I think Kosmost has a lot of skills and is very valuable to the community.
I just did not like how he handled the closure of Karmashares... but I can understand that in some way it was in the better interest to the Karmashares investors that wanted to have time to dump their coins right after they saw the news.
If Kosmost said that he would close Karmashares a week before he started refunding the investors coins, maybe the investors that wanted to leave the boat would have to sell at a lower price.
I want Kosmost to stay... I'm just not sure we should want him to continue as the leader of the community.
Yes, and based on my conversation with an experienced trader I believed that Karma would be trading at even less than today if it was announced or voted upon beforehand.
Imagine you know that in 1 week's time 8.6 billion coins will be returned to investors and hitting the market. But those people can't sell yet, because they don't have their coins. So, you or others take advantage of this "hostage situation" and sell at the current price knowing that if you wanted to you could buy them back later for much cheaper.
It may be fine if you have all your coins but what if you were 1 of 200 people that couldn't sell if you wanted to (because you will have them in 7 days). How would you feel?
For the marketplace this would have a snowball effect, most likely. It won't matter to holders what the current price is because they can be close to 100% sure that in 1 week it will be lower than that. Probably much lower. So then they sell, which causes other people to sell. Many more people would have sold because of this (even those that wanted to keep the coins.) We may be even looking about 1-2 litoshis.
So then you'd have 1 week of dumping in anticipation of 8.6 billion coins potentially hitting exchanges at the same time. All this before a single coin was returned.
Followed by... 200 people who just got their 8.6 billion coins today and are upset at the unfairness of it all. and instead of 30 pages of "kill kosmost!!" you'd have 200 pages. Karma would have been killed on the exchanges.
My strategy was unorthodox, yes. But I believe it was the best way to do it. Not telling anyone, and just sending back coins. There would be several hours of confusion while people processed what was going on, or perhaps a couple of days before someone checked their wallet or the forum. Is kosmost stealing coins? Have we been hacked? etc, etc. The worst imaginations ideally should play out during this shock phase, followed by better news (not stealing, not hacked, all coins returned) which would stabilize the market a bit more over time.
Would you have preferred me shocking you or 7+ days of panic selling?
yes, the price decreased but not as much as it could have. If you ever wanted to buy Karma cheap before, now is the time.