POW, thoughts??

THIS IS NOT SOMETHING I AM ADVERTISING, INVESTING IN OR AM TELLING YOU TO INVEST IN. I AM SIMPLY WANTING OPINIONS, THE BELOW PARAGRAPH IS FROM THE COINS SITE. AND IS IN NO WAY MINE! I AM NOT, AND WONT INVEST IN THIS!!!!!!!!!! JUST TO BE CLEAR.

POW ERC20 is an Ethereum Blockchain asset or 'token'. Ethereum is the second largest cryptocurrency on the planet. Ethereum is slightly different to Bitcoin in that it is designed to allow 3rd parties (such as POW) to create 'Tokens' which piggyback on the Ethereum Blockchain. It means that you get all the benefit of a Blockchain, without the need for creating a network of miners to keep the ledger up-to-date. Of course, the miners have to be paid, which is why transaction costs on the Ethereum network are actually quite high. Our innovation is to 'lump' all the users accounts together (rather like a nominee service does for equity holdings) and keep them on a single ETH address (ETH or Ether, is the currency of the Ethereum Blockchain). We then get really creative by issueing the users with POW'lite' which they can trade with other POWtoken.com account holders, with zero transaction fees. The POW'lite' collectively add up to the total number of POW ERC20 being held in the single ETH account designated for this purpose. As we talk about elswhere in these FAQs, the plan is to create a bridge between the POW'lite' world and the POW ERC20 world, by December 2017.


Comments


[5 Points] XmrFanMan:

Quit pumping your worthless shitcoin.

This is a centralized system, where you give custodial control of your funds to powtoken.com

Over the next few months we will be busy building a 'bridge' between POW 'lite' and POW ERC20, so that users can migrate their holdings out onto the Blockchain if they wish.

Yay, they promise that some day they'll make it a real blockchain.

The description of the coin is silly. It claims to be PoW without a blockchain or a validation network (miners).

They are doing an airdrop, but only to people who give up Facebook or Twitter access. I'm sure nobody will game that system.

I haven't even read the white paper,(if there is one), but every bit of that website screams altcoin scam.

If you still believe in this farce, please explain how PoW can secure your funds without a blockchain or network. Otherwise take your shitcoin elsewhere.

WHY SHOULD A USER APPLY TODAY, WHY NOT WAIT TILL THERE IS A NETWORK AND THEN APPLY FOR POW 'LITE' WHEN IT'S ACTUALLY USEFUL?

Users who apply early get far more POW 'lite' than users who apply late. To create an urgency and a 'rush' we've structured the POW 'lite' allocations so that early adopters get far more POW 'lite' than late adopters. In fact, we want the first thousand or so claimants to make millions of USD from their free POW 'lite' allocations.

That's sounds an awful lot like a pyramid scheme.


[2 Points] XmrFanMan:

Just read the white paper (advertising pamphlet is a better description).

No explaining what PoWlite is, no technical information except this doozy:

The Long Term Migration to 100% Decentralised This likely relies upon Ethereum reaching its Serenity release at some point over the next two years, with the anticipated benefits of POS and ‘sharding’. At this time we would recreate the entire transaction history and record it on the Ethereum Blockchain before issuing all holders of POW 'lite' within the POWtoken.com account, a wallet which would hold their ERC20 POW on their own unique ETH address. At that point the POWtoken.com account service would have served its purpose as a stepping stone and could be retired.

So their plan for decentralization is to wait until ethereum implements a feature they want, and have no plans to develop anything themselves until then. If decentralization is dependent on a completely separate development team to implement something years down their roadmap, they have no true path to a real blockchain. (Sharding is a long ways off, and very theoretical at this point).


[1 Points] SmashedCannaSeed:

I want to read comments on this.


[1 Points] DiscriminateLee:

Here's an even better crypto to invest in. Will become ever bigger than Bitcoin!

http://gopnikco.in


[1 Points] ms_jetlove26:

I have seen this POW a lot the past few weeks, I'm not investing personally, just wanted different opinions. I actually copied and pasted the initial post from one of my social media accounts. A friend sent it, with the link to click. I didn't put a link because I 1. Didn't sign up and 2. Don't trust it. Really haven't got any real feedback about it either.