Smart contracts how to participate in them?

Smart contracts how to participate in them?

As you know, the HYIP industry has a certain spontaneity and its own dynamics of development. Financial pyramids have existed for a long time and their essence is the same, but their appearance changes from time to time. Therefore, such projects will never die, they only change into something new. Back in April - May 17, everyone admired the possibility of the cryptocurrency market and the profit inherent in it. Everyone believed that the era of HYIPs had passed and it was time to rush to the crypt, so as not to be left without the last dollar in your pocket! And now, finally, a mix of crypts and Ponzi schemes really appeared - hyips on smart contracts :) The spirit is new and interesting: who knows, maybe this is what will revive the hype world?

What are smart contracts?

Smart contracts are provided in the Ethereum network instead of transactions. In fact, the creators of the ether wanted their cryptocurrency to be not only a unit of account, but also something more that allows people to establish any automatic operations. For example, if we talk about real-life applications, this could be the purchase of an apartment, the payment of fines / fees, the receipt of any documents. Smart contracts allow you to prescribe any executable code inside you. This is what clever HYIP admins took advantage of.

How do HYIPs work on smart contacts?

HYIPs on smart contracts work without a personal account. Their site represents only a set of beautiful (or not so) html-pages with various information. The rest of the functionality is incorporated in the Ethereum smart contract. Therefore, it will have to be removed only by broadcasting.

Initially, such projects are inherently “honest”. That is, the administrator refuses access to the entire cash register of the project: he cannot at some wonderful moment take and take all the money. The profit of the creator of such a hyip consists only of% of the cash register. The users themselves can watch the flow of funds on the project wallet. You can check this via Etherscan ( Wow, isn't it? Before you is a real "holy" model of a financial pyramid! But such a situation is possible only if the project administrator has renounced possession of the smart contract. It is also important that such a project has a third-party audit! All such information, the project owners are required to place on their website. If there is no refusal to own or audit, then when investing additional risks arise not to return their contribution.

Pros and cons of HYIPs on smart contracts?

Despite the beautiful principle of operation, such a system has a fairly large number of ambiguous nuances that can be both a plus and a minus depending on the situation.

  • Investments are made using ether only. For an ordinary investor, this can be a plus if the rate of a given crypt is growing - then he receives not only dividends on the deposit, but also profit from the growth of the rate. Minus, if the ether rate began to fall strongly, then some fiat losses can be incurred. But remember, the profit or minus from the growth of the cryptocurrency comes only when you have fixed it! (that is, withdrawn into fiat money). And with active investment, you should not constantly look at the ether rate, because the cryptocurrency market is quite volatile: therefore, consider your profit from investing in such projects solely in the number of ethers.
  • Anyone can see the real balance of the project wallet. As a result, users can conclude about the stability of the inflow and the growth of the cash register: if the inflow covers the amount of payments, then you can think about the deposit in more detail. At the same time, this gives grounds for false panic: one of the inexperienced newbies can take a small and temporary minus in the cash register for the beginning of a disaster and suffer panic in all chats. Therefore, we analyze correctly and use this cool feature of HYIPs on smart contracts to the fullest!
  • The complexity of perception from the ordinary investor: the project does not have a personal account, which means you need to learn new technical tools to work with it.

What are the features of investing in HYIPs on smart contracts?

There is no need to register in HYIPs on smart contracts. You just need to immediately send your deposit to the project's wallet, after which the smart contract automatically "remembers" you and will make payments to the address from which you made a deposit. You shouldn't make a deposit from a cryptocurrency exchange, otherwise you get the opportunity not to get your money back. Therefore, it is worth using ethereum wallets: MyEtherWallet, Jaxx or MetaMask.

HYIPs on smart contracts use two types of payments: instant and automatic. With automatic, the system itself sends charges without your participation. With the instant method of processing applications, it is enough to send 0 ethers to the project wallet and your payment will be instantly delivered.

There are also certain features with referral program. Some projects do not use it at all. Detailed information you need to look at the site. If the referral program is used, then when transferring funds to the project wallet, you need to specify the inviter's wallet in the additional field. After that you can get your refback.

Instead of a conclusion

As you can see, the structure of HYIPs on smart contracts is new and has several features. In this article, we outlined the main methods for choosing such projects. To simplify the task, answer the questions for yourself:

  • Is there a referral program here? Will I be able to get after refback from my upline?
  • Did the administration refuse to own the contract?
  • Is there a security code audit?
  • What percentage of replenishment does the administration charge for creating and promoting the project?
  • What is the dynamics of deposits on the project wallet?

What are the HYIPs on smart contracts: a new step in the development of financial pyramids on the Internet, or the fleeting “movement” of investors, will be seen later. In the meantime, it is worthwhile to look closely at this phenomenon! :)

Join the discussion in the comments: give your opinion and ask questions!

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