Sounds far fetched, doesn’t it? Making money whilst you sleep. First I wrote about Mannabase and it’s Universal Basic Income agenda, then I went on to speculate over a few lending programs like Monetize coin and Paragex, and now, today, we’ve landed on Proof of Weak Hands. I’m glad I did because this is the calm before the storm. If you’re reading this around March time and you have a little bit of cryptocurrency to spend and you’re uhmming and ahhing over where to put your coins, then I’d suggest dumping a few in here. Why? Because it generates around about 1% dividends per day by just holding the coin. That’s not even taking into consideration whether the price shoots up.
Can you really make money while you sleep?
Yes. I actually did that last night. I woke up to find that my investment had paid out in dividends .004 eth, and it had grown by a small amount in price too. I put in about 1 Eth to test it out as I’m not a person that shoves in everything I have because all investments are risks, and like the same as Wall Street, you could lose everything if you aren’t careful with your investment strategies. I only play with money I can afford to lose, and I put my eggs in many, many baskets. So last night, liking the idea that I had in front of me, I put in 1 Ethereum in the pot, which by last nights standards is around $550. Not a huge amount, but again, not a small amount either. I did like the project so I gave it a nice chunk I was willing to throw at it.
Literally make money while you sleep. I’m going to bed soon after I’ve written this and I know I’ll make a bit more. Not much, but enough to get me excited. Why not give it a try? You’ll really not be disappointed.
Okay. So what is it all about then?
Many of you will remember Bitconnect. If you haven’t, then just type it in Google and see for yourself the many, many articles written about it. Bitconnect was a Ponzi scheme in all essence. They promised riches to everyone and couldn’t deliver when the price of Bitcoin tanked. If you want the longer story, go Google it. Anyway, despite all the negative press that place has had I do believe there was an ultimate goal of completing what they said they would do, or at least try and pay everyone for as long as they could. They promised everyone that they could make money while you sleep, but they couldn’t deliver.
Proof of Weak Hands is a similar idea to what Bitconnect had, but one that actually works. I am told that their idea was based from some crap-defunct previous Eth ponzi that tried to deliver, but didn’t. But for those of you that aren’t too great at understanding Ethereum smart contracts (people such as me) we’ll stick to Bitcoin platform comparisons. Proof of Weak Hands is a three-dimensional smart contract that grows your investment and pays out dividends regularly. As far as I understand it, dividends are created via deposits, withdrawals, transfers and so on. Instead of developers taking the fee, the fee is shared between the blockchain and Eth is distributed to contributors in the form of dividends. Investors can either withdraw this or reinvest it.
The fees are HUGE by the way, before you ask me about sustainability and, “how will a small transaction fee cover such a large network?” — I put in an Eth and I received 0.8 Eth worth of their coin. They took 0.2 Eth as fees. Yes! Almost $100 at the time of writing this. I’m excited!
You can also make good on some of those fees by telling others about the coin. If you get others to click and buy through your masternode you will get a nice cut of the fees. To have a masternode you need at least five coins. Get in quick. I expect five coins won’t be this cheap for long. Make money while you sleep? Hell yeah!
Sounds a bit scammy to me!
It’s only a scam/ponzi when the developers pay off older investors money with new investors money, then fly off with the pot without a trace when it becomes unsustainable. It isn’t like that here. You can find these guys on discord and they have no qualms about making conversation with you. They answer your questions, and force you to engage with their community. One of the better-welcoming crypto-communities on discord I’ve been in if I’m honest. There’s no anonymity like there is with the usual Ponzi bitcoin grab. Most of the Ponzi places you see will have a website, a generic person to see, and no-where to contact, and if there is there will be no names. Bitconnect was the king of anonymity. This place is different, it’s warm and welcoming, and if you manage to talk to the developers they are actually positive and sound excited about what they are doing.
How do I get involved? This is all far too technical
If you like the idea of this but it’s way, way over your head then don’t worry. I’m not a huge understander of Ethereum. I just go with the flow. I’ll create a nice little guide for you to get your head around, because if I can do it, so can you. With this tutorial you’ll need to have a basic understanding of how to buy and sell cryptocurrency. If you don’t know there are some really good tutorials here and here.
- Download and install metamask as an extension.
- If you don’t have metamask then My Ether Wallet is the next best thing
- Head to an exchange. Any reputable crypto exchange will do. Go here for a handy list of them
- Buy and send, or just send some Bitcoin to said exchange
- Exchange some of your Bitcoin for Ethereum
- Send to your new Ethereum to your now downloaded and running metamask wallet or My Ether Wallet
- Once you have your Eth go here: My Masternode
- If you have metamask installed – the website will do all the work for you.
- If not, send Ethereum to the contract address and you’re done!
- Reinvest profits and/or shill coin
Need more time to be convinced?
Hey, I get it. After Bitconnect, and then Davor coin, you’d be highly sceptical of anything similar that lands on your lap, right? Well, don’t take my word for it, why don’t you go and ask their community about it on discord. They’ll tell you. The best part of that community is that they are constantly trying to disprove their own algorithm. That doesn’t sound like a scam to me, that sounds like a community invested in something solid, and wanting it to work.