Post
Topic
Board Announcements (Altcoins)
Re: [ANN][KARM] Karma /₭/ NEW! X11 + Time Warp + More (pg.140) SIDECHAIN+ (pg. 143)
by
Alphi
on 22/08/2014, 15:32:36 UTC
What are these simple changes you speak of, please share.

simply looking at how other giveaways are handled. whether it is Cashback offers you get when you buy electronics goods, credit card points, or free prizes you get from the back of cereal packets they are all covered by a legal document which provides legal protection from abuses and fraudulent practices. this is called the Terms and conditions.

step1)  would be to codify the rules in a Terms and Conditions document.
step2)  everyone who owns karmashares can vote it into effect.
step3)  update the website so that anyone who wants to claim free "karmashares" or buy them must agree to the terms and conditions.

once you have the legal framework in place it really is not an issue voiding peoples "karmashares" if they don't abide by the terms and conditions.
as soon as you have legal protection from people 'gaming' the system it becomes trivial to find them and weed them out.

As I understand it karmashares are not registered securities. they are not equity in Karmashares LLC in the same sense that "shares" are equity in a Corporation. At best all they are is a profit sharing agreement between Karmashares LLC and the Karmashares holder.

this means that legally karmashares LLC can do whatever it likes with its revenues as long as it doesn't violate any binding agreements.

anyone who assumes that by collecting Karmashares they are somehow a shareholder in Karmashares LLC and so have all the rights of a shareholder clearly do not understand how this organisation was set up initially.


this document may help people understand the difference between an LLC "member" and a "shareholder"

http://smallbusiness.chron.com/difference-between-shareholder-vs-llc-member-61708.html