Quotes from: AdamBLevine on Today at 05:57:24 PM

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...I'm a little curious what "great insight" you have Daniel?

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launch something before you take the time to gloat about other peoples success.

Set him up, then smack him down.  Nice.

It was obvious misstyped... they don't set him up.

Bitcoin's value is from it's network effect as a payment system.
Paying people coins doesn't give them value. How is demand for safecoin generated?

Sent from my SCH-I535 using Tapatalk

from the "farmers"/miners
Right now on the crypto community exist a lot of altcoin miners...
That means people (included me) have their computers 24 hours a day open,  so if I have  unused hard drive space (i have enough) why not participate on  SAFE network and earn some extra safecoins knowing I make it for a good cause? (decentralized Internet )

I still have no idea what this Maidsafe software is supposed to be. Can anybody mention in a couple of lines?

The SAFE network takes all the Internet services currently available today and decentralizes them, removing servers and other central points of weakness enabling privacy, security and anonymity to all Internet users.
Since MaidSafe is a platform, the protocols are based on a voluntary ‘contract’ between self-authenticating users and the network itself. Essentially, this eliminates the need for third party involvement, password transmission or interaction from other humans.
To get a basic idea on how the MaidSafe network operates, take a look at existing cryptography-based cloud storage such as https://mega.co.nz/# which have incorporated a crypto-based encryption process that secures data and keeps it totally anonymous.
The SAFE network is made up of unused hard drive space, CPU and communications capabilities of commodity computers. These computers are likely owned by the very users of the system, but need not be limited to that. Each computer will effectively mine for credits which can be traded for many other goods and services. These credits are called safecoin.

Quote from: werneo on April 22, 2014, 06:57:01 pm

Quote from: liondani on April 22, 2014, 03:01:58 pm

is bytemaster a prophet ?

Geeze. Give this young fellow a break. He doesn't need to be prophet or a demi-god. He just needs to be garden-variety visionary with great coding skills. Being Moses is too much pressure, brah.

Profits!  He was talking about "profits"!

Not to mention that this was your 666th post !

The challenge they face now is that the ipo is set in motion and cannot easily be changed.  Just like we learn   As we make mistakes so will they. 

We here in the bts community have one critical edge over every other project:  we understand economics better than everyone else. 

I have warned the maidsafe guys about their broken economic model, but they have too much momentum to change.     

They plan to try and then fix it if it fails. It will.

Hopefully they can recognize it and fix it ASAP, but that will set them back on schedule.   

Our strength of being willing to admit our designs are flawed is that our schedule slips. Others rush ahead with flawed (significantly so) systems.  We are the turtle they are the hare. We will win in the end with steady improvement and open minds  that are willing to adjust course. 

Maidsafe has great software and I want them to be successful.  In time we will be integrating keyhotee with them.  We just need to help them fix the economic model. 



Sent from my iPhone using Tapatalk

is bytemaster a prophet ?

Ouch, I see a big problem here.

"I wish I heard about this project earlier, maybe it would struck my
mind to warn you about this. If you would have paid attention to
cryptocurrency scene, you might have envisioned this scenario.

Currently  92535 MSC are donated, as you can see on
http://www.mymastercoins.com/ (just enter the
address 1ARjWDkZ7kT9fwjPrjcQyvbXDkEySzKHwu at the bottom of the page
to see the balance).

Current market price is 0.17 BTC as you can see on
https://masterxchange.com/ and clearly you can see the on the right
graph that almost no one wants to buy mastercoins. There is huge ask
instead.

0.17*17000=2890

Here's what will happen:

MaidSAFE team will want to exchange MSC for cash in order to fund the
project, therefore will try to sell 15% of all MSC in existence. This
will drive the price to nearly zero, because the volume of such
marginal altcoin is very small, and very few people will want to buy
it. People who are holding MSC are aware that happening and already
started to preemptively sell their MSC.

The biggest problem is that you guarantee to give 3400 SAFE for each
MSC, which might have been tru when the funding started. But will be
way off the real price when it finishes. You should have said that
you will give amount of SAFE respectively to current MSC price.

Now people who hold MSC saw a great opportunity to finally get rid of
their niche altcoin with low volume, for something that actually is
pretty great.

I am very sorry that this is happening, and I hope that the amount of
money you will collect from BTC will at least partially offset what
is happening.

Alternatively you might change your policy and instead of rewarding
3400 SAFE for each MSC you can give amount of SAFE proportional to
current MSC price. This will piss off greatly the MSC early adopters,
who currently hold a majority of MaidSAFE issued currency. This may
be only four to six people, but we don't know how powerful they are.
And what their wrath might be.


ouch before I fnished this email the price dropped to 0.09, therefore
currently:

0.09*17000=1530

1530/3400 = 0.45

you are currently selling your high valued SAFE coins at below half their intended price. This drives more people to convert their bitcoins into MSC and buy SAFE using MSC. I am afraid that this feedback loop will have even worse side effect on MaidSAFE.

Maybe the best would be to return all coins to their respective
sender addresses (both BTC and MSC).

Post a big apology for not knowing how cryptocurrency scene works,
and restart this process in next week.

best regards"
--
Janek Kozicki           

from  https://bitcointalk.org/index.php?topic=577149.140

Quote from: ervalvola on April 22, 2014, 11:30:06 am

Quote from: mtbitcoin on April 22, 2014, 11:19:02 am

Quote from: mcjavar on April 22, 2014, 11:12:23 am

What happened to the mastercoin ipo address? why is it removed from the homepage?

I remember reading that they were expecting 70% ++ of the coins to be coming from BTC. But instead it looks like it was the other way around and everyone was cashing in on their MSC instead.

This is absurd. I bought mastercoins only to convert them to safecoins and now I am at a loss (like 50%) only because I am 3 hours late.
They should have done their calculations before, not changing the rule of the game while the IPO is going.

I feel scammed.
It's like a sort of pump and dump on mastercoin prices.

If not scam, it's too silly for a company who have such great plans.

The same here.

Quote from: Zooey on April 22, 2014, 11:52:19 am

Allow me to add to the confusion and fuckeduppery.

I sent some Bitcoins to this party.  Are people who sent a coin of significantly less value going to receive significantly more of these magiccoins than me?

It seems so.

To make things worse, now that the MSC adress has been removed from the safecoin site the MSC dump has started following the last few days pump. Gotta say this was a very bad way of doing fund-raising, definitely makes the Mastercoin foundation look very bad in my eyes.. Not sure what to think of the Maidsafe guys, were they "in on it" or just duped?

from  https://bitcointalk.org/index.php?topic=577149.140

"treat others as you would like to be treated"

 

RESPECT Stan

I am really proud to belong to this community.