[ANN][KARM] Karma / ₭ / X11

[Alphi]

IM all for this lowered my bid to 22mil

you have to bid lower than the lowest bid.
it is how much karma you will receive for donating that much btc.

[toeshe]

I do know sir was makin a joke tryin to maximize my donatoin i only want the same karma as my peers

[toeshe]

market price is 8 mil to break even atm. ALL others lookin for a profit

[Alphi]

I do know sir was makin a joke tryin to maximize my donatoin i only want the same karma as my peers

I don't think the auction was explained very well..
to me it sounds like you will give 0.24BTC and you will get N Karma in return.

N is your bid. if your bid is the lowest then you will pay 0.24BTC for N karma.

it has to be one of the strangest auctions I have ever seen.
If I have completely misunderstood how the auction works then I think it needs to be worded more clearly.
 

[toeshe]

I believe you are right sir .this auction is for a cause and atm it seems to drive the prices on exchanges to ..... not good

[bitwho]

Here i made simple with some rules  

the donation goal is 0.24BTCs.

When you bid , you state the amount of karma  that you agree to get back if you give 0.24BTCs to this donation

the rules:
if you are bidding, you must request a sum of karma lower then previous bidder
If you win the bid, you must wait until the community has donated to the cause all the requested amount of Karma
if the community does not provide the amount of karma requested, the bidder can choose from the following optional rules

Optional Rules:
to not make this a fail project , the winner of the bid that did not get his bidding request fulfilled by the community can choose to accept the current amount of karma that is collected.
If the amount collected is not enough, the winning bidder can decline to collect the current amount of karma collected by the community and ask the to reinstate the bidding.
Once the bidding is reinstated, some one else can bid all over again

in example:
If current bid was 8 million karma for 0.24BTC but only 7 million Karmas was collected , and if the current winner declines to trade for that amount, the bidding is opened again and the next can bid lower than 8 mill and hope the community will fill up the missing amount.

[Alphi]

Here i made simple with some rules  

the donation goal is 0.24BTCs.

When you bid , you state the amount of karma  that you agree to get back if you give 0.24BTCs to this donation

the rules:
if you are bidding, you must request a sum of karma lower then previous bidder
If you win the bid, you must wait until the community has donated to the cause requested amount of Karmas
if the community does not provide the amount of karma requested, from the bidder can choose from the following optional rules

Optional Rules:
to not make this a fail project , the winner of the bid that did not get his bidding request fulfilled by the community can choose to accept the current amount of karma that is collected.
If the amount collected is not enough, the winning bidder can decline to collect the current amount of karma collected by the community and ask the to reinstate the bidding.
Once the bidding is reinstated, some one else can bid all over again
in example:
If current bid was 8 million karma for 0.24BTC but only 7 million Karmas was collected , and if the current winner declines to trade for that amount, the bidding is opened again and the next can bid lower than 8 mill and hope the community will fill up the missing amount.

+1 that sounds more straight forward ...

[Chargin]

I only started the bidding so high so more people would have the opportunity to bid and it would make the process more understandable than me making a bid for 12 million Karma which could have meant my bid or the next bid may have won the auction.

0.24 btc has a negligible impact on exchanges, it should have less impact given it is actually off the exchange!

The most reasonable alternative to this is to automatically sell Karma as it is received into Bitcoin or Litecoin (which would then be manually converted). That would have resulted in a price of 12 million Karma taken to raise the required 0.24 BTC. Obviously this isn't optimal, however it is impossible to always sell at the highest rate possible. That is why donations in Bitcoin are accepted, you can sell the Karma yourself so you know exactly how much you are donating and you have got what you think is a good rate for your Karma.

If the Karma were sold on exchanges manually it would get 184 Litoshi per Karma (best rate offered at the moment) which is roughly 2.3 Satoshi per Karma, minus exchange fees for going KARMA>LTC>BTC.

Coincidentally (or more likely well calculated) a 10.5 million bid is also 2.3 Satoshi per Karma.

We have reached the market rate already. This may be improved because this is at the bottom of the spread, not the top. Obviously after the auction ends, the purchaser then has the risk/reward of fluctuations in exchange rates. The benefit is we know exactly how much needs to be raised in Karma to achieve the goal.

If offers were done in Satoshi (my bad) it would have made more sense because the numbers would be increasing like most auctions instead of decreasing.

It is good Karmala decided to test this with a relatively small amount of Karma.

Karmala hasn't actually announced that the Karma/Bitcoin is on the market yet.

Chargin.

[Minted]

Well done! Thanks for the response....we have now been added to CCex
We now have a Dollar market!
https://c-cex.com/?p=karm-usd

[easteagle13]

Well done! Thanks for the response....we have now been added to CCex
We now have a Dollar market!
https://c-cex.com/?p=karm-usd

+1 thanks for bringing this up yesterday. Job well done.

[p4r4m0un7]

Well done! Thanks for the response....we have now been added to CCex
We now have a Dollar market!
https://c-cex.com/?p=karm-usd

+1 thanks for bringing this up yesterday. Job well done.

Please add this to Exchanges section on OP of all threads and wiki - http://coinwik.org/Karmacoin. There is also and BTC market - https://c-cex.com/?p=karm-btc

Thank you c-cex!

[karmala]

This is an auction in order to raise 0.24 btc for saving innocence!

- You can make a bid here and state how much Karma you would accept for that amount of btc.
- The lowest bidder wins.
- After the auction is finished, the community will start raising that amount of Karma.
- The actual transaction btc for Karma will take place after the community has raised the needed amount of Karma.

First bid: chargin, 24 mio Karma
Second bid: Minted 18 mio Karma
Third bid: jluizg 12 mio Karma
Fourth bid: youseeberkeley 10.5 mio Karma

ps: I will be gone for a whole week. Bids can be handed in during that time. Maybe, somebody of you guys carries on to update this post (Alphi?). Everybody is welcome to join the causes and charity workgroup in the forum to bring in their ideas. You can discuss things there an come up with a refined version.

[bondi]

Well done! Thanks for the response....we have now been added to CCex
We now have a Dollar market!
https://c-cex.com/?p=karm-usd

Good job!

[UrsaMajorisBeta]

That's good news! The only downside is that BTC's are a bit overprized there.

[p4r4m0un7]

Mining contest is going well. Now is time for the creative persons of our community to step up. Karma team members can also participate.
Today I am starting contest with a first place award of 2 000 000 (TWO MILLION) KARMA. No consolation awards. The rules are as follows:
1. At least 5 participants
2. Every participant can provide more than 1 photo. No limit about this.
3. Photos must contain KARMA logo and GOT KARMA? written or drawn by hand (Not printed). So only the GOT KARMA? must be written or drawn by a hand, which includes graphite drawing. I don`t care about the logo if it is printed or drawn by a hand, but it must be our original logo.
4. Photos can be for example selfie with a popular person and you wearing t-shirt with KARMA logo and GOT KARMA?, photo on the top of a skyscraper holding KARMA logo and GOT KARMA?, photo of somebody jumping with parachute holding KARMA logo and GOT KARMA?, nice graphite drawing of our logo and GOT KARMA? and all other things that crosses your mind.
5. The last day of this campaign is 1-st of September. No photos will be accepted on 2-nd of September. (exceptions for delayed photos only if I see on the photo Barack Obama or Queen Elizabeth  )
6. You can post your pictures here, forum, facebook and karmashare.me. You must pm me here with a link to the original post.
7. The winner will be chosen by community vote in our forum. Voting will continue 3 days, but I want at least 25 votes. If we don`t have 25 votes, we shall extend the voting period. If there is a tie between two or more photos and/or persons, I suggest our respectful Marketing & PR workgroup moderators easteagle13 and jasondecosta to choose the winning photo. If jasondecosta decide to participate, me and easteagle13 will have the last word.

These are the rules. Do not cheat! I will catch you. Believe me. Do not use any tools to make your photos look better. If I catch someone cheating, all of his/her photos will be disqualified. This is a real life contest. I am not encouraging you to do something dangerous or stupid, but to win this, it is obvious that you have to be a little crazy. So happy shooting.

Me and easteagle13 are splitting the funding for this. 1 mill comes from me and 1 mill from him. This is not an official karma marketing project.

GOT KARMA?

[pugwilfy]

just looking at the difficulty thinking whats going on here...

then i just checked coinwarz for something to do.. oh

[ptman]

We need to attract more miners.

Any idea on how to do it?

We need 50+ GH/s net hash rate to be taken seriously.
At least 5 times more in relation to what we have now.

[Alphi]

We need to attract more miners.

Any idea on how to do it?

We need 50+ GH/s net hash rate to be taken seriously.
At least 5 times more in relation to what we have now.

I do not completely agree with the assumptions that we need to attract more miners or that the coin will be taken more seriously if it has a higher network hash rate.

from a security perspective X11 drastically decreased the chances of a 51% attack even if the network hash rate is reduced. This is because it is much harder to amass hash power with GPUs (X11) than it is to simply buy or rent a few very powerful Scrypt ASICs.

So with the threat of 51% attack reduced, attracting miners becomes less important.

with low hash rate and low difficulty I think people should simply enjoy the extra coins they are getting by being under the radar.

now I'm not sure how profitable it is to mine Karma atm but I will give it a go.

but for me the bottom line is this.

If it is profitable to mine then I will keep mining it.. if it is not profitable mine then I simply won't... it does not matter to me at all where Karma sits on the charts of mining profitability website.

from an investors point of view.. network hash rate is not so important either because the coins I own cannot be stolen by a 51% attack.

I do somewhat agree that more miners = more users.. but we need also to consider that in the mining game.. people don't tend to hold onto coins for very long.. especially if they have no future.. and so I would argue that it is more important to focus on the future developments of the coin than to worry about the miners.

[ptman]

We need to attract more miners.

Any idea on how to do it?

We need 50+ GH/s net hash rate to be taken seriously.
At least 5 times more in relation to what we have now.

I do not completely agree with the assumptions that we need to attract more miners or that the coin will be taken more seriously if it has a higher network hash rate.

from a security perspective X11 drastically decreased the chances of a 51% attack even if the network hash rate is reduced. This is because it is much harder to amass hash power with GPUs (X11) than it is to simply buy or rent a few very powerful Scrypt ASICs.

So with the threat of 51% attack reduced, attracting miners becomes less important.

with low hash rate and low difficulty I think people should simply enjoy the extra coins they are getting by being under the radar.

now I'm not sure how profitable it is to mine Karma atm but I will give it a go.

but for me the bottom line is this.

If it is profitable to mine then I will keep mining it.. if it is not profitable mine then I simply won't... it does not matter to me at all where Karma sits on the charts of mining profitability website.

from an investors point of view.. network hash rate is not so important either because the coins I own cannot be stolen by a 51% attack.

You are right about mining under the radar!
People mining now are going to make huge profits when the coin is worth 10x (mid-term) or 100x (long-term).

[Alphi]

You are right about mining under the radar!
People mining now are going to make huge profits when the coin is worth 10x (mid-term) or 100x (long-term).

I only wish I had a 10KW solar power system on my roof and then I could mine all day long and not have to worry about massive power bills.
I think we will see this happening all around the world in the very near future.

the key is to keep the coin growing strong until renewable energy takes care of the problem of mining power bills.

I think we really are on the cusp of a revolution even if most people cant quite see it yet.


the ability to turn renewable energy (which is free) directly into a store of value (ie digital gold or crypto money) without the need for a middle man.. this is the holy grail that alchemists have been trying to figure out for thousands of years.