I like to do my own research sharing some of my views on why I am buying or holding some lower Market Cap Altcoins. Today it's time to take a closer look again at PRPS which I have been holding for a while now.
To start, don't take my view on things as advice and just see it as some initial info into something you might do your own research on. Some of the previous coins and projects I covered are...
PRPS & DUBI
To start off, this project right now is fully centralized which means you have to pretty much trust the creators (Just like 99% of the altcoins) as they are able to run off with all the money if they wanted to. I personally have no issue with this and fully trust in my estimation of the situation if that makes sense being ok with whatever the outcome will be.
So PRPS (Purpose) and DUBI (Decentralized Universal Basic Income) are cryptocurrencies created by the Singularity Group (singularitygroup.net) and they are designed to increase in value based on a combination of tokenomics and fundamental value.
PRPS Tokenomics
The core idea is that in our economy right now around 10% of all the money in circulation is backed (banks need to keep only 10% in reserve). PRPR and DUBI want to switch this model around by backing up the interest for at least x amount of years which gives the currency value. Basically, PRPS (which they sell) can be locked which instantly pays out DUBI (1% for 3 months lock | 2% for 6 months lock | 4% for 1-year lock). The money that comes in from the PRPS they sell is being put in a DUBI buy-wall for those who want to get cash in their interest. The mechanics also work in a way that both the price of PRPS and DUBI always increase the more money that comes in.
For a much more detailed explanation check this (slightly outdated) video:
PRPS Fundamentals
While the tokenomics on their own can be seen as a textbook Ponzi Scheme, if they can get to the point (which they intend to do) to put it all in trustless code where it also can be proven that the interest is backed up for many many years, it could work. In order to increase the buy-wall they are able to put up, they are working on various projects that will bring in ouside money. One of them is the game Clash Of Streamers which is set to release soon (after a long development). I played the beta last year which adds to my confidence in this project as it was ridiculously addictive. I'm usually not into these mobile type games that are built for the masses, but this one got me hooked for 2 hours straight just going through the tutorial.
It is said that the game will allow in-game purchases with PRPS or DUBI at a very favorable rate which will act as a token burning mechanic strengthening the buy-wall. I can easily see this game reach the top grossing games list. Looking how much many of these games bring in on a daily basis, these are the daily numbers only on iPhone in the US...
Off course there is no guarantee that Clash Of Steamers will get there.
PRPS Performance
I have kept my eye on this project and the coins (which runs on Ethereum) since the start. There have been 3 hardforks so far. (1st to change the values / 2nd to handle theft / 3rd to make locking cheaper) None of them had any influence on me as an investor and the coin pretty much has done what I expected it would do which is slowly but steadily go up in value while providing the interest when locking them up. There is a site called prps.moe where all the on-chain metrics are being visualized and where the price can be followed.
Both the PRPS Sell-wall and PRPS Buy-wall can be traded on dubiex.com
Looking at the performance of the PRPS / DUBI I'm holding, it has seen a nice increase so far since January 1st (+15.64%) without any downside despite the fact that this is still a very low-profile project with the game not yet being released.
I have got a healthy holding in these coins and got in most of my position both at Level 30 (2.38$) And Level 43 (2.57$). If it wasn't for the high Ethereum Gas fees at the moment, I would probably continue buying a bit more. There are many other coins I also still want to get into while my pockets are not that deep so I'm happy to just hold on the what I have.
Reasons I continue hodling
I am personally trusting the team behind the project and see it as a rather stable holding with upside potential. I have been quite impressed by the clash of streamers beta I played (and was hooked on for a while) which is close to being released. I also like the combination of Pumpamentals & Fundamentals. Seeing the greed in the crypto market and how much money pours into HEX type coins that have little to no fundamentals whatsoever (in my opinion). Combine this with the numbers on how much some of these top-grossing mobile games are earning and it's hard to not see the coin what it is designed to do (go up).
PRPS Expectation
There has been talk from the devs that they already have enough money to skip a lot of levels setting the price quite a bit higher when the game releases. I don't count on it though and expect/hope that the game will be released this year. In my wild dreams, a combination of crypto Greed + Fomo & the game being a hit seeing top-grossing earnings level makes it take-off seeing a new level being reached every couple of days. Reality usually doesn't play out that way and it will likely all take time. I do have a hard time seeing a scenario where it would have been better to keep my money just in the bank the coming year.
I did cover the Clash Of Steamers Mobile game along with the PRPS & DUBI Cryptocurrency last year in a series of 3 posts. For those who want to read more details check...
Again, this is just my personal take on this project. Don't take it as advice whatsoever. I would advice to at least keep an eye on it though and I will make another report on it probably a couple of months after the game was released...
