POW Token

Nov 03 2017

On Bitcoin $7000, Bitpetite SCAM, and Crypto Legitimacy

First of all, if you’ve been following this site, you know that we try to be as up front as possible. If we see a scam, we’ll point it out. We encourage you to do your own research (DYOR). We are adamant that you should not invest more than you can afford to lose. And we stress, sometimes in bold and italics, that this is all an experiment.

We took a break from blogging for a couple weeks – some of that was to be in our version of a decompression chamber of sorts. Let’s watch the action, let’s watch our baskets of eggs, and let’s ensure that we get our house in order in the background. In our absence – our last post on Bitconnect was on October 17 – we saw a couple things happen, and we’ll try to break them down for you now.

BTW, this might be as good a time as any for the only banner ad we can run on the site right now – that’s right, we’ll talk about how we, too, were scammed by Bitpetite and we’ve had to go back and scrub their ads. So here’s an AFFILIATE LINK for BITCONNECT. DYOR. Don’t invest more than you can afford to lose.

Thing 1: Bitcoin $7000

Hitting $7000 (USD) per Bitcoin seems like a really big deal, given our collective propensity to fall in love with large, round numbers.

Then, if you look back at past posts that talk about our BRED Portfolio, you’ll see that Bitcoin was at $4365 on October 1; this means that you could have brought home a 60 percent gain on your money in a shade more than a month.

That makes it a really HUGE deal.

Then, if you factor in the Bitcoin Cash (BCH) price plus consider the fact that one Bitcoin on January 1 of this year was $973, you’re actually sitting on at least a 6x return.

That is HUGH. MONGOUS.

But, in some respects, it is beside the point – the price of BTC doesn’t matter so much as the number of BTC you are able to accumulate.

You could possibly say that about dozens of coins or tokens – yes there will be some wheat and lots of chaff, but the super, blight-resistant, able to feed millions with one stalk kind of wheat that will emerge will be so valuable that the kings and queens of this new economy won’t much care the USD price.

Seriously – there’s a oft-repeated belief in the Bitcoin world that BTC is, indeed, going to $1 Million. Won’t be next year, in all likelihood (though stranger things have happened), and may not happen in the next twenty years. But it will happen.

We’ve had people ask two things: (1) is it too late to buy? and (2) is this a bubble? I’ll answer the first: no. Actually, let me be more emphatic: NO. If you’re not in the game, you’re not in the game – and because of the beauty of Bitcoin, you can drop $100 and get started and maybe trade a little or sock it away or whatever. (We recommend Coinbase, here’s an AFFILIATE LINK, and your $100 investment will get you a $10 bonus, something we’ll also get.)

But, wise sages at Metacoin HQ, is this a bubble?

Maybe it is. Maybe it isn’t. In some respects, that is not the point here – the point is that we are in accumulation mode, it’s a landgrab of sorts, and whether Bitcoin goes to $1 Million or drops to $1 might be beside the point. Here’s why:

Because of the way Bitcoin itself was set up and is structured and governed, 21,000,000 is the cap. No more will ever be issued.

While some are asking the bubble question, others – countless others – are building businesses and services and solutions that keep the Bitcoin movement alive and thriving. Bitcoin may end up being used to pay for cups of coffee, or it may end up being used to buy SUVs, or it may be replaced by an even better coin that is ubiquitous. In any event, if the price crashed today, the entire system wouldn’t immediately crash. Miners will still mine. Traders will still trade. Speculators will still speculate. If you think of Bitcoin as a country that has launched a brand new currency, maybe ask if anyone is using that currency or has the potential to use that currency. In that respect, we are just getting warmed up.

In other words…get in the game. Now.

[QUICK “SPONSOR BREAK” – If you haven’t signed up for the POW Token “Airdrop,” it’s not too late. Use this AFFILIATE LINK – POW Token Airdrop – then get ready for the next airdrop, coming next week.]

Thing 2: Bitpetite SCAM

Did we mention lately that this WHOLE THING is AN EXPERIMENT? Well it is.

As we’ve told you here a few times, we’ll put some of our own capital at risk with some of these Passive Income Platforms that we discuss. And, well, there seems to be a pretty below-average track record for these. Is it our luck? Is it the nature of the beast? Is it a combination?

The latest to go belly up is Bitpetite, and we’re annoyed – but not surprised. In fact, because of our experiments with Ambis and Control Finance and Bithaul, we have made it a habit of taking coins and tokens out at every opportunity. We encourage you to do the same.

We’re going to keep experimenting and putting our money at risk AND STRESSING THAT YOU SHOULD DO YOUR OWN RESEARCH AND PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS.

We now have just one PIP that we’re using – Bitconnect – but we’re looking at a few more. Stay tuned.

Bitpetite is gone – and we apologize for linking to it and promoting it. As we said, it’s an experiment. These things could fizzle.

This gives us an opportunity to suggest that you spread out your risk. It’s really the only way to go – multiple baskets, multiple investments, and multiple streams of crypto income.

Thing 3: Crypto Legitimacy

Honestly, there may not have been a better piece of news than the CME group announcing that Bitcoin futures would be available by the end of the year. In fact, that alone might drive the legitimacy that the Winkelvoss brothers were waiting for when they applied to have their ETF traded.

We cannot underscore enough that, even if there’s a large pullback in the price of Bitcoin, and if Ethereum and Litecoin and Ripple and a bunch of altcoins follow…it might not matter a ton because Bitcoin, blockchains and cryptocurrencies are, indeed, here to stay.

We’ll give you one brief example: we’ve been talking about POW Token a bit, and one of the things that we’ve done on the site is “validate” users. We do this for small numbers of tokens – but we’ve also learned a ton about where these folks are coming from.

To validate folks, we have to click on their Facebook profile and find evidence that it wasn’t a Facebook profile that was just recently created to get free tokens.

And…they’re not. But that’s not the point: these folks are from everywhere. Asia. South America. Europe. The Middle East. Even a few Americans!

Whether or not POW Token will become the next world beater is not actually the question to ask: it’s whether or not cryptocurrencies have hit critical mass (they have) and whether or not there’s the potential for value to be exchanged and these things are easy to use (they are).

The takeaway? Folks, with all this…the belief is that we are just getting started. So glad you’re along for the roller coaster ride.

Nov 02 2017

POW Token – Another Airdrop Coming!

Quick post here for y’all…

A couple weeks ago, we told you about the POW Token Airdrop. It built some serious momentum but, as all things like this tend to do, petered out just a little. Plus, the value of the tokens seemed rather inflated, and they’ve come back to earth. But now, the folks behind POW Token are ready to roll…

This next airdrop moves beyond Facebook to Twitter. (You can even do some “retweeting” while you wait for the next airdrop – great way to earn tokens!)

Here are the instructions:

First of all, GET SOME POW TOKENS. Use this REFERRAL LINK if you haven’t already scored some: POW Token Link.
Follow them on Twitter: POW Token on Twitter.
Start checking back repeatedly on NOVEMBER 7, when they’ll tell you to log in using your Twitter credentials. The earlier in line you are, the better off you are.

This project will go as far as the network they build, so let’s spread the word!

Oct 11 2017

Getting Started (Redux)

Several weeks ago, we posted a few ideas to get you started with cryptocurrency. You know, Bitcoin, Ethereum, and some of the other coins and tokens that we discuss on this here forum.

We thought that we’d spend some time today revisiting that idea: How Do You Get Started?

Our goal today is AN ACTIONABLE LIST. A few things to possibly whet your appetite.

We have a few ideas below – and, since this continues to be an experiment, some of the links are going to be different from the last time we did this. As usual, we’ll include a few AFFILIATE LINKS with this post (so we may be compensated if you take some sort of action, like signing up, buying currency, or investing) and we’ll be as blatant as we possibly can when we share one.

Let’s begin.

An Airdrop and This Will Cost You NOTHING

We talked about this “airdrop” last week and it’s still going on. Here’s a link to the POW Token webpage. Simply put, you sign up with your Facebook credentials and the token creators give you a bunch of tokens (or coins).

We have been asked “Why Are They Doing This?” and the best answer to that is that there’s value in a widely distributed network. While the creators make some…interesting…claims on their web page, there is something to the fact that a network with a million people using its product will be much more valuable in the long term than a network with just 30,000 users (which is where it stands today).

For now, think of this as a Western US land grab, and you’re putting stakes in the ground and hoping that it becomes fertile farmland in the future.

Coinbase – STILL the Fastest Way to Get Started

This one will cost you money, but one of the beautiful things about Coinbase (AFFILIATE LINK) is that, for Americans at least, there’s a decent amount of seamless integration between traditional banking and this new economy. The AFFILIATE LINK gives you a $10 bonus (paid in Bitcoin) if you spend $100 on any combination of the three currencies they offer (Bitcoin, Ethereum, or Litecoin). (And once you join in, you’ll get your own link and can invite others yourself and possibly be compensated…which is cool with us.)

Trade Coins on an Exchange

While there are a few established exchanges that we’d suggest – Bittrex, Cryptopia (AFFILIATE LINK) and Poloniex are three that we currently use – you should also consider signing up for one of the newer exchanges, too.

Altcoin Exchange (AFFILIATE LINK) may very well be lucrative for you – we know that other exchanges that started this way (through referrals) compensated their early adopters rather richly. Use our AFFILIATE LINK over there, and then start referring others yourself as you see fit.
WCX (AFFILIATE LINK) is another one, with an ICO coming in a few weeks.
COSS is brand new. Not an affiliate link, but we do like the fact it’s based in Singapore and has developers throughout the world.

Passive Income Platforms

Yes, we have been talking A LOT about Passive Income Platforms, or PIPs, that can help you profit with limited amounts of effort. We currently recommend two of them – that’s not to say there aren’t others that are worth your time and investment, but these are the two that we (1) have experimented with and (2) have not let us down.

DO YOUR OWN RESEARCH! Seriously, with any of these, your coins could end up in a black hole of nothing. Don’t invest more than you can afford to lose.

Bitconnect (AFFILIATE LINK) is beautiful, we think, because it is backed by an actual coin, one that has a large market cap (as of this writing, around $1 Billion). The odds of it disappearing are small.
Bitpetite (AFFILIATE LINK) acts more like a mining platform, in that your “investment” will not be returned to you. However, we now have a nine-week track record of daily payments from the site; note that payments are larger during weekdays than weekends.

An Actionable List?

That’s our hope. You can spend a couple minutes on the first one and it costs you nothing, then, if you’re ready to invest some real money, you can consider trying the other ones out.

In any event, don’t invest more than you can afford to lose…once you get started in this world, it might get a little addictive.

Oct 05 2017

Airdrop? What’s An Airdrop?

One of the tactics that creators of cryptocurrencies use to get people on board is called an “airdrop.” Put simply, they look for wallets (or some other means of ensuring that you are you) and drop coins or tokens into that wallet.

We’ve heard of them before, and we’re really really new to the airdrop world – but…well, this one we stumbled upon sounded like it was worth our while.

So, together, let’s learn how an airdrop works, and watch one in action.

POW Token Airdrop – Still Ongoing!

You, too, can take advantage of this one; while early adopters got on board and got huge amounts of coinage, the token creators here claim that the value of what they’re giving away is still close to $100 US.

This one is really easy to do: all you need is a Facebook account.

Here’s how it works…

Step One: Go to this Link

POW Token is where you can get started. You’ll see a screen that looks like the above, except the number of POW “lite” you’ll receive will be lower than what’s listed here.

(We’ll talk about the math behind this below.)

Step Two: Click on the “Login with Facebook” Button

The key here is that your Facebook must be locked down pretty tightly. If you’re using free Wifi at the mall, you’re probably going to get hacked. And that *could* lead to someone taking your tokens away.

Accept the terms, which are pretty straightforward.

Step Three: Wait Patiently

Now you should have a large amount of POW “lite” tokens. Cool, huh?

But…are they gonna be worth anything?

The Math

If the above chart and graph and nutritional breakdown of POW Token looks a little confusing, here’s what’s going on:

They started the process with a total supply of in excess of 231 BILLION tokens. (Wait, does that mean that your tokens won’t be worth much? Stay tuned…) Then, they used a very simple formula that 10 billion by the place you held in line. The first person in line received 10 BILLION TOKENS. (We tried, they had some technical difficulties, we had to wait 2 and a half hours, and we still were in pretty good shape.) So person 2 received 5 billion tokens, person 10 received 1 billion, and so on.

But they have capped the total supply: no more tokens will be made.

Valuation? Well…

In that chart above, they claim a valuation of .00000325 ETH per POW. At the above prices, that’s pretty generous, as the entire network would then be worth $221 Million. And the person in the front of the line is officially loaded.

Except, in the chart at the very top, they use a different calculation: $0.0001 per token ($91 and change divided by the 950,000 or so tokens).

And What IS This Thing?

Yeah, it’s starting to make a little more sense. They need a system that’s faster than Ethereum, and one that enables mass market adoption and rapid peer-to-peer transactions. POW may end up doing just this. But they can’t get people to use it if people don’t have it, thus the airdrop.

It’s going to take a little time for this all to happen, though – the website tells us December is when we’ll start to see some real activity.

Til Then, Stay Tuned

And go claim your tokens, will ya?