new people in new teams all working in unison, but competitively (in terms of the core dev pool).  I hope that helps. It is best to assume this sale stops at 6700 BTC, but we may be able to do better for these teams.

This structure though is discussed in the white paper and on my blog. I think it's  of huge importance.  

Are you saying it's possible I will still be able to buy in with my Mastercoins?  When will we know?

IPO for MSC was closed. you can still invest BTC before the amount up to 6700BTC.
thanks for your supports.

I'm asking what this statement means?
"BitAngels have already said they will honour some of the MSC guys who did miss out"

I am not sure how this would be handled. If they suddenly announced that they were once again accepting MSC for Safecoin a lot of people are going to get double burned as the prices rise and drop back again

[maidsafe]

In the spirit of “The More Open, The More Confident”, i post Dirvine's email publicly.

what do you mean that “I would hope we can offer more than 6700 BTC”？

Many large MSC investors ended up with way more MSAFE than they calculated, due to the bonus etc. They see that this is great for them, but potentially it is better that MSAFE is in more hands and the dev pods etc. are a vital component to ensure the future of the network is improved by getting there faster and with more people. I do hope to post an update on this, it's delicate and I am wary of anyone getting the wrong idea etc, (it is pretty easily done from what I have seen so far) but it is all on the blockchain and under public record, which is one good point.

We are deep in discussion though and hope to have an answer soon. I know we have people watching us and wanting to be part of development and get this thing moving. So conflicted but hopeful is what I would say.  I think we can achieve the most effective result, as long as we are open and keep folk updated at each step.

I am glad BitAngels sorted out people who had issues with the speed of the MSC closing and I am glad they did. It was a blur for sure, but one I feel will never be repeated as we know the Master Protocol can actually be used to state clearly X% BTC and Y%MSC for others following us. Not simple but this was a good outcome, when faced with that speed of an issue it is amazing what you can think of. 

No excuses for picking the wrong MSC price though, it cost us dearly and it seems that it strongly encouraged people to convert form BTC, even though we all went in BTC and I repeated it was a BTC sale primarily to everyone I spoke with. I encouraged people to not convert, but I think in retrospect the upside was just too attractive and the MSC price never increased as I thought (and was agreed by everyone involved) it might when people seen it being used for the utility it was designed for (smart property). I hope that does happen over time though and when the dust settles I hope people see how valuable this MSC protocol is.

Just realised this was a PM, feel free to post this publicly, we try to do as little as possible privately.

Thanks though.

[dirvine]

Hi Dirvine/Maidsafe,



"BitAngels have already said they will honour some of the MSC guys who did miss out"


In your post you mentioned the above, can you please exapand on that.

Yes BitAngels have proven themselves here for sure. Their honesty and integrity were shown to us in this process. I cannot go into too much info about earlier post as it would not be fair to presume. All I would say is that this is a new world and BitAngels and the Master Protocol team can provide a great service with the ability to balance out any teething problems quickly. If you do a crowd sale these are the guys to work with. I will blog about the experience we had and are having.

I would like to ensure we can ensure the network efforts that need to happen now, can and soon. This means more developers and not maidsafe developers, but new people in new teams all working in unison, but competitively (in terms of the core dev pool).  I hope that helps. It is best to assume this sale stops at 6700 BTC, but we may be able to do better for these teams.

This structure though is discussed in the white paper and on my blog. I think it's  of huge importance.  

Are you saying it's possible I will still be able to buy in with my Mastercoins?  When will we know?

IPO for MSC was closed. you can still invest BTC before the amount up to 6700BTC.
thanks for your supports.

I'm asking what this statement means?
"BitAngels have already said they will honour some of the MSC guys who did miss out"

I am not sure how this would be handled. If they suddenly announced that they were once again accepting MSC for Safecoin a lot of people are going to get double burned as the prices rise and drop back again

The MSC part is well and truly over, please don't get me wrong. The point was some felt extremely aggrieved and as a large MSC holder BitAngels honoured some peoples desire to purchase. It is more out of protecting the brand and eco system and important ensuring fair treatment of everyone involved (they are all supporters of SAFE), in no way is it a renew of the sale in MSC. I think this is amazingly good of BitAngels. No need to convert BTC -> MSC it's not back on. sale is strictly BTC now.  

[dirvine]

"we are processing the BTC manually, but looks like the Master Protocol guys may automate this for us. We are updating the site now to explain this process and the intention. It seems there may be 24-48 delay on seeing the MSAFE coins, but the blockchain confirms receipt of the BTC and we have created a spreadsheet detailing all the tx that we were using for the manual process."
from dirvine

Could you please provide a link in this thread when the site is updated?

All available from safecoin.io now. Thanks for the understanding everyone, we are certainly aware of our mistakes here, but that does not take away the fact we are incredibly delighted there are so many people now involved. We had this project to ourselves for 8 years and many rewrites and improvements in the dark, we never knew so many would share our vision. Now they share our ownership, This is the key point for all of us in the office, it's the support it's not the money, it never has been. Incredible to say the least.

[mtbitcoin]

"we are processing the BTC manually, but looks like the Master Protocol guys may automate this for us. We are updating the site now to explain this process and the intention. It seems there may be 24-48 delay on seeing the MSAFE coins, but the blockchain confirms receipt of the BTC and we have created a spreadsheet detailing all the tx that we were using for the manual process."
from dirvine

Could you please provide a link in this thread when the site is updated?

All available from safecoin.io now. Thanks for the understanding everyone, we are certainly aware of our mistakes here, but that does not take away the fact we are incredibly delighted there are so many people now involved. We had this project to ourselves for 8 years and many rewrites and improvements in the dark, we never knew so many would share our vision. Now they share our ownership, This is the key point for all of us in the office, it's the support it's not the money, it never has been. Incredible to say the least.

I for one am looking forward to this project.

...In hindsight though, setting the MSC to Safecoin price twice than what it was trading currently for probably was the biggest mistake and sort of left a bad taste (at least in my opinion). A lot of issues could have been prevented if the trades were done purely via BTC-->Safecoin (I know this can be done with counterparty) or if it was priced closer to last trading price

However, going forward if you can get the maid safe platform up and running even close to what to was envisioned, this would be an exciting and interesting time for all those involved

Cheers

[Fastpow]

I've also send my 0.35 BTC to the adress, really excited to be a part of this project!

[susu]

When it is expected to start mining? There's schedule for this project do?

[fsonex]

I sent in some BTC for the IPO...does anyone know when the POR Farming will begin? 

I've read the overview in the whitepaper, and I'd like to setup a vault, but I'm a little unclear of the timing.

[DogWhisperer]

So MSC = master coin what is the code for maidsafecoin?

Forgive me if this has been answered somewhere already.

[littleblue]

1KHfLixa2idRnZXMUfEisBati1vpywaH6E：

Balance:   5193.73908912 BTC
Sent:   902.3115892 BTC
Received:   6096.05067832 BTC

Sent:   902.3115892 BTC ，what happen？

[mastercoin_foundation]

So MSC = master coin what is the code for maidsafecoin?

Forgive me if this has been answered somewhere already.

msafe i believe

[JakeThePanda]

1KHfLixa2idRnZXMUfEisBati1vpywaH6E：

Balance:   5193.73908912 BTC
Sent:   902.3115892 BTC
Received:   6096.05067832 BTC

Sent:   902.3115892 BTC ，what happen？

It looks like they moved some coins already.  They're running to Monaco.  JK

[maidsafe]

1KHfLixa2idRnZXMUfEisBati1vpywaH6E：

Balance:   5193.73908912 BTC
Sent:   902.3115892 BTC
Received:   6096.05067832 BTC

Sent:   902.3115892 BTC ，what happen？

It looks like they moved some coins already.  They're running to Monaco.  JK

no panic! the IPO is still going. it is a normal fund transfer internally.

[filipehdbr]

Why no balance is shown yet?

Why isnt anybody selling maidsafecoins at the exchange? Wasnt it supposed to happen imeddiately after you start the IPO?

[jztxeno]

There has been so much money moving in the last 48h... those guys need to release as much as possible information before those steps...

Lol and then? If they move the coins now are later doesnt matter.

[littleblue]

1KHfLixa2idRnZXMUfEisBati1vpywaH6E：

Balance:   5193.73908912 BTC
Sent:   902.3115892 BTC
Received:   6096.05067832 BTC

Sent:   902.3115892 BTC ，what happen？

again：-1015.78682142 btc
     Sent:1918.09841062 BTC
what happen？

[mr_random]

I noticed they increased the IPO limit from 6000BTC to 7400BTC just as the funds passed 6000BTC.

I hope they don't do that again...

[maidsafe]

Q&A

Q 1
Is the MSC funds sent after the IPO closure for MSC qualified for getting safecoins?
No on the CLOSE order all funds are allocated. The protocol works like this, after CLOSE there are no more issues of MSAFE.  

Q 2
what do you mean that "BitAngels have already said they will honour some of the MSC guys who did miss out"?
They have actually sold some people their own MSAFE to appease people very aggrieved. Not to be used as some other sale though, this is  just a decent and very honourable thing they have done.

Q 3
what is the development timeline? When the backers can expect working version.
Test net1 imminent likely to be 5-6 weeks. We may have three of these, depending on test resutls etc. Also depending on number of devs we can get involved in any code fixes etc.    

Q 4
Financially transparent:what features the money will be used?
Not sure what this means, sorry. The moeny is to be used though
1: fund maidsafe 3 years at current burn as long as they provide core dev
2: Fund international developement teams to compete with maidsafe engineers on core dev
Described in more detail in white paper though.

Q 5
what is reason of that there are two Sent transactions from the IPO MSC address https://masterchain.info/Address.html?addr=1ARjWDkZ7kT9fwjPrjcQyvbXDkEySzKHwu&currency=MSC?
We answered this a lot in lots of places. A transaction was sent form the issue address to a loan address by mistake, you can see it moving out again pretty quickly. Otherwise it would have been a system taint as you should never reuse MSC to issue a smart property. You can but it is very much frowned upon and very bad as it would mess up auditing for everyone.  

[deedou]

maybe it too amazing to join in for me ,sorry