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
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.
