[ANN][KARM] Karmacoin - New Initiatives - Helping People Do Good

[huige007]

Poor English, a little did not understand. But already purchased shares

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[Poogasm]

First of all good job so far kosmost and the whole team. There's a great deal of excitement in the air now, great time to be part of this community! 

Apologies if this isn't clear from the FAQ. It still needs polishing and I hope that it can be exceedingly clear and well-explained within a couple of weeks.

The number of points is capped (number of coins * maximum multiple) but these are attached to the coins themselves. So if you own the coin you have a claim to the company and profits. If you sell your coins to someone else, then they have that claim.

Your membership kicks in after 10MM coins + 30 or more days, but will be calculated according to how long you've held your coins during that period. You can certainly do as you suggested but you'll only get a portion of the profits for that month.

1 coins can only be in 1 wallet at a time (even in the fuzzy superposition of the Quantum period!), and if you have 64MM coins in your wallet for 50 days then sell 20MM it will be calculated accordingly on a pro-rated basis.

Thank you for clearing that up.
I am in.

[kosmost]

i don't get what is happening right now lol......

just chaos buy and sell orders can't see where its going lol

Did you check the volume? Between Cryptsy and Minpal KARM has been generating around 20BTC (or 800LTC) trading volume today. That's still not much compared to what will come, but much higher than anythign this coin has seen in a long, long time.

Of course volume brings volatility. New people pouring in raise the price (no time for slow accumulation), others want to supress it (to keep buying cheap KARM for a while longer) or just want out with a healthy profit (don't forget, there's plenty people who bought KARM at 10litoschi - ~27litoshi is fantastic profit).

The more attention KARM gets the coming days, the more volatile price will get. But the base value (average price) has already risen 100% compared to 2 days ago. I think it will only go up from here.

we'll see.. hopefully in a few days those who downvoted this thread will understand what it means to "secure the economy" lol

Take a look at Reddcoin. They've got a secure network but a declining economy. We're just getting our economy started. (I hope they implement PoC, too.) By making our economy stronger we are securing our network at the same time, through increased participation.

[kosmost]

Looking forward to the answers. We'll need them soon if the kickoff is indeed going to be tonight. Cannot decide how/what to invest if I don't understand the system.

On another note - damn is price moving up fast. Slow down people, we want this coins price sustained, not pump and dumped.

Anyway, bye bye cheap Karmacoin, I wish I had bought more of you. But I was always out of LTC when price was lowest. I guess I need to find new homes for my buywalls now. It was fun defending KARM against dumpers for the past few weeks. ;-)

I will watch where the new floor settles and then help wall there as long as I have some LTC left.

It's possible that it's still cheap now, even at 60 litoshi. There's no way to predict the future, of course. I can only predict that I will not rest until we hit 500 satoshi

[Momimaus]

It´s hard for me to understand.
But in conclusion, you double the amount of shares. So for each coin there will be an additionally karmashare. So wheather you receive coins for share, or you keep the share, you will have half of all shares/coins. Isn´t it?
So thats´s just an additionally IPO?

[kosmost]

First of all good job so far kosmost and the whole team. There's a great deal of excitement in the air now, great time to be part of this community!  

That said, I have read through the Karmashares site and FAQ several times now. As exciting as I find the idea (its really quite simple, as most great ideas are), its the details that irritate me.

You say that shares are reserved for potentially any Karmacoin that will ever be created (~92Billion max). But how do you prevent "double claiming" (for lack of a better term)? Lets say I decide not to exchange my coins, but instead participate by holding them in my wallet for 30 days. I then get shares/points for every one of those coins, so theoretically their shares cannot be claimed again, right? What if after those 30 days I decide to sell half of those coins. The buyer now wants to also claim his shares, but his wallet now contains 5.000.000 of my "already claimed" coins and lets say 5.000.000 "unclaimed" of his own. This is when it starts to get really confusing.

Exchanging them is more straightforward at first glance. But what exactly happens to those coins? Do they stay in cold storage for a certain time, or are they destroyed (sure hope not, though that might increase value of the remaining coins)? If they are not "locked away forever", then we will run into the same problems described above as the coins enter circulation again.

Maybe I just don't get it yet , but I feel I'm not alone. I think you'll still have to finetune the site explaining the concept in the coming days.

@rickyross I don't think kahir is trolling, he's just voicing his opinion. Lets be nice please.

My understanding of karmashares is that when someone wants to invest, they need to have at least 10 million to invest. Their Karmacoins are traded for Karmashares at 1000 coins per share/point. The Karmacoins become the property of Karmashares LLC and in exchange, the investor is given 1 share/point (per 1000 Karmacions traded) of ownership in the company. A total of 92 billion shares/points comprise 100% of company worth, so the amount of shares/points you own against the 92 billion total shares/points determines the percentage of company ownership you have.

Doing thank us yet. We've only just gotten started.

My understanding of karmashares is that when someone wants to invest, they need to have at least 10 million to invest. Their Karmacoins are traded for Karmashares at 1000 coins per share/point. The Karmacoins become the property of Karmashares LLC and in exchange, the investor is given 1 share/point (per 1000 Karmacions traded) of ownership in the company. A total of 92 billion shares/points comprise 100% of company worth, so the amount of shares/points you own against the 92 billion total shares/points determines the percentage of company ownership you have.

This sounds about right. Except, "A total of 92 billion [coins worth of points] comprise 100% of company worth..."

If you exchange 25,000,000 coins right now you get 250,000 points. This will be far more than someone exchanging the same amount on June 1st (43,750; calculated by a 1.75 multiple instead of the 10x multiple you can get now).

But realistically-speaking most of the 92 billion coins will not be exchanged, and will not sit in a wallet for 30+ days. So there will be a large portion of points that will never be claimed. But the members who have claimed points will also claim the profits reserved for these points. (And if some of the unclaimed points become claimed in the next quarter, the profits will be distributed accordingly.)

I hope this answers your question. Please let us know if there's anything else we can do to further-clarify how it works.

[kosmost]

How do people feel about this whole Karmashare thing and POC? From what I am reading it all sounds great. I have about 100 mil KARMA that I am debating on investing into this POC. I do not want to get ripped off or anything though.

Understood. There's nothing wrong with having a 'wait and see' stance. Sure, you may miss out on the bonus period but you'd still have a share. Also, you can just keep coins in your wallet after May 10.

If we rip you off then we're also ripping ourselves off. (And I lose the thousands I've already spent on Karmacoin-related expenses.) If we do that, the price would crash. That would be shooting ourselves in the foot.

100 million is a lot for many of us, but I just gave away at least that much in the past couple of weeks. To even think of ripping someone off for billions of coins would be kind of funny, especially when my name is on the LLC documents.

Play it safe and see how it goes. If we hit 500 satoshi I will buy you a beer!

The thing I am concerned with is what happens when KARMA becomes worth 4-500 litoshi...or more....will I be getting as much btc from my karmashare investment, as I would be getting from just exchanging my coins on an exchange??

It seems very enticing... but I want to know eveything about it before I invest

The main driver for Karmacoin in the next few months at least could very well be Karmashares.

You'd probably make money either way. But a stake in Karmashares represents the potential of a lifetime of dividends. That's how a lot of rich people stay rich (living off of stock dividends).

But if another company wanted to buy Karmashares because of our app, Karma rewards, or the whole package, then you would only get a % of that if you owned a piece of Karmashares.

[BigWait]

How do people feel about this whole Karmashare thing and POC? From what I am reading it all sounds great. I have about 100 mil KARMA that I am debating on investing into this POC. I do not want to get ripped off or anything though.

Understood. There's nothing wrong with having a 'wait and see' stance. Sure, you may miss out on the bonus period but you'd still have a share. Also, you can just keep coins in your wallet after May 10.

If we rip you off then we're also ripping ourselves off. (And I lose the thousands I've already spent on Karmacoin-related expenses.) If we do that, the price would crash. That would be shooting ourselves in the foot.

100 million is a lot for many of us, but I just gave away at least that much in the past couple of weeks. To even think of ripping someone off for billions of coins would be kind of funny, especially when my name is on the LLC documents.

Play it safe and see how it goes. If we hit 500 satoshi I will buy you a beer!

The thing I am concerned with is what happens when KARMA becomes worth 4-500 litoshi...or more....will I be getting as much btc from my karmashare investment, as I would be getting from just exchanging my coins on an exchange??

It seems very enticing... but I want to know eveything about it before I invest

The main driver for Karmacoin in the next few months at least could very well be Karmashares.

You'd probably make money either way. But a stake in Karmashares represents the potential of a lifetime of dividends. That's how a lot of rich people stay rich (living off of stock dividends).

But if another company wanted to buy Karmashares because of our app, Karma rewards, or the whole package, then you would only get a % of that if you owned a piece of Karmashares.

Shares
Distribution according to the proportion of investment?

Example
I give 100000000KAMR
I MAY HAVE 92/1 The total of Shares?
OR when the end
The total investment statistics
If have 1 Billion
I may have 10/1 The total of Shares?

[kahir]

Biggest resistance should be around the 40. thats where the 1 satochi is ....... next wave will be to 120 or more

[CatKiwi]

Let's say I buy 100 Million Karma - What happens if after 6 months this company goes bust? I lose everything?

[kahir]

Let's say I buy 100 Million Karma - What happens if after 6 months this company goes bust? I lose everything?

lets say crypto got banned in all world u lose everything ?

[CatKiwi]

Let's say I buy 100 Million Karma - What happens if after 6 months this company goes bust? I lose everything?

lets say crypto got banned in all world u lose everything ?

That's an unnecessary reply to a serious question. That will not happen. The chances of a small Limited liability company folding however are extremely high. What is the situation should the company collapse dev? Can I simply exchange my points back to Karma or BTC and be done? or will the coins be used by you?

[tomoto]

Komost you say you dont leave this coin till 500.

Is it 500 LATOSHIS or 500 btc SATOSHI ?


About the people who dump their coins.
If you dont trust a coin dont invest in, we dont need dumper.

If people keep more coin in their wallet the price will go up much faster than putting big sell order...

[ShawnLeary]

Anyone else seeing a brilliant arbitrage setting up between Bittrex and Mintpal??  someone is selling 186M for 1Sat still on there!!  Someone is asleep at the wheel.  Free money available at Bittrex!!!

I just wanted to buy some of the 186M @ 1 Satoshi but I cant see any offers??

They vanished pretty quickly after I posted that.  I was barely able to stay awake st the time or I would have jumped on it, would have been an easy .5BTC profit for the tedious work of moving the coins off of Bittrex, which has a withdrawal limit of 10M KARM at each request. 

[ShawnLeary]

Could the thread-creater please update the exchanges? The current situation is very unsatisfactory

We will be starting a new thread with all updated info very soon.  Stay tuned, great things to come. 

[ptman]

Komost you say you dont leave this coin till 500.

Is it 500 LATOSHIS or 500 btc SATOSHI ?


About the people who dump their coins.
If you dont trust a coin dont invest in, we dont need dumper.

If people keep more coin in their wallet the price will go up much faster than putting big sell order...

Its 500 satoshi.

[kosmost]

Hypothetical:
I invest 10 mil now during the 10x period and get my points. A month down the road, I snatch a bunch off an exchange and hold them for 30 days, I get a share for that. I am clear so far on this part, I think.

So, how does it work for that 10 mil I held for a month? If I sell them and someone else holds them for a month, they get a share for them too?
Or, if I only sell say, 1 mil of the ten and then buy 1 mil a couple weeks later and hold for a month, do I get another share even though 9 mil of that already counted toward a share?

We're working on a Share Explorer so that you can visualize your actual wallet and see what would count towards what %

In your example, though, the 1 million has not been held for more than 30 days so it would not count.

[ptman]

Where is the official IRC chat room for KarmaCoin?

I would like to participate more.

[ShawnLeary]

Where is the official IRC chat room for KarmaCoin?

I would like to participate more.

its on freenode #karmacoin

[Maurizio]

finally we will see 1Satoschi