Monday, June 9, 2014

Galt.io Update: June 9, 2014

The Market Correction outlined in our last Update was implemented this morning. The correction took two forms:
  1. Adjustment to Galtcoin balances
  2. Implementation of new rules
-plus-
  • Additional Things to be Aware of
  • Actions We Did Not Take
  • What Remains to be Implemented
Read the full Update: https://www.galt.io/home/

8 comments:

  1. The update isn't at galt.io/home, yet. Even logged off and on again.

    ReplyDelete
  2. To say you did not kick anyone out is disingenuous.

    For those of us that did nothing wrong, that find ourselves in million dollar holes, there is no way out with a $100 cap and no divvys.

    Thanks for the couple weeks of fun.

    As a kickstarter founding member, I'm out.

    ReplyDelete
  3. Obviously, the choice is yours.

    Remember, we did not take any shares away for anyone. This could be part of your solution. Everyone who had a negative balance had a positive net worth (the value of their share holding was far greater than their Galtcoin balance). Market Corrections often result in liquidity issues.

    To solve their liquidity problem, Members with negative Galtcoin balances can sell some of their shares to get back to a positive Galtcoin balance. Depending on what they sold their shares for, they could have significantly more remaining than when they started - and absolutely more than had we just reset everyone to what they had when they started. Calculate that before you decide.

    But like I said, the choice is yours.

    ReplyDelete
  4. I find it ironic that a network based around a character who argued against price controls now has a hard cap on prices. The problem I have with these new rules is that they doesn't even fix the inflation issue. It does drastically slow inflation down, but long term inflation will still be a problem because there way for coins to leave the market. So once a coin is created (dividend or people buying more) it will be put into more and more shares which will create more coins. Please think about a better long term solution.

    Pallfy

    ReplyDelete
    Replies
    1. We are, This correction was to stem the hyper-inflation that was proving extremely detrimental to the community. We will be making changes in the future. Please remember this is beta.....

      Delete
  5. I agree with Dan. You wanted an open market now you have a market worse then the federal reserve could have created. I am -2,000,000 coins in the hole and PARALIZED WITHOUT ANY WARNING. I would suggest you get ride of the dictator web control and let members know before you take all their coins without any input. I played fair... I am done with this site and I wasted $100.00. YOU HAVE FAILED GIVEN MEMBERS TRUST IS GONE.

    ReplyDelete
  6. What's amazing about your analysis is that you seem to have forgotten that we did provide warning on Friday that Members may end up with a negative balance. Also, it seems you are not calculating the total net worth of your portfolio. This is the source of your solution - sell some shares and get back to a positive balance.

    Your characterization of being paralyzed is pretty extreme - others in a worse position (who had up to a -8,000,000 GS balance) are quickly selling shares and getting on with it. Yeah, they've spouted off about this but they're not letting it get in their way.

    ReplyDelete