Wait, what the hell? Legitimate ponzi scheme? YES! Today I met POWH Coin, probably the funniest thing in cryptocurrency world at the moment. A living meme that actually can be profitable. Actually I met this thing at 
But okay, let me explain everything from the beginning.
Legitimate ponzi scheme
After Bitconnect meme people were bored. Everyone knows that boredom is mother of great things! Some anonymous passionates decided to bring up Dr. Jochen Hoenickes idea to life.
It's all based on smart contract, everything is decentralized, no coins were premined. That means devs can not perform an exit scam! Sounds great, right? That's just beginning.
Smart Contract is based on math. In short, it works like this:
- When someone buys coin through smart contract - price is increased
- When someone sells it - he is selling that coin for 10% less of current price
Something like that, actual terms are on the site.
This is the POWH coin site: https://powhcoin.com/
It's ridicolously simple and full of funny memes! Check it out :D
Dividends
As you seen the "whitepaper" above ther is that green line called Snek of Dividends. Yeah, every time someone buys coins you get some share depending of how much coin you hold. Pretty amazing, right?
Smart Contracts - try them!
Actually with this project, if you are new to cryptocurrencies or Ethereum technology, you can try Smart Contract! See how it works - you don't have to trust any company. You don't have to believe any CEO. You just put money to contract on network and BOOM! Everything gets calculated with rules that are set for EVER on the network! Isn't that genius?
Warning!
This is GAME, remember, please, just don't invest ANYTHING that you can't afford to lose! When you invest, think like the money you just put in are already lost. Think again - can you do this?
My try on POWH coin
I decided to trow some Ethereum to have fun. Who knows? Maybe I will get some profit too! I decided to make an series in which I will be documenting my hodling of POWH. I dare you, guys, I won't have weak hands.
My hands will be iron. I will get the dividends and get profit by the "Snek of Dividends" technology! :D
Are. You. Ready? HERE WE GO!
I am actually writing this live. I mean, doing something and then typing here what I done. So let me firstly record the whole action and I will upload it on DTube later :D (will cut off writing post part though, it's not neccresary I think)
Alright, I just sent 0.07 Ethereum to the Smart Contract address. Waiting for confirmation now...
AAAAANNNDDDD.... IT'S GONE.
Just kidding! I've got my POWH Coins! Look at it!
Wow. I am so proud.
POWH FTW!
Emergency plan
Authors even though of creating emergency plan. Yeah, if their site is down you can still cash out. How amazing is that?!
PLEASE SAVE THIS SOMEWHERE SAFE If for any reason this website goes down, you can open up a Transaction through Metamask, Send 0 Ether with a 150k Gas Limit to the Contract and send "0xb1e35242" under additional data for a personal exit scheme. This is the getMeOutOfHere() function on the contract and will cash you out of all tokens and dividends.
