I dont want to open up any old books..
But we did talk about a reverse split once.
Moolah is going to activly add and remove coins.
But we did talk about a reverse split once.
Moolah is going to activly add and remove coins.
just look at Sat2 one of the only coins to do a reverse split.
and it is also not on the list of coins that will go to V2
Sat 2 is now about 15% of the value it had before it reverse split.
unless someone can point to an example of a reverse split that was successful then I would suggest that we look at history to determine what could happen.
also Mintpal almost died, that is why they were bought out by Moolah.
do you really want to tie the fate of Karma to Mintpal, an exchange that almost destroyed MANY coins?
I for one do not want modify the core fundamentals of a coin just so that it can be tied to an exchange that has the spectre of death looming over it.
coin economies need to learn how to outgrow exchanges if they are to survive. That is a simple fact.
I know its tough but a coin must maintain its integrity if it is going to survive in this game.
we should be lucky that we are even on the Moolah V2 list.. if we didn't have our integrity then we probably wouldn't even be on that list.
Moolah have said very clearly that their desire is to weed out all the scam coins and pump and dump coins.
you might think its not a deception to reverse split a coin but others might disagree with you and thats the problem..
if moolah thinks its kinda scammy then they could easily dump us from the list.. regardless of how people feel about the ethics of reverse splitting.
quite frankly I am concerned how mintpal can just delist coins at a whim without consulting anyone... it completely smacks of market manipulation.
I am very skeptical about whether they will survive into the future, even with the backing of moolah.
You cleared so much up for me and i cant disagree at all.
But i do feel its good if we contact moolah about us, karma, as a ltc dependent coin with high volume and active development, but this is to the dev team, otherwise if its wished i will write a short email but i dont think im the best in delivering the message of Karma as the best.
In the cryptocurrencie world we are experiencing a huge problem, the problem of dilution. More coins, same total volume same miners = dilution over an endless number of coins. So i am happy moolah says it wants to activly following coins to avoid these new scam coins, which 95% of new coins are.
As Karma we must make it our task to deliver the message why people should invest and believe in karma and not in icebucketcoin (i made this one up but im sure someone is developing it right now).
If we succeed in this, our btc market will florish on its own. As fast as we reach those 20 satoshi our worry which many coins dont have (depending on ltc) are gone.
Karma karma karma...
not to bring this topic up again but to clarify some stuff.
Mintpal was purchased by moolah at its peak. At that time Mintpal had all the volume. over 2000 btcs daily. two things happened that mintpal volume dropped:
1. It declared it will stop allowing users to vote on a next coin, killing the possibilities of any scam coins to pay their way to the top.
2. It got hacked from a server vulnerability.
the 1. caused them to loose all then new scam coins volume to bittrex. Bittrex now is the place where any coins get added. hence why it has more volume then mintpal. mintpal took the volumes out of crytpsy because it was allowing any other coin to get added via voting. Mintpal was the first to introduce voting.
the 2. caused them to loose more volume as they "finally" got hacked. But that is the life here in the cryptoworld. every single exchange has been hacked.
Now i can't foresee the future role of Moolah and his ambition to be the best exchange but my gut feeling is telling me we should stick around for that
Also lets talk reverse split. Before i share my opinion you must agree that you can not compare SAT2 coin to karma. (sorry sat2 holders but you offer nothing that 1000 coin do not do and you got a silly name. there is no thing to be attached to )
reverse split would not help with volume. Volume would still be the same. Reverse split it's a psychological thing and helps soften the cushion of pumps and dumps. here is what i mean
psychological effect:
If you own 450 millions of coins at a price increase of %1000 percent (from 1 satoshi to 10 satoshi) you would gladly sell %10 or more of your coins . let assume 80 mills(realistically probably 100 mills or more). you would not feel like you lost a lot of coins because you gained 8 btc profit. Unfortunately you would not be alone in this. There will be tons of other people feeling comfortably selling that many coins. Knowing that it would make it easier for you to sell because you might also understand that if only few people sell this amounts price will drop and you would be able to buy back if you chose too.
the cushion:
This makes it harder for people to invest in a fun way because you will be glued to the exchange screen because the volatility of 10 satoshi to 7 satoshi is %30. in 10 minutes, if your not paying attention your coins could be worth %30 less.
this is very dangerous if we are dealing with people who go to other coins forums and spread FUD. Before we can provide proof that the news if baseless FUD the damage could have been done.
The point of reverse split would be as such
The psychological effect:
all of the sudden you do not own 450 millions but 4.5 millions(out of 920 millions coins total ) or if higher split then 450 , 000 coins. (out of 92 million coins total). choosing the 92 mill cap as this example. Assuming we have the same interested people then the price would be at min 1000 sat up to 18 000 sat or more. The psyhological effect would be that all of the sudden if the price rises 100 satoshis it would not make it easier for you to decide to sell of 80,000 coins for a quick profit.
the cushion:
the volatility of previous example was easy to achive a spike of 1 sat to 10 sat , or %1000 increase. at 1000 satoshi range this price would have to increase to x10 more or 10,000 satoshi. this is not something that people can fake pump it easy. it has to be organic increase. Think of how much volatility the ltc market gives to karma coin now. and it is only 100 spaces. from 50 litoshi to 150 litoshi. Imagine to have 1000 litoshi range. People will not be able to do day trading east because selling at 1100 and buying back at 1000 only gives you %1 gain
Also just like reducing fake pumps it also helps to reduce the FUD dumps. By the time the coin drops from 1000 to 500 you would have tons of hours passed. possible a day. Giving you enough time to wait for some one to clear up the news rather then panic rush to sell coins. This is why coins with rarer total market cap have more "investors" because it is much safer to trade at that level. because even if you see coin is crushing you have tons of time ot cash out. loosing only %20 and calling a bad investment.
The problem with us is that when we consulted with our guys and Hiro , we realized that it would not be an easy thing. Hiro mentioned it could be impossible to do it our way as we might run unto tons of problems. It would be some tedious work from some one who really understood every single mechanism of the blockchain. So while we were stressing out with how to do this or who to go to , we also were asking the public in the forum if you all can recall. When we also saw that more then half of the public were asking not to do the reverse split. I was for it , but the rest of the team decided to snip it in the but and move on to focus on other things.
So thats my thoughts on reverse split and Mintpal
1100 sell and buying back on 1000 is a 10% gain.
Nevertheless, i agree that karma is not sat2.
Following the words you said, when doing a reverse split you become dependent on organic growth, and isnt this EXACTLY what we want with Karma? At the moment we are still being abused by people wanting to make a quick profit and we are vulnerable for a quick dump. Not to mention our dependency on ltc, because anyone wanting to buy a large amount of karm would need to buy a large amount of ltc and most people hate to take that extra step. A reverse split could solve this because our price would be about 1000 satoshi, our marketcap would have to be 300$ before we reach the 1 satoshi limit, by that time im already crying in a corner so that js not going to happen.
Doing the reverse split would be a pain in the ass ofcourse, because i believe its lots of work. but all of our projects and good news stops being visible after about a week, because we are getting abused by quick profiters again. So karma has everything good, and does what a good coin needs to do, except that it feels like the projects are useless to build price because our market is manipulated. I personally believe that if this manipulation would be less, karma can grow much more.
Now i am not a programmer or anything so if you people say, a reverse split can not be done, i accept this, but if you say, it can be done, well, do it.
Nevertheless the community would have to vote again, but i think after the past week everyone can see how a dump effects the coin extemely.
deal?
