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

[KeyJockey]

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

[superresistant]

Wow 0.000030 BTC per MaidSafe.
Going down from 0.000058, such investment.
Much profit -50%
Very worth it

[drawingthesun]

Wow 0.000030 BTC per MaidSafe.
Going down from 0.000058, such investment.
Much profit -50%
Very worth it

The investment has turned sour for us Bitcoin investors, however the Mastercoin bagholders are up 2 times on their investment.

[FrictionlessCoin]

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.   

[FrictionlessCoin]

Wow 0.000030 BTC per MaidSafe.
Going down from 0.000058, such investment.
Much profit -50%
Very worth it

The investment has turned sour for us Bitcoin investors, however the Mastercoin bagholders are up 2 times on their investment.

The current price is actually between the price MSC buyers and BTC buyers bought the coin.  So it is actually the average IPO price.   

The price above of 0.000058 does not take into account the 40% bonus.  The real price for BTC is at .000042.  However,  if you look at the orderbook,  there is not a lot of selling below .000042.  The price is the way it is simply because the market is very illiquid.

[Fernandez]

So what is now? When are we expecting some product, in three years?

They have made their money, so sit back and pray now.

Nobody seems to have an answer why they involved Mastercoins in the first place. What was the problem with just a BTC IPO?

[freedomno1]

So what is now? When are we expecting some product, in three years?

They have made their money, so sit back and pray now.

Nobody seems to have an answer why they involved Mastercoins in the first place. What was the problem with just a BTC IPO?

Faster transactions with the MSC protocol and some support reasons for their tech if i recall
MSC was fast so did prove that it did what it is designed to do hehe

[master-P]

So now they're banning anyone who mentions how shoddy their IPO was on the Google groups forum.

[Simon Templar]

From the google groups forum;


May 5David Irvine
Ok I have had enough of the good work everyone is doing being hijacked by time wasters. I am going to become a little ruthless at banning people who come on this list and waste time. Its a waste of all of our time to read and worse answer some of these people.

I think we are aware this is constantly the same people and the last few are just as bad. We had a guy trying to tell us he set up counterparty maidsafecoins and wanted us to buy the name for 5BTC. There have been other such people recently and these are just a PITA.

I want the devs to get on with their work and this community to debate, design and discover the ways we can make SAFE a reality and get the testnets up and running. 

In terms of the crowd sale we finished the 2nd and last part of the Master Protocol discussions and this is recorded here http://mastercointalk.org/index.php?topic=460.0 and publicly available. I hope we all learn from this, but it is what it is. There were errors, tech issues and more. A combination of difficulties did arise and were dealt with. In any case we cannot go over it many times per day and we have to live with it all. Typically open and honest approach, unfortunately it attracts the weak and their alternative world view of things. It is best to stick to facts.

In any case I will ban these people on sight and not waste any more of your time. I am sorry we have all had our focus taken off the ball with these people, I will try hard to make sure this is handled swiftly and efficiently. I may make mistakes and feel free to say if you think I do.

Cheers folks (don't feed the trolls)
--

David Irvine
Secure email and chat: dir...@unseen.is
twitter: @metaquestions
blog:  http://metaquestions.me

[FrictionlessCoin]

From the google groups forum;


May 5David Irvine
Ok I have had enough of the good work everyone is doing being hijacked by time wasters. I am going to become a little ruthless at banning people who come on this list and waste time. Its a waste of all of our time to read and worse answer some of these people.

I think we are aware this is constantly the same people and the last few are just as bad. We had a guy trying to tell us he set up counterparty maidsafecoins and wanted us to buy the name for 5BTC. There have been other such people recently and these are just a PITA.

I want the devs to get on with their work and this community to debate, design and discover the ways we can make SAFE a reality and get the testnets up and running. 

In terms of the crowd sale we finished the 2nd and last part of the Master Protocol discussions and this is recorded here http://mastercointalk.org/index.php?topic=460.0 and publicly available. I hope we all learn from this, but it is what it is. There were errors, tech issues and more. A combination of difficulties did arise and were dealt with. In any case we cannot go over it many times per day and we have to live with it all. Typically open and honest approach, unfortunately it attracts the weak and their alternative world view of things. It is best to stick to facts.

In any case I will ban these people on sight and not waste any more of your time. I am sorry we have all had our focus taken off the ball with these people, I will try hard to make sure this is handled swiftly and efficiently. I may make mistakes and feel free to say if you think I do.

Cheers folks (don't feed the trolls)
--

David Irvine
Secure email and chat: dir...@unseen.is
twitter: @metaquestions
blog:  http://metaquestions.me

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

[sepehr]

From the google groups forum;


May 5David Irvine
Ok I have had enough of the good work everyone is doing being hijacked by time wasters. I am going to become a little ruthless at banning people who come on this list and waste time. Its a waste of all of our time to read and worse answer some of these people.

I think we are aware this is constantly the same people and the last few are just as bad. We had a guy trying to tell us he set up counterparty maidsafecoins and wanted us to buy the name for 5BTC. There have been other such people recently and these are just a PITA.

I want the devs to get on with their work and this community to debate, design and discover the ways we can make SAFE a reality and get the testnets up and running. 

In terms of the crowd sale we finished the 2nd and last part of the Master Protocol discussions and this is recorded here http://mastercointalk.org/index.php?topic=460.0 and publicly available. I hope we all learn from this, but it is what it is. There were errors, tech issues and more. A combination of difficulties did arise and were dealt with. In any case we cannot go over it many times per day and we have to live with it all. Typically open and honest approach, unfortunately it attracts the weak and their alternative world view of things. It is best to stick to facts.

In any case I will ban these people on sight and not waste any more of your time. I am sorry we have all had our focus taken off the ball with these people, I will try hard to make sure this is handled swiftly and efficiently. I may make mistakes and feel free to say if you think I do.

Cheers folks (don't feed the trolls)
--

David Irvine
Secure email and chat: dir...@unseen.is
twitter: @metaquestions
blog:  http://metaquestions.me

While I'm not convinced and not happy enough, But agree that it's better to face forward and run the testnet ASAP. So people forget the bad taste of this weak IPO.

Go David! We are watching!

[Chang Hum]

From the google groups forum;


May 5David Irvine
Ok I have had enough of the good work everyone is doing being hijacked by time wasters. I am going to become a little ruthless at banning people who come on this list and waste time. Its a waste of all of our time to read and worse answer some of these people.

I think we are aware this is constantly the same people and the last few are just as bad. We had a guy trying to tell us he set up counterparty maidsafecoins and wanted us to buy the name for 5BTC. There have been other such people recently and these are just a PITA.

I want the devs to get on with their work and this community to debate, design and discover the ways we can make SAFE a reality and get the testnets up and running. 

In terms of the crowd sale we finished the 2nd and last part of the Master Protocol discussions and this is recorded here http://mastercointalk.org/index.php?topic=460.0 and publicly available. I hope we all learn from this, but it is what it is. There were errors, tech issues and more. A combination of difficulties did arise and were dealt with. In any case we cannot go over it many times per day and we have to live with it all. Typically open and honest approach, unfortunately it attracts the weak and their alternative world view of things. It is best to stick to facts.

In any case I will ban these people on sight and not waste any more of your time. I am sorry we have all had our focus taken off the ball with these people, I will try hard to make sure this is handled swiftly and efficiently. I may make mistakes and feel free to say if you think I do.

Cheers folks (don't feed the trolls)
--

David Irvine
Secure email and chat: dir...@unseen.is
twitter: @metaquestions
blog:  http://metaquestions.me

In direct response to the shocking trolling here: https://groups.google.com/forum/?hl=en#!topic/maidsafe-development/6nMpc4qI7ow

[mitao]

thanks @maidsafe for the roadmap. Is there any time window estimation for each step?

[msin]

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. 

[qiwoman]

Has the ipo ended or can we still get coins?

[msin]

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. 

[mitao]

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?

[msin]

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. 

[superresistant]

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 ?

[KeyJockey]

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