MaidSafe did really well for themselves, selling craploads of MAID on the way up. The buy-and-hold fans less so.
I don’t know who was buying to let this shitcoin rebound in recent weeks but I wouldn’t be surprised if MaidSafe the company has been buying back the “borrowed” (counterfeit) MAID they sold in months before August.
Thank you very much, fanboys!
Development going nowhere
The main reason MAID is sinking again is that it’s been getting abundantly clear that nothing will happen until spring. If at all.
MaidSafe development is still rearranging the chairs on the deck of the SAFEtanic. For 2-3 months now almost every development update has been about repackaging and rewriting code they wrote before, or blowing engineer-weeks on meaningless applications.
Speaking of the latter:
- One recent sample app is WebRTC video conferencing for SAFEnet. Without any added privacy, mind you! Who in their right mind wants to use SAFEnet and then lose anonymity by disclosing their IP (and face and voice) to others?
- Then this week they announced with another sample application: WordPad for SAFEnet, but with fewer features. Maybe people want WordPad for SAFEnet, who knows? But I bet that if every app that people expect to use needs to be re-created for SAFEnet, MaidSafe is screwed.
And screwed they are. There’s a SAFE browser, SAFE WordPad, SAFE “mail” (not really e-mail).
Does that scale? Is that efficient? No and no.
Please be back not too soon
MaidSafe the company is still running all the SAFE vaults. All of them. Those systems are fairly fast and reliable (hosted on Digital Ocean) and OS-wise their uptime is 100%, so from an infrastructure perspective there’s virtually zero unplanned downtime and data churn. I can’t imagine that vault code can be stabilized for end user use before February or March 2017 (and I’m being optimistic).
Then they have to bolt Safecoin on top of that. That, in my estimate, will take until the project dies. Safecoin will never be finished because the number of abuse scenarios is virtually endless. My prediction for Safecoin hasn’t changed for a while now: at best they can create a crappy fremium service (“expensive” free storage for MAID users, to avoid getting sued, and paid storage for everyone else).
Last October they said they needed at least 4 more months (until next February). I suspect next month we’ll learn that the situation is unchanged.
If they don’t deliver Safecoin by next spring, they may need to sell another boatload of MAID. True, they recently raised some funds, but due to various risks (and in my opinion irregularities) who knows if they’ll actually get all that money.
What a freaking disaster.