PALcoins Claimdrop and Changes Similar to EIP

in palnet •  4 years ago  (Edited)

It's disappointing but expected to see a sell wall now that the claimdrop for PALcoins has started.

If you haven't claimed your PALcoins and have an account with a minimum of age and posting activity, unless it has been blacklisted it's likely it has been included in the claimdrop list.

Your PALcoins won't just be airdropped to your account, you'll have to manually claim them, to prove that you are still active. To claim your PALcoins, you'll have to log into your Steem-Engine account, go to your Wallet page from the top menu and look for PALcoins logo at the top-left of the page, like in this image:

If you see this logo, click on it. In a few minutes, you will have your PALcoins dropped in your Wallet at Steem-Engine. Don't refresh the page immediately, they don't arrive right away!

Once you have the tokens in your wallet, you have the option to stake them, sell them or send them to a different account (like your main account).

I see by the sell wall many have chosen the quick profit by selling them. Nothing wrong with that. Others have chosen to stake them up, like I did.

There are two reasons why I didn't sell:

  • I believe the pressure to stake PALcoins will be higher than the selling pressure, once people realize how much they need for the minimum visible vote worth of 1 PAL, which is currently 3286 PALcoins staked up. So the price will probably rise (not an advice!).
  • What will you do RIGHT NOW after you sell PALcoins? Invest in another token on Steem-Engine, right? Why not keep them and have a chance to grow them, while both Steem-Engine and Palnet develop further and offer different options.

Palnet is a combination between what Steem could have been at the beginnings without the so-called 'ninja mining', with everyone starting from scratch or almost from zero (because the claimdrop doesn't create huge differences), with mining available to everyone who can afford it, and also with some elements that will be present in a similar form in EIP.

On Palnet we have a 50/50% curation, one of the changes proposed in EIP, we have a slightly supra-linear reward curve and a free downvote pool. All of these are changes that will be proposed in a certain form, in HF21. While I still think these changes will be tough on small and medium accounts, since they seem to come anyway, it's best to understand them. And what better way to do that than to experiment with them in place? Note that such an experiment will not be really relevant for what will happen on Steem, where you (and others) have a different stake and there are delegations as well.

Something else that was proposed intensely on Steem seem to have found its place on Palnet. A much shorter unstaking period (powering down from Steem). On Steem it takes 13 weeks for a full power down to complete, in Palnet the unstaking is finalized in 4 weeks, with weekly installments. This is either good or bad, depending on how you look at it. You have access to your full stake much sooner, but if your account gets compromised and you are not active to notice it, you can lose more stake in a shorter period of time.

All in all, palnet has created a justified buzz, and it is something we should at least watch, but why not use as well? Just as I mentioned in yesterday's post, all it takes is a tag.

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If I get you right, I have to have 3286 staked PAL to give someone 100% upvote worth 1PAL?

Yes, that's right. Anything less than that staked PAL will produce dust votes. That's what I understood from holger's post anyway.

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huh... It will be hard for smaller accounts to grow... They will have to implement decimals to PALcoin... Will see how it goes in next few days
Thanks for the info!

Yeah... We will see.

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Thanks for this! I do have didn't know about claiming the Tokens.

You're welcome!

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