This topic on the SafeNet community forum tracks the growing desperation among MAID owners who two days ago started calling for a “fiscal stimulus” which MaidSafe delivered.
This is how the CEO Nick Lambert responded yesterday:
We have obviously been considering the prospect of the campaign not being funded, it is certainly not over yet and we have been looking at some incentives to try and move the round out of it’s stagnant state, you will see more on this in the next day or so.
Looking at what’s been announced after that it’s hard to conclude they had considered anything at all. Because the incentives, announced in this post by a community moderator & MaidSafe equity promoter Melvin, are what random forum members had been calling for: you guessed it – a giveaway of counterfeit MAID coins!
Sep 12 – Sep 26th – 1 safecoin for every £2 invested
Sep 27th – 30th Sep – 1 safecoin for every £5 invested
2nd Oct – 5th Oct – 1 safecoin for every £8 invested
7th Oct – 9th Oct – 1 safecoin for every £11 invested
No steak knives, sorry.
This promotional give-away failed to excite the community and potential equity investors alike: only $10-$20 thousand dollars was raised so the risk of MaidSafe failing to hit the minimum is still increasing.
The fact that the CEO and the founder thought that this silly program would matter says a lot about their incompetence. 1 MAID can currently be bought for $0.08, which means that anyone who invests (approximately) $5 now can get a 1.5% discount (assuming MAID doesn’t tank). Why bother?
Also note that the give-away announcement states “1 safecoin”. Safecoin at the moment does not exist, so it will be impossible to get one after the fundraising campaign is over. That means it’s going to be a while before Safecoin can be delivered. Or they meant MAID, since MAID is supposed to be swapped for Safecoin one day in the future, but in their incompetence they failed to note that. If it is MAID that will be given to equity investors, it will be some of the counterfeit (overissued) MAID that MaidSafe the company mis-appropriated after the issuance.
Counterfeit MAID Status Watch
In the same topic Nick threw some light on the status of the counterfeit MAID. Previously we knew they have been dumping those, but didn’t know to what extent.
In addition we have over 19 million MAID left and we have been liquidating Omni from the crowd sale
Several million of the counterfeit MAID have been dumped on the now underwater MAID fans (the current exchange rate vs. BTC is very likely below the level at which MaidSafe sold them to MAID fans) and now some of them will also be given to equity investors.
Don’t worry, investors, MaidSafe is the next Google
Here’s what experts from the MaidSafe community say about MaidSafe and MAID (the coin):
- I think the company is massively undervalued (Jabba)
- So when SAFE goes wild (like 20X which isn’t crazy in this world) you actually had your investment for free (Polporene – community forum moderator)
- We were in testnets with over 3000 nodes and all worked out well. We had fast, fully encrypted connections that even punched through the firewall of China. This is huge! Next steps with Safecoin, messaging, mail and all the other apps will surprise a lot of people. And as SAFE scales without any “blockchain debate” we have the road open with this technology. (Polporene – community forum moderator)
- Upside: unknown, but IMO at least 10X if SAFE is even modestly successful. (MerkleTree)
- If all goes well, and MaidSafe eventually sold out for £1bn, I’d get around a 33x return on investment, which is awesome. However, in that situation, the Safe network has probably been successful & I’d likely have made 100x+ on MaidSafeCoin (if SafeCoin reaches Bitcoin’s market cap, it’ll be a 250x return on today’s price). However, most investors don’t hold MaidSafeCoin, and a possible return of 30x+ should be very attractive.(DavidMc0)
It’s a shame that unsophisticated investors can’t recognize that. As of now, the give-away is barely visible on the progress chart.
Time for QE3!
QE1 was the misappropriation of the overissued MAID tokens, some of which have already increased the supply of MAID in circulation.
The promotional program is QE2. It’s clear that it completely failed. Not only did it not rapidly increase the inflow of investors, but it also demonstrated to potential investors that there are very few people willing to invest in the company.
Now they are stuck. I don’t think increasing the shitty give-away would help. It’s time for more desperate measures.
But the more desperate they get, the less likely it is to work. Say you got $100K to invest and have the same level of crypto-investing expertise as the community forum moderators (i.e. you think the company is hugely undervalued). Would you invest now or wait for the fundraiser to fail and then buy more equity for the same amount of money? If you know there’s no interest and the fundraising is likely to fail, you should wait.