- 1. securing the network - a 50billion limit with no further reward would essentially kill network hashrate, making it vulnerable to attack. POS is a possible solution, but I am not convinced it is a great idea.
- 2. trust - imagine what people, investors and miners would say if the BTCF announed they want to change the total amount of BTC. It is one of the most important characteristics of the coin and changing it would masively undermine trust and confidence.
Topic: [ANN][KARM] Karmacoin - New Initiatives - Helping People Do Good - page 44. (Read 352484 times)
April 07, 2014, 04:20:20 PM
I have argued before, that the reward structure of KARM was less then ideal, generating too many coins in too little time. But with the next few reward halfings much of that is already being taken care off! All it takes is some time and patience. As tempting as changing the math might sound, it will not magically raise the coins price and a few things need to be kept in mind:
April 07, 2014, 12:55:55 PM
Don't forget to use our new Twitter tipbot! Send me your twitter username and I will send you some Karma! https://twitter.com/karmacoinme
[/quote]
Following...twitter username is @ryannguyen128
April 07, 2014, 12:37:33 PM
Did already everyone vote for Karmacoin @ Cryptsy? I will spend 100 Points right now to push it forward a little bit. Feel free to join.
April 07, 2014, 11:56:52 AM
Karmacoin on Prime Concepts twitter: https://twitter.com/PrimeConcepts2K
Don't forget to use our new Twitter tipbot! Send me your twitter username and I will send you some Karma! https://twitter.com/karmacoinme
Don't forget to use our new Twitter tipbot! Send me your twitter username and I will send you some Karma! https://twitter.com/karmacoinme
Signed up, twitter username is cerebalasassin
April 07, 2014, 11:50:50 AM
Karmacoin on Prime Concepts twitter: https://twitter.com/PrimeConcepts2K
Don't forget to use our new Twitter tipbot! Send me your twitter username and I will send you some Karma! https://twitter.com/karmacoinme
Don't forget to use our new Twitter tipbot! Send me your twitter username and I will send you some Karma! https://twitter.com/karmacoinme
April 07, 2014, 10:38:01 AM
A mention in a Spanish newspaper a couple of days ago, "La Razón": http://www.la-razon.com/suplementos/escape/BITCOIN-revolucion-marcha_0_2027797298.html
April 07, 2014, 10:21:49 AM
other tweets today:
Bitcoin Fast: https://twitter.com/BitcoinFast/status/453189816063385600
Web Monocle: https://twitter.com/Web_Monocle/status/453189372834086913
Bitcoin News: https://twitter.com/BitcoinNews247/status/453188879537799168
Bitcoin Fast: https://twitter.com/BitcoinFast/status/453189816063385600
Web Monocle: https://twitter.com/Web_Monocle/status/453189372834086913
Bitcoin News: https://twitter.com/BitcoinNews247/status/453188879537799168
April 07, 2014, 10:18:27 AM
April 07, 2014, 10:15:54 AM
April 07, 2014, 10:00:43 AM
The BTC / KARM removal is the best solution for the Moment. I already have 500+ Million Karmacoins and will invest another 300 LTC as soon as the MINTPAL BTC market dissapeared.
April 07, 2014, 06:23:34 AM
Ideas for the next 50B coins: What opportunities exist??
>Functionality...What new innovations are there to mine with???
>Air Drop 5Billion to the Boys Scouts to go do good with...result being countless of young curious minds instantly interested in Karma Coin
>DONATE the next 5Billion to a poor nation in Africa
>Point of Stack
As I said....I believe we have multiple opportunities with the last 50Billion coins. Let's think outside the box.
The question is what will raise the price the quickest and connect with the most people out there.
>Functionality...What new innovations are there to mine with???
>Air Drop 5Billion to the Boys Scouts to go do good with...result being countless of young curious minds instantly interested in Karma Coin
>DONATE the next 5Billion to a poor nation in Africa
>Point of Stack
As I said....I believe we have multiple opportunities with the last 50Billion coins. Let's think outside the box.
The question is what will raise the price the quickest and connect with the most people out there.
April 07, 2014, 03:28:42 AM
Look at those buy walls on mintpal! They are growing! Hold!!
April 07, 2014, 02:38:30 AM
How about at 50 billion total coins?
+1 .
Yes, change to 50 billion limit (no inflation).
we may need to do it asap.
April 07, 2014, 01:56:25 AM
How about at 50 billion total coins it changes to PoS?
Then you get 1.5% interest for every 30 days term you keep the coins in your wallet (for the first year)
then 0.75% per month the following year, then decreasing by half after, etc
until maximum of 92 billion coins?
Then you get 1.5% interest for every 30 days term you keep the coins in your wallet (for the first year)
then 0.75% per month the following year, then decreasing by half after, etc
until maximum of 92 billion coins?
+1
I like the idea for 30 days period. It is different. I like different things!
April 07, 2014, 01:50:24 AM
YEs!
Well we should figure out some proper maths so the POS don't stake a lot of coins.
Well we should figure out some proper maths so the POS don't stake a lot of coins.
April 07, 2014, 01:41:14 AM
How about at 50 billion total coins it changes to PoS?
Then you get 1.5% interest for every 30 days term you keep the coins in your wallet (for the first year)
then 0.75% per month the following year, then decreasing by half after, etc
until maximum of 92 billion coins?
Then you get 1.5% interest for every 30 days term you keep the coins in your wallet (for the first year)
then 0.75% per month the following year, then decreasing by half after, etc
until maximum of 92 billion coins?
April 07, 2014, 01:30:14 AM
Prices rose will attract a large number of miners and investors come. . . 
1% increased interest on hold coins confidence. .
now Quantity of coins is too big, has been devalued.
1% increased interest on hold coins confidence. .
now Quantity of coins is too big, has been devalued.
April 07, 2014, 01:24:10 AM
i think all the miner have moved on. only the investors are left. don't think the miner will mind a lot when they see the coin rise in price again
There may not be a lot of miners actively mining, but I'm willing to bet there are still a lot of miners who hold Karmacoin. There's really no way to tell, unfortunately.
aye. maybe some. most have probably gave up. I got a $400 electric bill for 1 month and a half. I know i mined a lot of hrs in karmacoin. But i
this is why i suggested changes. since the network is small. I would believe a lot of people want us to come up with a strategy that will help the coins future.
Just saying we should consider all the changes now, cuz if it blows up it might to hard to hard fork it again
April 07, 2014, 01:08:06 AM
i think all the miner have moved on. only the investors are left. don't think the miner will mind a lot when they see the coin rise in price again
There may not be a lot of miners actively mining, but I'm willing to bet there are still a lot of miners who hold Karmacoin. There's really no way to tell, unfortunately.
April 07, 2014, 01:06:11 AM
tampering with coin supply rate does NOT make the value go up. this is the same moronic logic that the federal reserve uses to manage and manipulate all USD based markets.
several times now the coin supply rate has halved by design and this has not caused any shift in the price of KarmaCoin at all. this is because the price of KarmaCoin is determined by the people selling (ie those who already hold coins) not by those people mining.
further more Bitcoins biggest selling point is that it is scarce resource and that is because the coin supply cannot be tampered with. once you start messing with it (up or down) you completely destroy peoples faith in that premise.
If you go past the point of no return there is no coming back... If you can reduce coin production rate arbitrarily then what is to stop you from later increasing it arbitrarily to suit your own needs?
the very second you alter the coins production rate in any way you are effectively destroying its deflationary nature.
by reducing the production rate of the coin all you are doing is reducing the amount of coins that go to miners thus making the coin less profitable to mine so you are effectively taking coins out of the hands of the people doing the work to secure the network and giving more power to the coins held by those people who already control vast amounts of coins. (This is called Crony Capitalism or Oligarchy)
Not only that but you are reducing the network hash rate and making the coin network more vulnerable to attack.
Maxcoin tried this trick and for a few weeks it seemed to work and then the price crashed back down again. In the short term yes it will benefit those people who hold the coin and want to dump it but in the longer term all it does is erode public confidence in the coin and concentrate power into fewer hands.
Seriously I cant believe people are even considering tampering with fundamental ideas of Crypto currency just to line their own pockets, especially when they are discussing the future of a coin supposedly based on Altruism. There isn't a coin in this world that could be successfully altruistic if it was being controlled by greedy mofos.
several times now the coin supply rate has halved by design and this has not caused any shift in the price of KarmaCoin at all. this is because the price of KarmaCoin is determined by the people selling (ie those who already hold coins) not by those people mining.
further more Bitcoins biggest selling point is that it is scarce resource and that is because the coin supply cannot be tampered with. once you start messing with it (up or down) you completely destroy peoples faith in that premise.
If you go past the point of no return there is no coming back... If you can reduce coin production rate arbitrarily then what is to stop you from later increasing it arbitrarily to suit your own needs?
the very second you alter the coins production rate in any way you are effectively destroying its deflationary nature.
by reducing the production rate of the coin all you are doing is reducing the amount of coins that go to miners thus making the coin less profitable to mine so you are effectively taking coins out of the hands of the people doing the work to secure the network and giving more power to the coins held by those people who already control vast amounts of coins. (This is called Crony Capitalism or Oligarchy)
Not only that but you are reducing the network hash rate and making the coin network more vulnerable to attack.
Maxcoin tried this trick and for a few weeks it seemed to work and then the price crashed back down again. In the short term yes it will benefit those people who hold the coin and want to dump it but in the longer term all it does is erode public confidence in the coin and concentrate power into fewer hands.
Seriously I cant believe people are even considering tampering with fundamental ideas of Crypto currency just to line their own pockets, especially when they are discussing the future of a coin supposedly based on Altruism. There isn't a coin in this world that could be successfully altruistic if it was being controlled by greedy mofos.
The halving does not affect the current supply but the future rate of reward distribution.
Any market works by the supply and demand maxim. If supply of something remains steady as demand increases, its price should rise. It is not "moronic logic". Right now demand is steady while the supply continues to increase. It's one reason Dogecoin's price has tumbled by 50% in the past month. (Also notice they only add a few subreddit subscribers a day, compared to before)
Of course, you know this already. You make a nice example of it with BTC and the China equation here: https://bitcointalksearch.org/topic/m.6001834
Supply and demand. If, as the result of a lessened supply, there are only 1 billion coins on the market for sale instead of 12 billion (because we did not cap the supply) then there would be too much supply with an unsatisfied demand factor.
(Also, I don't agree with your statement that "the role of the miners is to secure the network not to dictate the price", in a previous post. Of course miners' actions effect the price, as anyone who holds Karmacoin or the actions of any other market actor would. In this post you continue the thought, expressing, "...this is because the price of KarmaCoin is determined by the people selling (ie those who already hold coins) not by those people mining." Are you suggesting there is only 1 hand at work in the marketplace?)
The only question, in this case, is "will a more finite supply (instead of 10s of billions more available for sale in the near future) increase the demand or lessen it?"
Your statement, "further more Bitcoins biggest selling point is that it is scarce resource " was only true a few days ago. For 99% of it's existence, Bitcoin had an infinite supply of coins, not 21 million as had been believed by most. It was the perception of a scarce resource. But I'm sure the guy who patched it wasn't the first person to notice (since the code is available for all to see, and has been combed over many times I'm sure).
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i think all the miner have moved on. only the investors are left. don't think the miner will mind a lot when they see the coin rise in price again
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