Ethereum Magnets??
So some of you by now have heard of FOMO3D which I blogged about a couple of days ago. I was really excited about the mad possibilities created by this revolutionary application to an Ethereum smart contract. It has many super smart people theorizing about what could happen to the Ethereum network and to this crazy smart contract that was created by Team Just, with no real solid answer as of yet to what how this will ultimately end.
Some have speculated that there will never be a winner of FOMO3D while others say it might just "break" the Ethereum network or take most of the Ether out of circulation, while others predict more nefarious actions will liquidate the Ether in this smart contract. For now, it's anyone's guess.
Although Fomo3d is still super interesting, right now I want to talk about Proof of Weak Hands 3D (PoWH3D) which was created by Team Just before creating and launching Fomo3D. What started out as a joke ponzi scheme on a smart contract created a lot of buzz to those in the Decentralized App world and quickly developed into the version we see now as PoWH3D which is currently on fire.
Since I last posted on Fomo3D a few days ago, there have been about 120 Ethereum added to the Active Pot that someone is supposed to win. Comparre that to PoWH3D which has had over 5,000 Ethereum dumped INTO the smart contract in the last day alone and looks like it will most likely cross into having over 100k Ethereum locked up in that Smart Contract real soon.
The basics to PoWH3D is that it is a smart contract where you buy their token called P3D, and by holding it or staking it you receive dividends from those that either enter or exit the contract. It can be a little confusing as to how this works or how you receive your investment, so I won't delve to much into that here, just know that going in you will lose 20% of what you put in because that is how others staking before you get paid. It is said that the more people exit, it can be better for those holding because every exit means less members to partake of dividends, increasing your payouts, and enticing others to either hodl or invest to earn more dividends. You can also win referral rewards should others use your referral link, but not necessary to earn a return.
This part "game theory" part ponzi part investment part loan is fascinating, and seems to me like a game of tug of war between buyers and sellers with the hodlers sitting back eating popcorn watching the action and possibly collecting some rewards while doing so.
Anyhow.... I am sure this will be the talk of crypto for the next fews days, maybe weeks and months until something else grabs the crypto world by storm.
Let me know what you guys think of this crazy madness call PoWH3D and Fomo3d.... plus there is going to be a new release in the next half day or so.... things are getting frothy!!