First Impressions of a NEO Hodler
Alright, so there are three ways you can earn from being a NEO hodler.
- You can just hold the NEO, and it will grow GAS tokens, which you can transfer around the same way you can other cryptocurrencies, whereas with NEO you can only hold the one. You can also just trade the GAS for more NEO after it has accrued it enough -- its value is generally just a bit less than NEO itself.
- You can speculate on NEO. This involves making sales and purchases. You can wind up not having enough NEO to withdraw; you need at least 1 full one, or 2, et cetera. There is no transferring a portion of a NEO.
- You can build in the NEO ecosystem, and having NEO helps you to get your project going.
Platform Potential
I haven't looked much into generating my own tokens or creating software for the NEO platform yet, but I intend to. I think it's going to need everything the Ethereum world has and more. Obviously, for one thing, it wouldn't be prudent to be gambling with NEO tokens. They're around $40 at the moment, probably going to rise. So you'd need a different token for each place you bet at, and these places would need to exchange them back to NEO or other cryptos.
Or, even better, someone like me could write a token that would be used by multiple gambling houses. Additionally, we would provide sources of randomness that we would crowdsource using the token as well. So there would be two types of people wanting to use the token, one group would be earning it and cashing it out, and another group would be waiting to buy it so that they could use it in casinos built to accept it, or existing casinos that also accepted it. Something similar to the DAO token on Ethereum.
NEO is going to need a lot of tokens to survive, and it's going to need a lot more people talking about it. But it's very cool how easy it is to claim gas.
Western Expansion
There needs to be more English language documentation on how to build for this platform. But I really like it. I'm going to get the full wallet implementation going. Once I've taken some profit on trades I have running at HitBTC, I think I'll work on picking up another NEO. It's slow to get $40 profit in Bitcoin. You can buy the bitcoins directly, or you can spend what you already have, but when you're looking to get into something else for a long-term hold, you don't necessarily want to spend other tokens you intend to hold for a long time.
It's not only the high withdrawal fee for OMG at HitBTC that keeps the tokens there. Those are tokens I'm speculating on; the ones I intend to hold long-term are already in my Ethereum wallet.
Excitement Grows
I'm excited for NEO. I think it will definitely be the Asian answer to Ethereum, and I think millions of products can be built on top of it. It allows smart contracts to be built in a myriad of languages. There is a good reminder of this at this website.