[ANN][KARM] Karma / ₭ / X11

[CatKiwi]

28 july
it's to late to slow
we have to react quickly
make innovation
more quickly this modern world of you who do something after the other slowly cease to count

Don't worry - Remember the announcement that POS is on it's way is what will drive the price up and get us moving again - the actual date that POS becomes active will be a second 'Umph'.

This enable Kosmost and the team to do it once, and by god do it right.

Also, its a great sign to see people placing there entire stash on sell walls - We want as many of those coins to be distributed at these prices as possible. The more 100 Million + bagholders that sell now the more 10+ million holders we will have. Much healthier, much more conducive to long term price rises.

[1714862329]

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[1714862329]

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[deamon]

[iPOCO] I am proud to announce our new IPOCO.



///Goal?
* Provide an online place for buying Karma related clothes/items.

///How?
* Using Spreadshirt platform, they take care of everything (printing, sells, invoices, customer support)

///What are the benefits?
Each item is set at a minimum price + our benefit.

Our net benefits are :
Full K-tee : 3 euros
Simple K-tee : 2 euros
K-Ecobag : 3 euros
K-Cap : 3 euros
K-Tie : 2 euros
Keddy Bear : 2 euros
Chill Out : 2 euros
K-Mug : 2 euros
K-chain : 1 euro
K-Badge : 0.50 euro
KPhone Kase : 1 euro

///What will you do with benefit?
-All benefit goes to KarmasharesLLC, all will be transparent as usual.
With benefits in Euro, we will buy BTC at best market rate then distribute BTC to KarmasharesLLC shareholders.

///What do we need for this IPOCO?

-People making fun Karma designs, best ones will be available on our Shop.

///Costs?
-One cool .com domain name
-60 euros to have the premium account for 6 months, or 100 euros for 12 months.

///Who is in?
-Delaforetnoire, project leader
-you?

///FIRST DRAFT : We found a cool name, FABRI₭ , what do you think?

http://fabrik.spreadshirt.net/

We must find a good domain name for our shop, any ideas?

hurray, i`m on board! i will buy, design or just something other...

[learminer]

FABRI₭, I like the name and idea!

The next few days are gonna be interesting. End of bonus period for Karmashares, PoS announcement, new and existing projects making progress. Can't wait to try out Lill.

Already increased activity on the market: more buys and some people have put up much higher sellwalls than we used to have at this price range. Several hundred millions of coins available for cheap.

[ptman]

[iPOCO] I am proud to announce our new IPOCO.



///Goal?
* Provide an online place for buying Karma related clothes/items.

///How?
* Using Spreadshirt platform, they take care of everything (printing, sells, invoices, customer support)

///What are the benefits?
Each item is set at a minimum price + our benefit.

Our net benefits are :
Full K-tee : 3 euros
Simple K-tee : 2 euros
K-Ecobag : 3 euros
K-Cap : 3 euros
K-Tie : 2 euros
Keddy Bear : 2 euros
Chill Out : 2 euros
K-Mug : 2 euros
K-chain : 1 euro
K-Badge : 0.50 euro
KPhone Kase : 1 euro

///What will you do with benefit?
-All benefit goes to KarmasharesLLC, all will be transparent as usual.
With benefits in Euro, we will buy BTC at best market rate then distribute BTC to KarmasharesLLC shareholders.

///What do we need for this IPOCO?

-People making fun Karma designs, best ones will be available on our Shop.

///Costs?
-One cool .com domain name
-60 euros to have the premium account for 6 months, or 100 euros for 12 months.

///Who is in?
-Delaforetnoire, project leader
-you?

///FIRST DRAFT : We found a cool name, FABRI₭ , what do you think?

http://fabrik.spreadshirt.net/

We must find a good domain name for our shop, any ideas?

Excellent work.

I really love the idea, the website, and the name!!!

[altcoingood]

I want to setup a new dedicated Karma mining pool.

Who can help me with this?
The target server uses Linux Ubuntu 14.04 (but I can use other distro/version if needed).

I know how to use (more or less...) the P2Pool software but I can not find a version compatible with Karma (only Bitcoin, Litecoin, Doge...).

I'm open to suggestions of other mining pool server software.

Any help would be appreciated

I created a karma p2pool a couple of weeks ago and it's been running fine. I will get the source code on github as soon as possible. You are welcome to use it until the code is up or you finish your own karma-p2pool implementation. The address is in my signature. Beware it has a 1% fee.

You were also asking for the source code for karmacoin. It's here: https://github.com/KarmasharesLLC/karmacoin

We are waiting for a dev to update the repo to the same source code as he used for the windows and mac binary versions but this version will work fine with the blockchain anyway.

[Alphi]

28 july
it's to late to slow
we have to react quickly
make innovation
more quickly this modern world of you who do something after the other slowly cease to count

PoS is a terrible idea.. I cant believe that greed has taken over from common sense in this community.
copying someone elses' move to PoS is not "innovation" by any stretch if the imagination however KarmaShares to some degree is innovative.

how do you expect people will BUY karma if they don't own bitcoins or don't want to go through the BS process of using second market exchanges?
how can the coin get broader market penetration if all the coins are controlled by a select few Early adopters?

show me one PoS coin that has actually risen in value past its initial offering price.....

I doubt you will find ANY.

mark my words the only thing that will both secure the network and lead to broader acceptance is a switch to Merge Mining with Litecoin.
If its merge mined with litecoin then almost everyone who mines litecoins will be able to get a little Karma on top for "free" and then they become new users/spenders.

sure a some people will be able to get some of their money back when the coin goes POS but after that its nothing but a downhill slide because the market is too tightly controlled and thus illiquid.

hows NXT and all the other PS clones that followed working out for ya?

the closer we move to centralization the further away we get from broader market acceptance.

PoS and Premine coins are all designed to make the founders rich at the expense of everyone else. If you think you are one of the "Founders" because you got onto this forum in the first week then think again... unless you own more than 10% of outstanding Karma you aren't even close to benefiting from a switch to PoS unless you dump your coins on the hype...

but anyways enough of my passionate rant about PoS (Piece of S**t) coins, everyone is free to do as they please with their coins.
I just know that I will be dumping a substantial portion of my holdings on the "hype" if the move to PoS actually goes through.

Messing with the fundamentals of a coin is dangerous.. you have been warned.

[ShawnLeary]

Mad coinz!!

Doge will have 100B coins by the end of 2014 and add an additional 5B every year there after.  Just to put our baby in perspective.  If we stay with PoW, we eventually stop at 92B and will become deflationary at that point while Doge will keep adding.  http://en.wikipedia.org/wiki/Dogecoin

GO KARM!!!
 

[ShawnLeary]

28 july
it's to late to slow
we have to react quickly
make innovation
more quickly this modern world of you who do something after the other slowly cease to count

PoS is a terrible idea.. I cant believe that greed has taken over from common sense in this community.
copying someone elses' move to PoS is not "innovation" by any stretch if the imagination however KarmaShares to some degree is innovative.

how do you expect people will BUY karma if they don't own bitcoins or don't want to go through the BS process of using second market exchanges?
how can the coin get broader market penetration if all the coins are controlled by a select few Early adopters?

show me one PoS coin that has actually risen in value past its initial offering price.....

I doubt you will find ANY.

mark my words the only thing that will both secure the network and lead to broader acceptance is a switch to Merge Mining with Litecoin.
If its merge mined with litecoin then almost everyone who mines litecoins will be able to get a little Karma on top for "free" and then they become new users/spenders.

sure a some people will be able to get some of their money back when the coin goes POS but after that its nothing but a downhill slide because the market is too tightly controlled and thus illiquid.

hows NXT and all the other PS clones that followed working out for ya?

the closer we move to centralization the further away we get from broader market acceptance.

PoS and Premine coins are all designed to make the founders rich at the expense of everyone else. If you think you are one of the "Founders" because you got onto this forum in the first week then think again... unless you own more than 10% of outstanding Karma you aren't even close to benefiting from a switch to PoS unless you dump your coins on the hype...

but anyways enough of my passionate rant about PoS (Piece of S**t) coins, everyone is free to do as they please with their coins.
I just know that I will be dumping a substantial portion of my holdings on the "hype" if the move to PoS actually goes through.

Messing with the fundamentals of a coin is dangerous.. you have been warned.

Alphi, please comment in this sub as well on reddit. 
http://www.reddit.com/r/KarmaTeam/comments/255avu/annpos_karmas_pos_announcement/

It is a major decision to make, we will consider everyone's thoughts on it.  I personally feel like it was more of an option when we were in the 8-10 Litoshi range, kind of the nuclear option, IMO.

The saying, "if it ain't broke don't fix it," comes to mind. 

[kosmost]

28 july
it's to late to slow
we have to react quickly
make innovation
more quickly this modern world of you who do something after the other slowly cease to count

PoS is a terrible idea.. I cant believe that greed has taken over from common sense in this community.
copying someone elses' move to PoS is not "innovation" by any stretch if the imagination however KarmaShares to some degree is innovative.

how do you expect people will BUY karma if they don't own bitcoins or don't want to go through the BS process of using second market exchanges?
how can the coin get broader market penetration if all the coins are controlled by a select few Early adopters?

show me one PoS coin that has actually risen in value past its initial offering price.....

I doubt you will find ANY.

mark my words the only thing that will both secure the network and lead to broader acceptance is a switch to Merge Mining with Litecoin.
If its merge mined with litecoin then almost everyone who mines litecoins will be able to get a little Karma on top for "free" and then they become new users/spenders.

sure a some people will be able to get some of their money back when the coin goes POS but after that its nothing but a downhill slide because the market is too tightly controlled and thus illiquid.

hows NXT and all the other PS clones that followed working out for ya?

the closer we move to centralization the further away we get from broader market acceptance.

PoS and Premine coins are all designed to make the founders rich at the expense of everyone else. If you think you are one of the "Founders" because you got onto this forum in the first week then think again... unless you own more than 10% of outstanding Karma you aren't even close to benefiting from a switch to PoS unless you dump your coins on the hype...

but anyways enough of my passionate rant about PoS (Piece of S**t) coins, everyone is free to do as they please with their coins.
I just know that I will be dumping a substantial portion of my holdings on the "hype" if the move to PoS actually goes through.

Messing with the fundamentals of a coin is dangerous.. you have been warned.

Well said.

[CatKiwi]

28 july
it's to late to slow
we have to react quickly
make innovation
more quickly this modern world of you who do something after the other slowly cease to count

PoS is a terrible idea.. I cant believe that greed has taken over from common sense in this community.
copying someone elses' move to PoS is not "innovation" by any stretch if the imagination however KarmaShares to some degree is innovative.

how do you expect people will BUY karma if they don't own bitcoins or don't want to go through the BS process of using second market exchanges?
how can the coin get broader market penetration if all the coins are controlled by a select few Early adopters?

show me one PoS coin that has actually risen in value past its initial offering price.....

I doubt you will find ANY.

mark my words the only thing that will both secure the network and lead to broader acceptance is a switch to Merge Mining with Litecoin.
If its merge mined with litecoin then almost everyone who mines litecoins will be able to get a little Karma on top for "free" and then they become new users/spenders.

sure a some people will be able to get some of their money back when the coin goes POS but after that its nothing but a downhill slide because the market is too tightly controlled and thus illiquid.

hows NXT and all the other PS clones that followed working out for ya?

the closer we move to centralization the further away we get from broader market acceptance.

PoS and Premine coins are all designed to make the founders rich at the expense of everyone else. If you think you are one of the "Founders" because you got onto this forum in the first week then think again... unless you own more than 10% of outstanding Karma you aren't even close to benefiting from a switch to PoS unless you dump your coins on the hype...

but anyways enough of my passionate rant about PoS (Piece of S**t) coins, everyone is free to do as they please with their coins.
I just know that I will be dumping a substantial portion of my holdings on the "hype" if the move to PoS actually goes through.

Messing with the fundamentals of a coin is dangerous.. you have been warned.

Alphi, please comment in this sub as well on reddit.  
http://www.reddit.com/r/KarmaTeam/comments/255avu/annpos_karmas_pos_announcement/

It is a major decision to make, we will consider everyone's thoughts on it.  I personally feel like it was more of an option when we were in the 8-10 Litoshi range, kind of the nuclear option, IMO.

The saying, "if it ain't broke don't fix it," comes to mind.  

Say what you like friend but the market wants POS coins as shown by the huge initial rises in Blackcoin, Whitecoin, Pandacoin etc. ASICs will tear this coin apart if given enough time - we dont need more people with billions of coins which is what would happen since the net hash is so low. Merged mining will simply create more dumpers because those people who are mining Litecoin are doing so because they believe in the fundamentals of Litecoin - they don't give a damn about Karmacoin or else they would be mining that instead.

It is already resulted in much needed volume on Mintpal, it ultimately doesn't matter what one of us thinks of this idea - the market will decide, and right now things are looking up for the first time in over a week of declining price day on day. As more and more people catch on we will continue to rise. Like I said before, we have the resources and the projects to deter from massive dumps, even if one occured after we go up big time we will set a new floor much higher than we are at currently - it is a win win.

Remember, we were down to 40 Litecoin 24 hour volume with nearly all of that large sells before the announcement. Don't make the mistake of thinking the Average Joe Trader is going to just invest money in a very low volume coin on a downward trend day on day - we need to attract investors and the only way to do that short of popping up on each of their computers is to catch their eye with big volume and price rises.

Without volume we will continue to go down in price until we have such a small amount of market capitalization that none of our projects will ever be able to get off the ground.

The first question we all ask when we see a coin skyrocket is "Yo, Does anyone know whats going on with X?" - That is all we need, to simply get people talking and reading this thread, checking out the websites and projects, then spreading the word in their own way.

A vote was cast, the results are in. We go POS in July

[kosmost]

Say what you like friend but the market wants POS coins as shown by the huge initial rises in Blackcoin, Whitecoin, Pandacoin etc. ASICs will tear this coin apart if given enough time - we dont need more people with billions of coins which is what would happen since the net hash is so low. Merged mining will simply create more dumpers because those people who are mining Litecoin are doing so because they believe in the fundamentals of Litecoin - they don't give a damn about Karmacoin or else they would be mining that instead.

It is already resulted in much needed volume on Mintpal, it ultimately doesn't matter what one of us thinks of this idea - the market will decide, and right now things are looking up for the first time in over a week of declining price day on day. As more and more people catch on we will continue to rise. Like I said before, we have the resources and the projects to deter from massive dumps, even if one occured after we go up big time we will set a new floor much higher than we are at currently - it is a win win.

Remember, we were down to 40 Litecoin 24 hour volume with nearly all of that large sells before the announcement. Don't make the mistake of thinking the Average Joe Trader is going to just invest money in a very low volume coin on a downward trend day on day - we need to attract investors and the only way to do that short of popping up on each of their computers is to catch their eye with big volume and price rises.

Without volume we will continue to go down in price until we have such a small amount of market capitalization that none of our projects will ever be able to get off the ground.

A vote was cast, the results are in. We go POS in July

Price has been fairly stable around 38-44 for the past 2 weeks.

The recent volume today is mostly from 1 trade, and it may also have to do with the beta for Lill, or the fact that we're now officially a corporation.

(It is for that reason I'll wait another day to release the Lill beta. It's good to see what the market responds to.)

for "we need to attract investors and the only way to do that [edit] is to catch their eye with big volume and price rises. " - I would disagree.

What we're doing is making ourselves attractive to investors with deep pockets, not just those with a couple of hundred BTC. Those "whales" wouldn't even register on the radar to the types of people we're thinking about.

[ptman]

I'm having a problem with the pool I'm setting up.
It is the MPOS pool software.

I was able to register the Admin account but I can not fully register any other user.
A blank page appears after the registration and no mail is sent to the user.

Try to register here to see the problem:
188.226.237.142

Please help me if you have experience setting up web services.

[CatKiwi]

Say what you like friend but the market wants POS coins as shown by the huge initial rises in Blackcoin, Whitecoin, Pandacoin etc. ASICs will tear this coin apart if given enough time - we dont need more people with billions of coins which is what would happen since the net hash is so low. Merged mining will simply create more dumpers because those people who are mining Litecoin are doing so because they believe in the fundamentals of Litecoin - they don't give a damn about Karmacoin or else they would be mining that instead.

It is already resulted in much needed volume on Mintpal, it ultimately doesn't matter what one of us thinks of this idea - the market will decide, and right now things are looking up for the first time in over a week of declining price day on day. As more and more people catch on we will continue to rise. Like I said before, we have the resources and the projects to deter from massive dumps, even if one occured after we go up big time we will set a new floor much higher than we are at currently - it is a win win.

Remember, we were down to 40 Litecoin 24 hour volume with nearly all of that large sells before the announcement. Don't make the mistake of thinking the Average Joe Trader is going to just invest money in a very low volume coin on a downward trend day on day - we need to attract investors and the only way to do that short of popping up on each of their computers is to catch their eye with big volume and price rises.

Without volume we will continue to go down in price until we have such a small amount of market capitalization that none of our projects will ever be able to get off the ground.

A vote was cast, the results are in. We go POS in July

Price has been fairly stable around 38-44 for the past 2 weeks.

The recent volume today is mostly from 1 trade, and it may also have to do with the beta for Lill, or the fact that we're now officially a corporation.

(It is for that reason I'll wait another day to release the Lill beta. It's good to see what the market responds to.)

for "we need to attract investors and the only way to do that [edit] is to catch their eye with big volume and price rises. " - I would disagree.

What we're doing is making ourselves attractive to investors with deep pockets, not just those with a couple of hundred BTC. Those "whales" wouldn't even register on the radar to the types of people we're thinking about.

That's all talk at this stage, every coin wants to attract big investors but you cant attract the big fish if the smaller fish aren't interested. Right now even the scamcoin of the century 'PANDA' is at over 1000 Litecoin volume for the past 24 hours. We need to be pulling volume away from the scamcoins. If we can't then we have a problem - regardless of what we believe or feel, that people are prepared to invest in Panda over Karma is an issue that needs to be addressed - and has been addressed to some extent with the POS announcement, good on you for listening to the majority on that one.

It takes a real driving force as seen with Blackcoin to drive a coins price up consistently - we have great ideas and great people in this community and now we need to stick together and push forward and support the upcoming shift to POS - If you are good with mathematics you could contribute! If you are good with marketing you could contribute! There is something for everyone here and it will be the solidarity (or lack of solidarity) that will determine where we are headed.

There is no shame in copying ideas from other coins that work - its called business! There is however great shame in deciding to be a laggard and miss the opportunity to gain longterm investors because certain people want to stick to the fundamentals - the fundamentals that did not stop Karma from being dumped from Satoshi to Litoshi I might add. The POS change is needed more than ever with Scrypt Asics now out - people want to secure their investments and POS is how this is currently being done.

Proof of work will create HUGE whales who mined billions for nothing but electricity, whereas POS once implemented will force these people to BUY hundreds and hundreds of Litecoins worth of Karma on the exchange if they want to hold billions. That is the security people are now demanding - that if a whale wants coins then they will have to buy them which will cause each and every persons bag to increase in value.

[compumine]

Thanks for those who replied to my inquire about the amount of coins I would expect from mining this coin.

So, I downloaded the wallet, but there are not active connections to the network!!  So no sync.

Any help appreciated.

Mind you, it is a bit concerning when there are no connections to a wallet for a coin I'm thinking of mining.

[kosmost]

That's all talk at this stage, every coin wants to attract big investors but you cant attract the big fish if the smaller fish aren't interested.

I can't think of any coin (besides maybe Bitcoin in some ways, though they're more loosely organized) that is doing what we're doing.

Right now even the scamcoin of the century 'PANDA' is at over 1000 Litecoin volume for the past 24 hours.

PANDA and PND are both over 1000 LTC volume today (a lot of people are quite confused now, to be sure). I don't know what kind of value either coin offers, but let's take a look in a week or two to see where they both are. (Every week there is a new "hot" coin.. Happens all the time. What we're dong is building stability and value.)

We need to be pulling volume away from the scamcoins. If we can't then we have a problem - regardless of what we believe or feel, that people are prepared to invest in Panda over Karma is an issue that needs to be addressed - and has been addressed to some extent with the POS announcement, good on you for listening to the majority on that one.

We're just getting started. We cannot expect a "clean" coin like Karma to pull in major volume at this point. Give it some time.

The new coins that have done major volume spikes are mostly scamcoins. We're doing something much different.

It takes a real driving force as seen with Blackcoin to drive a coins price up consistently - we have great ideas and great people in this community and now we need to stick together and push forward and support the upcoming shift to POS - If you are good with mathematics you could contribute! If you are good with marketing you could contribute! There is something for everyone here and it will be the solidarity (or lack of solidarity) that will determine where we are headed.

Blackcoin's price doesn't seem to be consistent or stable. I don't think Karma is about short-term gains as exhibited by Blackcoin, Asiacoin, Whitecoin and other similar coins, but long-term value, stability, and strength (and legitimacy). We're building the foundations for that now. This isn't a pump-and-dump coin.

There is no shame in copying ideas from other coins that work - its called business! There is however great shame in deciding to be a laggard and miss the opportunity to gain longterm investors because certain people want to stick to the fundamentals - the fundamentals that did not stop Karma from being dumped from Satoshi to Litoshi I might add. The POS change is needed more than ever with Scrypt Asics now out

Agreed. If you could point us to other coins that have made the transition from PoW to PoS successfully (in an unplanned way) it would be appreciated. I would love to research as much as I can.

people want to secure their investments and POS is how this is currently being done.

The stack of more than 8 billion coins for Karmashares would like to be added to that line

Proof of work will create HUGE whales who mined billions for nothing but electricity, whereas POS once implemented will force these people to BUY hundreds and hundreds of Litecoins worth of Karma on the exchange if they want to hold billions. That is the security people are now demanding - that if a whale wants coins then they will have to buy them which will cause each and every persons bag to increase in value.

Agreed, but that is not the whole equation. Also, there's no way to predict the effects of our shift to PoS (which probably warrants caution). There are no examples or history of other coins that we can draw from.

I'm not saying that we don't want to do PoS. PoS may do us well. What I am saying is that to rush into PoS would be foolish because it is such a fundamental change.

We're creating long-term value, not just short term gains. We can do that through PoW, PoS, PoC, and more. (And next month there will be something else. PoSX, anyone?) But at each step along the way, let's consider the pros and cons carefully.

also, I will stress this again.. the "huge" whales amount to no more than a rounding error for the type of investors we are positioning Karmashares for. we're not saying that they will invest next week or next month. But we are sure to trend upwards because of the value that we are adding that will make us attractive to a wider market.

And let us not forget our purpose, which is doing good things. This also includes being a good investment. Not just something that shoots up to 400 litoshi tomorrow for no good reason.

When those coins are long gone we will not only still be here but much bigger than we are now. And it will be because of the steps we are taking now to secure a bright and good future.

[kosmost]

Thanks for those who replied to my inquire about the amount of coins I would expect from mining this coin.

So, I downloaded the wallet, but there are not active connections to the network!!  So no sync.

Any help appreciated.

Mind you, it is a bit concerning when there are no connections to a wallet for a coin I'm thinking of mining.

This problem came up a couple of pages back. You'll need a new peers.dat file. Please refer from this post; https://bitcointalk.org/index.php?topic=579973.msg6588934#msg6588934

We will include this shortly in the new wallet file for new wallet downloaders (most of us already have peers)

Our apologies for the inconvenience

[Alphi]

Proof of work will create HUGE whales who mined billions for nothing but electricity, whereas POS once implemented will force these people to BUY hundreds and hundreds of Litecoins worth of Karma on the exchange if they want to hold billions. That is the security people are now demanding - that if a whale wants coins then they will have to buy them which will cause each and every persons bag to increase in value.

that is where you are completely wrong.... if you move to PoS now you don't force whales to buy your coin... what you do is actually give Whales (those people who own large portions of the coin supply) the ability keep on mining while everyone else is cut out of the loop.

I really think you have a fundamental lack of understanding how the mining and trading works.

for the most part Miners (even the really big ones) are not the ones hoarding coins they mine and then sell most of their coins for a profit and to pay off electricity bills.. and yet more coins they sell to diversify risk.

the people who are manipulating the markets, people like wolong and fontas are not miners they are traders ... people who either got rich trading off the original bitcoin boom, hacking exchanges, dumping premined coins or in the case of Wolong are backed by rich fiat investors... what they do (and what is also highly illegal) is use their vast holdings to manipulate the market prices so that they can either Sell high on a pump or buy low on a dump.. they do this with coins and trade bots to place fake orders and create either buying or selling pressure, they don't do it with mining equipment.

Centralizing the coin supply further doesn't fix this problem, it only makes it worse.
if you move to a PoS coin.. all you are doing is making the whales richer because it is only those big whales who can mine PoS coins and thus create more currency for themselves to sell.

that is what Proof of stake is... the more coins YOU own.. the more YOU can mine.. this provides no incentive to a whale (or anyone else for that matter) that does not have a stake in your coin at all.
it only provides incentive to those people who already have large stakes in the coin and those people do not need to buy more, they can just use what they have to trade or hold and accumulate.... alas sadly that is not me and I'm guessing its probably not you either.

[easteagle13]

Thanks for those who replied to my inquire about the amount of coins I would expect from mining this coin.

So, I downloaded the wallet, but there are not active connections to the network!!  So no sync.

Any help appreciated.

Mind you, it is a bit concerning when there are no connections to a wallet for a coin I'm thinking of mining.

Hi, If you still need help kindly visit this link http://www.reddit.com/r/KarmaTeam/comments/24z7nd/welcome_to_our_new_karma_subreddit/, then scroll down to the post of alexpsy there is also a step by step help there.

[kosmost]

Proof of work will create HUGE whales who mined billions for nothing but electricity, whereas POS once implemented will force these people to BUY hundreds and hundreds of Litecoins worth of Karma on the exchange if they want to hold billions. That is the security people are now demanding - that if a whale wants coins then they will have to buy them which will cause each and every persons bag to increase in value.

that is where you are completely wrong.... if you move to PoS now you don't force whales to buy your coin... what you do is actually give Whales (those people who own large portions of the coin supply) the ability keep on mining while everyone else is cut out of the loop.
[snips]

Good point. And this is exactly why we created the quantum period for Karmashares and are "laying low" right now. As I have said a couple of times before we want to give the Karma community as much of a chance as possible to own as much of the company as possible before the "whales" (big and small) and the rest of the marketplace realizes what's going on.

We want to give the community a chance to multiple their coins and get a piece of an even bigger pie that is the long-term passive income of Karmashares.

Right now someone that spend $25 to invest with Karmashares has 0.1280% of the profit share. This may not seem like much of a number to look at. But when you factor in passive income for as long as Karmashares exists, it's a tremendous bang for your buck.

Let's say that over the course of the next year Lill does so-so and captures only 0.5% of the US search market. Then Google thinks what we're doing is cool and wants to buy Lill. We then decide to sell it for what it's worth. Their $25 investment gets a fat dividend of $6,400 and they get to keep their ownership of Karmashares so that they receive profits from all the other projects (and companies that we might sell) for life.

When the marketplace realizes this tremendous investment opportunity and the awesome system that we have created, you can bet your bottom dollar that other coins will be scrambling to file for an LLC and copy our PoC implementation.

We are leaders, not followers. This will give us and every member of Karma a tremendous advantage.

[CatKiwi]

Proof of work will create HUGE whales who mined billions for nothing but electricity, whereas POS once implemented will force these people to BUY hundreds and hundreds of Litecoins worth of Karma on the exchange if they want to hold billions. That is the security people are now demanding - that if a whale wants coins then they will have to buy them which will cause each and every persons bag to increase in value.

that is where you are completely wrong.... if you move to PoS now you don't force whales to buy your coin... what you do is actually give Whales (those people who own large portions of the coin supply) the ability keep on mining while everyone else is cut out of the loop.

I really think you have a fundamental lack of understanding how the mining and trading works.

for the most part Miners (even the really big ones) are not the ones hoarding coins they mine and then sell most of their coins for a profit and to pay off electricity bills.. and yet more they sell to diversify risk.

the people who are manipulating the markets, people like wolong and fontas are not miners they are traders ... people who either got rich trading off the original bitcoin boom, hacking exchanges, dumping premined coins or in the case of Wolong are backed by rich fiat investors... what they do (and what is also highly illegal) is use their vast holdings to manipulate the market prices so that they can either Sell high on a pump or buy low on a dump.. they do this with coins and trade bots to place fake orders and create either buying or selling pressure, they don't do it with mining equipment.

if you move to a PoS coin.. all you are doing is making the whales richer because it is only those big whales who can mine PoS coins and thus create more currency for themselves to sell.

that is what Proof of stake is... the more coins YOU own.. the more YOU can mine.. this provides no incentive to a whale (or anyone else for that matter) that does not have a stake in your coin at all.
it only provides incentive to those people who already have large stakes in the coin... and sadly that is not me and I'm guessing its probably not you either.

Early adopters by rights should and do benefit the most. If someone invested a few thousand dollars when the coins was worth 15 Litoshi and holds 1 Billion of them, good for them - they took the risk of buying a coin that was worth next to nothing. There should not be an equal or greater benefit flowing to those who buy in later on compared to those who have been in on the coin since the beginning. The difference is I want whales to buy there way to a billion (or whatever that target is) rather than mine there way there with ASICs that no GPU can compete with. Only a few have ASICs but everyone has Bitcoin - The beauty of POS is it encourages people to buy. If they want to mint large stacks of coin then they need to BUY large stacks of coin - that volume is what will do us a world of good. No individual is going to invest 10s of 1000s of USD or more into a coin just because it has a LLC behind it - it must have volume and massive interest from regular traders to make them money, otherwise all they are is a bagholder hoping that the projects will somehow come to life and make him a millionaire. In the real world good ideas don't mean jack unless backed by the means to make them happen - it is my opinion that POS is a step in the right direction to attracting the big fish we are all waiting on to take us to the moon.

This is a good discussion though, healthy for a community to debate different points of view - just as long as the direction of the coin is set. If there were to ever be a reneging on the POS announcement for example you can guarantee we will dumped like a hot potato. If there is one thing worse than indecision in the eyes of investors its flip-flopping

ADD: Cinnicoin is one to do some looking into Kosmost - they have done a good job with the transition to POS from POW.