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Crypto Mobile Crypto News

Eagle Network – confidence restored?

About a week ago, there was some issue with the Eagle Network that resulted in some let’s say…unhappiness in the community. What happened was that the developers were supposed to release the Eagle (tokens) to the users’ wallets but the day went and there were no tokens in most users’ wallets. So naturally (myself included) thought that there was something very fishy going on behind the scenes. I mean they have been promising us that they will allow the withdrawal of the tokens but nothing happened. They did make an announcement later and the statement claimed that it was due to the expense of pushing the tokens out. Apparently they used a 3rd party bulk sender to send out tokens to the users’ wallets and it costed like 95K USD to send out to the wallets. This would mean that every month they will need to incur such a huge cost, which is not really that practical. Just look at the number of users they have – 95K will probably be considered small as more and more users get onboard. And they did say that they will find another solution for it but didn’t say how they were going to do it. You can read more about this here.

So naturally people like me who have been “mining” for a few months got suspicious. Did they not think of this cost issue when they planned how they were going to distribute the tokens via their “staking” option? I mean that should be the first thing they should have planned right? The cost of sending out so many tokens to their users numerous times – that was the plan. It is meant to ensure that users will not dump their tokens into the market when the token is launched. Honestly, that has happened countless of times during token launches. We see it like drop to 5% of its initial value on the day of the launch. And in quite a few cases, these tokens never recover – simply because no one likes to see charts with a such a steep slope. Just imagine if you were looking at the market charts for a lesser known cryptocurrency and you see the huge dump in the beginning – you too will be just a bit more curious right?

Anyways for those who are worried that the Eagle Network is a scam – you should not be. Seems that they have developed their own application to do the release of the tokens to their users. Apparently it is much cheaper than using a third party application. Anyway the BSC network transaction fees should be pretty low. Yes the Eagle Token is running on the BSC network. The problem is that they have to transact to a lot of users. That is where the bulk of the cost is at. There was supposed to be 14,634 total request and the total amount of tokens was 16 million. 14k requests should not be so costly if you ask me. I have done numerous transactions via the BSC network and none costs more than a few cents only – so I do find it strange that using a Bulk sender would cost so much. And I would also expected way more requests than that considering that they have over 1.2 million users. But as I mentioned before, quite a lot of users are just not really into the project and I don’t think they add much anyway. Just add to the numbers only.

Well now it is to see whether they will actually release the tokens as promised. Their own bulk sender is currently under testing but as they claimed, it should be up and running soon. The Eagles Team would like to ensure that the application is functioning correctly which is fair I guess. Rumours say it should be ready by the end of the month. Yes I will keep you guys updated on any development. I hope to see the Eagle Tokens in my wallet as well. It has been quite a while. Please take care!

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Crypto Mobile Crypto News

Star Network update – things getting complicated?

A quick update on Star Network – the platform has finally reached half a million members and that would mean the first halving had just occurred. So the reward rates have been halved and we now get 0.8 Star Tokens per day instead of 1.6. It took just around 40 over days for Star Network to achieve this, which if you ask me is quite impressive. Especially considering that this project does not seem to have the financial backing like Hi Dollars and lacks the media attention that Hi gets. Some of the more popular Youtubers themselves have not heard of the Star Network. I was pleasantly surprised that they managed to get so many members in such a short period of time. Good for them. And this is actually good for this segment of the crypto market as well. Though I am still not too sure whether the vast majority of the users or members do contribute anything to the project. These projects tend to get obsessed with the number of members they have.

According to their announcement, Star Network plans to enable KYC (Know Your Customer) around November of this year. And for Star Network, KYC seems to be pretty important – only members who completed KYC will be allowed to convert their Star Tokens into something usable. They have a complicated way of calling it – Nominal Balance, Convertible Balance and Realized Balance. Basically Nominal Balance is just a figure for you to show off, it does not mean that this is the amount of Star Tokens you get. Realized Balance is the actual Star Token you have and can be used. Convertible Balance is just another figure to tell you how much of the Nominal Balance you can “convert” to the Realized Balance. Realized Balance is the amount that you can use. I am guessing why they are using so many terms for their “balances” is so that their users understand that not all of their Star Tokens are usable in the end. You will understand the significance of the Convertible Balance in the next paragraph.

They also introduce another token – Libra. No, it is different from the one by Facebook. This token is for KYC and withdrawal only. Not sure why do anyone want to have a token specifically for KYC but it seems that this is so. But the importance is there – without KYC, you cannot convert your Nominal Balance to your Realized Balance. So after you have completed your KYC which should be once only, you will still need the Libra token to convert your Nominal Balance to your Realized Balance. Maybe Star Network developers are thinking that they might make some money from yet another token launch. Yes, this token is tradable, so you can buy Libra from other users. You can earn Libra tokens by ensuring that you have a higher balance and the award is random! Seems that users can stake Star Tokens as well to get Libra. As to how that works, I am not too sure. And apparently the Libra Token has a 7 days expiry lifespan. So once awarded, you will either need to sell to someone else or you can use it to withdraw the balance or do a KYC with it or it will be gone. Seems like the developers are claiming it to be an NFT. What is the point of all these?

Yes I am thinking that this might become yet another Eagle Network fiasco. Look at what happened to Eagle Network and you will understand why developers should not do all these. Not sure why they need to complicate things so much. Merely making things worse. I am in the firm believe that things should be as simple as possible. Anyway as usual, I will update you guys as news comes along. Take care!

Categories
Crypto Mobile Crypto

Eagle Token withdrawal delayed – problems?

Looks like there is some problem with the Eagle Token withdrawal that was supposed to happen today. That got me very worried. I did check my wallet and it wasn’t deposited. The Telegram group seems to be stating that there was some issue with the withdrawal and it is very likely due to the cost of the withdrawal. It seems that when they used a “bulk sender” to credit the miners’ wallet, the cost was 228BNB which is about USD 95k. Not too sure why the developers did not anticipate the costs of the withdrawal but seems that was the reason. It is simply too costly to withdraw the Eagle token to our wallets (which will become the actual Eagle Token EAN). And so what will happen? And as the Eagle Tokens are worth like USD 0.0003, it is not likely that miners will be able to afford paying for the transfer either. Furthermore how are miners going to transfer BNB to their mining application to do the transfer?

So what would be the next step? I honestly don’t know. If it costs more to transfer out to our wallets, then what is the point? And without the ability to transfer out the EAN tokens, how are we going to trade, swap or exchange the tokens. Can’t imagine that the developers didn’t think through this step. And how are the users going to get the EGONWAP token now? The developers said that they would need some times to think of another solution and have asked the miners to wait till Thursday for a solution (it is Sunday today). But alas, I am not too sure what solution can there be. The only way is to pay for the transfer. However if you think about it more, you would realize that this is practically impossible without breaking the bank for the Eagles team. This is because the miners are supposed to be able to withdraw every month. Just imagine how much it would cost by the next month. They could ask the miners to pay for the transaction but again why would anyone be willing to pay for transactions fees when the transaction fee is more expensive than the value of the tokens combined? And even if they wanted, how are miners going to transfer BNB (as this is a BSC network) to their mining app? Looking at both the low value of the token and the small amounts involved, I think you can easily see the problem here.

I also didn’t know that there is a cost to actually mint a token. But I am guessing that there should be some cost involved. Nothing is for free on a blockchain as someone needs to do something and that involves some work. The problem here is to extremely low value of the Eagle tokens – which makes it not economically to do any form of transaction. This project certainly didn’t have a great start. But we all learn and I did tell all my readers never to buy all such tokens. You will never know whether they will actually succeed. Even if the developers are not out to cheat or scam you, there is a chance that they didn’t think everything through. Sadly, this happened. The project is probably dead in the water now. I have seen a few major issues along the way as the project was in development throughout the 7 months. You can read them here and here.

Anyway lets wait till Thursday to see what solution the Eagles team will come up with. Honestly I don’t have much high hope for any real solution for this problem. It is boils down to the Binance Smart Chain and the network. Unless of course they have plans to go to Algorand or something else that can offer “free” transaction fees. But all these will still take time and money to implement.

Categories
Crypto Mobile Crypto

Shark Network – cryptocurrency innovation incubator?

Well yes I am back again with another project that looks like of decent. But as this is a pretty new project, I am certainly not giving any endorsement and would recommend my readers not to put in any money at the moment. I don’t even know whether this project will take off or not. It is just too early at this stage to tell. And as for the value of their Shark Token? I have no idea either – we just hope that it will not be like the Eagle Tokens (EAN) that seem to be more or less of very low value and not worth the effort to go “mine”.

Anyway enough of Eagle Network, lets get into Shark Network. It looks to be something of an incubator for cryptocurrency projects. I am guessing it is to help fund small cryptocurrency startups with seed money to help them develop and grow further – which to me is a interesting goal. At least it is not another one of the defi networks we see popping up everywhere. But as to whether there is really a need for an “incubator” for cryptocurrency projects, I am not too sure. And one wonders why they call themselves the “Shark” Network when they are an incubator? But I am sure most of you know the site Coinmarketcap and would realize that the site is actually a platform for promotion and launching of various crypto projects. And almost everyday you will see one or two projects being launched with like airdrops or even ICOs being announced. So I would gather that the Shark Network is trying to do the same thing with the addition of some seed money for those projects to get off the ground. Seems like that is what they are hoping to achieve.

For those who don’t know how these platform works – they basically want users to login to their app, click a few buttons and get a reward (the so called mining or minting). And in order for the project to grow, users will need to get their friends or relatives to join. The cycle then goes on. And as more and more users join and their members increased, the demand for the project and the token increased. And as more users join, it also help promote the project to others via the word of mouth. I mean they are unlikely the richest of cryptocurrency startups, so this is probably the best way to promote the project. And it has been proven to be successful. Some of the older mobile crypto mining projects have more than 3 to 4 million active users. Of course whether these users actually add any value to the project is another thing. For the Shark Network, you will need to answer some simple mathematics question. Not too tough. As I said before, I spend quite a lot of time on public transport, so I do have some time to spare.

For Shark Network, it seems that at the moment you can only use Telegram to claim your daily rewards. Think of it like the Hi Dollar Network. You go to their Sharkbot daily and start answering questions and you will get a reward. At the moment, you will get 50 Shark Tokens (or SHARK). Pretty simple and really doesn’t take too much of your time. So if you don’t mind wasting a few seconds of your time everyday, you can try joining via this link here with the referral 1883179376. Of course you are doing this in the hopes that the price of those SHARK will increase and you can get some decent change from all these work you put in. But there is no way to know for sure. Heck I don’t even know whether this project will be successful. But in most cases, it is better to get in early as the amount of rewards will usually go down in time. There are always “halvings” where by the rewards are cut by half or by a certain percentage to incentivize early users. That certainly makes sense.

At the moment only Telegram is supported. I have started the mining about 2 weeks already. There is no advertisement in the Telegram app (their bot) and I am not seeing anything suspicious about the project. You just start the bot and answer some maths question and claim your reward. However I again would like to remind my readers NEVER to purchase anything from such applications unless you are sure that they will succeed and they will give you a good return on your investments. Everyone hopes to get early into a project and make like 1000x when the time comes. But honestly, in most cases, such are fantasy stories which do not come true.

The thing that got me a bit concerned is the lack of a proper whitepaper. I don’t even know what kind of blockchain they will be using for the Shark Token. And who are their development team members? Their website seems to be lacking a lot of information – it is basically just one page with only some links to their community support pages. And some of the links are broken as well. Their community groups also seem to be rather lackluster with very few members. With that said, I have been them improving their Telegram bot quite often. And if you ask me, they are actually copying quite a lot of the features from the Hi Dollars team – including their “game” feature. It might be a good thing seeing that Hi Dollars seems to be one of the better projects out there right now. However note that quite a lot of their features are still not up yet, so only time will tell.

Lets see how this project goes. I will certainly update you guys on their progress. Take care!

Categories
Crypto Mobile Crypto

Eagle Token (EAN) price?

As you guys should know by now I am very keen on the prices of new tokens being released, especially tokens by those mobile crypto mining applications. One of which is the Eagle Token. I have been mining Eagle for perhaps 6 to 7 months already. And a few months ago, they did a bulk sale of their tokens to early investors. No, I am not really a fan of such pre-sale sales but it happened and it looks like quite a lot of tokens were sold during this pre-sale. I happened to make a post on this and it indicates the approximate price and what I would expect from the actual price of the Eagle Token. And just recently, Eagle had actually announced the price for their Eagle Token – it is starting at USD 0.0003. With the max supply of 10 billion tokens. This will make their marketcap to be around USD 3 million. And yes that is one very low marketcap in the cryptosphere. This would mean that the token can be easily manipulated by bigger players and vast price fluctuations is to be expected. In my post, I had estimated the price of the token to be USD 0.003 instead of USD 0.0003 as the price of USD 0.0003 is about the same price as what the early investors (bulk purchase) had paid for. So yes, it kind of sucks to be an early investor then. You can simply trade them now for approximately the same price.

And for those who have been mining for 6 months or so, you probably had been thinking that you might be getting rich from doing the daily mining. But lets give an estimate of what you will be giving if you mine diligently daily – I got about 7500 Eagles (if I had not purchased the pre-sale) with like 2 friends using my referral code. So what I will be getting will 7,500 x 0.0003 = USD 2.25 in total! Yes, that is what I get for 6 months of mining. And I am pretty sure that there are plenty of users who have way less than me. Just imagine how much would they be getting. And is this really worth it? I am guessing my electrical bill for charging my phone would be way more than this. And I have to make the effort of going to my phone daily to click on a button.

Of course you could expect the price to raise in the future as more and more features gets introduced into their ecosystem. More features means more demand and that could possibly increase the price of the token. But lets be honest here, how much higher can the token price go? At most it will go like what 10x? Even at such an exaggerated amount, I would get USD 22.50 for that over 6 months of mining. I don’t know about you but I think it is just not worth it. Working for one hour at McDonalds could net you more than 10 dollars nowadays. And this one given to you in cash where you can spend the money right then and there. The Eagle Tokens still needs to be transferred to an exchange where you have to try and change it for fiat currency. All those transaction fees and withdrawal fees will ensure that you will never get the full amount.

So my thoughts here are simple – it is just not worth it. I was initially very excited and bullish about the project. It had actually developed into something that actually works but I guess they do not have the kind of financial muscle needed to get it to its potential. Furthermore with a current marketcap of just 3 million, it is very vulnerable to market manipulation. Yes it might go up in the future but then who knows right? This is not something which can inspire confidence to anyone thinking of investing into the Eagle token. The swap feature might save the project but looks like it has some ways to go. I will still be keeping a lookout for this project and will provide updates along the way. But at this moment, I would NOT recommend my readers to go into this platform. Definitely do not pay for any kind of pre-sale of their tokens.

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Crypto Guides Mobile Crypto

How to “stake” Eagle Tokens and withdraw to Wallet

There have been quite a lot of confusion in regards to what is staking and how to do it in Eagle Network. I won’t blame the Eagle community as the developers and team seem to be everywhere these days. It has become a incoherent mess as the Eagle Network team tries to get everything sorted out in a very short amount of time. That is why I have been calling for the project to slow down and stop rushing for features to be rolled out. I guess the pressure for the project to be successful is making everything seem so rushed. Anyway I have written a guide on how to “stake” Eagle Tokens and how to withdraw/redeem them to your wallet. Note that their “staking” basically means to hold your tokens and then redeeming them partly out to your wallet. It is like not like the commonly understood idea of staking like in Cardano or Ethereum 2.0. There is no “proof of stake” consensus mechanisms working here. And you don’t get any rewards from staking in the mining app. It is meant to be so that users will not be able to dump their tokens during token launch. And we know what will happen to the price of the Eagle Tokens if that comes to pass.

So here goes.

Start your Eagle Network mining app and click on that big red circle showing the number of Eagles and the number of teammates you have.

You will see “Stake” option and choose the drop down.

Above you can see that I have already staked my Eagle. However if you have no yet staked your Eagle, you can proceed to Stake them. Note that there is a minimum of 1K Eagles needed. The Stake Emission is to amount you can withdraw. And a reminder that once you have staked, you need to wait for 30 days before you can stake again. At the moment, the allowed amount of Eagle to be withdraw/redeemed is 5%. When I did the staking, it was 1%, so the figures in the screenshot above is wrong. However for the next staking period, the 5% should be reflected correctly for the users (I hope). As for the phrase “Stake Emission”, I have absolutely no idea why they called it as “Stake Emission”.

If you want to withdraw, you can go to the redeem option. Here you can see the amount of Eagle you can withdraw and the amount you have already withdrawn. Note that again there is a 30 days wait once you have redeemed. So if you redeem today, you need to wait till 30 days before you can redeem again. Redeem in this case basically means withdrawing to your wallet. At the moment, the supported wallet is CryptoKara. The link is for Google Playstore is here. I am not using Apple, so I cannot confirm whether the Appstore for CryptoKara is ready. Again be very careful on what you are downloading and ensure that the wallet is the genuine thing. If you have any doubts of the authenticity of the application, uninstall it immediately. There are plenty of scammers and scam apps out there trying to steal your cryptos.

So after you have install CryptoKara and safely store the seed keys (this is very important as well and never share your seed keys with anyone. Losing your seed keys means bye bye to your tokens as well so please be careful), it is now time to get the network address for your own wallet. On the CryptoKara app, choose EAN which is the native Eagle Network Token. EAN is the ticket symbol for Eagle Token. EGON will be the ticket symbol for their own blockchain token. This will be in the “far” future, so don’t choose this for the time being.

Click on Receive to get the address.

Click on “copy” to copy your address. This part is very important as using the wrong address means your tokens are most likely gone if you use it to transfer. So make sure you copy the address correctly. Again I cannot stress this enough. Make sure it is the correct address for the correct token. There is no turning back if you use the wrong address or use the wrong network! It is most likely gone and you have officially helped the Eagle Network burn tokens.

After you have copied the address, copy it onto the CryptoKara Wallet Eagle Token Address as shown above and enter how much you want to redeem/withdraw. Once you have confirmed everything is correct, click on Redeem. Note that it will take some time, especially at this moment where the developers are doing the transfer manually. You can check how the progress is going via the History button.

As you can see, it is currently still pending. Please be patient as at the moment, the Eagle team will be transferring manually. If I am not wrong, they will release the tokens on 9th October. In the future, it should be automatic and pretty fast. However I would encourage users to redeem small amounts first as they are currently in the testing phase. Who knows whether the system is robust and stable enough. However with that said, you can later stake EAN and get their Swaptokens. But as to when this feature will be live, I am not sure.

That is basically it. You have redeemed your tokens to the wallet! Take care all!

Categories
Crypto Mobile Crypto

Rating of mobile crypto mining applications and my thoughts

For those who don’t know, I am rather interested in those crypto mining apps. Not just because they give “free money” but I think they are a great way to promote crypto projects. I am pretty sure that most of these projects will not be that well known if not for the fact that they are giving away free crypto (via mobile “mining”) to anyone who uses their application. In most cases, all you have to do is to login to their application and press a few buttons to get your daily “free” crypto. Of course I am not saying that all of them will be (or will become) successful but in this market full of such crypto projects, it can be very difficult to stand out of the pack. And giving away free crypto is one of the better ways. The project gets public interest and we get some rewards in return. And in most cases, the platform requires their users to refer to others to join the project. And do note that some of these projects have millions of active users (or so they claim).

Anyway here are my ratings for some of them. I have divided in 3 sections – one for the most bullish, the second for the ones I think could be successful and the last for ones that is highly unlikely to be successful. And yes, some projects are just to early in the beginning stages, so please understand that there is no such thing as certainty. I will update this page often as I get news or updates on these projects.

BULLISH PROJECTS!!

  1. Pi Network. The granddaddy of them all and in my opinion, the top dog as well. So yes I am very bullish about this mobile crypto “mining” project. It has been a long long road and they seem to be able to launch their token very soon. Furthermore, it looks like they have tons of 3rd party developers on board and numerous dapps in the works. It is looking very positive I must say. Although at times their progress seems to be a bit slow but I can see features and development going on constantly. Slow sometimes can be good as well. If you are looking to get into crypto mining and don’t have time to waste, this should be the one you look at. If this project is not successful, I am pretty sure it will shake the confidence for users on other similar projects. Just think of the Pi Network as the Bitcoin granddaddy for these kind of projects. Sure it is not as exciting as other projects but I think there is no doubt that everyone is looking very intently at what will happen. If the project becomes successful, the rest of the legitimate ones will follow suit. I believe that token launch should be somewhere at the end of this year. I have no idea what the value of the Pi Token will be though.
  2. Hi Dollars. A relatively young crypto “mining” project but I can see the potential in this one. It is looks to be another Defi project which I believe there is more area for growth. Come on, Defi projects are all the rage in the cryptosphere right now. But the main reason I am bullish about this project is that they have been constantly adding features to their platform. Even though they began just early this year, their token has been launched and their earnings feature has already been started. You can earn up to 40% APY for keeping the Hi tokens. I can see that they have some financial muscle behind the team as well. Oh, at the moment their app is not ready yet, so users have to use Telegram or Whatsapp or use their web app to claim the rewards. Their Telegram group is very active so that is also a good sign. As for the rewards, you get about 1 Hi Token per day. At the time of writing, it is about USD 0.60. Currently the token is available for trading at Uniswap. For “members” who purchased tokens from their site, they have this membership benefits thingy. From what I can gather, they will offer their members some lifestyle benefits like free subscriptions or offers. Disclaimer: I have invested in their project. This is however not to encourage my readers to invest as there are always risks when in comes to investing. As I believe this to be a long term project, I will be holding on to the tokens for the time being.
  3. Eagle Network. Okay I do admit at first glance this kind of looks scammy. But hear me out – I am guessing the reason is because the developers are not native English speakers as the wordings in their whitepaper do sound a bit off to most of us. But judging from the development of the crypto “mining” project, I am quite confident that this project is not a scam and they are legit. And I am thinking that they do not have a huge development team and do not have the huge financial backing that the other big projects have but the break neck speed where they pump out features and changes does indicate that they are serious about the project. If it is a scam, pretty sure that they won’t take so much effort to develop the project. I have been browsing their Telegram support group and they do have quite a following as well. Their token(s) will be launched soon as well. Apparently they will have 3 tokens – one native token on BSC, one for swap (yes, they are going to be a decentralized crypto exchange) and finally another coin when they launch their own blockchain. The value of these tokens are unknown at this time and I would hate to make any speculation.

HAS POTENTIAL!!!

  1. Star Network. Another Defi project but still very young to tell whether it will be successful. However with the effort they put into their whitepaper and the speed at which they are growing, I think this certainly has some potential. So if you are looking to get into a project in its infancy to get the best returns, you should consider this. And yes, it is basically an app for you to click a few buttons daily to get the rewards. They promote the platform as some sort of a “social” defi project which if you tell about it actually most of these crypto mining projects are doing the same. If you are not able to attract users through the word of mouth among friends or known associates, then these will never be successful anyway. The mining rate at the moment is quite high, so it should be “profitable” to join now. Once the rate drops, users will get lesser rewards.

I will update you guys on the developments of these crypto “mining” projects. I might be adding some potentially good looking projects as well. However these are the ones which I think will most likely succeed. Take care all!

Categories
Crypto Mobile Crypto

Eagle Network – a little too fast, a little too much?

I have often said that to gauge whether a project is a scam or not, we will need to look at how the platform is developing. Any crypto mining project will need features. There is no such thing as a project that comes online and instantly works and developers just rake in all the success. Even Bitcoin had to improve and modify its code in order to be relevant and to have traction with the public. You should check out the development of Bitcoin when it first started and we are talking about a relatively old blockchain technology. However with that all said, the recent development of Eagle Network has led me to believe that the opposite can be true.

Allow me to explain my reasoning. If you have been following this blog and following what is happening to the Eagle Network, you can easily see what I am talking about. Within a short period of about a month, they have not only created their token on the Binance Smart Chain, they have also developed their wallet to support their staking feature, started testing their staking feature and even announce their own decentralized exchange and its own token. We are talking about so many features and changes within like a month or so. And these are stuff which should require a lot of testing to ensure it is working correctly. We are talking about blockchain here – where if there are mistakes, these will remain on the blockchain forever. And with so many changes within such a short period, the users are also getting confused with what is happening. To add to more confusion, they are trying their best to ensure that their tokens will not be dumped during launch, so they added a staked feature in their mining application. Only staked Eagle will then be allowed to be transferred to the wallet. Furthermore, they have so many different tokens in their ecosystem – their Eagle Tokens, their Egonswap tokens and finally with the launch of their own blockchain, their Egoncoin “tokens”. I don’t know man. I have been keeping myself updated and I got confused as to what the hell is happening. Just check out their telegram group. And we are not even in the KYC stage yet!

So yes I think the developers should slow down a bit. Yes they do have a very ambitious roadmap to follow. But come on, it is just way too ambitious and I think it would lead to more problems down the road. I have seen users with problems creating their wallet even. There are even users who are not able to find the staking feature in their mining application. Heck, I myself could not find the staking feature as it was deep into some obscure part of the application. Yes there is certainly nothing wrong with changing their roadmap. I don’t really understand what the rush is anyway. I think a delay of about a month or so would be better for the project overall. And they do need a lot of internal testing first. Of course that is just me. There are users who disagree and would like the project to be quickly developed and the tokens launched. But aren’t these the very people who would be the ones who will immediately sell their tokens to cash out when there is a chance? I think it is not really that healthy if the developers only listen to these group of users. And if the Eagle Network is really a long term project, why is there such a rush for these features to be pumped out? Get it right the first time. Instead of having issues and making the users have to wait for bugs to be resolved. That should be a better way. That is why I believe in the Cardano project.

Categories
Crypto Mobile Crypto

Star Network – growing very well

One of the things that attracted me to Star Network [referral code: blong1234] was that it has a very comprehensive whitepaper detailing their project. And if you have the time and you are interested in such projects, you should take a look here. Someone took a lot of effort and thought to create that whitepaper and the results are showing. The number of users have grown from 100,000 to 200,000 within a span of a week. Of course these are the numbers provided by the developers themselves and there is really no way to confirm whether this is true or not. However if it is true, then this is one of the fastest growing crypto mining networks I have ever seen. And this is amidst the huge number of similar projects out there. I think if you were to check out Youtube videos on such “free” mobile crypto mining projects, there might just be one being launched every single day. But of course most of them will fail. That is why I am only looking at those with good potential to invest some of my time on them. They do need some time investment as you will need to spend a few seconds everyday clicking buttons.

I have done a review on Star Network about 2 weeks ago. You can read it here. Nothing has changed to make me believe that this is a scam or anyway related to a scam. Of course there is no way for anyone to know whether this project will eventually succeed but things are certainly looking quite bright. With increased number of users means word is being spread regarding the project. And that means more interest and this is definitely good news for users who hold the their Star Token. The biggest problem I foresee is that the developers do not seemed to be worried about token dumping, especially on the day the Star Tokens are being launched. But this has always been a problem for crypto projects during launch. And we are now talking about their users holding a good number of tokens for a period of time and they are very eager to sell it off. So what happens if you get lots of selling within a short period of time? The price dumps/tanks. We have seen it happened just too often to pretend it will not happen. Even if they have solid fundamentals, any investor those looking at the price chart will be very concerned about the sharp fall in price. Not to mention a lot of investors do not even care about fundaments and only look at price charts for their analysis.

So if you have already been “mining” in the Star Network app, keep on mining. I will update you guys if I see any important changes. If you would like to try out this platform, I would suggest that you go to Google Playstore or the Apple App Store to download it yourself. You can use my referral code if you want. But if you have friends or relatives doing mining, then I would suggest you use their code instead. To increase the mining rate, you should invite others to join you using your own referral code. They have this “Power Up” feature which allows you to increase your mining rate. You can do this twice every day. I have gotten a 100% boost once. Do note however that this app has advertisements. Of course at the moment, I do not have that many referrals but I will keep on trying. I am indeed very bullish about this project. However you should always do your own research and learn more before you commit to anything. And for god’s sake, do not pay for anything unless you are very sure that the project will succeed. Rugpulls are very common in this industry.

If you know of any good looking crypto projects with great potential, let me know down in the comments. I am always keen to learn more about these platforms.

Categories
Crypto Mobile Crypto

How to spot a scam/rugpull project – mobile crypto mining platforms

There is no fool proof way to spot a scam or a rugpull project but there are some red flags which you should look out for. And please do not invest a single cent into the project until you are sure that the project is stable and will at least have some chance of success. A lot of “investors” always think that we should go in at the beginning but honestly how many projects will succeed in the end? I tell you – very few. I have seen projects giving you historical examples about Bitcoin and how many times returns those early adopters get. Sure you might get lucky and become a millionaire with one successful project but those are few and far between. And for god’s sake, please do some research instead of just listening to some Youtuber or even some blog writer. And beware of social media scams as well. These are areas where scammers are targeting.

For those who don’t know what are mobile mining platforms, they are those applications which users can download to “mine” for cryptocurrencies. But all it takes is usually just a click of a button. The idea is to spread the word and have such many users as possible – because everyone has a mobile phone. So in order to optimize returns, users will need to refer other users to the platform. Some people think of it as some sort of a pyramid scheme. But most projects also get the users to refer other users to their platform as well. There are plenty of these kind of projects nowadays. Started with the Pi Network (which I am quite confident will succeed) and then now we have like hundreds of them all vying for our attention in the Google Play Store or the Apple App Store. Anyway here are some pointers and red flags for investors who are interested in the mobile mining platforms.

  1. Copy cat projects. If you have been doing crypto mining on your mobile phone for a while, you should be able to easily spot copy cat projects. Basically they copy the interface, idea, reward structure and even the whitepaper from other projects and then perhaps change the layout to repackage as their own. I have seen some copying the entire whitepaper (including the original name) and use as their own. Copy cat projects are most likely scams and cons. It shows that the “developers” are not willing to spend time and effort into doing something even remotely original. So they just copy and hope to quickly make a buck or two.
  2. Whitepaper. Probably one of the most important aspect of any project is their whitepaper. It is supposed to contain all the information about the project – its blockchain technology, the idea and concept behind the project, the rewards structure and how it will be implemented. If you see a project with their whitepaper only one or two pages – might think of staying far far away. Someone never took the effort to even think through what the project is all about. So that is a sure sign that the project is a scam. I have seen some whitepapers looking like they were written by a 10 year old. I also find it disheartening to see that such an important piece of information has tons of typo or spelling mistakes. Certainly does not inspire much confidence in the project.
  3. Non-functioning application. This might not always hold true as sometimes programs and applications do need some time to develop or even to debug. However if a project has been ongoing for months ago, I would expect most of the application to be at least usable for most of the users. I am not saying that all features are complete and functioning but at least the basics are done and what was promised being implemented. I have tried using some mining applications that users can’t even click on the mining button to start their daily mining! Some even comes with dead links here and there. I have seen some applications having bugs that wasn’t resolved even after a few weeks. If the application is running smoothly and you don’t face too much problems with it, well we know that someone did take some effort and money to develop the application properly. It should stand for something. And for those who don’t know, Apple’s App Store approval is more stringent than Google’s. It is not saying that if the project does not have an iOS version, they are scams but it does show that there might be some problems with their application.
  4. Downtime. There is no such thing as 100% uptime but if their servers go down more often than not, then you should be very concerned about the project. Most legit projects will at least have some resources to get decent servers or providers to enable good uptime.
  5. Pay for more “mining” speed. Honestly I have nothing against paying for stuff and I have nothing against smaller projects. But I am sure there are other ways to get some back some revenue like one or two advertisements in the app. Paying for increased mining speed always make me very suspicious of the project. Who knows what will happen to your money after you pay for this “added feature”? And again lets be honest, companies with more financial muscle behind them will more likely to succeed. That is a fact of life. And such companies will not need such “gimmicky” feature to get some revenue. Of course not all projects will have such luxury but this is one of the methods you can use to spot whether a project have some good financial backing behind it.
  6. Different. That is what I like to see in a project – being different. As you can see, many of these mining applications follow the same concept, you click on a button daily to start your mining and hope that the project will succeed. Basically that is what most projects are. However there are several that offers different features like staking, savings, lending, membership benefits, decentralized exchange, distributed applications and other interesting features. My favourite at the moment is the Hi Network and what they have planned for the members. You can see they did spend some time and effort to making their network more resilient to token dumping and giving more benefits to being a member. And of course we have the Pi Network – the number of dapps running on their platform is is just amazing. These should be solid projects and I am very excited to see what they will become.
  7. Trying to solve a problem. As with being different, a new project should be a platform that tries to solve an existing problem with all the current projects. There is no such thing as a perfect technology that has everything thought of – there will always be something that is holding down something. Transaction speeds? Scalability? Barriers to entry? Banking problems? Lack of real-use cases? High cost? Confusing mechanics? If you are looking at a project, you should check what it is trying to solve and if it can be successful, surely it will be something that everyone takes notice of.
  8. Website. Not that crucial but it is great that the project has an official website. It does give the project some legitimacy as well. I mean nowadays websites are not difficult to create and build up but again it is all about effort and cost.
  9. Social Media activity. One way to check whether a project is actually alive is to check their official social media. If they post often and keep updating their members about the project, at least we know that they are “alive”. Some projects do provide support via their social media accounts and if you find it full of activity with lots of users asking questions and the official team members replying, I think it is a very good sign, especially so if they have a good support team. Again somebody took the effort to hire support staff members to support their project. Most scammers or rugpull projects will not even respond to any questions at all or will only reply intermittently.

If you guys have anything you want to add, please let me know down in the comments below. And if you have any great mobile crypto mining projects that I have not covered , let me know too. I am no financial advisor. Please do your own research no matter what. Take care!