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Author Topic: [ANN][KARM] Karma / ₭ / X11  (Read 563962 times)
Chargin
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May 24, 2014, 03:57:52 AM
 #1521

Karma's PoS Announcement

Click Here

http://www.reddit.com/r/Karmashares/comments/24r22p/question_whats_going_on_with_pos/

Can you provide an update on this please?

What are the current plans?

Given the impact of this I believe it should be discussed more.

Thanks.

Chargin.

To get a better idea of what people think about the PoS announcement. The key questions/variables for the announcement are as follows:

1. Should PoS it be implemented at all?

Estimated date:
2. July 28, 2014

Conditions for the change:
3. PoS tests before implementation date go well; and
4. The price of Karma remains below a certain threshold for the July 14-July 28 period.

PoS details:
5. "Interest" of approximately 6.26% per annum (0.5% per 30 days)
6. Holding period of 30 days
7. Coin cap, 92 billion? "until no further coins remain to be discovered"
8. An unknown amount of KarmaShares for holding the coins in the wallet for 30 days.

My thoughts:
1. Yes it should be implemented.
2. It is best to let the people who are implementing the change set this date to make sure it can be done correctly. The sooner it can be done the better.
3. Of course.
4. The decision as to whether the coin goes to PoS should not be based on current or future prices at all.
5. I consider the interest to be similar to inflation, only the holders purchasing power remains the same (all other things being equal). For anyone not holding the currency it would appear as the inflation rate is 6%. The inflation rate should be more in line with developed economies at around 1.5-2.5% per annum.
6. Reasonable.
7. I do not believe there should be a coin market cap. If inflation works up to the market cap it should work beyond it. There is no need to make a two stage process three stages. Either go PoS with no inflation or go PoS and keep inflation. I believe PoS and keep inflation is better.
8. I don't have an issue with a company giving me some of its shares for free. However, Karma LLC should not piggy back on Karma's announcement that it might be going to PoS. The entities should be kept as separate as possible to prevent the value of Karma being pegged against a start-up company. I mean no offense but most start-up companies fail.

Chargin.

[snip]
8. I don't have an issue with a company giving me some of its shares for free. However, Karma LLC should not piggy back on Karma's announcement that it might be going to PoS. The entities should be kept as separate as possible to prevent the value of Karma being pegged against a start-up company.

Sorry, I don't understand. Would you care to explain?

The way Karma price could be pegged against the Karmashares LLC price is you are making a direct way to value something (Karma) which otherwise has no value. Obviously this doesn't matter too much anyways if you always allow people to continue to invest in Karmashares LLC with Karma. I'm sure you know my position on Karmashares LLC vs Karma.

Also, I think we should take this transition opportunity to review everything about the coin, including but not limited to transaction fees, block times and everything that can be changed about a coin. Obviously massive changes like this should only ever be done once, so everything should be reviewed now.

Because I made so many points in my original post, I'll expand on the most important three:
Interest being too high.
We have to remember that Karma is primarily a currency.
1. I consider the interest to be similar to inflation, only the holders purchasing power remains the same (all other things being equal). For anyone not holding the currency it would appear as if the inflation rate is over 6%. The inflation rate should be more in line with developed economies currencies at around 1.5-2.5% per annum. People perceive a currency with a high level of inflation as not stable because it doesn't hold value.

Of course I'm taking an extremely long term view here (decades) because the main price driver in all crytocuncies for at least the next ten years will be speculation because Karma has no value unless people give it one, which is also true about fiat currencies. $100 isn't worth anything unless I can swap it with somebody for something. It will always be this way for crpytocurrencies because there is no centralised government increasing and decreasing the flow of the currency to keep it stable. However over time as more people assign a value to cryptocurrencies the more stable they will become against fiat currencies, good and services. At this time speculation will decrease because other investments will have higher possible returns, speculators will over time sell out to people who are using the coin as a currency.

2. If the interest rate is too high not enough Karma will be kept on exchanges. This may not sound like an issue for speculators because it means it is far more likely the currency will increase in value (less to buy on the sell side to push up the price) however it will also make the currency less stable...less like a currency.

3. If the interest rate is too high it may encourage bad practices by exchanges. Exchanges might keep funds in less secure wallets to try to take advantage of the interest.

The decision shouldn't be based on price.
It just doesn't look good if the decision is being made on price. The decision should be made based on what will be the best for Karma in decades to come. Ok, I just wanted to say this again not explain it.

There should be no coin cap.
If inflation works up to the "market cap" it should work beyond it. There is no need to make a two stage process three stages. Either go PoS with no inflation or go PoS and keep inflation. I believe PoS and keep inflation is better because it is more realistic compared to fiat currencies. However this point only applies if the interest is below 3%. Also if the inflation is removed the network may lose some of its security (depending on how exactly the PoS works).

The main advantages of PoS are:
1. The network is more secure;
2. The network costs far less to run (I'd call "saving the planet" good karma); and
3. It encourages people to take their Karma off exchanges unless they plan on selling it in the near future. There is over 2 billion Karma on the market of a single exchange at the moment, probably billions more not on the market just sitting in the exchanges accounts. I don't like concentrations of Karma because it won't take much in the wrong hands to crash its price.

The disadvantages of going to PoS are:
1. It could be completely screwed up, as per my limited understanding of the transition process, moving to PoS would be almost like 51% attacking Karma ourselves. We are doubling the amount of Karma and saying half of it is worthless now because these guys say so.
2. People with mining rigs that don't want to buy coins can no longer mine for them. People can mine other coins and then purchase Karma however some people will be unwilling to take this extra step. Mining is becoming harder and harder for individuals so I think this point will become less valid over time.

I think the advantages are greater than the disadvantages. I'm willing to risk losing the value of a few Karma now if things go wrong to see Karma survive long into the future.

Chargin.

Vote to get Karma listed on this exchange: https://hitbtc.com/vote (sign up to get a vote for 10 points, vote once every 24 hrs)
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May 24, 2014, 04:00:06 AM
 #1522

Click Here

http://www.reddit.com/r/Karmashares/comments/24r22p/question_whats_going_on_with_pos/

Can you provide an update on this please?

What are the current plans?

Given the impact of this I believe it should be discussed more.

Thanks.

Chargin.

Updates will be provided as we have them. Thanks for your patience.

Goodomy ["GOOD"] token here ∞ Rewards for customers of 700,000 retail stores in the US and millions more around the world
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May 24, 2014, 04:01:38 AM
 #1523

fyi,

Lill beta release notes can be found on the new Karmashares forum, here

Thanks for the link! This is exactly what I was going for when I made the request before, Smiley. We could use similar threads for the other major projects.

Have you figured out how to tie the Karma rewards in with the search engine yet (and can we get a sneak preview, even if just textual)?

After the next beta release we can discuss it more. We have not begun to implement Karma yet because we want to get community feedback first (as well as put the site up and make it functional of course)

Goodomy ["GOOD"] token here ∞ Rewards for customers of 700,000 retail stores in the US and millions more around the world
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May 24, 2014, 04:04:46 AM
 #1524

fyi,

Lill beta release notes can be found on the new Karmashares forum, here

Thanks for the link! This is exactly what I was going for when I made the request before, Smiley. We could use similar threads for the other major projects.

Have you figured out how to tie the Karma rewards in with the search engine yet (and can we get a sneak preview, even if just textual)?

After the next beta release we can discuss it more. We have not begun to implement Karma yet because we want to get community feedback first (as well as put the site up and make it functional of course)

Got it. I figured you already had some ideas on how you wanted it to all work.

I'm also curious about something else... why go with Yahoo-based searches instead of Google?


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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May 24, 2014, 04:17:58 AM
 #1525

fyi,

Lill beta release notes can be found on the new Karmashares forum, here

Thanks for the link! This is exactly what I was going for when I made the request before, Smiley. We could use similar threads for the other major projects.

Have you figured out how to tie the Karma rewards in with the search engine yet (and can we get a sneak preview, even if just textual)?

After the next beta release we can discuss it more. We have not begun to implement Karma yet because we want to get community feedback first (as well as put the site up and make it functional of course)

Got it. I figured you already had some ideas on how you wanted it to all work.

I'm also curious about something else... why go with Yahoo-based searches instead of Google?

Google has too many restrictions and would not allow us to display results in a reasonable way. In effect, we would not be able to use their service.

Goodomy ["GOOD"] token here ∞ Rewards for customers of 700,000 retail stores in the US and millions more around the world
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May 24, 2014, 04:27:25 AM
 #1526

Please dont stop voting for exchanges. Poloniex, bter etc

The more places we are listed the more  people have a chance to  buy it.

looking for C++ coders , web-dev and coin-devs to join karmacoin team. We are trying to expand. we have so many goals. Challenge accepted?  PM me.
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May 24, 2014, 05:10:30 AM
 #1527

Mintpal hit 57 litoshi before Mintpal went down. Things are looking great for Karma here. Our next little hurdle is 60 Litoshi. Once we break through that point expect the buy walls to shuffle up and never to see below 50 Litoshi again.
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May 24, 2014, 05:13:19 AM
 #1528

where can i exchange this coin.>.i want to buy some...

Get Daily Free SIGNs before too late.T4gejMMptw2hAf4Zi1BbD4ZtvJDEqeGXE8
Click here-enjoy-Pirate-coin: Pw2t7Ly1uFCjGiZrKhYeXWJnxfp6ttcC6g
3ACoin -IPO-FREE-POS 10%-Web Games.
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May 24, 2014, 05:13:37 AM
 #1529

Mintpal hit 57 litoshi before Mintpal went down. Things are looking great for Karma here. Our next little hurdle is 60 Litoshi. Once we break through that point expect the buy walls to shuffle up and never to see below 50 Litoshi again.

The volume has pretty much died on Cryptsy now. The bar chart on the bottom is almost non-existent as of lately. I'm hoping it will pick up again.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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May 24, 2014, 05:19:46 AM
 #1530

I just hope its not anyone buying in early now and start a pump in a day or two. If the blow up the price it will be harder for the coin continue distribute healthy.



looking for C++ coders , web-dev and coin-devs to join karmacoin team. We are trying to expand. we have so many goals. Challenge accepted?  PM me.
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May 24, 2014, 05:41:38 AM
 #1531

I just hope its not anyone buying in early now and start a pump in a day or two. If the blow up the price it will be harder for the coin continue distribute healthy.




I bought another 174 Million these past 5 days and those coins were immediately taken off the market and popped safely onto my flashdrive wallet. Even if there are people trying to do the pre pump buy in there are plenty of folks like myself who are buying respectable chunks of Karma and not putting them up for sale Smiley
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May 24, 2014, 06:02:46 AM
 #1532

where can i exchange this coin.>.i want to buy some...

These are the exchanges listed on our first page:

.
MintPal: https://www.mintpal.com/market/KARM/LTC 
Cryptsy : https://www.cryptsy.com/markets/view/193
Bittrex : https://bittrex.com/Market/Index?MarketName=BTC-KARM
Bleutrade: https://bleutrade.com/exchange/KARM/BTC
Coin-Swap: https://coin-swap.net/
Cryptx: https://cryptx.io/
Buy Karma with Skrill : http://cryptokopen.eu/buy-karmacoin

TIP ME ₭ARMA:  KJeEKJv1LXHM8cYeRgQG3q87BFA4W3sTGg  FOR KARMA TRANSLATION BUDGET SEND TO: KHvkhA7RTFnG8N5RWPB48gs2y8K1od6xF4
OFF. ₭ARMA FB PAGE: https://www.facebook.com/karmacoin.me. http://lill.com
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May 24, 2014, 06:07:44 AM
 #1533

I just hope its not anyone buying in early now and start a pump in a day or two. If the blow up the price it will be harder for the coin continue distribute healthy.




I bought another 174 Million these past 5 days and those coins were immediately taken off the market and popped safely onto my flashdrive wallet. Even if there are people trying to do the pre pump buy in there are plenty of folks like myself who are buying respectable chunks of Karma and not putting them up for sale Smiley

Awesome! The side effect is also that it keeps the price going up. Though it does also kill liquidity and the Cryptsy orderbook is still stagnant, Sad.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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May 24, 2014, 06:22:20 AM
 #1534

I just hope its not anyone buying in early now and start a pump in a day or two. If the blow up the price it will be harder for the coin continue distribute healthy.




I bought another 174 Million these past 5 days and those coins were immediately taken off the market and popped safely onto my flashdrive wallet. Even if there are people trying to do the pre pump buy in there are plenty of folks like myself who are buying respectable chunks of Karma and not putting them up for sale Smiley

Awesome! The side effect is also that it keeps the price going up. Though it does also kill liquidity and the Cryptsy orderbook is still stagnant, Sad.

Liquidity will pick up as the price picks up. Most people buy into coins without any knowledge of what is going on - equally they buy coins that have a nice green +20% next to their identifier on Mintpal. Buying coins and removing them from circulation is the best way to get the price up. As Supply decreases, price increases which results in an increase in demand in the crazy cryptocurrency world! Look at Darkcoin - as overpriced a coin if ever I saw one and yet it is the hottest thing on the planet. The more expensive it gets the more people buy it lol

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May 24, 2014, 09:02:50 AM
 #1535


Bunch of amazing Karmanians here to be sure!
You guys/gals are the bees knees.

Please read our post on reddit and consider donating some of your profits to Peyton’s family:


http://www.reddit.com/r/KarmaTeam/comments/266vm9/peyton_evans_family_and_the_first_multicoin/

KarmaKaguy

I am committing the fees for the next 24 hours on the blockchain p2pool for this fundraiser.

If you want to help out join the pool or send funds directly.

You can also send funds via the cointips bot, look here: http://www.reddit.com/r/Karmashares/comments/25lzve/httpwwwcryptocoinsnewscomnewscryptocurrencycommuni/

I am also committing 10% of all coins that will be mined by altcoingood to this fund within 24hrs Smiley j/k, kidding aside you're so kind altcoingood. a very good example for the community spirit. GO karma!
OK I will add 10% extra out my own wallet on top just for you Smiley

waaaa thank you, thank you!

The pool fee for the last 24 hours was: 16420.89678057 karma
+10% on behalf of easteagle13 brings us up to: 18062.986458627 karma

i sent them thru the tipbot on reddit here: http://www.reddit.com/r/KarmaTeam/comments/266vm9/peyton_evans_family_and_the_first_multicoin/chpwqfs

namaste
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May 24, 2014, 09:15:40 AM
 #1536


http://www.reddit.com/r/Karmashares/comments/24r22p/question_whats_going_on_with_pos/

Can you provide an update on this please?

What are the current plans?

Given the impact of this I believe it should be discussed more.

Thanks.

Chargin.



ya know the current price stability is very clear indication that things are being done right within the Karma community.
lets not forget that very important point when we debate changing things...

the thing that will end up giving us the widest distribution and create the most wealth for everyone involved is a stable price with a slow and steady rise...

EDIT: 5 minutes later.. I should have said relative stability... looks like our dumping friend is back (down to 37 litoshi as I speak)... I am more confident now that he/she is not in the US.

KARMA: KSc9oGgGga1TS4PqZNFxNS9LSDjdSgpC1B      VERT: VgKaooA5ZuLLUXTUANJigH9wCPuzBUBv9H
DOGE:   DRN7pXid34o6wQgUuK8BoSjWJ5g8jiEs4e
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May 24, 2014, 09:18:01 AM
 #1537


Bunch of amazing Karmanians here to be sure!
You guys/gals are the bees knees.

Please read our post on reddit and consider donating some of your profits to Peyton’s family:


http://www.reddit.com/r/KarmaTeam/comments/266vm9/peyton_evans_family_and_the_first_multicoin/

KarmaKaguy

I am committing the fees for the next 24 hours on the blockchain p2pool for this fundraiser.

Dōmo arigatō

If you want to help out join the pool or send funds directly.

You can also send funds via the cointips bot, look here: http://www.reddit.com/r/Karmashares/comments/25lzve/httpwwwcryptocoinsnewscomnewscryptocurrencycommuni/

I am also committing 10% of all coins that will be mined by altcoingood to this fund within 24hrs Smiley j/k, kidding aside you're so kind altcoingood. a very good example for the community spirit. GO karma!
OK I will add 10% extra out my own wallet on top just for you Smiley

waaaa thank you, thank you!

The pool fee for the last 24 hours was: 16420.89678057 karma
+10% on behalf of easteagle13 brings us up to: 18062.986458627 karma

i sent them thru the tipbot on reddit here: http://www.reddit.com/r/KarmaTeam/comments/266vm9/peyton_evans_family_and_the_first_multicoin/chpwqfs

namaste


Dōmo arigatō

TIP ME ₭ARMA:  KJeEKJv1LXHM8cYeRgQG3q87BFA4W3sTGg  FOR KARMA TRANSLATION BUDGET SEND TO: KHvkhA7RTFnG8N5RWPB48gs2y8K1od6xF4
OFF. ₭ARMA FB PAGE: https://www.facebook.com/karmacoin.me. http://lill.com
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May 24, 2014, 09:48:57 AM
 #1538

A rough tipping report.

donations

Delaforetnoire :   150 000
ptman           :   150 000
ezvm            :   150 000   
ptman agin    :    250 000
crypto14       :    200 000
pugwilfy        :    500 000
easteagle13   :    360 000
shawnleary    :  3 000 000
cryptowho     :  1 000 000

5-24-2014 tot: 5 760 000

#tips given so far   500+ ranging from 800 karma to 100 000 karma to different tipping groups and sub reddits

tip fund balance :     2 700 000+-

karmashares subscribers   130   
facebook page members   304
facebook group members  291

Period covered April 30- May 24, 2014

Please LIKE our facebook page  https://www.facebook.com/karmacoin.me
and join our facebook group https://www.facebook.com/groups/karmacoin/

[/quote]

TIP ME ₭ARMA:  KJeEKJv1LXHM8cYeRgQG3q87BFA4W3sTGg  FOR KARMA TRANSLATION BUDGET SEND TO: KHvkhA7RTFnG8N5RWPB48gs2y8K1od6xF4
OFF. ₭ARMA FB PAGE: https://www.facebook.com/karmacoin.me. http://lill.com
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May 24, 2014, 09:58:21 AM
 #1539

Huge dumping going on - There isn't any news we are not aware of right??
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May 24, 2014, 09:58:49 AM
 #1540

cmon dumpy... you can dump on me... my bag is wide open  Grin

KARMA: KSc9oGgGga1TS4PqZNFxNS9LSDjdSgpC1B      VERT: VgKaooA5ZuLLUXTUANJigH9wCPuzBUBv9H
DOGE:   DRN7pXid34o6wQgUuK8BoSjWJ5g8jiEs4e
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