Coinshare & lootshare system how it works.

I've spoken to the Jmod who wrote the lootshare system. It seems we originally didn't announce very much detail of how its math works. Anyway, here's a bit more info...
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1. Does LootShare Go by 24hrs of Game-play or by each 24hr day go's bye?

Roughly speaking, 24hr day goes by.
Suppose I have 10000 lootshare points on Sunday.
The first time I log in on Monday, it'll be reduced by 10% to 9000.
The first time I log in on Tuesday, it'll be reduced by 10% to 8100.
Etc.
If I don't log in on Monday, the first time I log in on Tuesday it'll be reduced by 10% twice, taking it to 8100 immediately.
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2. How Does Coin-share Effect you later on when you change to Loot-share teams?
how does it count when you get a rare drop on Coin-share?

When an item is dropped...
... via loot-share, members of the group get loot-share points. One lucky person is given the item, and their loot-share points are reduced by its value.
... via coin-share, members of the group get coins. Their loot-share points are not affected.
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3. Why Do Players with no Loot-Share normally get the rare drop?

Each drop is *most likely* to go to the player with the highest number of loot-share points. However everyone in the group has a chance of getting every drop.
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4. What is the rate of LSP lost each day how much Coins?
When not being used.

10% of whatever you've got. See my answer to question 1 for more details.
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5. how does a large drop affect LSP, Does it merely reset at 0 or go negative as widely rumored?

It goes negative.
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6. On a duo 120m hilt, how much would the person who doesnt recieve it, how much lsp would he get?

Let %X = value of items being dropped.
Let %N = number of people in the loot-share.
Each player gets (%* / %N) loot-share points.
One person then has %* loot-share points deducted from their total, and they get the drop.
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7. If there really is negative LSP, is it only negative to an extent?

RuneScape's numbers always have caps if they try to go too high or too low.

We set the system to warn us if a player ever gets HALF-WAY to the maximum or minimum caps. These warnings haven't been coming up, so I'm pretty confident that no-one's ever gone anywhere near the caps.