Lowering total number of coins is much better
I agree, but we tried that already ..
When we reintroduced the KARM/BTC trading pair it
became apparent that we were going to get stuck in
the 2-3-4 satoshi range ( ie the minimum 'tick' in satoshi
represents a huge percentage return ) ..
Who wouldn't buy @ 2sat and offer @ 3sat to make 50% returns ??
Kosmost saw the problem right away and suggested we reverse split the
coin to accomplish two things .. lower the total number of KARM to a
more reasonable level and get away from single digit satoshi pricing ..
The community was polled and it was decided not to pursue that change ..
Triff ..
this is because a reverse split has been shown not to work just look at Sat2
following a bad idea with another bad idea wont make things better.
fundamentally the core problem with any Altcoin or any other market for that matter is Supply v Demand.
Revers splitting does not address the issue of over Supply.. it only masks it.. and the risk is that by tampering too much with a coin you can reduce its demand. (some clear examples... VRC, SAT2, DRK etc etc)
likewise pricing Karm in lots of 1000 is likely to have no lasting effect on supply or demand.
the switch to X11 and updating the wallet, even though it does not affect supply, seems to have a short term positive effect on demand. This means that even people like me who do not agree with how the decision was made, can't really complain.
proof of burn has a direct effect on Supply but in order for it to be effective you would have to offer investors something that has more potential (and more risk) than Karma itself.
now some people would argue that PoS would be better than the existing Karm pow System.. and if they are willing to put their Karm on the line for that belief then nothing should stop them.
just as long as they don't put my Karm on the line for their belief if I don't agree with them.
Proof of burn is one way (but not the only way) that people who believe in these new projects can clearly demonstrate their support and commitment.
all of these new projects are fine as long as they don't destroy the value of the coins owned by the people who do not agree with them.
so far the Karmashares team has stuck to this principle and so they should be commended for taking a cautious approach to implementing new ideas.
I must be the only person who isn't complaining about the price of Karm but right now I think its pretty good... I remember being one of the few people willing to buy this coin back when it was 35 litoshi and look where we are now...
I find your arguments quite convincing. Also bought at at 32. Not long ago. The best thing with the new algo is the protection from attacks which was the original reason to change the algo. We had no agenda to stop asics. Now, we have a really good clean code with no vulnarabilities of the KGW. This will pay out. Moreover, I aggree with statement that those who are led down by scamcoins will see the good in Karma and that will take time. They have to read through all our history before they know that we are good. And please, remove all your sell orders from 50 satoshis onwards. You can still put them in again when the time has come.