MaidSafe IPO on Mastercoin

[liondani]

Cheers asenski and liondani.

So how does it provide value to holders? You need these tokens (safecoins) which I guess will be limited in number to do stuff in this system?

This is the gaping hole in the current available information: it's not really clear what these Safecoins will be used for. I guess this is what bytemaster referred to as their lacking economic understanding and flawed business model. As of right now there's no reason why the Safecoin value should ever appreciate, as the only use announced so far seems to be paying app developers and rewards for mining. Safecoins will have a big initial market cap due to the fund-raiser, but until there's an actual product and use for the coins I don't see the value increasing.

Unless I'm mistaken access is supposed to be free, if so where's the value in Safecoin? Short answer: there isn't any, at least for now..

where is bitcoin's value?
The miners get the coins because they use ASICs giving NOTHING to society (only to the ASIC industry) and wasting energy for that reason...

where is safecoin's value*?
The "farmers" get the coins because they gave they resources to the public for decentralized data storage... sounds better to me!

where is bitshares value?
"profits"


*  Unlike many currencies, the distribution of safecoin is backed by information. This information represents the world’s data and grows exponentially. Unlike gold, which only increases at circa 1.5% per annum, the quantity of safecoin will initially burgeon. This is akin to the California gold rush, where the quantity of gold grew quickly with enthusiastic miners. In safecoin this is mirrored by the network building to the stage where it is protecting all of the world’s data. During that time the mining frequency will be exponentially decreasing.

When all of the world’s data is secured, mining will naturally slow to a pace that just keeps up with the fungibility of the whole system and the increased resources under it's protection. This will be possible as people trade safecoin for network resources. These resources are initially data, but will likely grow to be bandwidth (to allow satellite and mesh networks) and processing power (for decentralised mass calculation work) amongst others.

The number of resources will be calculated by the network dynamically and in perpetuity. The value of individual safecoin will be market determined and this is an important notion. The number of coins in circulation is network led and the individual value is market driven. As people trade safecoin for goods and services this market value will be realised.

[svk]

Cheers asenski and liondani.

So how does it provide value to holders? You need these tokens (safecoins) which I guess will be limited in number to do stuff in this system?

This is the gaping hole in the current available information: it's not really clear what these Safecoins will be used for. I guess this is what bytemaster referred to as their lacking economic understanding and flawed business model. As of right now there's no reason why the Safecoin value should ever appreciate, as the only use announced so far seems to be paying app developers and rewards for mining. Safecoins will have a big initial market cap due to the fund-raiser, but until there's an actual product and use for the coins I don't see the value increasing.

Unless I'm mistaken access is supposed to be free, if so where's the value in Safecoin? Short answer: there isn't any, at least for now..

[davidpbrown]

So how does it provide value to holders? You need these tokens (safecoins) which I guess will be limited in number to do stuff in this system?

Yes, that seems to be the case. So, services providers can put there address in the software and receive payment for those. If you're providing resource to the network, then you can get paid too. For those not offering resource and using the network, then they pay in coins.

[sumantso]

Cheers asenski and liondani.

So how does it provide value to holders? You need these tokens (safecoins) which I guess will be limited in number to do stuff in this system?

[liondani]

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.

[santaclause102]

Is it known yet much BTC/USD the Maidsafe IPO has collected? /Maidsafe marketcap

[liondani]

this is so disturbing that I am glad they IPOd on mastercoin

Driven by hunger, a fox tried to reach some grapes hanging high on the vine but was unable to, although he leaped with all his strength. As he went away, the fox remarked 'Oh, you aren't even ripe yet! I don't need any sour grapes.' ...

Might I suggest you have a slice of humble pie?

well 

[bitmeat]

It will decentralize the internet and provide secure communication, which is unable to track kinda like Tor + Dropbox. Except I think they are just in concept stage and I think we will have to wait quite a bit before we see anything happen.


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[sumantso]

this is so disturbing that I am glad they IPOd on mastercoin

Driven by hunger, a fox tried to reach some grapes hanging high on the vine but was unable to, although he leaped with all his strength. As he went away, the fox remarked 'Oh, you aren't even ripe yet! I don't need any sour grapes.' ...

Might I suggest you have a slice of humble pie?

Now Maidsafe seems joined to Mastercoin in a manner reminiscent to China being joined with the US due to their US Treasury holdings.

Then perhaps they ought to exchange those Mastercoins for some bitGold!

Quick, issue BitMSCs and BitSFCs.

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

[Stan]

Glad I've got that one over with!

[liondani]

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 !

[Stan]

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"!

[sschechter]

Now Maidsafe seems joined to Mastercoin in a manner reminiscent to China being joined with the US due to their US Treasury holdings.

Then perhaps they ought to exchange those Mastercoins for some bitGold!

[bobmaloney]

I'd like to hear some possible positive outcomes from this.
Hopefully they can spin it in a good way, but what happened today seems unfortunate for Maidsafe and Mastercoin.

This is how I'm currently seeing it being viewed by the majority of people:

Whoever negotiated the Mastercoin exchange rate with the Maidsafe team took advantage of their market ignorance for their own benefit.
Not a crime, but in bad taste and at the cost of a significant amount of trust and good will in the Mastercoin team.

Maidsafe made matters worse by cutting off Mastercoin purchases and imposing the 50/50 rule out of nowhere.

Now Maidsafe seems joined to Mastercoin in a manner reminiscent to China being joined with the US due to their US Treasury holdings.

[sschechter]

As bad as this is for MaidSafe, what do you guys think happens to Mastercoin?  Will they recover from this?  Did one iceberg just sink two ships? Will this help or hurt bitshares in the 2.0 space?