PoSWallet has been an online wallet to hold your POS coins for a while now, it has been quite useful for staking a lot of different POS coins. The main use for POSW (their POS coin) has been to exchange between different POS coins on their exchange. However recently the team at PoSWallet has decided to take a new direction.
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!
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Here is the problem I see, the main purpose of PSOW is to exchange between other POS coins. If they remove all coins but BTC, ETH and PSOW, they are just a tiny exchange offering a couple coins you can get else ware. I see they are offering a hardware wallet at an overpriced value (0.1 BTC), but I don't really see how removing their main service will help the value of their coin.
If you are holding coins at PoSWallet, I would get them out asap as they plan to keep (delete) any coins not moved to another wallet as they remove them.
I will post more on the developments of PoSWallet as they become available. I would bet quite a bit of coin though that they will see their userbase dwindle and their coin value plummet from this move. I really hope they change their mind on removing all coins but POSW, BTC and ETH.
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