So every once in a while I go through the Altcoins announcement forum on Bitcointalk just to buy up low market cap tokens with hints of simple, good branding. With that, I recently found Good Karma, an ERC-20 token revolving around rewarding consumers that go for socially and environmentally-conscious goods. Well, I don't think the Ethereum is all that ecogreen at the moment so it's quite ironic, but at least the fledgling token's secured by the active and established network.
When you do something good, it will come back to you. That is Good Karma.
The market is a lowly-traded crapcoin, so I made it moon 364.79% with only ~$200! That got me about 0.02% of the entire supply. The better price at the moment could've actually been 10x lesser than what I paid for, but I just snagged whatever's on the sell book. Note there isn't any ICOs involved in this, and the token is non-inflationary, capped at 888 million GOODs. All said, I might just be wasting some dough on this, but I must admit that I like the package a little too much. Plus, the seemingly experienced founder (Kosmost) claimed to have been the inventor of the ICOs that we know of today, providing the following responses in his FAQ:-
You didn't invent the ICO. Come on!
Somebody did. And it just so happens it was me. I conceived of it in March 2014 for the old Karmacoin (through a new entity called Karmashares) and we launched on April 18, 2014.
Although MaidSafe and Mastercoin both held 'crowdsales' before then, they were not ICOs. Crowdfunding is merely a method of fundraising, whereas an ICO raises coins for both capital and as a representation of ownership interest in an enterprise, like a digital stock certificate. We referred to the new model as POC (proof-of-coin, to secure the coin's economy) and IPOCOs (Initial Public Offerings for COins, for subsidiaries or derivatives). In fact, we even had digital certificates: https://goo.gl/XJ9yVh to go along with our list of owners http://web.archive.org/web/20140626124054/http://karmashares.com:80/explorer-v01 as well as bonus periods for earlybirds. We also reached out to other coins like ReddCoin and the broader cryptocurrency community to consider the same kind of model.
I have been, however, trying to get people to consider the difference between the two terms: https://www.reddit.com/r/ethtrader/comments/6lbo1v/as_the_guy_who_invented_the_first_true_ico_i
So why isn't this an ICO?
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. It is likely to constitute an “investment contract” by the SEC per the US Securities Act of 1933 as thus fall into the domain of an unregistered security. It is the reason I shut down Karmashares.
Until the SEC changes their guidance on securities and equity derivatives in favor of ICOs, I won't even think about it (and advise others residing in the US or who are US citizens not to, either).
In a way, the concept of the token kind of reminds about my relationship with Steem voting. It might sound very naive, but I like that the token economy is making it easier for goodness to be rewarded. Don't have any idea at all how this project will progress, but I think this seed may have a slim chance of turning into something decent. Or just die and wither, like most startups. Anyway, do your own research! Also please note that this has nothing to do with fellow Steemian @good-karma.
Resources
Bitcointalk announcement: https://bitcointalk.org/index.php?topic=1969334.0
Available markets: https://coinmarketcap.com/assets/good-karma/#markets
Website: http://goodkarmacoin.com
Explore the contract: https://ethplorer.io/address/0xae616e72d3d89e847f74e8ace41ca68bbf56af79
For the record, I am not involved 🙂
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Great to read, because reading Good karma, I was directly thinking about you :)
My post is maybe unecessary but I wanted to write, though.
Thank you @kevingwong for your interesting post.
Sorry @good-karma if I bothered you.
Bright blessings.
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I read the post thinking that!!!! haha
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LOL
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Hahahahaha
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When you do something good, it will be come back to you, that is Good Karma, so that, all stemians, let's do something good here and trust that @good-karma is on the way. Thank you @kevinwong for sharing good post as always.
Regard
@rayfa
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Good don't always come back though, but blockchain and culture might somehow make it better :) Thanks for dropping by @rayfa
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Flagged 1% because it has nothing to do with this post.
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Environmentally-conscious token on a POW chain, that is ironic...
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Exactly! lol. I wonder when Eth will switch to POS. Seems like a stalling game now.
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Hey Kevin,
Just to let you know : https://steemit.com/life/@zulfahmi2141/life-when-you-do-something-good-it-will-come-back-to-you-that-is-good-karma-2017810t13322547z
Your post was copied by someone else....
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Thanks, there are a couple of accounts mixing and mashing comments / posts on Steemit..
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Yeah... it's a real pain in the ass for Steemit.
I had already notified steemcleaners about this post.
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Everybody is trying to get a piece of the action. Sometimes, way too desperate. pray and pay my friend. Spray and pay.
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Can't wait for community tokens around here, I'm sure there will be some bright and outright hilarious ideas.. lol
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trollcoin
value increases with frustration
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Haha, I thought this was the work of Feruz but it seems like @good-karma has made it clear that he is not affiliated with it.
The coin good karma seems like a serious pump and dump coin which you can probably keep making a constant profit out of if you look at the graph. Too bad there isn't much money in Good Karma which I guess would give it its high volatility.
If I was marketing for good karma I would say something along the lines 'buy us now and have good karma, Very Cheap, Very Good' haha
Thanks for this crapcoin of the month @kevinwong :)
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"It might sound very naive, but I like that the token economy is making it easier for goodness to be rewarded."
I don't think it is naive. For every one of us who chooses to engage with the global community in a healthy/sustainable way, we move another step closer to that blockchain revolution we're all waiting for.
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You'd be surprised that many think its naive :p
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Hey, Kevin, this is really a CRAP :) Plus who cares about karma nowadays, especially in crypto...
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Be GOOD and earn KARMA, like exchangeable for cash. Pretty good actually lol!
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The Monk Billionaire Club!
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I really like the name of the coin, and you made my day with this statement:
How cool with such low amount of funds to be able to impact the price so dramatically!
I think you've done a great investment: currently the coin is tipple the value to what you've bought it for $0.002233 (1050.72%).
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I'm just going to hodl til it moons like x1000 :D
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Maybe you get some Good Karma out of it and this and other crapcoin investments will even moon further, all the way to Mars :)
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a year ago invested in several coins but now I am only choosing qualitycoins. However i made some money out of it but now I feel better thinking I made a better and saver investment.
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so far my track record for crapcoins is doing better than the other portfolio..
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Is this basically an ordinary coin with nothing special about it but its name for marketing purposes? Why wouldn't a business just use an existing coin for the same purpose? Or is there more to this that I'm just not understanding?
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There's a roadmap and all with platform development and stuff, although yeah I'd banking more on its marketing lol.
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Given the new sec directives, many ICO will exclude US residents. Wouldn't these steps gets adopted by other countries forcing more regulation in the markets?
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Hard to say, one thing's for sure, kinda difficult to stop the blockchain thing..
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Ill pick up a few just for kicks, why not? :) lol
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Do you have some GOODs? xD
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@kevinwong I think all stemians who upvote and comment on valuable posts do good, so good thinks will come back to them. I hope your investment turns out ok.
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Good things can come back... but maybe in another life.
I'm working on my mannequin-tokens, haha.
Big hug
Steemitri The Mannequin
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Reminds me of a song. I think you know which song. I think you would like that song. 😂😂
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@fyrstikken's song ?? :D
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Hahahaha!
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By the name of the post, I thought it was @good-karma released its tokens :)
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With a price of a satoshi, you would be able to become a majority shareholder of that haha! It's a great initiative, though I think that efforts like that need huge capital for faster adoption. It's funny how he claims he invented the ICO though haha!
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Lol he/she used pretty big words and all, but interesting nonetheless :D
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thanks for the post, i already had a look at it out of curiosity and because i searched where i can maybe do some good with the invests that iam doing :) in the end i didnt buy any but i might give this a second thought, anyways thanks for wrapping up the infos about that coin !
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Alt coins is not meant for investment, rather it all about trust. The more trust invested, the higher its market cap.
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But you've just mentioned " trust invested " :D
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I took a few low valued coins too just for an experiment. But don't really feel great about it... Erh!
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Really? some of my best buys come from very low valued coins.
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thanks. Interesting and very detailed information. Your words are very easy to understand. Success for you brother
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Lol I though @good-karma
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He still hasn't replied me, but huge chances are, it's not him xD
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This coin seems to be a good investment. I must check it out and invest some money in it. Thanks for sharing this detailed explanation of the coin good karma @kevinwong
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Please note that identity of the founder is entirely unknown to me, and there's nothing much to show for yet, except for a website that's somewhat nicer than most new projects out there.
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Ok, i have to do some research for the identity of the founder and the team members behind this project before making any investment. This is essential for me before taking any decisions.
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Thank you good post good
Resources
Bitcointalk announcement: https://bitcointalk.org/index.php?topic=1969334.0
Available markets: https://coinmarketcap.com/assets/good-karma/#markets
Website: http://goodkarmacoin.com
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help me pack karma, i like steemit
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This post has received a 5.56 % upvote from @minnowhelper thanks to: @eutectico. For more information, click here!
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Waoo Really Awesome....my new post ...[Akshardham Temple]
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thanks for the valuable update.
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Nice post ! I followed you.
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Thx for your info~ seems worth to invest at Good Karma
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Great information...and always update information from you...i like your post...thanks for you @kevinwong
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good post friend, thanks for information
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Karma is Karma hahah :D
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Yes exactly i totally agree with your thoughts. people are doing for attention! I genuinely liked the post :)
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Beach save a million meaning, the beach can relieve the feeling of depression .... thank you for sharing.
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bereh yah kan...
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@sammytech
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thank you for support
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grrrrrrrrrrrrrrrr
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tank you for support
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Probably this post alone will skyrocket the price of it :D
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Nice post. Thanks for share information
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Great friend, wonderful publications extremely interesting for the whole community, thanks for sharing @kevinwong
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I think I more than goodie. sounds like a Santa Clause currency.
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Hilarious, man. I should try the same trick with another "crapcoin."
It's like roulette. "craproulette."
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Thx for the posts.. at the end all our names will have a coin named after them. picking out the correct one will be difficult.. Is there a kevinwong Coin already. Would buy it instantly..
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hi i'm a newcomer in steemit. I am glad if you can help me to grow in steemit
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