So what the heck is that all about? I heard about it while on my trip to thailand but didnt have time to really understand.
now, after a couple of hours of research i understood. This is what bitconnect was suppose to be. This is the evolution of the lending platforms and it has the potential to be unstoppable!
at first i tought the evolution of lending platforms has to be a proof of real trading bot software which really does live trading and you earn a portion the revenues it makes. but this isnt enough. the trust that people had twards lending platforms has gone completly after the fall of bitconnect and davor and the rest. the solution has to be to make a trustless platform and what is more fitting for this then ethereum smart contract? :)
At first, what the devs of powh.io had done is to call it for what it is - a pyramid scheme or a ponzi. They are not hiding from this title. its a game and everybody will know it and you should know it if you decide to play. I look at it as an interesting human expirience .
Its all built into a ethereum smart contract. you deposit ether and then you immediately lose 10% of it. the 10% is devided as ether between all current investors (p3d holders) accroding to their capital as dividends. your remainining ether is converted p3d coins and this is where the game begins - proof of weak hands. If you decide to sell the p3d coins (dump) to get your ether back (90% of it) you will lose another 10% which will also be devided as dividends between current p3d holders so you will actually recieve back only 80% and this is the motive for you not to sell. if you will not sell you will keep recieving dividends in a live manner 24/7(everytime someone invest)
you cant really tell how much you will make daily as it depends on the new money that comes in as in any pyramid but the difference is that if people decide to be weak handed and sell you also get dividends so its very interesting to see where it will go.
Another important element to consider is the value of the p3d coin itself which is design to go up in value in each and every purchase and it actually did it quite alot from when it started a couple of weeks ago.
I, for example entered the game wen it was 0.017 eth worth a couple of days ago , now its 0.020 eth. The hype is hugh, you can feel it on you tube and alot of money is coming in to it so this is the time to enter if you want to play. dont play with money you cant afford to lose and even if you can, dont put much into it, look at it like a fun game/ expirience .
powh.io
next time i will post a guide on how to play.
Crypto maniac out
