Thoughts, Results, and Reality 30 Days In
For the past 30 days, I have been using Simple POS Pool as a tool for gaining exposure to Masternodes and Pool Staking in various coins. When I initially signed up for this service, I was not able to find any clear 3rd party information and was extremely skeptical. Because of that, I thought it might be helpful to share my actual experience with others and provide my thoughts on the service and concept as a whole.
Before getting into my review below, it is important to note the following:
· I am in no way affiliated with Simple POS Pool. I am not receiving any payments or compensation for this review, and as such, it is completely unbiased.
· The following information references my opinion and is for information purposes only. It is in no way intended to be investment advice. Seek a duly licensed professional for investment advice.
· If you find the information below useful or are interested in trying out the Simple POS Service, I kindly ask that you use my referral link. I explain the referral program further in the review below but note that the referral rewards are paid out by Simple POS Pool directly, and as such your individual investment with Simple POS Pool will not be affected by using this link.
What is Simple POS Pool?
Simple POS Pool (SPP) is a service that hosts Coin Pools and Masternodes. It allows users to place specific coins into pool wallets and receive portions of Staking rewards, as well as allowing users to purchase portions of a Masternode (slots) to receive portions of the Masternode reward. In exchange for hosting and managing the Coin Pools and Masternodes, SPP collects a small fee from your rewards.
Simple POS Pool is one of the multiple websites offering this type of service. I have not used any of the other websites, and as such will not attempt comparisons between them.
Related: StakeCube POS Pool Review
Eventually, I hope to write a comprehensive guide on how to use SPP, but for the purpose of this review, I will briefly explain how the process works. In general, the use of SPP for entrance in a Coin Pool or Masternode slot works as follows:
2. Determine what coin you are interested in reserving Masternode slots, and the amount of slots you want to reserve.
3. Purchase said coins on whatever exchange you prefer.
4. Transfer the coins from your exchange or wallet to SPP. Simple POS Pool generates deposit addresses for each coin’s Staking Pool wallet.
5. Coins transferred to the Staking Pool are instantly eligible to receive staking rewards as they are generated. Your reward is equal to your percentage in the pool minus the SPP staking fee (3%). Example: There are 10,000 coins in the pool, you own 250 of them. The pool staking reward is 75 coins per stake. Your percentage of the pool is 250/10,000 = 2.5%. Your portion of the reward is 2.5% of 75, or 1.875 coins. You then pay fees on your reward, 0.97 x 1.875 = 1.81 coins rewarded to the coin holder and 0.065 as a fee to SPP.
6. As you receive staking rewards, they are added back into the pool automatically. Thus the next time a reward is given, it is based on your new coin amount as a percentage of the overall pool.
7. All of your coins available in staking pools are displayed on your dashboard.
8. As people leave Masternode slots, or the Administrators create new Masternodes based on demand, slots are available for reserving in Masternodes. Masternodes generally payout much higher rewards than the pool staking rewards. When you reserve Masternode slots, the associated amount of coins are removed from the staking pool and from your dashboard. And placed into secure wallets that are set up as Masternodes.
9. As the Masternodes are granted rewards, you receive rewards equal to your percentage in the Masternode minus the SPP Masternode fee (5%). Example: There are 5,000 required to create a Masternode, each available slot is 10 coins, you own reserve 15 slots for a total of 150 coins. The Masternode rewards is 350 coins per cycle. Your percentage of the Masternode is 150/5,000 = 3%. Your portion of the reward is 3% of 350, or 10.5 coins. You then pay fees on your reward, 0.95 x 10.5 = 9.975 coins rewarded to the slot holder and 0.525 as a fee to Simple POS.
10. Because Masternodes wallets can only contain a fixed amount of coins, all rewards are placed back into the staking pool and are immediately eligible for staking rewards.
11. You can continuously reserve more Masternode slots (if they available) with your coin earnings.
12. When you decide you have had enough, you can withdrawal your coins from your pool wallet to whatever wallet you choose (exchange or secure). Note that if you want to withdrawal the coins you have actively placed in Masternodes you must cancel the Masternode slot reservations and have the coins moved back into your pool wallet prior to initiating a withdrawal.
1. The system is extremely easy to use, and although I wouldn’t call it the most intuitive website, with about one day of tinkering around I had a full grasp of the functionality.
2. You can reserve slots and invest in Masternodes for extremely small amounts of capital investment in comparison to the cost of purchasing all the coins required to host your own Masternode.
3. There are no fees to deposit or withdrawal coins though SPP.
4. The fees for Pools Staking (3%) and Masternoding (5%) are extremely low when you consider the fee is only taken from the reward. Another way you think about this, is that SPP is working to generate you earnings, so they can generate their own earnings. Your initial investment/deposit are held fee-free, and they only collect their portion if you get paid, meaning there is not out-of-pocket fee structure.
5. Simple POS Pool has a tiered referral program (10%, 5%, 3%, 1%). The program pays back referrers from the fees that they collect from the referred person. The referral is not taken from the investor but paid from SPP’s earnings, is it is only to the benefit of the members. Example: The Masternode rewards is 350 coins per cycle. Your percentage of the Masternode is 150/5,000 = 3%. Your portion of the reward is 3% of 350, or 10.5 coins. You then pay fees on your reward, 0.95 x 10.5 = 9.975 coins rewarded to the slot holder and 0.525 as a fee to Simple POS. in the case of a tier 1 referral relationship, of the 0.525 fee that Simple POS received, 10% (.0525 Coins) would then be credited back to the referring person.
6. You never have to worry about any back-end development or wallet maintenance work.
7. You do not have to host your own server, or pay server hosting costs.
8. The developer and admin team is very active on Discord. Updates are posted on discord frequently and there is a constant stream of dialogue between admin, users, and helpers. I have personally had my questions answered in short timeframes by admins, and helpers that are familiar with the service seem to be always online. This active and committed community is a good indicator of stability and longevity.
9. The development team appears committed to providing a solid service to its users and have made changes at the mass request of its users.
10. The service and administrators appear to be very transparent. The Masternode wallet addresses for each Masternode hosted are available, and you are free to check the blockchain explorer for that coin to see exactly what transactions have occurred. You can use that data to verify your rewards (which I have done multiple times)
1. The number one con about using SPP is the fact that YOU DO NOT CONTROL YOUR COINS. From the moment you send coins to the pool address, you no longer have access to your coins. This requires a tremendous amount of trust for people you do not know. I cannot emphasize this enough, You DO NOT HAVE CONTROL OF YOUR COINS. With that said, it is important to understand that coins placed into a pool or Masternode need to all be placed within the same wallet. The very essence of SPP is to let people combine their efforts into whole Masternodes and share the rewards. To accomplish this, all the coins MUST be in one wallet or Masternode, and it MUST be managed by someone. This is the service you are requesting by being a participant.
2. Withdrawals are processed by the SPP Admin daily. This means that based on the time that you request a withdrawal, it could be up to 24 hours prior to receiving your funds. This make is very hard to catch a price wave for sale purposes, and you must be looking a day or more out with your withdrawals.
3. The administrators appear to be based in Portugal. This is not an issue with the minor exception that the hours that they are active is different from the hours that US based investors are active (generally), leading to general lags in the resolution of issues. Additionally communication in English is not always the most clear, but in my opinion has been workable in all situations.
4. The website interface is very middle of the road, and could use a GUI re-work.
5. The statistics tracking ability is non-existent. You have a dashboard that shows your volume of coins that are in the pool, and other than that you have to do quite a bit of navigating around to find the information you are looking for. I ended up creating myself a spreadsheet that I can use to track things like Masternode Slots Reserved, Coins Earned, Total Coins, BTC Cost, BTC Value, BTC Recoup Target Price, Start Date, Days Active, Coin ROI by Total/Month/Day, and a rollup of all my coins combined. These features should be incorporated into your dashboard in my opinion, or at the very least, a CSV file should be available for export.
The million dollar question… When Rich? How Lambo?
I have been a member of Simple POS for 30 days, and have multiple scaled investments into various Masternodes of various ages at various entry prices. As mentioned above, I have a spreadsheet accounting for price differences and weighted entries to gain a clearer insight into my investment. Without posting all of my data, here are the key metrics for my Coin ROI statistics.
As you can see, I am making what I consider to be a very handsome ROI on all of the coins I am invested in. I am receiving anywhere between 1.63% and 2.27% in daily rewards for individual coins, quickly adding to my overall account volume.
It is important to understand that the numbers above represent my rewards in that coin. These numbers do not take into account changes in the Coin Price vs. BTC (my BTC Investment ROI). In some cases above, the value of the coin has absolutely plummeted, and in others, the BTC price has increased sending my ROI skyrocketing. Comparing to BTC value has a lot of variables such as entry price, exit price, BTC strength, market sentiment, etc. and is not necessarily pertinent to this review.
What is important to remember is that if you are earning extra coins and the BTC/COIN price goes up, your BTC ROI will increase faster than the price increase (because you have extra coins!). If you are earning coins and the BTC/COIN price goes down, your BTC ROI will decrease slower than the price decrease because (you have extra coins!). This makes for a great risk mitigation strategy if used correctly.
To purchase and host your own Masternode, you must have the capital to buy a full Masternodes’ worth of coins, you must have the time and technical knowledge to set up and maintain your Masternode, you must have the infrastructure to host your Masternode on, and you must have a constant internet connection. The technical, time and financial barriers to entry are extremely high for a casual investor.
Simple POS alleviates the primary barriers to entry allowing someone with nearly no technical knowledge and low entry capital to invest in Coin Pools and Masternodes nearly instantly. Put simply, for less than $100 USD and with the technical ability to set up and account and move currencies between wallets, anyone can get invested in Masternodes and start to see the rewards roll in.
Using Simple POS Pool has overall been a great experience. I have successfully invested crypto currencies into Masternode Slots, and received steady rewards. I have found my rewards to be consistent with the statistics presented on third party websites such as https://masternodes.online/ or https://masternodes.pro. I would love to see some advancement in terms of the User Interface, and the coin tracking abilities on the website, but with that said, recommend this service to anyone looking to get their feet wet.
A Final Word of Caution! As with anything in the Crypto world, Pease be safe with your account information and your funds. Never invest more than you are comfortable loosing. Because of the inherent nature of The Shared Masternode concept, you relinquish all control of your funds to SPP. I have personally never had trouble getting issues resolved or with a funds withdrawal, and their admin has been attentive to whatever minor issues may have arisen, but the potential is definitely there.