I staked some ETH to mine KOIN back in October 2020 and managed to pick up almost 6000 of them.
They've just been sitting in my MetaMask wallet ever since then doing nothing, and I just decided to sell the lot at around $.10 or 0.17 ETH, which is a damn site more than I paid for them!
I'm sure I remember swapping some ETH for some KOIN too when it was about $0.03 but I can't seem to find any record of the txs so maybe I didn't?
Koinos: Too Little, Too Late?
Part of the reason I sold is that this is currently a 'dead token' - it's not capable of yielding me anything, unlike so many of the other coins I could have swapped it for - hell even ETH can earn me 10% on Cub.
I certainly can't imagine this Koin pumping so hard it's going to make me more money than the Splinterlands assets I intend to spend it on.
I also had a look at their WhitePaper earlier on today, I didn't bother earlier because it was nearly free money so I just went for it, but on closer inspection the White Paper just reads like any other crypto White Paper - it's like some cliche from 2017.
It's designed to be fee-less and developer and business friendly, and of course it scales because of 'micro-architecture'.
The Whitepaper also has a couple of meaningless diagrams in which I hate:
In the 'system space' we have 'native implementations' known as 'Thunks.
And worse, when I look at these Koinos diagrams I can hear Andrarchy explaining how Koinos is going to work, and it all sounds like a throwback to 2017, in that inimitable 'blockchain style' of his.
While I'm sitting there nodding my head, but really just being polite as I'm sure he doesn't really understand anything he's saying himself.
Fee-less Transactions - WTF?
One of the design features of Koinos is 'fee-less transactions - there's some mention somewhere in the White paper of 'supporters sending 5% of their KOIN to the central development team to fund ongoing core development' or something like that.
I didn't pay it too much attention, not when I'm currently, as in right now ACTUALLY USING Polygon and paying <$0.01 in TX fees and the same on Cosmos too.
And even the fees on BNB ain't too bad when you factor in that the buy-back and burn policy benefits as I hold BNB.
In short: why do we even need a fee-free blockchain anyway?!
KOINOS FINAL THOUGHTS....
I just can't see any reason why anyone would want to buy any Koin, develop on Koinos, not when it doesn't promise anything particular new, nothing that isn't already being addressed on other much better established blockhains!
Anyway, it's all gone now, and another KOIN disappears from my Blockfolio account, and that's another $600 stacked and ready for Chaos Legion.
Posted Using LeoFinance Beta
Was this the random new project from those ex Steemit guys?
What was the reason behind them never getting involved with Hive after the split?
Posted Using LeoFinance Beta
The old steem dev team is behind it. When sunny boy took over, they decided to go separate ways.
Posted Using LeoFinance Beta
It was those guys from Steem, yes.
And I think that's right on the second point, they just wanted to create something new, but it looks like more of the same old thing!
So many competitors!
!PIZZA
@forexbrokr! I sent you a slice of $PIZZA on behalf of @revisesociology.
Did you know you can earn $PIZZA through Hive-Engine Diesel Pools? (1/20)
I have nearly forgotten about mine, I have around 25,000 of them and once in a while think... Oh, I should look at that.
I'll probably hold mine for a bit, but you do make an interesting point about free..
I like ETH NFTs over other platforms BECAUSE of the fees, and their Defi projects tend to be stable too, and I think it is because in order to get in you have skin in the game and that makes people take it more seriously.
Anyway, grats on getting another token working, I need to do better at that as well.
Posted Using LeoFinance Beta
I might have done you a favour, it'll probably moon now I've sold it!
hodl and forget about it. Same plan :D
The main thing that drew me to KOINOS was the fact that the team behind it was many of the people we knew and loved from STEEM. I thought that added a lot of validity to the project. Then they had the mining snaffu where people were using GPU's to mine and that kind of threw a wrench in the whole thing. I don't know as though they ever fully recovered from that. At least in my eyes they didn't. I am still holding some KOIN, but not much. I was lucky to get in a little early on the mining.
Posted Using LeoFinance Beta
It's not a bad project, I just wanted a clear out as much as anything else!
I get what you are saying.
Posted Using LeoFinance Beta
If you check out their youtube channel you can get a better understanding. It is actually rather promising I think.
Well it might end up doing well, but there's so much else around that's already working!
Cheers, ironically it's Andrachy who I find a bit offputting, he's just a bit too 'blockchain' for me!
haha!
What I see about it, there are some Koin people toxic against Hive. IMO not very smart.
I will wait for mainnet launch. Before that, I do nothing.
Yes I could have waited for Mainnet, I guess I just wanted a clear out too! And more funds for Chaos Legion.
For me its an Yolo investment :)
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