Masternodes --- Top or Flop?
After many of you mentioned smartcash to my previous post about passive income coins, I decided to set up a masternode for it.
I have never done it and I am kind of a computer-dummy, so it was a good learning experience even after I read it would be an easier one to set up.
Yesterday I had a discussion with a friend who strongly believes masternode coins are a scam.
The forced hodling and the rich get richer were his main points he disliked.
He strongly believes pow is the only way and also dislikes pos.
I can see his points but you have also keep in mind that pow favors the people with money as well you need to invest quite a bit to get something out.
Well fo Mr starters you may not have picked the best MN coin for a true experience. This one comes with many flaws and headaches.
Second many masternode coins are scams. Especially if you dig through those released from nov 2017 to Feb 2018 they all serve no purpose but to produce more coins.
Now as for coins such as Zcoin pivx dash. They serve a major purpose as they secure the network and provide the computational power needed to execute transactions.
Any arguemnet of rich getting richer on pos vs pow can be flipped so not worth the time.
What dont you like about smartcash nodes? The volume of masternodes?
Yes a bit looking around there seem to be a ton of scams with masternodes.
I am looking into Zcoin at the moment but therfore I will do some more research as it is quite the investement.
A Dash masternode is out of my reach.
Well smartcash is a fork of pivx. Anyone who has been around pivx knows, this is a very tough codebase to contain and only original devs have a good handle on it.
At its inception they very quietly had the highest inflation you would ever see. So the a majority of the funds are centralized and the community governance is moot.
They have had breach after breach and aren’t always willing to give the whole story.
Overall I made a ton of money on smart. Just not willing to call it a legit project.
hmm interesting...while not really that what I want to hear after setting one up :-)
But it is kind of cheapish so I wont die if it goes to shit.
I liked the hive I must say and tbh I did very light research as I got excited to setup a node and did not want to wait too long
Cool to hear you got some skin in the game for Smartcash . Did you end up being able to set up the node? If not you could probably ask @flauwy for help or @noperope
I managed to get it. So...Lets go Smart
Awesome ! Now you can just lean back and watch your money grow - pretty Smart !
I dont see money grow atm :-)
Hehe yea these days are not too good ..
Good timing on buying some precious metal when you did
I think ASIC-proof (GPU) PoW only coins are the fairest. Masternodes do make the early adopters very rich, but I wouldn't say they're scammy. The problem I see is that for every new masternode, the barrier for entry is raised. So every new masternode makes the current node owners richer, kinda ponzi-ish if the coin has no use case.
I reckon smartcash was one of the better masternode coins you could've gone with though since it does seem to have a lot going for it.
To be fair this can be said for every coin. Also more masternodes mean you have to share with more.
I mean POW favors the people which can afford miners as well as well as masternodes usually have a big barrier to set one up.
A low POS modle would probabaly the fairest.
I set up a smartnode (with some help) and it's nice getting some SMART sometimes. I was hoping every 5th day (once a week at least) but it's more like 2 or 3 payments a month. With SMART so low in value, what I imagined as huge returns every month, in reality is pretty disappointing.
But then future of SMART is yet to be determined, they have a lot going for them. I'm not quick to "sell" since I would loose the monthly rewards, but i'm also not so quick to "spend" either, which sort of defeats the purpose. It's more like something that just accumulates and you hope the price remains stable. I hope with the new features on the horizon, like instant pay, people will start using this crypto for spending, not just HODL. @ironshield
I have read around every 8th day. But I have to wait for around 3 weeks first.
The price of SMart has take a big hit but so has everything and we got a glimpse of what is possible. I personally would be pretty excited with a 1$ smart again.
With the smart rewards is kind of a "problem" as I dont want to spend my Smart then but I was planning to set up more nodes with the smart I receive.
there are a few masternode coin that being dump after they have listed in the exchange. some of them are from the bitcointalk announce coin.
I made a translation bounty once, when the coin listed, it was 150000 sats, now it is barely 1K sats. lol
some are even left by the dev. so we have to be really careful in this volatile crypto world. my newbie opinion tough
I feel there are more scam coins in that crypto niche as in others so we need to be kind of double careful.
Thank you for your continued support of SteemSilverGold
I instinctively prefer POW over POS. But POW has become centralized as hell. People don't talk about mining pool resources that control the mining stakes in Bitcoin. On the other hand POS takes that to a new level where the rich keeps on accumulating.
Delegation in POS has solved this to an extent but hopefully even better solutions would be coming our way.
I think there will come new ways.
From a "consumer"/investor pos seems awesome but I think I lack knowledge to really say x is better than y because of z.
I think both are not perfect yet and there will come something better in the coming years
The tech and the market are still evolving. There is an extremely good chance that a better solution would come along. Till then, what we have is pretty good as well and not to mention that it's been working fine till now.
Dash is amazing when i have masternode now i am looking at sharder coin trying to accumulate when it is cheap.
You have a Dash masternode? congratz! Never heard of sharder coin though
sorry to say but i don't have any experience about it.. cz i didn't use it before. But I will see about.👍
my experience is very limited here as well
well many say master node is the future and opinions might clash as it should be it will be great to get smart cash as it is one of the most active projects ever they try to focus on mainstream adoption which is great
Now I hope they do well as I have some skin in the game