Proof of Weak Hands - FAQs & explaination
Proof of Weak Hands FAQs & ExplanationEverything you need to know about Proof of Weak Hands (POWH3D)
When did this exchange launch?
This POWH3D exchange was launched in February 2018.
Can I access PoWH3D from a phone?
What exactly is a Smart Contract?
A smart contract is a set-in-stone piece of programming language that was submitted to the Ethereum (Eth) network upon launch of our token. The smart contract handles all Eth and tokens autonomously without any form of human input, and its calculations and functions are confirmed across thousands of computers across the world before they are run.
Can the owners edit this exchange now that it's running?
The only features the developers can edit on the contract are the name of the token and the price of the masternode feature.
Do developers have access to the wallet, or funds?
The development team intentionally did not program in a way for them to access the Eth or tokens in this game. It is run entirely 100% autonomously by the code you can read open-source on the smart contract. No humans are allowed to intervene. Period.
How is this token run without developer interaction?
P3D Tokens are managed entirely on the smart contract, the purchasing process creates the tokens and puts the funds directly into the contract. The selling process melts those tokens down and returns the funds to the seller directly. Because of the unique way that this process works, the token can function under unique rules not possible on other cryptocurrencies.
What unique features does the token have?
P3D Tokens operate under a perfect economic simulation in which all transactions (buy/sell/trade) are taxxed 10% automatically. Since the smart-contract operates its own exchange and the token is autonomous, these fees are automatically split up and rewarded to all token holders instead of a centralized governing body. Simply put, each token grants you a stake of 10% of all volume the cryptocurrency experiences.
Is P3D a pyramid, ponzi or a scheme?
By any definition, P3D is neither a pyramid or a ponzi. That's the point, it's the literal reverse of what every lending platform says. They claim to be real but are a pyramid. We satirically claim to be a pyramid but in fact are a complete legit cryptocurrency that is ironically one of the fairest and most distributed to date.
Is this a scam like Bitconnect or Davor?
An understandable question given there are a lot of scams in cryptocurrency. You are probably familiar with scam-like operations like Davor and Bitconnect. The important thing to remember is that:
- Scamcoins generally have big pre-mines where developers take a huge amount of coin for themselves. P3D has no pre-mine.
- Scamcoins generally involve shady anonymous site owners holding your money while you "earn". These owners could take your money and exit scam you at anytime. P3D has no one controlling your money, the exchange is entirely operated by an Ethereum open-source smart contract which cannot be changed! Owners here cannot take any Ethereum you put into the contract, even if they wanted to.
- 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.
In short, this P3D exchange is not fradulent in any way. This is a unique exchange powered by a smart contract which taxes all transactions (buy, sell, trade) in order to pay out earnings to all token holders! The developers keep no extra fees beyond the tokens they themselves hold.
However, that doesn't mean using this exchange doesn't have inherent risks as explained below.
Alright, but what are the risks of participating?
Nothing is guaranteed, and doubly so in cryptocurrency. Everything you do in this space requires careful attention and healthy skepticism. In the case of P3D, here are the major risks when participating:
- Hacks. If an enterprising black-hat hacker were to discover a security exploit in the smart contract code or in the Ethereum virtual machine, they could conceivably steal all of the Ethereum in the contract. Multiple independent Solidity developers have audited and closely reviewed the contract, so the likelihood of a hack is small but not zero.
- Stagnation. The lifeblood of P3D is volume and volatility. If the transaction volume slows down or stops (i.e no one is buying, selling, or trading) then this project will generate fewer and fewer earnings. Depending on when you got in, had you not broken even by that point the earnings stop flowing, you would be at a loss. No one knows when transaction activity will dry up, but it's unlikely to happen in the short-term. Unlikely but not impossible.
- Panic Selling. The value of each P3D token is determined entirely by the buy and sell activity. Every token purchase increases the price and every sell decreases the price by a marginal amount. However, if there was mass hysteria and every single person sold, the value of the P3D tokens would be significantly reduced which would mean your token holdings would be worth very little Ethereum. If there was a massive panic sell, you would of course receive earnings on every sell proportional to your holdings. You would then also receive earnings on every buy as people began buying in again. Would this be so bad?
Those are the three major risks for participating. Make your own decisions on if you think it's worth trying!
When does my P3D tokens have a transaction tax applied?
P3D tokens have a 10% transaction tax applied when any transaction of a token occurs. Yes, this means 10% tax is applied to your tokens anytime you buy, sell, or transfer them. Sounds like a lot of tax right? The only notable exception is that dividend withdrawals are not taxed.
This is actually the best part of this token! These taxes are why holding onto P3D tokens means you are constantly being distributed "free" Ethereum every single time any other user of the exchange buys, sells or transfers P3D tokens. This means (when the exchange has transactions), you are waking up to free "earnings" directly in Ethereum. Many users report receiving 0.05-2% in earnings on a daily basis (again, your mileage may vary, this entirely depends on transaction volume and is not at all promised anywhere).
Why are earnings (dividends) the best part of P3D?
Earnings are especially awesome because their value is not determined by the value of P3D tokens. The earnings distributed are sent to token holders in Ethereum every time that anyone else buys, sells or trades the token based on the amounts of tokens (in % out of total amount minted) held.
This means that no one can take these earnings away from you, they are entirely yours to either reinvest (convert to P3D), leave on exchange to accumulate, or withdraw to your wallet to keep! The choice is entirely up to you!
Remember: These dividends paid out to you are yours no matter what happens to the contract or the price of the tokens. Even if the value of the tokens plummet and everyone pulls out their money, that will only increase your earnings since you get them on every single sell.
What exactly is reinvesting?
Re-investing means that you are choosing to take all your Ethereum earnings (dividends) and exchange them all for additional P3D tokens. During re-investment, an additional 10% buy tax is incurred as with all transactions. In this way, reinvesting your tokens increases your holdings, thereby increasing future earnings. Think "compound interest".
To reinvest at any time, click "Reinvest" on the purchase tokens page. Setup your metamask transaction (which should show ETH 0 + GWEI) and then hit "Send".
How does selling work?
Visit the sell tokens page and choose an amount of P3D to sell. Once the transaction has been processed, the ethereum value of the sale is put directly into your dividends. You will then need to withdraw dividends to transfer the Ethereum to your metamask wallet. In short:
- Enter an amount of P3D in "Tokens to Sell"
- Hit "Sell!" button to trigger metamask dialog
- Send and wait for transaction to go through
- Ethereum from sale is now in dividends
- Withdraw dividends from sell tokens page to extract the Ethereum back to your wallet.
Note that dividend withdrawals are not taxed. That's all there is to it!
What exactly is a masternode?
If you bought enough tokens for a "masternode", you can share your masternode referral link with others to get bonus earnings. For every buy directly purchased from someone that clicked your masternode link, you get an extra 3% of the buy-in price. For example, if a friend buys 10ETH from your masternode, you make 0.3ETH in earnings instantly!
Can I buy P3D using my own masternode?
You are not able to use your own masternode to buy using the same wallet. If you try to buy from your own masternode with the same wallet address, the 10% tax is split to everyone as if you didn't use any masternode at all.
Can I use my own masternode to reinvest my profit?
Masternodes are only used for buys and are not used for any re-invests. If someone buys using your masternode, you will get credit but any future re-invests do not run through your masternode.
What do I do if I can't access the main exchange?
If the main exchange is too slow or inaccessible, you can access this official backup exchange anytime. This backup is simpler but allows you to access all the major functions on the same exact contract!
How is the value of the tokens determined?
Every time a new user purchases a token, the value of each token increases very slightly (+10 gwei). This means that as people buy into the exchange, your P3D tokens are worth more and more Ethereum. However, as people sell their tokens, the value of each token you hold goes down (-10 gwei). The value of the tokens is determined entirely by the smart contract, based on the number of tokens issued.
What is the current circulating supply of POWH3D tokens?
The current circulating supply of P3D can be checked here on Etherscan. The supply is increased automatically as Ethereum is exchanged for P3D on the exchange and can grow to be as large as the demand for the tokens.
How do I check how much I've made in profit?
Does the balance already incorporate the 10% sell tax?
Where can I buy POWH3D merchandise?
Buy all your POWH3D Merchandise at powh.store!
Why do some transactions show 0 ethereum?
When checking the contract, you'll notice many transactions are listed as "0" ethereum. This is because any action on the contract except "Buy" (e.g. Sell, Reinvest, Transfer) are require 0 ether transactions to execute the command.