P3T - TRON Smart Contract with High Staking Rewards - Is it Worth the Risk?steemCreated with Sketch.

in cryptocurrency •  2 months ago  (edited)

P3T Header.png

P3T has many of the hallmarks of projects like BitConnect - it offers high daily interest (3.33% Daily!), a high referral bonus, and an anonymous team. Projects like this only end one way, which is where the amount of payouts exceeds the funds on hand, and it all comes to an end with early adopters ahead and later adopters behind.

With all of that being said, P3T does have an innovative set-up which had me take a closer look at it, and even test it out. Here is what it has going for it:

  1. Any contributions you make go straight to the smart contract, minus the marketing fee and developer fee. You have no claim to these contributions, they are gone, because they are funding the contract.
  2. The 3.33% payout rate means that you get your TRX balance back after 30 days, and every day after that, you receive 3.33% return. As long as it is around for at least 30 days, you can come out even or ahead.
  3. The contract pays out every minute, there is no lock period like other arrangements. This means that if it dries up after 1 week, you are down 75%. After 2 weeks, down 50%. After 3 weeks, down 25%, and so on. This isn't an all or nothing like the contracts that would lock funds for a span of time and then exit scam prior to contract release dates.
  4. The contract funds and transactions are all written to the TRON Blockchain. This means you can check the funds within the contract on a daily basis and see if people are continuing to reinvest, or if they are starting to withdraw. Over the past two weeks, I have watched it increase from 15Million TRX to 20Million, and now over 30Million TRX. You can also click through the transactions and see how many are withdraws and how many are contributions.
  5. This transparency into the size of the TRX on hand, along with the ability to find out whether contributions are increasing or decreasing can provide a directional view of how long the contract may remain in place.
  6. P3T also announced the release of another high risk (gambling) type game, that will send partial proceeds to fund this smart contract. Bringing in an alternative funding source that is also visible/verifiable on the blockchain can provide greater longevity than other contracts of this sort.
  7. The ability to withdraw on up to a minute basis allows you to either reinvest payouts into the P3T contract to compound (high risk, high reward), or you can reinvest elsewhere. I choose to instead invest into ANTE, which I can then stake on TRONBet for moderate return, moderate risk payout.

Here is what the P3T interface looks like, and it works seamlessly if you have TRONLink set up through your Chrome extension.

P3T UI.png

If this sounds of interest to you, please follow my referral link:

https://p3t.network/dailyroi?dailyroinode=TANFF1PhzL1VkaLVPMvDFmZ1G6p98RXnWT

Here are a few notes on using TRON blockchain if you haven't done so yet:

  1. Use the TRONLink browser extension for your wallet. It works very similarly to Scatter, allowing you to sign transactions and interactions with smart contracts
  2. tronscan.org is the BlockChain explorer to use to monitor the smart contract. You can easily link to it from the p3t.network site
  3. You need to have bandwidth and energy in order to interact with the Blockchain and Smart Contracts. The easiest way to do this is by freezing TRX, which is similar to staking EOS
  4. You can freeze TRX by going to tronscan.org, and clicking on the wallet menu. You will automatically be logged in if you are logged into TRONLink. Select the TRON POWER option, and scroll down to where you see "Freeze". When you click it, it will ask if you are freezing for bandwidth or energy, and then ask how much to freeze. I find 100 for Bandwidth and 200 for Energy is enough. I do 2 withdrawals from P3T each day, 1 exchange through TRONBet Exchange to get ANTE, and 1 ANTE stake on TRONBet. If you are doing more interactions than this, you will want to freeze additional. You should also aim to keep at least 10 unfrozen TRX in your wallet at all times to help with recharging your Bandwidth and Energy.

If you have any questions on P3T or on setting up TRONLink, ask away and I will help as best I can.

Thank you and good luck!

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As a result of you visiting my post on the good business example set by Ledger @bdempsey, I have come to read this post of yours. Thank you for taking the time to write it.

I happen to have some TRON. Which were "air dropped" on me ... "Free money" is always enticing to others, but I tend to look at it with more than a fair amount of skepticism.

In reading through this, you seem a bit hesitant to fully endorse, for the reasons you cite. Seems to fall under the old "if it appears too good to be true, it probably isn't ..." saying.

Time is always challenging for me, to follow-up. I will make a note of your post here, though, should I ever decide to take a closer look at TRON. For now, I am content to just let it appreciate in value, if it has any future to it at all. Rather than get actively involved, as I chose to do months ago with my STEEM investment ... :)

Dear @bdempsey

did you give up posting on Steemit? :(