Topic: [ANN] IPO of MaidSafe:  Entering the Future of the Decentralized Internet - page 126. (Read 579788 times)

"excuse me officer i would like to report a crime, i bought into an IPO and got exactly what was offered to me , my sending those bitcoin counted as a verbal contract that i would receive a certain amount of tokens, i received the exact amount of tokens stated in the agreement, which by my sending btc to the deposit address i was entered into said verbal contract. I wish to complain that some other people got it for a better price than me therefore getting more for a lower price"

1. There is zero grounds for any kind of lawsuit.

Pirate40 created what was like a digital hedge fund offering huge profits to investors and ran off with the money

Maidsafe held an IPO for interested parties to support a coin, their investment would be in exchange for tokens to later be traded into a currency. Some people were able to buy those tokens for less than others. No mention of Huge profits or gains for investors.

if you want to carry on trying to connect 2 things that are completely unrelated and would be seen completely differently under law, especially since maidsafe has performed as advertised currently. Its not good how they have performed, i would say even i am a little pissed off at how they have handled it. But a more main concern of mine is the next 1-2 months of inactivity while they set everything up and test the testnet out and hope there isn't any problems delaying release even longer. That is more damaging to the currency considering its on an open exchange that cannot withdraw and has lots of impatient people waiting to escape with a quick buck or 2 profit as it begins to maybe rise on the news.

It still doesn't change the fact : There is zero grounds for any kind of lawsuit (in this particular case and at this particular moment)

Dodgy IPO's have led to people serving jail time.

I guess you were one of the people who said pirate40 would never get in trouble for running a Bitcoin ponzi.

My only complaint is that the original terms of the offering were changed after the sale started by limiting Mastercoin investment to 50% instead of just letting the sale proceed according to the original terms. If they only wanted 25% Mastercoin and the rest in Bitcoin, then these limits should have been in place and announced prior to the sale. It would have been much better to only accept Mastercoin for the sale at the original price they wanted based on the prevailing .08 BTC/MSC valuation. Mastercoin could continually resell the MSC back into the market for BTC during the presale to aquire the BTC they wanted, assuring a sufficient supply of MSC for the sale by recycling it, and stabilizing the MSC price during the sale by controlling the supply.

While I think it was a bad idea to allow investment from two different currencies at a pegged rate to each other, with very predictable results, this was announced prior to the sale. Investors knew about the rate differential going in. My computer has a calculator, which I used to compare the rates and relative price difference. In Windows, the calculator is under Start/Accesories/Calculator. On the Mac, it is in Dashboard. A spreadsheet may also be used to brute force this task.

From seeing how Protoshares rose before the snapshot for Bitshares and fell back to its previous level after, it could be assumed Mastercoin might do the same, so it would be safe to price Mastercoin purchased Safecoin at the level at which MSC was trading prior to the announcement of the Maidsafe presale. From sales volume of MSC from the Maidsafe announcement of the 3400 safecoin/MSC rate to the start of the sale it appeared that at least 20% of the sale would be from newly purchased Mastercoin alone. The unknown was the amount of MSC held by prior investors which would enter the presale.

I knew this and considered staying up for the start of the presale with my finger on the Mastercoin Sell button, but had not decided how much of the MSC I wanted to exchange for Safecoin, so decided to wait until the next day to see how things went. I wasn't surprised by the flood of MSC, but, again, I was very disappointed by the unannounced limit and cutoff. This would damage both Maidsafe and Mastercoin. After I cooled off, I ended up purchasing some Safecoin with BTC, and later, exchanged some MSC when the opportunity became available.

It would have been much better for Maidsafe to allow the sale to progress under the original terms, even if it meant ending up with only MSC. Bitcoin buyers could still buy in on the open market at a comparable price as Safecoin shares were sold by those just using them to exit MSC as they are now.

The current state isn't much different from a typical IPO where brokers are reselling the issued shares at a markup, only in this case, the brokers are previous MSC holders cashing out. While this is not how we like to see things done in our community, since crypto currencies are all about eliminating parasitic middlemen, it is a standard practice in conventional IPOs.

I still think Maidsafe is a strong project with a lot of potential, and a very good opportunity at current prices.

MaidSafe is a bummer..  clearly amateurs   Im dumping small loss big lesson.  

BTW  MSC  lulz    please!  you embarrass yourselves in comparison to others in your area of development.

A  "dystopian future" was correct.

You'll need to find out about developments at the Google groups.  Not here.

+1

I'm sure everyone would like to see some kind of update from Maidsafe now as to the future of the project and a timeline.

@Maidsafe team. Come on guys! You now have a nice healthy bank balance ready to give your project a massive boost... don't forget where all that money came from. Their are many forum members vested in your project and we want to see some kind of developments.  Even just small updates. Anything's better then nothing.

+1

All this talk about the BTC investors vs MSC investors is just a distraction.

Prior to the opening of the IPO, the rules were pretty clear.  MSC folks would get a discount.

Now as a BTC investor, you know this before you even invest a single satoshi.

By analogy, when a stock is IPO at $20 and you know that insiders got the stock for $10.   

Anyway,  I would ignore all this whining and focus more on the future direction of maidsafecoin.

P.S.  I invested using BTC.

So when r we supposed to see the safenet ? any timeframe ?

A very very good price, but the real riches were those who held Mastercoin before the terms were announced, allowing Mastercoin long term holders to cash out and into Bitcoin.

Those who bought in had to do so quick, because it pushed the Mastercoin price up fast. People who researched could only take advantage of the price difference very quickly.

This wasn't a situation newcomers could take advantage of (buy Mastercoin to invest in the IPO), only long term Mastercoin holders made the most money from this.

What's more, MaidSafecoin hold so much Mastercoin they can barely sell it off as it would crash the fragile Mastercoin price.

So only Bitcoin from the IPO is being used for financing making it even more odd why they allowed the Mastercoins to be included at all.

It's likely very little of that Mastercoin will be used and all value was in the Bitcoin raised, and the Bitcoin backers were shafted essentially.

wow, it seems the mastercoin people got a good price!!!!

If you check the thread you will see a Mastercoin day trader making the claim all is fair even though he admits he still got in early and managed to get MaidSafecoin cheaper than the Bitcoin backers.

The other guy is a 'Bitcoin' backer but he has stockholm syndrome and doesn't mind being taken advantage of by Maidsafe.

Oh, and he thinks I am alone in my opinions. He really thinks the majority opinion is that the IPO situation is fair.

Does anyone else who invested Bitcoin want to pop in that thread and explain the situation because these followers just don't get it?

Please back me up, many of the Maidsafe core team read that google group moreso than this forum.

IPO although very hot, but the price is disappointing.

I guess the grounds would be that BTC investors were cheated out of potential profits. Didn't those winklevoss twins sue for something like that? Either way the other stuff I wrote still stands, and maidsafe devs are definitely shady and untrustworthy in my opinion.

Rofl have you actually read what you are saying?

1. There is zero grounds for any kind of lawsuit.

2. If maidsafe takes off in future? so if maidsafe takes off and grows massively in value you think you could sue them for a refund of bitcoin? you mean after the maidsafe coins you own are worth much more than the bitcoin you invested you scream fraud and try to sue?

Please support this thread:

https://groups.google.com/forum/#!topic/maidsafe-development/l8K8cX6JAeE


They need to know what they did is wrong and they can make it might in several hours if they wanted to.

Basically they needed funds to set up their safecoin network so they made this IPO. Now the mastercoins they received are pretty useless as they can't make much selling them due to no market depth and they can't use them to buy equipment directly. But the BTC on the other hand is what they're using right now to set up safecoin. The issue is that they're using the BTC investor funds and not the msc to set up safecoin, but they've given those investors the least bang for their buck.

Why do you think maidsafe stopped accepting msc during their IPO? They told everyone that it was to give BTC investors an opportunity to buy, but the most obvious reason is that they needed BTC much more than mastercoin. MSC can't pay for the servers they say they need.

I'm starting to doubt the legitimacy of a big portion of the MSC investors too. If they were able to purchase a huge amount of msafe to 'save' some for the btc investors, who's to say that they didn't purchase a huge portion in small chunks as well? After all, the investments are going back into their pockets.

I wonder if there would be grounds for a lawsuit by BTC investors if safecoin does actually take off in the future?

That looks very bad. Does the prices take into account the bonuses.

Still would want to know it was done on Mastercoin if you can buy with BTC? I want to know the official reason.

The core Maidsafe team don't care at all, none of the developers have been on here recently to respond to the fraud that was the IPO.

If they just paid an extra 23,000 MaidSafecoin per bitcoin right now then the community could move on from this disaster.

If anything, the BTC buyers should have received a better rate of msafe than the msc buyers.

I realize you're relatively new to bitcoin (at least if your sign-up date on the forum is a gauge) so you may come to cryptocurrency for different reasons, but I don't think many early bitcoin adopters are here because we want more 'community-organized safety' in our lives.

We're not here because we want other people looking out for us.  We're here because there is a palpable lack of freedom in our world.