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Topic: Irregularities by Maidsafe funding (Read 843 times)

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Activity: 504
Merit: 500
April 25, 2014, 04:10:48 AM
#1
As I first read about the Maidsafe idea I thought it has a good concept but appeared too fantastic (like NeoBee was) so I started to read more about.
Then I observed some irregularities with possible market manipulations behind it and that brought me away from the idea.

They were pushing Mastercoin with their funding as buying their coins with mastercoins was much cheaper then with bitcoins and as effect Mastercoin prices jumped more then 100% . Those who wanted to buy Maidsafecoins had to buy first mastercoins to get it cheaper.
As I observed about a week before the funding was announced 1MSC was about 0.05BTC then 0.1 and then jumped for short time to almost 0.2 BTC.

Quote
The rules said: 17000 MaidSafe for 1BTC and 3400 MaidSafe for 1MSC; i.e. .2BTC/MSC. This is why the MSC price rose and nearly reached .2 (as anyone would expect) in the days preceding the sale.


Making presale only in MSC before saling in BTC pushed even stronger MSC and stopped the downward trend of it.
As I see now Mastercoin pushing with Maidsafecoin funding was confirmed by other observers also:
http://www.cryptocoinsnews.com/news/maidsafe-embroiled-safecoin-presale-mastercoin-pump-dump/2014/04/22


But the Maidsafecoin funding could have lost this way at least 50% of it's value as the MSC price was falling again after the presale.
That came good for those who tried to get rid of their MSC's but suffered the funding.
This unclean funding also gives hint that behind the creators of Maidsafecoin are the biggest Mastercoin owners and such manipulations in favor of Mastercoin and to the detriment of Maidsafecoin cannot be excluded in the future also.

Now I see another topic that stolen coins were moved to Maidsafe Coin funding:
https://bitcointalksearch.org/topic/mtgox-stolen-bitcoins-moving-into-maidsafes-ipo-582731
http://www.reddit.com/r/Bitcoin/comments/23uw07/mtgox_stolen_bitcoins_moving_into_maidsafes_ipo/

As I didn't participated to this coin funding I am just curious what other irregularities (or scams) will be revealed next in connection with this coin.

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