At this point, you may have heard of this hot dApp on Ethereum blockchain, called "proof of weak hands". (powh3d)
Now if you have heard of it you're probably either,
- ) Think it's a scam (which it kind of is.. lol)
- ) You are already playing it
In this article I'll lay out what it is, how it works.
Assuming you haven't heard of this new hot dApp. What is proof of weak hands and why should you care?
First of all, it is basically a smart contract/game based on human psychology. The basic idea is that when you either buy or sell the tokens, (P3D ticker) you'll pay 10% flat fee to the smart contract, which is distributed to the current P3D token holders as a dividend for their "strong hands" hahaa...
What gives it value exactly? Well, basically nothing. That's the funny part. You are purely playing the basic emotion of other people's greed & fear, both of which are quite common in the crypto markets. As long as there are buyers the game continues. What about the money you have put into the exchange? You can withdraw at any time, but considering you'll pay the 10% in-out fee, you'd take a loss without holding for at least a while.
Honestly, I don't even know how to define this "honest scam", game, casino, gambling perhaps? You choose.
Either way, it seems like the idea is starting to gain the usual strong opinion headed cult (tron, verge, bcash, bitconnect, etc, etc... you know these). This could also have something to do with the referral system known as "masternode". Got someone to use your masternode link? Great, you receive 33% of the buy-in fees that would otherwise pay to the contract. Before we get to the fun part, here's something to remember:
) No Pre-mine. Scamcoins generally have big pre-mines where developers take a huge amount of coin for themselves. P3D has no pre-mine.
(although should note it's obvious the developers bought in first meaning they'll be amongst the biggest profits)) No Exit Scams. Scamcoins generally involve shady anonymous site owners holding your money while you "earn". The owners could take your money and exit scam you at anytime. In P3D, there is no one controlling your money, the exchange is entirely operated by an Ethereum open-source smart contract which cannot be changed! Owners here cannot touch any Ethereum from the contract, even if they wanted to.
) No Promises. Scamcoins usually make false promises about guaranteed returns or other claims of ROI which cannot be sustained. P3D makes literally no promises and is completely open and transparent about the mechanics of the system.
Yup, the site is just a huge meme in itself. known as shill kit on their site
This is quite funny since whenever you are advertising a coin you own (looking for the coin to make progress for personal gain), it is indeed shilling in the end. I'm shilling right now as well. When you look at the website you'll notice it is designed to be a meme. They've got some promising sponsors though:
Before checking the links or even considering to get into this game, imo. don't even think about it if you are new to cryptocurrencies or you don't like to gamble. Before anything you have to realize it is a speculative game, not an investment. The main problem here is the fact that people who don't fully understand the way this works are going to get burned once shit hits the fan. Although the same could be said about many other cryptocurrencies.
(I can guarantee that at least 50% of the current top 100 coins wont be around in the next few years)
If I had to guess how long this will go on (without the price collapsing completely), I'd say from several weeks up to even a year. (similar time frame to Bitconnect)
Links
Their wiki: https://powh3d.hostedwiki.co/
Website (my shill link): https://powh.io/?masternode=0xa6a4672b1b4b0eaaae1ff9b6694d9c2ceb16718c
Source code reviewed:
Questions answered:
Another short article, Invacio ICO, not a scam though:
https://steemit.com/ico/@epelius/low-radar-quality-project-invacio-token-sale