Topic: Goodomy [GOOD] - Launching May 24, 2018 // From the creator of the first ICO - page 9. (Read 23139 times)

Thank you,

you clarified all my questions.

It's only a matter of time now

Others may be skeptical of your goodwill,

but as long as you deliver on your promises as time goes on, there's not much to complain about.

Personally, my focus is on licensing the patent. That's really all the equity I need, and my preference. I may also provide the board with some control over the patent (inability to license to direct competitors, for example) but that's something a lawyer can work out.

The income is just icing on the cake.

I'm not exactly starving for funds, either, so am not too concerned about missing out on my own token. I'm just happy to realize the vision.


That kind of model would mark us as a security by the SEC in the US, something I want to avoid (as you can see by all the disclaimers and me refusing to use my own invention, ICOs). There is no way that we could legally do that.

However, I have designed it so that ownership of the token would be a far more valuable proposition than ownership of Goodomy or any other resource.

The ICR+ periods would be scheduled so that speculators can make the right decision about whether to hold on to their tokens or not.

Interesting....

so you plan to have no equity, but want the steady income.

so as token holders, do we have ownership of any of the patents, software, etc...or is it purely on price change appreciation, and ICR?

The repurchased tokens will be re-sold again and again for Goodomy capital, not burned. We'll actually need far more supply of tokens, not less. We would be using our resources to purchase the tokens so will extract value from them through the ICR+.

As we approach the first ICR+ period we'll outline the plans, the reasoning and methodology, and show how it will provide benefit all parties.

I don't actually own any tokens. This may come as a surprise, but I am looking forward to, along with the management team, getting a nice, steady income from Goodomy. This may happen when we have some governance (or board) in place and they agree to that. I'm thinking that it will be a percentage of profits or year-on-year market cap increase to incentivize us to deliver both bigger profits and bigger returns. A steady income is much more attractive to me than tokens because it allows me to focus on value of what we're doing rather than today's price and constantly checking it like I see a lot of other developers do.

It also helps to prevent market manipulation via dumping from those with inside information.

For the management team, I would think a salary would be better than giving someone tokens. Yes, the team should have a stake in the project but this could be through fiat bonuses rather than tokens. We don't want to look back in 10 years and wonder why we gave the office maid $5 million worth of tokens (when they were only worth $100 at the time). Think of the $100 million Bitcoin pizza and how stupid the person who ordered and paid for it in Bitcoin must feel now. Looking back, they would have preferred to pay cash. This method helps to preserve future value. We don't want to write people blank checks just because they're part of the team. It also makes accountants more happy, which tells me that it's probably the best strategy for stability and growth.

I also may benefit from patent licensing. The technology itself will not be patented but the business methods utilized in Shopomy will be, as protection against direct competitors. The more successful it is the more valuable the license will be. This also allows me to focus on making the whole economy as valuable as possible, again rather than being distracted by token price.

Back in the day (before and during the bubble) I had some stakes in some (non-client) startups and was constantly checking my Bloomberg terminal. I wasted a lot of time I could have used more productively. I also didn't get much sleep and wasn't really able to focus on the task at hand. Hopefully this is a much better way of doing it while saving more tokens for others who believe in the project.

The project actually began as a way for holders of the (nearly-defunct) Karmacoin to get some kind of value from their tokens. I was trying to revive Karmacoin but the person in charge (who wasn't doing anything for years) didn't like it. So, then I decided to start 'Good Karmacoin'. Not many were interested at the time, nor saw the value of having it on the Ethereum platform. My primary motivation for creating this token was actually to 'do something good' for the Karmacoin community when I saw nothing was going on with it. But as time went on I realized I could implement some plans I had been working on into the new token. And so here we are

yea i agree, as long as it's the same before and after, it's good.

this gives me confidence you're doing it right.

also, is there a disclosure how much % stake you own.

I know half is till held for future purposes, but at the end of the day, is there a concrete stake holdings you plan to keep?


and for the ICR, the repurchased tokens are burned? or retained in the 'corporation'?

I'm not sure of your exact situation but these instructions for withdrawing from EtherDelta using myetherwallet may help: https://www.reddit.com/r/EtherDelta/comments/6hrxjw/etherdelta_guides_for_first_time_users/dn6heno/?st=jbsqve4u&sh=45ed90ea

Hope your tokens are okay

If another platform is viable (and stable) before then, we may launch with that. EOS looks very promising, but it won't really be usable until summer. An upgrade to ERC223 may make sense for added security and also to avoid confusion with the old name on our current contract (which cannot be changed). It may also be that we keep the current contract and just wait for EOS.

Running two separate blockchains is also something I have been thinking about (one for Goodomy and one for Shopomy). It would open up some interesting possibilities which we can get more into when it's time to make a decision. We could have the best of 'both worlds', whatever the two best may be at the time.


Hope your goodie-bag gets bigger

What's more important than a 1:1 swap is a %:% swap, keeping the same percentage of total circulation as you had before, I think.

For example, you might have 1,000 old tokens to exchange for 1,000 new tokens. That would be a 1:1 swap. But if the new token has 10x the total supply your % would be decreased.

So for whatever the ratio we decide on for whatever reason (1:1, 1:2, 1:5, etc) we would want to be sure that everyone has the exact same percentage they had before. I wouldn't have it any other way.


Thanks. I know how important investor relations is (as it was something I did before, professionally). On the other hand, I must be somewhat opaque to maintain our first-mover advantage. But in a few months we should be able to better-communicate the vision, how it works, and have one or two professionals on hand to field all kinds of queries from tokens holders and the general public in a much more transparent way than we have now.

nah, etherdelta is really laggy...and it was probably me buying up your GOODs

yea etherdelta was hacked last week...it's possible u sent to hacker's address.

dont use that trash exchange.

My GOODs on etherdelta disappeared. Looks it has something to do with hack.

Indeed.

okay thanks, I read it.

and I know you're planning to upgrade to ERC22 swap and possibly on another free transaction chain.

are you planning to keep it 1:1 swap, or whats the plan on that.

I loaded up a nice bag of GOOD and plan to buy more . shhhhh.


also, thanks for being responsive and transparent on everything.

Hi. Thanks. Here's the relevant post: https://bitcointalksearch.org/topic/m.19854603

Let me know if I can clarify it further.

so you just had the tokens listed on the exchange upon launch for very cheap to initiate trading?

I support your project, just can't find if this coin was sold upon exchange or what

Before they were listed on the exchange, they had not yet been distributed.

And about half of the supply is still with the contract, to be distributed in a different way than it first was.

Let me know if you have any other questions or suggestions. Thanks

It should be okay. It's probably the most popular choice. But a more secure method may be to install the MyEtherWallet on your local machine. It's very, very simple.

You can find the link to download the website from the bottom of their their website, which will lead you to https://github.com/kvhnuke/etherwallet/releases/tag/v3.10.9.7

(however, always check to make sure you are on the correct MyEtherWallet website + green SSL bar)

Some people run the website locally from a separate machine that isn't connected to the internet. There's a way to post offline transactions.

Hope this helps

if there is no ICO on this,

how were the initial GOOD coins distributed? before they were listed on etherdelta?

It seems to be OK


I bought this coins on august on ethedelta. Can I let them on MyEtherWallet ?

Hi. You can input your wallet address on line 5 here:
https://etherscan.io/address/0xae616e72d3d89e847f74e8ace41ca68bbf56af79#readContract

If there is a result for the uint256 value just take away 6 zeros to confirm the number of tokens in your possession.

If there is no result, please let me know.

Note that the contract is immutable, so it still says our old name (Good Karma). This will change in the next few months to the correct name.

Also note that the "GOOD" trading on EtherDelta now isn't confirmed to be Goodomy/GoodKarma. But if a token value shows up for our Ethereum address you are fine. (I deleted all references to them a few months ago, including from CoinMarketCap)

Hello, I bought some GOOD on EtherDelta. But the SMART contract seems to be GOODKARMA, not GOODOMY. Do I need to do something with ? Or nothing needed ?