The world of cryptocurrencies is a scary place to be. We often hear success stories and I recently read about a person who turned $8000 to more than $1,000,000 in less than a year buying a certain cryptocurrency in January 2021. Wouldn’t it be nice if you could tell a similar story next year in January? But, there are also stories of people who bought tokens, only to see the team leave the project (rug) and turn the value to zero. In other words, investing in cryptocurrencies can be a scary experience. And that leads us to Power Nodes, a project running on the Fantom network. What is Power Nodes all about? Is it a safe investment? Is it a scam? In this article, we will try to share some valuable insight that might help you find out whether to invest in Power Nodes or not.
To be honest, the start of Power Nodes wasn’t the best. Strongblock was one of the biggest crypto-success-stories in 2021, and as a result, many projects try to take advantage of the word nodes to attract investors. Ring Financial launched in November 2021 and it immediately got attention from investors and influencers. They created a project based on so-called nodes in which you bought a node that would guarantee you a profit for a lifetime. That sounds scary and very Ponzi, doesn’t it?
So, Ring Financial was a very controversial project, but due to its success, several other projects decided to fork Ring Financial to other blockchains. As a result, Thor Financial showed up on Avalanche, and so did Power Nodes on Fantom. There were other projects as well forking Ring Financial, but these are the most famous, and they have recently been joined also by Comb Financial.
TOO GOOD TO BE TRUE!
We have often heard that when something is too good to be true, it isn’t true. That is mostly true, but I have seen some exceptions with for example Strongblock, Wonderland, and with OlympusDAO. But, with Ring Financial, it was too good to be true… and it wasn’t true. Some of the early investors managed to get out in time, but not only was the protocol hacked, the devs simply crashed it with stupid ideas and with way too high rewards. In other words, it wasn’t sustainable at all.
Now, Power Nodes (and Thor Financial) was based on Ring Financial, meaning that neither of those was sustainable as well. However, they quickly noticed this and tried to walk a different path. Thor Financial has always been one step ahead of Power Nodes, and they seem to have a solid team working with the protocol and great communication in their Discord. But, what about Power Nodes? Is this a solid project that will be around for a long time, or is it game over for Power Nodes?
What is the Power Nodes concept all about?
If you don’t know much about Power Nodes or about Thor Financial, then this is the basic concept.
- You purchase POWER tokens and then use them to create a node at the website. There are different node options available:
- Flatversal node: 1 POWER per node (reward: 0.003 POWER per day)
- Microscopic node: 5 POWER per node (reward: 0.025 POWER per day)
- Human node: 10 POWER per node (reward: 0.1 POWER per day)
- Superhuman node: 50 POWER per node (reward: 0.7 POWER per day)
- When you have created your node, you will receive your daily reward.
- You can claim your rewards at any time, or you can use your rewards to create new nodes.
- If you claim your rewards (not compound) there will be a 10% tax upon withdrawing your tokens from the system.
- The tax is used to pay for future rewards and also to invest and to build the protocol.
That is the basic concept of Power Nodes and also of Thor Financial. It is important to notice that the rewards mentioned above are brand new as of January 3rd in 2022. Before that, the rewards were 5-10x higher, which also caused the price to decrease from $150 on the top to $2 at the bottom.
As you can see from the chart above, the Power Nodes price is really at the bottom right now, meaning that you can currently buy the most expensive node paying less than $150 in total. You can find the current Power Nodes chart on Dexscreener if you want to see the current price information.
But, is this a good investment right now? Can I trust that the team? Or will they soon rug the project completely?
Some thoughts about Power Nodes on Fantom
We have been following the Power Nodes project since its launch, and it has been a roller coaster ride so far. But, is it safe? Or what does our gut tell us about the project? So far, we can sum it up as follows:
- It seems to be a legit project, meaning that they are actually trying to make it sustainable, and they want to see it live, even though it has gone from $150 on the top to its present price of $4.5. The recent change in rewards also seems to be an important step in the right direction for Power Nodes.
- Power Nodes has a great set of moderators on Discord and they are very helpful and they always try to help. But, there is a lack of communication between the developers and the moderators, meaning that even the moderators have been complaining a bit about the lack of communication between them and the developers. It has often felt like a one-way channel, meaning that the devs only share information with the moderators when they want to, but the moderators have little to no influence on the developers.
- Power Nodes is a part of what is called Union of Transparacy, in which Thor Financial and Hive Investments also can be found. In other words, they are part of something bigger and they seem to support one another. This might turn out to be a very positive thing.
So, should I invest in Power Nodes?
To be honest, you should never invest with money that you cannot afford to lose. But, if you look at it from a different perspective and taken the current price into consideration, this is for sure a project that has a way bigger upwards opportunity than in the opposite direction. If you invest $450 today and buy three Superhuman nodes, you might lose $450, but it might also turn out to be worth 10-50x more in rewards by the end of 2022. It is impossible to predict, but the entry barrier is quite low with the current price, meaning that this is looking quite sweet.
However, only invest money that you can afford to lose, do some more research, and do not be angry with us if the ship should crash and fall apart!
Have you invested in Power Nodes? What are your thoughts? We would love to hear your thoughts and your comments!