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!
There is always excitement when the price is going up. But I will still be excited about the possibilities with Karmacoin. If the price is at 1 litoshi or 1000 satoshi I will still be here beating the drums
The name itself has tremendous value.
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.
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.
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.
Coins will be held as used as deemed appropriate to grow the business. Our best solution, for now, is to find people who are willing to work for Karma. (This also forces us to create a marketplace for Karma, so that's good.)
Another solution, as some others have done with Bitcoin, is to get a banker to agree on the asset value of Karmacoins held and use this as collateral for a loan.
We do not want to harm the market price by dumping coins. We can do, perhaps, 90% or more of what we need by paying in Karmacoin (developers, especially) in small amounts rather than a lump sum.
There's no reason that certain items (such as servers and other fees) can't be "donated" to the Karmacoin effort by members of the community in order to grow Karmacoin. It's what I have been doing, and it will essentially pay for itself.
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.
Agreed. Thank you for reminding me.
@rickyross I don't think kahir is trolling, he's just voicing his opinion. Lets be nice please.
It's good to have different opinions, and I see no one trolling on this thread, thankfully.
A bit more chaos may even make us better, as we make a pilgrimage into new territory.
