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On April 22, MaidSafe commenced its crowd-sale of its first $8 million worth (plus bonuses) of mastercoin. The plan was to sell the coins over a period of one month, with bonus incentives to those purchased them early. However, the project was completed much quicker than anticipated. How quick?
MaidSafe Completes Crowd-Sale in 5 hours
maidsafe, crowd-sale, mastercoin
On April 22, MaidSafe commenced itscrowd-sale of its first $8 million worth (plus bonuses) of mastercoin. The planwas to sell the coins over a period of one month, with bonus incentives tothose purchased them early. However, the project was completed much quickerthan anticipated. How quick?
Try 5hours.MaidSafe representatives claim the $8 million target was reached within 5 hoursof the opening of the sale, which some see as a positive and a negative. As thefirst $6 million worth of coins were quickly gobbled up, the heads of MaidSafedecided to purchase the last $2 million mastercoins and re-distribute them witha 40% so those hoping to get in on the goods.
According to MaidSafe CEO David Irvine
““This is the first sale of this magnitude by any company or foundationusing the Mastercoin Protocol and it appeared that Mastercoin purchases weregoing through more quickly than Bitcoin purchases (which needed to be convertedto Mastercoin), with no value fluctuation risk as the terms of 17,000 safecoinsper Bitcoin were set and adhered to rigorously,” said Irvine.“In order to be fair to the Bitcoin purchasers,we bought the final $2 million with Mastercoins so we could have a moreorderly, fair chance at getting safecoins to everyone who tried to get in the firstday.”
The mastercoins will be used as a currency within the SAFEnetwork, a decentrailized internet platform that will eliminate data centersand servers.
Adam B. Levine, writing for LetsTalkBitcoin.com,commented on how the hot grabs have the potential catastrophe behind the ideaof buying mastercoins before they are being used sets up:
“The truth is we simply do not know what afair price for a MaidSafeCoin is. We have very, very rough estimates(19,000 MaidSafeCoins produced by a participating computer over the first year)but don’t even really know what they’ll be used for, or what their primary usewill be.”
Furthermore, it was reported that Mastercoinvalue droppedalmost 50% to as low as $50 after the sale from a peak of $87, a stat notreported by SafeMaid.Despite the hiccups and skepticism, the massive success of the crowd sale showsthe overwhelming support of the decentralized network and will likely be a hottopic for many months to come.
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