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 representatives claim the $8 million target was reached within 5 hours of the opening of the sale, which some see as a positive and a negative. As the first $6 million worth of coins were quickly gobbled up, the heads of MaidSafe decided to purchase the last $2 million mastercoins and re-distribute them with a 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 foundation using the Mastercoin Protocol and it appeared that Mastercoin purchases were going through more quickly than Bitcoin purchases (which needed to be converted to Mastercoin), with no value fluctuation risk as the terms of 17,000 safecoins per 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 more orderly, fair chance at getting safecoins to everyone who tried to get in the first day.”
The mastercoins will be used as a currency within the SAFE network, a decentrailized internet platform that will eliminate data centers and servers.
Adam B. Levine, writing for LetsTalkBitcoin.com,
commented on how the hot grabs have the potential catastrophe behind the idea
of buying mastercoins before they are being used sets up:
“The truth is we simply do not know what a fair 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 use will be.”
Furthermore, it was reported that Mastercoin
almost 50% to as low as $50 after the sale from a peak of $87, a stat not
reported by SafeMaid.
Despite the hiccups and skepticism, the massive success of the crowd sale shows the overwhelming support of the decentralized network and will likely be a hot topic for many months to come.