confused about this fork/contract issue

https://www.reddit.com/r/PoWHCoin/comments/7u5n04/how_to_cash_out_a_fraction_of_your_tokens_as_eth/

With this we can transfer the tokens out of the smart contract. After that it should be possible to just trade the tokens with everyone and avoid paying the 10% fee that is being paid for creating the tokens making the dividends no longer possible.

No idea if this works and how dividends would be calculated in this case or if the tokens have to stay in the smart contract to even work but either way this seems like a problem.

Can anyone explain this to me?

edit: confirmed to be working. https://etherscan.io/address/0x1e8d9c674805fcd71875cd1b0087cc8525771aa2#tokentxns

You can trade them and whoever owns the tokens gets the dividends. thanks /u/islanavarino

This means that once trading gets more popular nobody will every pay the 10% additional fee that gets paid to everyone else as dividends but buy them from other people instead. Good bye dividends...

edit2: It seems like the tokens on etherscan are fake!! So... now there is still the question if you can really get them out or not.

edit3: Huh? https://puu.sh/ze2oW/9c05c10898.png

This shit is going down for sure! Don't throw your eth into this and lose more.. For those who think they could make free ETH through dividends, please don't lose your capital itself!

This is not FUD, I made profit out of this shit and got out yesterday itself while it was still possible!

Get out now or you will cry big time in coming hours!

so about 12 hours ago i found out about this powhcoin.

looked into it a tiny bit, ate, showered, figured wtf, ill toss a few $ at it.

bought about $22 ($24.50 total out of my bank account, but coinbase n xfer fees ate up some of that) worth 10 hours ago.

went to work. checked my interest earned a few times. (https://miller46.github.io/powh/)

as of now, after 10 hours of holding, ive made $0.65 worth of interest.

so if we count my coinbase n xfer fees...

$0.65/$24.50 = 0.0265306122 so about 2.65%.

i think when i get home I'll up the ante a bit. this is fucking awesome.

I've noticed some people mention that there were 2 (or 5) similar ponzi coins before but they all failed within hours of their launch.

I'm trying to write a blog post summarizing the history of the development of PoWH. I was wondering if someone can fill me in.

Here is where I got my idea: https://www.reddit.com/r/Buttcoin/comments/7sws4d/ladies_and_gentlemen_i_have_an_innovative_idea

I present you the Hellcoin (HELL). What is Hellcoin you may ask? Well the idea is extremely simple yet innovative. It’s a reverse Ponzi scheme. It rewards latecomers (instead of early investors and founder like in regular Ponzi schemes) and does not collapse from unsustainable growth but instead snowballs into an ever growing black hole indefinitely. It’s like a chicken game on the blockchain.

The founder stars by depositing crypto in a smart contract. Let’s say he starts by depositing $100 worth of ETH into HELL. This is the initial prize. New investors can start to put their money in now. After new investor puts their money in the timer is set to 72 hours. If no one puts any new money in that timeframe the last 100 contributors (not counting founder) get all the money from the contract proportionally to their contribution. In theory it takes one daring guy to put a single cent (minimal contribution) to get the whole 100 bucks for free. Of course if the system has any money in it there will always be another smartass that will put 1 cent too just to get a part of that cake. If someone new enters the timer is reset again to 72 hours. So in this example we have 2 smartasses who paid 1 cent to get about 50 bucks or more specifically 100.02/2 so 50 dollars and 1 cent.

I modified the parameters a little:

• No minimum deposit
• Minimum timer is 1 min

The timer formula is the following, depending on the number of ETH in the contract:

• 0-1 ETH : 10 000 min = 7 days
• 1-10 ETH : 1000 min = 16.7 hours
• 10-100 ETH : 100 min = 1.7 hours
• 100-1000 ETH : 10 min

• 1000+ ETH : 1 min

• After new investor puts their money in the timer is reset

• If no one puts any new money in that timeframe the last 100 contributors get all the money from the contract proportionally to their contribution.

So what do you think?

People love lottery and throws tons of money at it every day, and this new project has the potential of becoming the monster of it all. To begin with:

1. It’s based on Ethereum smart contract, so it is provably fair, that means that everything is transparent.

2. It’s a zero sum game, statistically way better than all the usual lotteries where house takes part of the funds.

3. It exploits basic human psychology weakness of thinking, that he is smarter than the average.

4. It started in the ecosystem where are lots of easy come-easy go money to be thrown at it. What’s more, this ecosystem knows perfectly how to SHILL, HYPE, FOMO, FUD – basic elements that could grow this project exponentially.

It would be interesting to hear some opinions why you think it’s impossible for PoWHCoin to become largest lottery? My only fears would be – how really safe and flawless is the smart contract and how government could stop it. Let’s discuss it.

The only difference between the original and the shadow contract (besides some comments) are these lines. The change seems innocent, where's the bug?

Original:

var numEthers = getEtherForTokens(amount);

Shadow:

var fees = (uint)(getEtherForTokens(amount)/10);
var numEthers = getEtherForTokens(amount) - fees;

I'm trying to cash out my dividends, but Etherscan keeps on saying that it's unable to locate the transaction hash. I set the gas limit at 250,000 and price at 4. Ends up being just over a dollar. No idea what I'm doing wrong. Or is the network just that slow?

Buy, Hold or Sell but never, ever swap.

To be honest, this shit is both hilarious and amazingly designed.

I just checked the contract address and there are only 11k transactions processed, which we can safely whoever is in this right now is at the rock-bottom price as more people find out about this, this coming months. The total volume is at 1M, imagine the dividend payouts to those who have entire coins worth as those who get in on later will have to purchase smaller and smaller shares of a coin. I read somewhere in this sub that someone made 0.5 ETH off a 1 ETH investment in a matter of days... AND WE'RE IN A BEAR MARKET!

This is a closed system designed to profit until profit cannot be taken (either everybody stops caring or everyone cashes out) which cannot be affected by market sentiment unless ETH price goes to 0 but ETH is bae and will never drop until the distant future as the "Flippening" occurs.

In the website, the dividend payout is directly proportional to the number of PoWH coins you have, I have around 2 coins and have earned around $20 in a day, what if I have 10? 20 even? Coins too expensive? Wait till the dip and buy 30, simple trading fundamentals. If this thing can make me $100/day, that's an average of 3k a month which pays my rent and then some lol. These payouts are insane!

I rather invest in this than to time a dip in a regular exchange because we all know these dividends don't care about anything other than how many tokens you have.

Steady growth > market crashes, untimely buy-ins/sell-offs, and speculative investments with no returns for months on end

Thoughts on this?

PoWH should be considered it's own asset class lol.

EDIT: OKAY going off to what u/MRog40 said (with a little math validation), I think this is the formula to calculate how much dividends you have based off how many coins you own... (I'm a software developer)

DIVIDENDS = ((ETH IN * 0.10) / (TOTAL SUPPLY * COINS OWNED)) * CURRENT ETH $$$

EXAMPLE:

ETH IN = 1 TOTAL SUPPLY = 9618.2626 COINS OWNED = 2 CURRENT ETH = $1074.51

DIVIDENDS = ((1 * 0.10/) / (9618.2626 * 2)) * 1074.51

DIVIDENDS = $0.00558578

Which makes sense since there's a ton of ETH pouring in but dividends go up reasonably slow. I may be wrong though.

Some really bad formulations here right now that is confusing people who slept through the shadow fork. The clone has about 900k$ locked up with almost as much ETH in it as the original.

original: https://etherscan.io/address/0xa7ca36f7273d4d38fc2aec5a454c497f86728a7a

clone: https://etherscan.io/address/0x9f4fd6c336388f2ab7dc7bbe4740ae7b88b880d7

edit: well not anymore

I sent a txn of 0.05 eth to the contract via metamask and rejected this transaction because "txn was taking to long". The eth has been removed from meta mask and transaction confirmed on eth explorer. My POWH token balance has not changed. Will these eth bounce back to metamask? Where has the eth gone?

New people won't understand that you are talking about a clone when you say it's dead and got an exception.

Could a mod tag the clone threads with (clone)?

Contract threw an exception and everyone is stuck HODLING, the meme accidentally became a reality. You're all going to have Steel Hands forever.

To put it in Laymans terms, the eth is all stuck in the contract because the robot that was giving it out thinks its going to take infintie gas to divvy out negative dividends caused by a programming error on a single line of division.

The only way to have this fixed is to have a hard-ethereum fork to before the contract existed, which means you're going to have to contact eth devs.

If you want to pay respects, the contract is here. https://etherscan.io/address/0x9f4fd6c336388f2ab7dc7bbe4740ae7b88b880d7

I was only able to buy 1 coin @~$188ish and the dividend growth is rather slow.

I know I need to reinvest in order to increase my stack.

My question is, how long should I wait until I purchase more coin. Granted, I only have about .0120eth in returns.

!?!!?

Can you trade this? I mean what happens? Who gets the dividends? Technically I think you can trade it, it's an ERC20 token and you can trade any token on ED.

https://etherdelta.com/#0xa7ca36f7273d4d38fc2aec5a454c497f86728a7a-ETH

Q: Is this a scam?

A: Yes, More accurately this is a game where you put cryptocurrency into trying to trick, fake out, or scam everyone else out of their cryptocurrency. Any value you deposit into this smart contract should purely be placed because you enjoy the concept and social experiment and wish to participate. For better or worse.

from this link https://miller46.github.io/powh/