October 12, 2017 – Version 3
Definition from the PoS Wallet’s Bitcointalk Forum
PoS Wallet is an online staking wallet serving up more than 100 of the most common PoS Altcoins, along with block explorers and faucets for each coin. The fees to withdraw or deposit coins are extremely small for users – because most of our revenue is generated via a flat fee on staking plus initial coin listing fees paid by developers.
Community Enthusiasm – 2 out of 5
- The devs are Regularly active in Slack
- The Bitcointalk thread has been shut down.
Active Development – 2 out of 5
- The devs are actively working in the background.
- The devs are not posting updates on their work.
- There is not a Roadmap that I can find, or any indication there is more planned for PoSW.
- Much of the work done by the team now is in adding / delisting coins.
Exchanges – 3 out of 5
- Traded at approximately 100 sats until mid-February
- Price rose to approximately 300 sats until late March
- Rose up over 19k sats in April, but has fallen back down around 2.5k
- Only available on Bitcointalk I believe
- Website – https://poswallet.com
- Slack – https://poswallet.signup.team/
- Bitcointalk – https://bitcointalk.org/index.php?topic=1695121.0 (Topic Closed)
- Block Explorer – None
- Roadmap – None
- GitHub – None
October 12th, 2017 Summary
If I understand PoSW correctly, you send in your coins to their wallet. They then add your coins to the staking pool and pay you dividends based on the PoS staking they have running in the background for all the coins. The dividends you earn reflect the percentage of coins in their pool that you have deposited. Basically, send your coins to them and they will stake them for you, saving you the trouble of creating a wallet and the saving the computer/electricity resources you would use.
They have not shared their security features so I cannot comment on those. The team has not given out their identities to the public. They only provide anonymous statements about what they do. There is very little information on the website about how it works in the background for things such as what fees they charge. This information may be available once you sign up, but I am not signing up or sending any coins to them. I may update this summary when I hear from someone I know who is using the wallet.
It has been seven months since I first reviewed PoSW, and not much has changed for the good. In March, they at least had an excited community they were an active part of. Now the community is frustrated with them, and the Devs no longer actively participate. The Bitcointalk thread has been shut down. Coins are being delisted from their service without much notice, and people are not pleased.
I personally would never buy a coin like PoSW, even though I might miss out on some amazing profits. This is mostly because I do not like the concept of what they are doing. I like to have control of my own coins and store them on a computer I control. The PoSW team must be accumulating millions of dollars in coins from people. My concern is what would happen if they shut down tomorrow and disappeared with them all? I don’t know who they are or where they are, and I certainly don’t trust them. I don’t know if PoSW is a scam, but if it is, the scam is brilliant. If they ran, not only would everyone lose their coins, but the price of POSW would plummet to nothing. Would you send your fiat money into a completely unregulated bank which did not provide any information on who they were or where they operated?
People seem to love this coin and the concept. They are diving in head-first. Follow the crowd at your own risk.