Wednesday, May 14, 2014

The Daily Galt - Beta Launch Day One (5/14/2014)

The Daily Galt - Beta Launch Day One (5/14/2014)

Let the games begin! This is an exciting and historical day for all of us. We thank you for being here, seeing the potential and being committed to freedom and individual liberty. Most of all, we couldn't have done this without you. 

Galt.io is an exclusive network of makers. We are here to make a difference, debate issues and connect with other members. Although this is a private club, we encourage you to invite like-minded people to join the network and get involved. If you have questions about what is (or isn’t) appropriate, please review the Code of Conduct.

Galt.io is Currently in Beta
The approach we took to creating Galt.io was to focus on functionality and getting the Members in as soon as we thought it was ready. As we got closer to the date we had committed to, we pulled back on a few things and have been literally working around the clock to get it ready for Beta. That said, we're proud of where we are as a starting point, but know there is still a lot more to do. No small part of which is testing, bug fixes and optimizing performance. So please, if you find a bug or have a feature suggestion, use the support link in the footer to tell us about it. Any comments comparing Galt.io to Obamacare will be disregarded and subject to public flogging. 


How to Play the Game

The purpose of Galt is to give people a place, out of the public view, to come together around Causes. Members and Causes will work cooperatively and competitively to earn Galtcoins and increase in value. Each Member will start with a number of Galtcoins depending on their Founding Member pledge level or if they were invited in by a Founding Member.

Members can gain Galtcoins in the following ways:
  1. Invite New Members
  2. Collect Dividends from Causes
  3. Sell Shares you own in Causes that increase in value
  4. Complete Missions
  5. Buy Galtcoins

Invite New Members

Invitations allow you to earn Galtcoins while building your army of followers. This connection provides support for the cause while providing new opportunities you - or your followers find. Sending an Invite will cost you 25 Galtcoins, if the person you invited joins Galt.io you earn 50 Galtcoins. It is free for them to join and they get 250 Galtcoins to get started.

Causes

The heart of Galt.io is Causes. Causes are divided into type based on subject and status based on maturity and success. Causes are based on market principles, much like a company. The ownership of any cause is divided among its shareholders and based on 1 share = 1 vote.

Cause Types:
Issue
Group
Person




  1. Issue- an issue can be anything focused on an idea, topic or movement. 
  2. Group- a group can be formal (in the case of a political party or organization) or informal (a group of members that choose to voluntarily associate with other members around a principle or objective.
  3. Person- a person is a candidate or public figure.
*ANYONE can create a Cause of any type. If you see an opportunity to create a cause that Members will rally around, you'll be the Founder of that cause and your shares will increase in value as more Members get involved and demand increases. 

Cause Statuses:
  1. Founder- anyone can create a cause for 1 Galtcoin/Share with a minimum initial purchase of 2,400 Galtcoins. Once the Cause is created, it is available to anyone that finds the cause through the Founder's profile or by the URL being shared by the Founder.
  2. Private- anyone that finds a Private Cause will be able to buy shares for 10 Galtcoins/Share and can buy 1 or up to 1,600 shares. Once a private share is sold, the Founder sees an immediate 10x increase in the value of their shares. Private Causes CANNOT be found in the market, they can be located only through Member Profiles, Search or having the direct URL.
  3. Public- once a Cause goes Public (IPO), 6,000 shares are available at 100 Galtcoins per share. Founder or Private Shares can also be sold at this point, but the lowest sell offer will determine the price shown on the cause. Once all 6,000 public shares are sold, shares will only be available if an owner sells them and will be priced by the seller. 
Helpful note: Each cause has a total of 10,000 shares available:
2,400 Founder
1,600 Private
6,000 Public

The Market

The Market lists all public causes. The order they are displayed is based on the previous day's growth percentage. The top Cause is most likely trending and moving toward pure market pricing. 

Dividends

Every Cause you own a share in will allow you to collect a dividend every 8 hours. The dividend is based on the valuation of the cause and your percentage of ownership. If you own more than one cause, you will be able to collect dividends from each cause you own. You need to visit the cause in order to collect the dividend.

Valuation

The Cause Valuation is based on number of shares owned and last sale price. For example, if no shares are sold by members at prices different than the defaults, the valuation of a Cause when all shares are sold within a given status will be as follows:
  1. Founder- 2,400 GS
  2. Private- 40,000 GS
  3. Public- 1,000,000 GS

Getting Around Galt.io

There are two main ways to navigate through Galt.io: 1) Toolbar (across the top) and 2) Navigation (left side of Market, Missions & Members).

Toolbar:
Home
Market
Missions
Members
Search
Galtcoins
My Profile
Logout




Navigation
Once you click on Market, Missions or Members you will see a navigation list on the left. That will be how you navigate through Causes, Missions or Members.

Market Nav- Causes are displayed based on the previous day's growth percentage. Clicking on a Cause will show the detailed view of the selected Cause. The detailed view displays details about the cause and is where you buy & sell shares and collect Dividends. You can also click on shareholders to see a list of who owns shares in the cause and explore their profile to see other causes they own.

Mission Nav- clicking on a Mission will show the detailed view of the mission. Click the red "Accept" button to begin the mission.

Member Nav- clicking on a Member will show you that Member's Profile. Each profile shows basic information about the Member, their Galtcoins and Causes they own. If you wish to stay informed of a Members activity, click the Follow button and you will be notified when the user performs tasks that present opportunities for you. 

7 comments:

  1. Where is the support link that is mentioned in the post? I don't see one in the footer.

    ReplyDelete
  2. Good to know people are reading these posts!

    Members will see the Support link in the footer when you are signed into Galt.io: http://support.galt.io

    ReplyDelete
  3. I tried signing in earlier, but the log-in screen said that my account is inactive. However, I was able to work around it by clicking the "Click Here" for setting up a profile. Then I entered the email that I used to register and the password and it brought me to the profile that I had created. I'm sure this is a temporary hiccup, but I figured maybe if anyone else is having the same problem that this might could help.

    ReplyDelete
  4. Just as a heads up. If you are a Founding Member and have not yet set up your account, you will need to go to https://www.galt.io/register/ to complete your account prior to logging into Galt.io. I think that may be why you had an issue earlier, Ryne....

    ReplyDelete
  5. I just learned about Jason Lewis' Galt.IO and dearly wish to be a part of this. I don't know how to go about qualifying for an INVITATION and could use some assistance (if not a direct invitation)? I'm Colista Lich-Law, a 50 yr old, proud-to-salute-the-flag woman. I want to help support any causes that are Constitutionally based!! I can be reached at cllich81@hotmail.com. Thank you, in advance, for your help. <<Together we can create miracles!

    ReplyDelete
    Replies
    1. This is a perfect place to start. You may want to post on our Facebook page as well - https://www.facebook.com/Galt.io

      Delete
  6. Our cause is "Honest Money" we are in a private placement of shares priced @ 10.00 per share. Find our cause at: http://www.galt.io/market/#MONEY

    ReplyDelete