The beginning of the end

This post on the MaidSafe Community Forum marked the beginning of the end.

The key element of this new plan is to sell MAID tokens that were issued by mistake (by another great crypto-project, MasterCoin (now Omni)) and that should have been destroyed years ago.

The Plan

The MaidSafe Foundation will advance these 24million coins to MaidSafe.
The sale of 19 million of these will be conducted sensitively over a period of time to minimise the impact on price.
MaidSafe will use the proceeds to further invest in the SAFE Network, drive community engagement and support developers.
5,000,000 of these coins will go directly to bounties, community projects related to launch, PR, branding, marketing and outreach programs.

This is hugely  problematic for many reasons. Negative comments on that page point out that this decision may be questionable legally and in many other ways.

Another nail in the coffin landed couple of days after that and can be seen at this link.

MVP != the released product with safecoin and messaging, It will be a network that works, but not as we want the final network to look. So there will be a new network started that has safecoin and messaging in it, if this makes sense ?

In other words, the so called Minimum Viable Product isn’t going to be a product at all.

It is hoped (if they finish it) it will provide P2P networking and storage features, but no SafeCoin integration. That is to say, after having spent millions of dollars MaidSafe hopes they’ll be able to have a payment-less P2P network such as IPFS or ZeroNet.

Next steps

In order to survive MaidSafe the company now needs to sell those 24 million coins that should have been destroyed. That has to be done without significantly impacting the exchange rate of MAID to BTC, without losing confidence and credibility and getting sued in the process. Needless to say, that will be hard.

Then they need to finish their Minimum Unviable Unproduct and get investors interested (and foolish) enough to give them more money for the final integration of Safecoin. I don’t think they have enough credibility for that, but we’ll find out soon – when first of their MAID sell offers hit the Poloniex exchange.

More to follow.





4 thoughts on “The beginning of the end

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