Really like those mockups, looking good kosmost.
Markets are quiet today. Not much going on. Converted some MYR profits to LTC, might buy some more KARM today.
Thanks, but most probably don't believe in the concept until they see it for themselves
or even think that krazy kosmost can have a beta ready in 4 weeks
4 weeks is very ambitious, looking forward to it. My advice, though I'm pretty sure by now you don't need it, would be to keep it simple and really focus on the basics. Stability, good usabilty and easy to understand and use core functionality are really more important IMO than a boatload of features. Nail search first, then Karma integration - then roll out the Google-killer later...
Any news on the coin adjustments/changes?
You mean with PoS?
Yeah that, or any coin/code news really. Back before Karmashares I remember you saying the announcment would follow shortly, but now its been two weeks. Just getting anxious to learn what Karmateam has brewing for us I guess...
Thank you for your good suggestions.
Yes, 4 weeks is very ambitious, generally-speaking. I suppose even 3 months would be ambitious for such a project, for most teams.
For PoS we have not finalized our decision at this time but are waiting to see the effects of PoC and also considering the parameters and implementation of PoS carefully. Such a transition as ours to PoS has not been done before (to our knowledge) so we want to be sure to maximize its success (i.e., not fu$# it up).
We're not just considering the next couple of months for Karma, but far beyond. This isn't some coin that you day trade and dump when it gets as high as Snoop Lion. We imagine a day when Karma is used in all kinds of situations. That is what cryptocurrencies are meant to be: alternative currencies. So instead of just doing something for short-term benefit we are also thinking long-term. We must balance long-term requirements (if we are to be a true alternative currency) with short-term needs (number of coins). We don't want to get to a point where our market cap is $225 million and we need to change the parameters again because we don't have
enough coins to make for a healthy economy.
If even 1 of our projects over the next 3-5 years is successful, those 60+ billion coins will dry up really fast. Think about it. Most big investors will not even consider investing in a cryptocurrency. But a legal entity tied to a cryptocurrency that works like a startup incubator? These are firms that think nothing of throwing $25 million at companies that make colorful web buttons. And our market cap now is far less than $1 million. Once we are known as a sound investment that offers a lifetime of passive income, you'll never look at Karma the same way again.
Imagine the public had a chance to buy shares of YCombinator, the company that funded Reddit, Scribd, Xobni, Omgpop, Dropbox, Disqus, Heroku, Airbnb, Hipmunk, Rap Genius, Coinbase, and many more. This is not a big company. It's basically 1 guy (Paul Graham) and a team dedicated to doing awesome stuff. Take a look at some of those names to realize that more than one is worth over $1 billion now. When those founders first came in YCombinator's door those projects were nothing.
Now imagine there was a YCombi
coin that anyone could buy into to be an owner of YCombinator. Not just venture capital firms and accredited investors, but any member of the public in any country around the world can own a piece of this awesome company by buying just $1 worth of YCombicoin. How many millions of people would want to buy just $1? Or spring for $100, or even $1,000? And then China gets wind of what we're up to? That's a whole lot of new wallets, and a tremendous opportunity for Karma to be used in a ton of places around the world. And then all these people realized that they can own YCombinator
for the rest of their lives, and will benefit from any profits and sales. What kind of market cap do you think YCombicoin would have? We're talking tens of billions, not tens of millions. Bitcoin would not offer much in comparison. Resources would shift from Bitcoin to YCombicoin.
And then YCombicoin also had a plan to be used as an alternative currency, marketed to transactions of the Good economy (tipping, sharing, microloans, donations, microtransactions, etc). So now everyone wants to trade in YCombicoin because they realize how valuable it could be. At any moment YCombinator could come out with another Airbnb. "Dammit, I better start accepting YCombicoin in my shop!"
So now you have a triple whammy: 1) everyone wants YCombicoin, and can buy lots of coins for just $1; 2) lots of new people use the YCombicoin wallet, further expanding the economy; 3) the higher it goes up the more their stash of 8 billion coins is worth, allowing them to hire full-time developers and make lots more things that will increase the value of YCombicoin
So now millions+ of people around the world are scrambling for 92 billion coins, several billion of which don't exist yet. I personally know a couple of people who would love to snap up more coins than you can imagine once the search engine shows some momentum, or even Hireplex or Wespond, or something else that we're working on. And Karma is still relatively unheard of, and an unknown in the tech world. Imagine if there's just 1 small mention of us in Wired or the WSJ? We have not begun to realize our value in the marketplace right now, and that is a very good thing for investors and their returns.
With Karmashares, people will not
want to sell Karma. But we still have to be sure there are enough coins to go around. That's what we're thinking about now.
All of a sudden the number of available coins isn't in the billions anymore. And people that were talking about dumping when we hit 10 or 20 satoshi re-think the situation and realize this isn't your average coin. "Maybe holding onto this coin is a better idea." times a thousand. All it takes is for 10-15% of the actors in the marketplace to snap up shares for the price to really spike, causing a stampede.
But we also want to make for a good economy. This means having more than enough coins for everyone. So while 92 billion possible coins may look like a lot now, it isn't as much as you think with such a low market cap. Again, Karma is not like any other coin out there.
For example, when our search engine is released our market cap will likely be under $400,000. A few hundred thousand for any search engine that has a community behind it is an absolute steal in an industry where just 1% of the market is worth a cool $1,000,000,000. Smart investors will realize this once-in-a-lifetime opportunity. And then sell walls will be eaten up left and right, because even at a $5MM market cap it would
still be tremendously undervalued.
If there are any economists in the audience who would like to run models of various scenarios please speak up
But anything a coin does in regards to changing their parameters is just guesswork. For example, thousands of people invested in Mintcoin thinking that the price will go up after the minting period begins. It was "obvious" that the economy would increase to probably 99% of Mintcoin enthusiasts. We don't wish to make such assumptions. Especially when the success of the first few weeks of Karmashares has changed the nature of the game.
There was more than one person who thought that we'd never make it above 1 satoshi again once we dropped into the abyss of single-digit litoshis. "It's never been done before. Karmacoin is dead!"
We are not your average coin.
We are re-writing the rules of the game, and going where no coin has gone before. We're like the USS Starship Enterprise trekking to a new galaxy. We can move quickly because we're so damn excited to get there and reap the rewards or we can ensure our continued survival by moving carefully into this strange new unchartered territory. With a good crew like Jean-Luc, Number 1, Data, commander Warfwarf, and others also making observations and careful considerations you guys can be sure you've picked the right ship and we're less likely to crash into some invisible force field that we didn't see coming because we're the first ones there.
Go Karma!
