Topic: [ANN][KARM] Karma / ₭ / X11 - page 237. (Read 583120 times)

http://karmashares.com/forums/index.php/topic,516.msg2783.html#msg2783 - A hub for Ideas. Please comment here.

Mintpal has already been informed.

cryptsy :  i have had people talk to them. my ticket since 2 days ago has not been answered yet.

This is critical if we want to gain attention from the majority of population in the planet.
Most people, specially the most poor, do not have access to computers.
We should make our mission (it has everything to do with "Karma") to make it possible for them to send Karma using a "dumb" phone.

I think we should pursue this.

Also another thing that I think we should do now is to create an SSL certificate (how many bits?) and register it to use in our websites (lill, webspond, hireplex).
The sonner we do this the better. I do now know how much time does it take to register a certificate in one of the SSL certificate althorities, and we want our certificate to be trusted by people when it is time for our website to became popular.

I was wondering if there have been any previous discussions regarding being able to text Karma.  I'm pretty sure that everybody in the world who has a mobile phone can and do text with it.  Not everybody uses social media.

NXT is doing this and I feel it's absolutely critical that we have this eventually for mainstream adoption.  I haven't had a change to look into how it is setup with NXT to do this.  But, to be able to send a paper wallet or something similar with a text....just like you would a photo or contact would definitely help spread Karma.

Any thoughts or opinions?

It will make them money due to increased volumes, more people are willing trade on BTC markets and more people are willing to trade if the market marker (the guy that places orders that aren't executed immediately) has small margins. If either Mintpal, Cryptsy or another large exchange does this it could easily make them the dominant exchange for Karma, at least until another one also implements the same, however being the dominant exchange now could very easily carry on into the future.


My suggestion? It isn't a gimmick, it will help in the medium to long term by making the market more active, granular and fluid. I'm ignoring the short term, besides the walls will still be there shortly after the change.    The price is less likely to adjust when "real value" is built for Karma if the price is being locked in by people that don't care about the "real value."

thanks for sending the tickets as your contribution is appreciated.

I`ve sent support tickets about the hard fork to Mintpal, Cryptsy, Coins-e, Comkort and e-mail to Bleutrade.

MINTPAL (Jay) confirmed that they have updated their wallet.
COINS-E (Jessica) confirmed that they are aware of the change.

Thanks much for this. And please let us know if you need anything else.

I removed the news older than 1 month, to keep it from being too long. Hopefully we will keep it fresh

Thanks for your efforts!

Go Karna!

Good work p4r4m0unt! I also encouraged pdogg147 to send notice to the pools that he contacted with a pre announcement before.

All pools and exchanges will be removed from the OP page beginning July 30, 2014 and ONLY THOSE THAT CONFIRMED THEIR EXCHANGE and POOL have moved to X11 will be relisted.

ATTENTION ALL MINERS! Please make sure that you mine only to the pools with verified move to X11 starting August 01, 2014 or you risk wasting your hash. We also encourage you to use P2Pools as much as possible.

Nevertheless. It is better if someone else sent messages again to all of the pools tomorrow. Just to be sure. Until now I've got response only from xhash.net that they will be ready.

To those who sent messages to exchanges and pools kindly update us here with your list. We should not leave this to chance that we "thought" all exchanges and pools were notified. Thank you very much.

249k block out of 255k blocks until x-11 fork.

i cant wait.

so excited

Ops, I have missed the replay. Sorry p4r4m0un7
I'll post a message to easteagle13.

It's quite right that the Scandinavian languages are quite similar. Some grammar and words differ, but it is possible for a Danish and Norwegian to read/understand Swedish. Some travel agencies use a "Scandinavic language" which is a mix of these tree languages. But this is nothing I have practiced.

I think this is a bad idea.

Keep building value for Karma..and the price will adjust accordingly. All these shenanigans to try to affect short term price are counterproductive. 

peace

I don`t understand why the exchanges will agree to do this.

To elaborate on the above re exchanges trading Karma against BTC in sets of 1000.

Exchanges: Price Karma in lots of 1,000 in Bitcoin


What does this mean?

Instead of Karma being put on the market as a single Karma it could be sold in sets of 1,000. This still means you can sell units of 0.00001 Karma, just not 0.00000001 Karma.

This is very distinct from decreasing the number of Karma via a hard fork although it has the same advantages and could be done around the same time without actually having to change the amount of Karma in existence.

The 0.00001 Karma (being the minimum tradable fraction) of Karma under the proposed change is worth approximately $0.0000000015USD at today’s market rates.

When I last checked there was an actual minimum limit on Mintpal for Karma sales of around 10,000 Karma however this may be based on price and could be there as a transaction spam / exchange fee avoidance countermeasure.

Basically instead of exchanges listing Karma for sale as follows:
Amount: 0.00000000 (limit 8 decimal places)
Price per Karm: 0.00000000 (limit 8 decimal places)
Total: 0.00000000 (limit 8 decimal places)

It would be:
Amount: 0.00000 (limit 5 decimal places)
Price per 1,000 Karma: 0.00000000 (limit 8 decimal places)
Total: 0.00000000 (limit 8 decimal places)

Under sell orders/buy orders this would change from:
Price (BTC) / Karm / BTC
To:
Price per 1,000 Karma (BTC) / Karma / BTC

The amount of Karma displayed in accounts should be kept the same.

Why the change?

As at the time of writing this 1 Karma is selling for 0.00000002 to 0.00000003 Bitcoins. The smallest fraction of a Bitcoin is called a Satoshi. Karma is trading at 2 to 3 Satoshi. This means theoretically, on the spread, you can either sell your Karma then rebuy 50% more or you can buy Karma and then sell it for 50% more or similar. This will occur no matter the price of Karma, just as the price goes up the margins will get slimmer as the market becomes more granular, ie the difference between prices is less. Even at 40 to 41 Satoshi there is a margin of 2.5%, roughly 10 times more than the exchanges themselves take.

This isn’t healthy for the market. The only way these orders can work is if the price is stable enough for you to both complete your sell order and your rebuy order.

This encourages people to attempt to lock in Karma between a certain price range and also encourages the creation of wall. This is because some people may be putting up a sale expecting that they can then rebuy at a fraction of the price, which may even be on alternate market, for example a Litecoin market.

When price movement is hampered there is less volume in the markets and less interest in Karma.

Benefits of change, buyers/sellers:
Can buy or sell higher at market rates without having to either “wait in line” or sell at far less than it would cost to buy or vice versa.

Benefits of change for exchanges:
More market activity caused by the change means more turn over and more exchange fees.

As one of the first adopters, your exchange will both have Karma for sale at cheaper rates and people will be able to sell Karma for more. This will increase volume on your market for people that want to trade at market rates and not have to wait “in line” for their trade to be executed a decent price.

Implementing the change may be subsidised by the Karma community.

Limitations to current countermeasures to the problem:
Under the current system alternate markets (primarily Litecoin) are being used to trade Karma at a more granular rate while the price is being locked in on the Bitcoin market.

However, this is considered by many to be an inconvenience and still only offers limited protection against sell and buy walls that form on the Bitcoin market.

Suggested implementation for exchanges:
1. Make the relevant notices to customers;
2. Suspend trading on the Karma/BTC market;
3. Back up data;
4. Make the relevant changes to the displays on the market order page;
5. Cancel all orders on the market;
6. Make changes to the order database if required; and
7. Put the buy/sell orders back onto the market to 5 decimal places instead of 8. This should result in a very small decrease to buy/sell orders on the market.

Other solutions:
Mintpal is the only major exchange for Karma that would have trouble implementing this because they have already opened the Bitcoin/Karma market. New exchanges (or exchanges without Karma markets) could implement this system without having to worry about current orders.

I think we need to do more to make sure we will have enough miners when we transition to x11. By my estimates based on the block rewards we should be on 5 GH/s shortly after the change over based on today's Karma prices. That's roughly 5% of DRKs hashing power, the biggest x11 cryptocurrency. I haven't checked those numbers though, I could have easily made a mistake and be off by a factor of 2 to 1,000.  

Have we told the mining profitability sites about the change?

Have we made sure the exchanges are freezing deposits/withdrawals for a while before and after the change over?

Do miners have all the information they need?

Is now a good time to ask exchanges for things like changing KARM to KARMA (mintpal has 5 letter PANDA, why not Karma)?

Is now a good time to ask exchanges to price Karma against BTC in sets of 1,000 instead of 1?

Chargin.