Just yesterday I was looking at the Poloniex BTC-MAID chart and wondering whether the slip below 9xxx meant it would soon drop to its long term support of 7xxx.
It happened much sooner than I thought – as in “within less than 24 hours”. Currently the doomed coin is trading at 7790 satoshi.
The chart shows exchange rate in the past 30 days, but if you look at the long term chart you’ll see a much worse picture.
As I said in recent posts on the progress of Safenet development, there’s been very little progress and 2016 is almost over.
Last week’s development update didn’t contain any major news, which is consistent with previous updates. The only recent remarkable news is from last week’s update and it’s more bad than good: they’re getting closer to releasing a working implementation for decentralized vaults, but to make it easier and simpler, all data chunks would be replicated 8 times.
What does that mean? I’d say at least two things so be mentioned here:
- That decentralized vault stuff won’t work reliably before March 2017 (if ever).
- The efficiency of this approach is horrendous. Forget about stories from the “community” forum how SafeNET runs on donated disk space and how the cost of such space is next to nothing. With 8x, and even 4x (if they ever get there) replication, the cost in network traffic will be enormous.
More could be said about the second point, for example how SAFE farmers in low-bandwidth countries needn’t apply. Or how the enormous quantity of MAID would chase a small amount of storage space on the network.
It was clear for a while there will soon be other ways to make money from your spare IT resources, and unlike Safenet they won’t require that you donate your space for free, go through an enormous amount of network churn only to get couple of Safecoins days or weeks later.
There’s no sign that MaidSafe is getting any closer to solving any of the fundamental unresolved issues (decentralized vaults, Safecoin), which explains the current slide to multi-month lows.