Fomo3D update

source

Fomo3D comes from the same developers behind P3D or POWH3D. If you don't know what P3D is then you might not be spending a lot of time investigating new/old Dapps out there. P3D is a smart contract where you deposit your ETH, and then you are able to get dividends in ETH from buy/sell and transfer orders in P3D. P3D came out February 2018, and has been around since. Side note, I've been trying to be consistent about posting here on Steem, but the reality is that life sometimes gets in the way, but the main reason is that I've been stuck in Dapp world. Plenty of exciting Dapps and new games coming out for Ethereum, Tron, and of course Steem.

Now back on topic, P3D is a pyramid, but it is not a pyramid scheme. The developers aren't going to run away with the Ethereum that you deposit to the contract, and P3D is a decentralized Dapp and here is the code to prove it, I'm not
a developer though, so you'll have to verify this source code yourself. https://etherscan.io/address/0xb3775fb83f7d12a36e0475abdd1fca35c091efbe#code If you haven't yet invested into P3D yet, it might be too late, but it's hard to say. Keep in mind that there is always risk in crypto. Here is the P3D website: https://powh.io/

Fomo3D (F3D) is a new game that has come out to reward P3D holders and also encourage a wave of new activity back to their platform. It came out on July 8th 2018, but about a month after it was out it got hacked as someone drained the contract of 10,469 ETH by manipulating the gas limits and paying a gas price of over $500 of ETH at the time. It is inconclusive who this was unfortunately.

However, the developers and the community at F3D are determined that an attack like this will never happen again, and they are taking measures to prevent future attacks. Ok, now fast forward to today and the F3D contract currently stands at about 341.9 ETH, and last week was about 285 ETH, and the interesting thing about F3D is that the balance can only increase for this contract so long as the current round 9 never ends. There are 24 hours on the clock for each round, but when you buy a key it resets the clock by about 30 seconds a key currently costs more than .0006 ETH.

I'm not saying that you're guaranteed a return on your money (definitely not guaranteed), but if you participate in F3D when you send in your ETH to the contract, then the contract locks up that ETH, so the balance on the contract can only grow unless the round ends, which in this case the total balance will be distributed with at least 50% going to the winning key holder.

Anyways, let's get to the interesting part. The only reason I really decided to write about this which is that the developers of P3D/Fomo3D are determined that the current round 9 won't end for at least a few years (at least this is what's being said in the Discord) even though there is only a 24 hour limit on the clock. There is currently a relatively large community of over 750 active members in Fomo3D/F3D who are usually signed in on a daily basis. And the reason that round 9 is unlikely to end for a while is that if you buy the final key, it will drain the contract and give you at least 50% of the total deposited amount of ETH. There is incentive to keep buying keys. The key prices are very low right now about .0006 ETH per key so keeping round 9 alive for a long time is possible, but the key prices are constantly increasing as new people buy keys to the contract. Here is the contract source for F3D: https://etherscan.io/address/0xa62142888aba8370742be823c1782d17a0389da1#code

Basically this is a very risky investment which may pay off if you can wait. Depositing ETH to the contract instantly locks it in and you are entitled to dividend payouts based on the number of keys you hold. There is a lot of risk if you deposit ETH to this contract, but if round 9 never ends, then the balance on this contract may surpass 1,000 ETH and more Fomo will set in. The interesting thing about this pay to play experiment is that there is always incentive to continue to grow the contract balance of ETH because the last key to make a purchase will win about 50% of the total ETH in the contract. Here is the very sketchy website title: https://exitscam.me/play (Not a referral link)

Let's just file this away as an experiment in greed. I wouldn't say it's a good idea to invest unless you can tolerate a lot of risk. Also, the dividends you get from holding keys are variable and not guaranteed. The smart idea would probably be not to invest, but it's hard to say what will happen. The argument being made to invest is that with this contract you might be able to get your full investment back plus some instead of investing into a bunch of altcoins that may continue to fall in value. This contract puts your Ethereum to work.

****Also, to be extremely clear I am not even encouraging anyone here to invest. This is a risky investment. It's important to do your own research and make your own investment decisions. If you do invest don't expect to turn a profit in just a few days. It could take a few months even or more.

---I wrote this article about a week ago and the balance of Fomo3D is now 504.7 ETH. Round 9 might not end for several months or longer.

If you're interested please ask more questions in their
usually very active Discord: https://discordapp.com/invite/Y6CHepn