Proof of Stake Wallet (POSW)

With Ethereum in the process of switching to Proof of Stake and my inability to keep a computer running on the net 24/7 I realized I’m going to be missing out on some free ether . A quick Google search for a solution brought up a crypto token called POSWallet (POSW) and their online website. The idea of the website is to provide a secure third party wallet to stake your coins along with a convenient onsite exchange service. The token associated with the site pays the holder a dividend based on the profits the site generates and can also be staked for additional profit. For the staking you simply deposit your coins in wallets they have created and earned coins are deposited into your wallet, minus a fee of course.

During the first couple months of operation they supposedly supported over a hundred different coins. A crypto price search revealed the token price reach a high of about 19,439 Satoshis and a market cap of about $9.5 million in April, 2017. Then disaster arrived. Charts show the price falling sharply over the next three months to a low of 1,188 Satoshis. Why? Apparently the site began operation in the beginning of 2017 and was profitable until May. In May a loss occurred and the token stopped paying a dividend. Remarkably this one month’s loss appears to have spooked the developers who apparently could see no other way back to profitability other than delisting the majority of the coins supported. Last I read they were down to supporting 17. I can imagine the loss of the dividend and removing support for most of the coins had a hand in the tokens nose dive.

When Ethereum makes the switch and considering security has been shown to be lacking to date, I’m thinking there may be an increased demand in holders seeking out multiple places to stake and diversify the locations of their ether. I’m wondering if this, along with whatever the Devs. may have up their sleeves (hopefully) could lead to the token once again paying dividends and what would that do to such a depressed price as we are currently seeing.

So is this a possible quick buck in the making or will the downward death spirals continue?

Disclosure: Today I went ahead and placed a BET on this token (POSW). 2,000 at about 1,800 Satoshis and a limit order for another 1,000 at 1,300.