Madsafe(safecoin), a new concurrent or a new application ?

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virtual_master
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Madsafe(safecoin), a new concurrent or a new application ?

Post by virtual_master »

It seems to be a decentralized storage, fileshare and communication platform system like bitcloud, I2P or retroshare but with more futuristic ideas (like ethereum). Claims to integrate swarm intelligence features like the society of ants.
http://bitcoinmagazine.com/12397/maidsa ... data-safe/
http://metaquestions.me/2014/04/12/safe ... or-us-all/
http://maidsafe.net/
https://github.com/maidsafe/MaidSafe/wiki
What is not completely clear if they will have an own memorable id/ and d/ system on it or could they use it from Namecoin.
A concurrent or a possible application for Namecoin ?
Last edited by virtual_master on Fri Apr 18, 2014 10:07 pm, edited 2 times in total.
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MWD
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Re: Madesafe(safecoin), a new concurrent or a new applicatio

Post by MWD »

An investor asked Derrick and I to look at this.

Our understanding is that it's a new coin, not using Namecoin.

An issue with truly groking it is, while there is some code available, there's too much to easily vet. What they're really lacking, or were when we were looking at it, is a clear short whitepaper on what it actually IS.

Also, the guy has a bunch of patents on various processes, which he says are protecting him from patent trolls, not intended to be used by him otherwise. but it's not a GNU project from the way he describes it. (Based on his website and video and the two-hour interview on Declare your Independence.)

FYI, it's MaidSafe, not MadeSafe.

MWD
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virtual_master
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Re: Madesafe(safecoin), a new concurrent or a new applicatio

Post by virtual_master »

MWD wrote:An investor asked Derrick and I to look at this.

Our understanding is that it's a new coin, not using Namecoin.

An issue with truly groking it is, while there is some code available, there's too much to easily vet. What they're really lacking, or were when we were looking at it, is a clear short whitepaper on what it actually IS.

Also, the guy has a bunch of patents on various processes, which he says are protecting him from patent trolls, not intended to be used by him otherwise. but it's not a GNU project from the way he describes it. (Based on his website and video and the two-hour interview on Declare your Independence.)

FYI, it's MaidSafe, not MadeSafe.

MWD
YES - MadSafe :lol:
They are pushing Mastercoin also with their funding as to buy their coins with mastercoins is much cheaper then with bitcoins and as effect mastercoin prices became higher by 100% in the last days. Those who want to buy madcoins must to buy first mastercoins to get it cheaper. :lol:
Participants will buy 17,000 MaidSafeCoins per bitcoin and and 3400 per mastercoin
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MWD
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Re: Madsafe(safecoin), a new concurrent or a new application

Post by MWD »

It be MAD safe, yo. 8-)
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virtual_master
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Re: Madsafe(safecoin), a new concurrent or a new application

Post by virtual_master »

Mastercoin pushing with Maidsafecoin funding confirmed by other observers also:
http://www.cryptocoinsnews.com/news/mai ... 2014/04/22
http://www.cryptocoinsnews.com/news/mai ... 2014/04/22
As I observed a couple of days before 1MSC=0.05BTC then
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.

But the Maidsafecoin funding 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.
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drllau
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Re: Madsafe(safecoin), a new concurrent or a new application

Post by drllau »

wow ... the "crowd"-funding sounds like an edge case for regulatory supervision ... most advanced countries have laws on prizes, lotteries and general financial raising just because of the potential for scams and market failures (pump & dump is economic tort or outright fraud in some cases). It also raises an interesting question, can a new financial ecosystem-carrier based on cryptocurrencies be built without legacy funding from prior financial interests (which raises question of capture and vested interests).

virtual_master
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Re: Madsafe(safecoin), a new concurrent or a new application

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http://namecoinia.org/
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MWD
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Re: Madsafe(safecoin), a new concurrent or a new application

Post by MWD »

drllau wrote:wow ... the "crowd"-funding sounds like an edge case for regulatory supervision ... most advanced countries have laws on prizes, lotteries and general financial raising just because of the potential for scams and market failures (pump & dump is economic tort or outright fraud in some cases). It also raises an interesting question, can a new financial ecosystem-carrier based on cryptocurrencies be built without legacy funding from prior financial interests (which raises question of capture and vested interests).
I also heard the MaidSafe creator in an interview (On Declare Your Independence radio show) guarantee a huge return on investment for miners. Not smart.

The radio host said "So if I get a bunch of computers and mine this, I'll get rich?" MaidSafe's creator (the Scottish guy) replied "Absolutely" or "Of Course", something like that, something along the lines of what sounded like an absolute promise.

It's a two hour interview from months ago, I'm not going to go find it and find the part, but it's in there. It really stood out to me as a "woah!" moment.
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drllau
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Re: Madsafe(safecoin), a new concurrent or a new application

Post by drllau »

MWD wrote: I also heard the MaidSafe creator in an interview (On Declare Your Independence radio show) guarantee a huge return on investment for miners. Not smart.

The radio host said "So if I get a bunch of computers and mine this, I'll get rich?" MaidSafe's creator (the Scottish guy) replied "Absolutely" or "Of Course", something like that, something along the lines of what sounded like an absolute promise.

It's a two hour interview from months ago, I'm not going to go find it and find the part, but it's in there. It really stood out to me as a "woah!" moment.
Double ouch ... this is the reason investors have class action suites ... also worrying because you are starting to see the disconnect between use value (block chain, transaction record etc) and exchange value (doing it for sake of speculating) which historically sets the stage for bubbles (tulip mania 2020?). So hypothesise either the bubble gets pricked early with all the secondary private coins turning belly up (leaving the survivors to recover tattered reputation) or else it goes mainstream prematurely and the regulators start getting excited after the big bust. Either way, expect turbulance and a lot of witch-hunting ... though post-GFC wall street seems to weather it well ... the only slight glimmer of hope is that if the main moneymen like LP Morgan go down along with cryto-trannies, their investors may force them to abandon the sector to the serious long-term players (think AT&T being distracted with breakups and ignored the flegling ISPs).

virtual_master
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Re: Madsafe(safecoin), a new concurrent or a new application

Post by virtual_master »

Now even the organizers recognize some irregularities by the crowdsale with fund loss effect:
http://www.coindesk.com/maidsafe-lesson ... crowdsale/

However the idea of crowd-funding and decentralized storage is not bad.
Something like this with 8 millions $ would help the Namecoin development also.
It could work eventually as blockchain riding with no hard-fork and partly as side-chain for the non-persistent data-control-informations.
The crowdsale could be used 80% for the storage development and 20% for Namecoin development to enhance the Namecoin infrastructure and to establish the proper connections between the name control and storage control.
The storage could work similarly as by maidsafe with an own storage coins(running on Namecoin) which the crowd-founders would get for their investment proportionally with their share. The storage hosters would get the coins and the storage users would need to pay with the storage coins.
The data control could be in a side chain.
Registering a .bit domain the content could be also stored decentralized in that storage system.
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