Topic: [ANN][KARM] Karma / ₭ / X11 - page 212. (Read 583278 times)

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!

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

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

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.

+1 that sounds more straight forward ...

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.

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

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.
 

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

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

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

IM all for this lowered my bid to 22mil

I'll bid 10.5 million!

ok, cool my Karma brother. Good to have you here! So, now good night everyone...

thats kool,i saw first bid... what 24million... i thought much higher like 100k please forgive me

sorry, I did not want to irritate you. I just wanted to indicate that 8 mio is euqal to 3 satoshis and that I hope that we will arrive there. This is for a cause. Thats why I hope that we reach a price that is higher than market price (below 8 mio). I did not get what your problem is? dont be irritated. I try my best. We sell the bidded amount of karma for 0.24 btc and want to get the lowest Karma price. Its ok ,if you find that this auction not a good idea. Actually, I would like to have some feedback on this. As I stated from the inital post onwards: this is an experiment. If the community does not want it we can cancel it.

why you say THAT my bid is 23million?can you even bid market?is this not for a cause?i am dumb but not that dumb

toeshe, you can make a bit of 8 mio. Then we are at the current selling price (btc mint). Gonna sleep now. Will add all new bids in 12+ hours.

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


(you will have to make some bids here, otherwise jluizg will make the deal of his live...hint)


edit: This is an experiment. If you have any concerns with it we can still stop it. ok?!

this is an auction! the bids are going lower and lower. It should reach current market value or lower in theory.