TokenUnion

Earn crypto by holding crypto 📈📈

3.4/5
About

TokenUnion is an Ethereum-based decentralized application that cryptoeconomically incentivizes holding crypto.

Would you recommend this product?
32 Reviews3.4/5

I've read the whitepaper; this project is a soft clone of POWH (proof of weak hands), EthPyramid, and other Ethereum ponzi-like projects. The proposed solution provides no economic value, and may constitute fraud.

Pros:

Very few.

Cons:

This is *similar* to a ponzi scheme, in that the only source of "income" is other users leaving, and paying a "withdrawal fee".

[Disclaimer: I found out Robert is the founder of a competing ethereum-based finance product currently in stealth. The initial comment was a lot worse. Obviously has a bias, hence the false accusations.] It's definitely not. A ponzi scheme is when you put money in and are at a loss from the get go because the $ you put in gets given to someone else. In this case, you only profit when you or someone else convinces the next sucker to join. And then they're losing till the next one comes, and so on. So someone eventually is bound to lose... a lot. TokenBnk is more like a game of chicken, where the longer you stay in the more rewards you amass - earning every time other people leave. And you don't lose anything when you join- your value isn't distributed at all, nada. For example, you could be the first person to join the network and 10k people could come after you, but if you're first to leave you'll still lose. So it's your prerogative and fully transparent. Inherently not a ponzi scheme. It's really gamifying the HODLing experience (rewarding strong hands). So it's not. Shoot me an email at shayne@tokenbnk.com if you'd like further explanation.

TokenBnk provides an entirely new incentive dynamic for the future token economy. It's a fresh concept that could have large implications for how, where, and why tokens are stored and transferred in the Ethereum network.

Pros:

Powerful economic incentive model encouraging token holding

Cons:

Experimental like most new Ethereum tech

I am excited to see where it goes

Pros:

It seems new and useful!

Cons:

I am not sure.

Waiting to use this saving account. too bad we have to wait for at least 1 more month

Pros:

Love the concept, and they will be first to market, huge potential

Cons:

more clarity on how the tokens will be used

Protocols piggy backing on other protocols while none have been proven concern me

Pros:

The concept seems very good

Cons:

Bancor integration mentioned as an advantage in the white paper

I think you raise a great point. The important thing to remember is there will definitely be scaling solutions and decentralized exchanges that proliferate at some point, and those we will use. The one's today are not necessarily those that will come up with the best solutions- and luckily we are nimble enough to adapt if new projects come out. But I understand your concern!

As anyone who's tried day trading will tell you: it's incredibly hard if you don't have bots to do it for you. Trading is an easy way to lose a ton of cash. That's why holding is wisest strategy. Tokenbnk let's you do that and hopefully return to a decent amount of interest on top to reward you for your patience. Since it's built on a smart contract I don't have to worry about the team bailing with my funds.

Pros:

Tokenbnk is a great way to store your coins and forget about them, which is great if you try to panic sell too much. I can't wait for it!

Cons:

Not really

Here is my link for those of you on Product Hunt who also want some free token as a giveaway: http://tokenbnk.com?referral=HJF...

Pros:

not sure yet.

Cons:

Not sure yet. can you make the whitepaper pdf instead of a png

Get paid to hodl? Would be nice if this removed some volatility in the alt market.

Pros:

Interesting concept

Cons:

Highly experimental

Need to stop my compulsive trading

Pros:

Love the concept, would love to get it!

Cons:

can't wait for this!

Innovative approach to earning crypto.

Incentivizes you to HODL, and as you do, you profit on the interest you earn from others who withdraw over time.

Pros:

Novel way to earn interest from crypto tokens. A distinct method I haven't seen anywhere else to store and earn interest from crypto.

Cons:

I can't think of any based on the whitepaper, but transaction fees could be an issue.

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