PRISM by Shapeshift.io
Fellow early adopters now on-boarding friends and family; this may be the best crypto investment tool/wallet/exchange/asset manager I've ever seen. Someone far more technical than I would point out it's not really any of those things I mentioned before but that's what makes it so special thanks to ETH Smart Contracts.
I'd seen beta press release headlines floating around about it since Sunday. This afternoon I finally spent some time on their Blog and Video content. I've been using their Exodus Wallet for the last few months and didn't think it could get much better than that until... PRISM
Its fucking brilliant.
If you've ever had to help manage/explain Seed password's to admittedly un-technical people then you know why this is amazing!
Cheers and a big thanks to the dev team over at Shapeshift (https://shapeshift.io/#/coins)
I've been privileged to be selected to register with Prism as a Beta tester. For Beta, as some now know, the monthly charge of 1% has been waived. Moreover, the monthly charge will be replaced by some market-based fee related to how large a percentage of Prisms are long and how large of a percentage are short - I suppose that means a restructuring of Prism is in store. I imagine existing prisms will be grandfathered until they double or until they are closed by the ones who are on the buy side.
I noticed quickly that if you have ETH in your portfolio, like 100% ETH, you will never gain anything in ETH, so you can have a forever portfolio that way - until the monthly charge eats up your account. So ETH is treated as a money market fund. Interestingly. So if you think ETH is going to beat up all other cryptocurrencies you might as well just keep it in your Exodus wallet.
I have gone to a meetup where Justin, the CFO of Prism, said the API will be able to port to the RSK platform of smart contracts, so that means you will eventually be able to establish a PRISM account using Bitcoin. It's an interesting concept that you will be able to invest against Bitcoin by using Bitcoin blockchain smart contracts.
Moreover, Prism will be extended to other assets than cryptocurrencies. And Eric Voorhees said you will be allowed to short assets. I listened to an interview that it may be possible to reward the most successful prisms by charging a fee for anyone who clones or follows other prisms that are at the top of the leaderboard.
I look forward to investing in stock index funds using Prism. Or bond funds, or even fiat currencies. That is exactly what I wanted to do using the blockchain and I was hoping this idea would come along. It looks like it is going to happen.
I am pleased with the performance of my portfolio so far on Prism. I think I selected wise choices.
I just submitted an application to be included in the Beta. But this has be all excited about the possibilities.
what the purpose of prism ??
I believe it outlined the reason at the end of the video
does prism act like a lendiing/marging ?
It provides you the ability to create a portfolio of different cryptocurrency. Its not exactly lending.
but how you can get different crypto if you only use ethereum?
Let say you have $1000 in ETH. You'll invest a percentage of each currency, for example 1/3 Dash, 1/3 Monero, 1/3 Litecoin etc.
ah ok
and whe you withdraw it give you only ethereum minus the fee ?
Exactly! You'll receive any profits less the fees.
HOLYSHH!!
LOL Right im losing my shit too!!
It's like a gift to the whole crypto world. Ethereum is gonna go insane.
So true, hold on to that ETH! Exciting times