We apologize for being a few days late on the next post in this series – but here it is! There has been a ton of action in the cryptocurrency space over the past week or so – huge price swings in BTC, ETH, LTC (and frankly, everything else) plus quite a bit of discussion on the future of both BTC and ETH. Make sure you take some time to read up on the status of each of those coins after you finish here.
As previously mentioned, we wanted to touch on one reason we have not previously discussed for why we are delisting the majority of coins at poswallet.com and focusing on improving POSW as a coin: having POSW as a base pair in an exchange with many of these coins was forcing POSW into a negative value trajectory. This might not make sense on the surface; however, here is an example of what we were observing – a coin with relatively low volume or value could be quickly dumped on the poswallet.com exchange, followed by a firesale of said POSW for BTC. We observed this happening repeatedly on many of the coins previously listed on poswallet.com. As the focus of PoSwallet 2.0 is on making POSW a useful cryptocurrency (rather than just a support coin or base pair), we weighed the positives and negatives of the previous plan and decided it was time to change our strategy.
So what do we think is important for making POSW useful? We have already highlighted the get POSW accepted at other vendors, as well as the need to make POSW portable (either via mobile wallets, accessible cold storage, or hardware wallets). We also need a more user-friendly, streamlined interface at poswallet.com where users can learn about the benefits and uses of POSW as well as interact with each other. Thirdly, we think it is important that POSW is easily transferred into other cryptocurrencies in a seamless way – idealy where a user could send POSW to an address, choose the coin they want to receive, and provide a receiving address. The current exchange is similar to other exchanges, which are generally clunky and slow; we want to introduce a better, easier system of exchange as part of PoSWallet 2.0.
More to come, with more details, in the next post! For now, please make sure you continue to withdraw coins from the wallets being delisted. Once a wallet is delisted, the wallet is removed and the server is shutdown.