Topic: Goodomy [GOOD] - Launching May 24, 2018 // From the creator of the first ICO - page 19. (Read 23095 times)

Hi. It's at https://etherscan.io/token/0xae616e72d3d89e847f74e8ace41ca68bbf56af79

For quick reference, please refer to the OP.

Thanks. But is it really a longshot? I'd say our chances are greater than more than 90% of the coins out there

We don't need to be a billion-dollar coin in order for people to realize tremendous value from the GOOD that they have now.

Even a $50m coin would provide a tremendous return.

Some people might just assume we'd be a charity coin or something. Not the case. I love making money probably more than most people, and I know that the more money we can make the more good we can do. Bill Gates is able to do much more good than Bill Doors, for example. The more profits the better, and I'm designing a system that considers that first.

Of course, the idea is to be as big as possible and that is the longshot. But most people are just looking to make a 'good investment' and I get that. When people realize the value of the system I'm developing, I am sure it will be reflected in the price.

We'l see how it goes!

I shut down the ICO on the recommendation of legal counsel after giving an opportunity for anyone in the community to take over. The difference is that ICR is legal to operate.

Besides that, the ICR is a process, not a legal entity for which someone has a legal responsibility. Any entity would be able to do it.

More info to come

I've received a number of PMs and emails asking why Good Karma doesn't do an ICO.

Although I basically invented the ICO in early 2014 (for the old Karmacoin) in the Karmashares distribution called "share points" and bonus periods, I shut it down because of advice I received from my lawyer.

Yeah. It's a great idea. But...

You'll notice that most legitimate ICOs today do not allow anyone that lives or resides in the US to join in the distribution. What's not being considered is that the people running the ICO should not be US residents or citizens, either. Which do you think is worse? Being a US citizen and buying into an ICO for the equivalent of $100 or being a US citizen and running an ICO and receiving tens or even $100+ million dollars?

For example, from EOS' FAQ:

Why can’t U.S. citizens, residents or entities purchase EOS Tokens?
It was decided that U.S. citizens, residents and entities should be excluded from purchasing EOS Tokens in the token distribution because of some of the logistical challenges associated with differing regulations in the many states of the United States of America. block.one does not believe that the distribution of EOS Tokens or the EOS Tokens themselves are securities, commodities, swaps on either securities or commodities, or similar financial instruments. The EOS Tokens are not designed for investment or speculative purposes and should not be considered as a type of investment. Nevertheless, U.S. citizens, residents and entities should not purchase or attempt to purchase EOS Tokens.
https://www.eos.io/faq.html

It's one of the reasons why EOS is based in the Cayman Islands. Many of the people running EOS are US citizens. I'm sure they've thought of the risks involved and have had counsel on it, but in my opinion shouldn't even have considered it. Someone like Dan Larimer could have easily raised enough funds from venture capitalists, so I'm not sure why they thought it was worth the risk of SEC fines, or worse.

Changing the name of something does not change its legality. Giving people a share of profits or ownership of an entity could still be considered a security or equity derivative according to the SEC. This is not something to mess around with or think, "well, everyone else is doing it so that makes it okay."

So, I won't even consider an ICO until the SEC changes their guidance in favor of ICOs.

While people are going gung-ho over something I came up with a few years ago, I am working on the next big thing that is designed to put far more value in your pocket than any ICO could realize. (Nothing to do with the SEC, however.) And everyone who holds Good Karma will be very, very glad they considered it.

And, no, I won't explain what it is yet or do a whitepaper that lays it all out for someone else to develop first ;-)

Why won't it "shut down" again, for this or other reason (such as, you bail out)?

Looking at some of the wildly variable pricing (and manipulation) for GOOD on EtherDelta the past few days, we definitely need additional exchanges where such things are less likely to occur.

Will keep you posted.

So what does ICR stand for? Initial Coin R?

Regarding the 'ICR Announcement' coming up, it's some info about a plan in Good Karma's future.

I developed the ICO model a few years ago to strengthen the economy of the coin I was working on, but shut it down because of potential SEC issues. The new model ("ICR") is a far better way to strengthen the economy of a coin, I think, particularly when there are US citizens or residents involved.

It doesn't need to be as popular as the ICO model has become, of course. It only needs to work for Good Karma to be successful

It looks like Bittrex may be our next exchange. However, they are severely backlogged with ICOs and coins launched before ours.

I will keep you posted on new exchanges.

A few notes about the name, "Good Karma"

Although the token might be known as Good Karma, we also have the option of going with 'GOOD' if consumers prefer the shorter name. In that case, the goodomy.com website will be the consumer-facing site for the token. The website can also be used for businesses and enterprise clients.

Although longer, GoodKarmaCoin.com or GoodKarmaToken.com can also be used. I like the name "Goodomy" because it is more brandable and also sounds like "good of me"

But it really depends on what potential users like.

The shopping app and website will be called "Shopomy". The name has a more general appeal and it's also brandable.

Most people, I think, would simply interface with the shopping app. A user won't need GOOD to make use of it, nor would they need to know anything about it. A percentage of these users will utilize the token in some capacity.

it might be a bit confusing because I'm presenting some options, but for the end user it will be more simplified and clear.

Each unit of GOOD is made up of 1,000,000 sub-units, with 1/1000th called a 'goody' and 1/1000th of that called a 'goody goody'.

A few updates...



Any questions, please feel free to ask

Also around July 20, when we get a bit more activity. Thanks!

Please note that EtherDelta apparently allows one to list tokens for sale that should otherwise be reserved.

I am not 100% sure about this but it seems like a seller with 100 tokens, for example, could list them at multiple prices simultaneously:

100 @ 0.010
100 @ 0.011
100 @ 0.012
100 @ 0.013
100 @ 0.014
etc.

So it might look like there are 500 tokens for sale when there are actually only 100. (But if you are able to buy a token and see it in your account it is fine.) I don't know if this is just my imagination, a bug, a feature, or a limitation of the system due to order expirations, but I first noticed it on day 2 of trading and thought it was curious.

On a related note, I've submitted Good Karma for voting on tidex.com and will post it here once it's updated.

Thanks for your answer, clears things up for me. Nice mention on Crypt0 today.

Interesting! Is there a discord/slack or telegram channel for GOOD at the moment?

Hi. 888,000,000 coins have been issued. Half of that has been sold to begin circulating the token, while the other half belongs to the Good Karma ethereum account/wallet that I control. (Note there is only merged mining with Etherem, but I decided not to implement this because the rewards would be too small for now. And with most tokens, circulating supply is the same as total supply.)

For the past several days, people that have bought the token have been buying it from others who bought it previously. Sellers are free to set their own price, of course, but I would like to show more value before any substantial price increases.

When we are on a larger exchange and have more volume and higher market capitalization, then I will allow about 100-150m more coins to be released and sold a little at a time. This should provide more than enough funds for continued development of Good Karma services. The remainder of coins will be sold as needed to pay for expenses and growth, again a little at a time.

Yes, for now I decide how to spend it. When it is more developed we can add special contracts and a more autonomous process to decision-making, but development right now is primarily based on my vision for Good Karma. I don't imagine that it will be democratic but more business-like. I am planning for Good Karma to be a multi billion-dollar coin, not just a few million

Good Karma is the only token doing rewards that I know of. But the focus won't just be tipping-type rewards (a la Dogecoin or Reddcoin). That's not a unique value proposition. It's more of a novelty, I think. So, while a Wordpress plugin is nice to have, it's not the end goal.

Good Karma will be providing a service for the 700,000 retail shops in the US and millions more around the world that may want to offer rewards to their customers but do not currently have a solution. We will initially focus on offline transactions with an online component. Once people have GOOD in their wallet they will then be able to reward whomever they like.

By this time next year a user sending GOOD somewhere should be able to do it without transaction fees, thanks to Ethereum.

A coin/token that focuses exclusively on rewards can do all kinds of things that one without a focus (like Bitcoin) would not be able to do. It's the difference between going shopping for a bestselling book at a large pharmacy that sells a little of everything and going to a bookstore.

The focus will be the average consumer, not people who are already familiar with these things. It's what I have done for many years. Branding efforts will also be made with that in mind. Coins and tokens that are looking to be tremendously successful need to put the average user in the driver's seat of their product roadmap. Anything else is just another Bitcoin.

I was thinking if it would be nice when there was a Good Wordpress plugin. The possibility for readers of articles to share Good with writers when they feel they deserve it. At the same time I wonder why to use Good for it because there are already Wordpress plugins like this to share Bitcoin with writers. Can you explain what the advantages are by using Good over Bitcoin for these kind of implementations?