PoSWallet Review (Piece of Shit Wallet)
At first, I was very excited to find the PosWallet. Coinomi is a nice multi-coin wallet. However, they have not yet been approved on the Apple store. I'm an Apple user, and I found this frustrating. Frustrating to the point that I went out and bought a Samsung phone, just so I can download the Coinomi wallet. I searched for other multi-coin wallets, and found PoSWallet.com. I was impressed by their free faucets, and it was a good way to get involved in less popular coins for free. I was impressed with the fact that they made a collection of most of the coins that offer Proof of Stake (POS). Proof of Stake is when you get small payments of the coin just for holding it. No need to set up mining hardware or buy cloud mining contracts. It was an easy way to earn coins. PoSWallet also served as a wallet to hold some of my coins that were delisted off of Poloniex. PoSWallet also has an exchange on their site, where you can exchange coins for other coins and even the PoSW coin. PIVX became hot and PosWallet had a PIVX wallet. I saw pure genius in this PoSWallet. A place to gather low volume traded coins. If you thought any of those coins were not doing good, then you could exchange for a coin you had more faith in. I imagine ultimately people would have faith in the PoSW coin, and exchange for that. I certainly did. I deposited some BTC and started buying some PoSW. The current market value was around 2000 satoshis. The exchange on PoSW was selling them for around 2400 satoshis. I was willing to overpay because I had tremendous faith in the coin. The successful recipe was very evident in this coin. The PIVX wallet on PoSWallet worked better than the standard wallet from PIVX. It seemed people were flocking to PoSWallet for the PIVX wallet, and PoSW saw a peak of 19439 satoshi during this time.
First off, I must acknowledge that there is great technical skill to create the PoSWallet. Managing all those blockchains, staking, and updates, must be a difficult task. I praise the developers for what they have accomplished. It seems reasonable to delist a coin that is so unpopular that the blockchain activity is nonexistent. PosWallet made the decision to start delisting some coins, including PIVX. They said they were receiving complaints that the PIVX stakes were not as good as the PIVX stakes from PIVX's own wallet. I was forced to download the PIVX wallet and move my PIVX there. It was a pain in the butt setting up that wallet. Lots of troubleshooting and watching 'how to' videos. I have yet to receive any stakes from that PIVX wallet. However, when my PIVX was on PoSW I was getting stakes. During this time PoSW was dropping in price. It seemed obvious delisting a hot up and coming coin like PIVX was a bad move.
PoSWallet then sends out a message that they had a bad month recently meaning they were operating at a loss. They have also stated in their posts that they are committed and will keep at it during tough times. What do they do next? They start delisting just about all of their coins. WTF? WHAT THE FUCKING FUCK! Don't they realize that the main reason people use your wallet is because you are a multi-coin wallet? A niche that doesn't have a lot of support. A niche that is really needed. Especially a wallet that mostly supports Proof of Stake coins. YOUR NAME SAYS PosWALLET! You advertise as a wallet, then that is what you should be. It is a pain in the butt to have to shuffle these all these delisted coins to another wallet or sell them off. Delisting good coins like Stratis? So apparently, PoSW doesn't want people to keep their coins there, which seems counter intuitive. People might exchange some of those coins to PoSW, and give it the support it needs. Below is a diagram of their roadmap of 2017. End goal for the year was to have 300 coins listed. They have completely trashed their plan. Getting on Apple is not an easy task, with Apple's tough rules. It's OK, if they don't accomplish that, we understand.
Below is a quote from their website.
"In the first part of this series, we want to touch on where we think cryptocurrency is going and how it is going to change society over the next year or so. We are planning 3-4 segments that touch on different aspects of crypto and how POSW and POSWallet 2.0 will be a part of the cryptocurrency movement. Some of the posts may be wordy, so bear with us!
So where do we see BTC and ETH going this year? BTC will probably touch $4000 and ETH may see $500. These are pretty important numbers for the human psyche, and are most likely highs that will be broached in November or December of this year. The real question is - what will be driving the surge in price of these assets? The answer is most likely not "new technology" - the BTC community has not shown strong agreement on the path it will take for transaction expansion and ETH has its own challenges with forks and token scaling/acceptance. We think the answer is a form of globalization - the "everyday person" is going to start thinking about investing in BTC/ETH (and a few other currencies as well - LTC and NEM come to mind here) as other markets continue the doldrums of poor returns. We performed a social experiment in the early days of POSWallet.com where we asked 50 random people at a large mall if they knew anybody that owned BTC; only 4% of the people we asked were aware of people owning BTC, and 0% personally owned BTC. We think this is going to change drastically over the next 6 months. Before going any further in this post, we want to reiterate that we are not offering any form of investment advice - just opinions.
So how does POSW become part of the growth that we think is brewing in the cryptocurrency world? We need to make offer some sort of unique feature, a gimmick perhaps that makes it memorable. We have some ideas on that (will be covered in later posts); however, before we get to that point we need to shift our model at PoSWallet.com to POSWallet 2.0 - focusing on POSW and growing a culture/community around it (rather than focusing on using POSW as a support token to access other coins). Part of this refocusing means we are delisting almost all of the coins - there will be a few more coins flagged for delisting this weekend - that can be staked at POSWallet.com - at a minimum we will keep POSW, BTC, and LTC for the short to medium term. Once the transition to POSWallet 2.0 is complete, we anticipate adding other coins and wallet features that increase a users ability to transfer between popular coins (spoiler alert!).
Thanks for reading, more to come soon!
As a reminder, please continue to withdraw the coins being delisted. If a coin is under maintenance, we will process withdrawals manually so it may take several days on wallets with maintenance issues. If you start a withdrawal and a coin is delisted, we will still process your withdrawal.
We finished adding a few more features to the PoSWallet 2.0 Block Explorer after the initial round of feedback - plan is to launch it on Sunday!
The POSW Limited Edition Ledger Wallet is now available in the ICO - pick one up now! There are only 500 available TOTAL. Anyone who buys a ledger wallet in the next week will get a bonus 500 POSW as well (within a few days - sorry for the 5k typo!)."
"We need to make offer some sort of unique feature, a gimmick perhaps that makes it memorable." You had the perfect gimmick and now you are ruining it! Actually, it wasn't a gimmick. It was something people wanted and needed. A niche that needed to be filled, and now you don't want to fill it. I'm very curious what their next gimmick will be. I'm holding my PoSW holdings for now. I really should just dump it and break even. Looking at the volume and rank today, the future doesn't look promising for PoSW. It really is a shame, I had so much hope for this coin. I really thought these guys nailed it. Absorbing the volume of less popular coins into their coin was pure genius. Seems now they doing it by force with the delisting. However, IMHO way too early for that. The coin is not popular enough. The coin could have became more popular if they keep with their vision of a wallet hosting 300 coins.
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I called it in their slack chat, they didn't like it either. Said I was "threatening" them when I said I would steemit their comments.
I wrote this in hopes they might see the light and restore what they were doing. They need to listen to their supporters and users. What they were doing was genius. Their latest message says they want to focus on being the currency for online stores and developing master nodes. The master node thing might be good, maybe deposit some Dash there and they pool all the users deposits to make a master node. Each user would get a percentage of that master node payment. Might be profitable, but I don't know if I could trust them anymore with like 10 of my Dash. I'm not too sure if this is their plan, but I think that's what they mean.
I took all my coin out, I wouldn't trust someone as emotional and inconsistent as they have been with a dime
I believe rhe young gentlmen who created POSWallet did not come up with an ingenious idea, they came up with a functioning multicoin wallet that the community wanted and needed. The reason they delisted PIVX is because the developers of PIVX were basically pointing to the fact that their coins were staking at a higher level on the never ending PIVX headache of a wallet, and they would publicise the fact. To be fair POSw should have just come out and stated, we need revenue streams and if you hate downloading entire blockchains, we will do it for you at a cost of 10% or joined forces with Pivx and created a unified Dash/Coinino type company. The young men at POSw have solid connections in the Cryptoworld and there is an honest tone to their broadcasts. Perhaps, they should have used ' strategy' rather than 'gimmick' but every company has a gimmick. The advertisers of the world use gimmicks. Give the fellows a break. Anyone interested in a multi crypto coin should think about helping the lads at POSW , or the internet of coins project or Openledger, where your browser is the wallet. What is getting frustrating is buying pre ico peerplay tokens and then even more tokens and not being able to download a core wallet. Millions were collected and not evem a simple casino is up and running. I have faith the guys will turn it around but from now on, no more ICO for me, I will cover my tracks with Openledger's ICOO token, which monitors and follows the market, buying and selling with the goal to increase payments to holders. So far, I have received a monthly payment in BTC on my Openledger account.