Crypto is Down and I Don't Care

My May earnings are way down, for a couple of reasons. First, bear market!

Well, I’ve noticed earnings have been sliding along with the prices in crypto. That’s nothing to sneeze about. But another thing happened early in May. TerraUSD (UST) depegged from the dollar and both it and LUNA crashed. I held neither. But, because Loop Markets is on the Terra blockchain, it also crashed. There went my earnings from previous months.

The bright side is that Loop is moving off the Terra blockchain and onto Juno.

I don’t know anything about Juno. I’ll have to research it, but what that means is that there will be an airdrop of new tokens on the Juno blockchain. On a certain date, which Loop won’t reveal yet, they took snapshots of the blockchain. Whatever my holdings were on that date, that’s what I’ll receive on the new blockchain. I’ve already received some LUNA from that airdrop because I held a tiny bit of UST to pay for gas fees on the blockchain.

Oh, what a crazy world!

As a side note, I’d like to say I’m cutting off a couple of the places I’ve been posting to. So this month will be the last month they’ll appear on my report. I’m dropping MG.Social and Minds.

MG.Social just isn’t earning me much. After months of posting, I still haven’t reached $1 in total earnings. They use the Coil protocol, which pays out based on traffic and reads, so my guess is they have low traffic numbers and that’s why I’m not earning much there. I’m going to find another place to post that will replace them.

Minds costs me $7/month for the opportunity to monetize my posts. After several months of postings, I still have reached $5 in earnings. Actually, I have, but I’ve spent some of it for boosting posts that did little in boosting my income. Plus, I’m not all that excited about Minds culture. The site just doesn’t appeal to me. And since it’s on the Ethereum blockchain, it will take me forever to earn enough to make paying the gas fees worth it. Sorry Minds, but you’re out.

Loop isn’t on this month’s report because of the crash. I’ll pick it back up again after its move to Juno.

And now, without further ado, here’s the report.

Cryptosocial Earnings for May 2022

In addition to the above drops, I’ve added one platform this month, but it’s a different kind of platform. Actifit is an activity counter app that pays out cryptocurrency called AFIT for reaching certain milestones. I didn’t do too bad for the first month. You’ll see later. Right now, let’s start with Bastyon.

Bastyon

I had a great first month on Bastyon. Since March, however, it’s been an uphill climb. This month, I earned a total of $.0488.

Yes, that’s less than 5 cents.

I’ve still not cracked the code on Bastyon, but that doesn’t mean I’m not trying.

Bastyon pays out in PKOIN. PKOIN’s current value is $1.26, per CoinMarketCap. My total earnings so far, after three months, is 0.043135 tokens. That amounts to $0.0543501. As you can see, most of that was earned in the prior two months. And most of that in the first month.

One thing I’ve noticed is that followers don’t come easy. I’ll need to start chasing followers, probably doing some commenting on other people’s posts to boost my profile. Maybe that will increase my income.

Total May Earnings = $04.88

Hive

I’ve heard Hive called a Ponzi scheme more than once. Frankly, I don’t understand this. It’s a business opportunity.

You don’t have to pay a dime to join Hive or to play on Hive. However, if you want immediate access, it might cost you a minimal $3 to create an account. Otherwise, the free accounts take a couple of weeks. Also, the Hive rewards system is based on how much Hive Power (HP) you have staked. The more HP in your account, the more you can earn for your activities. That may seem unfair, but if you were a whale, you wouldn’t think so. You put in your sweat equity, there should be benefits.

You can shoestring your way to whale status or drop a little HP into your account each month. You buy bitcoin hoping it will go up. You buy other altcoins hoping they’ll go up in value. So why not buy some Hive for the same reason? The added benefit to buying Hive is that can also earn more Hive on the platform by staking the Hive you buy and earn. I explain how this works in my book Cryptosocial: How Cryptocurrencies Are Changing Social Media.

At any rate, I dropped $100 in my Hive account at the beginning of May. That small amount won’t make a huge difference overnight, but I plan to drop a little more each month and stake it. Over time, and with increased activity on the chain, I should see greater rewards.

In May, I earned 0.2593926 in HP and 1.3463263 in Hive Dollars (HBD).

I did much better in March and April, but, remember, we’re in a bear market. Values are declining. That means earnings will taper down. Not a big deal. The bear market is actually a good time to increase your productivity on cryptosocial platforms and when the bull market comes around again, you’ll see all those earnings you racked up go up in value. That’s when you can cash some of it out. However, on Hive, you’ll want to keep your HP up so you can increase your earnings over time. That’s how you bank on Hive.

Total earnings = $1.6057189

Minds

For me, Minds is the joke. Maybe I’m missing something. But, unlike Hive, you must pay to play on Hive. It costs $7/month to monetize your content. So far, it doesn’t matter how much I earn, I’m losing money. It will be a long time before I profit. Even then, it will cost a lot to move the money out of my account because of Ethereum’s gas fees. Some people are saying the Merge will change that. Maybe it will, maybe it won’t. But that doesn’t change how I feel about Minds. I’m just not into it.

It’s like that beautiful cheerleader you knew in high school. Everybody wanted to date her. You spent months trying to win her attention. Finally, she agreed to go out with you. After an hour and an expensive dinner, you realized you had nothing in common and she’s more into herself than you’ll ever be into her. Move on, buddy!

Total earnings = $0.1234771

MG.Social

This will be the last time you see MG.Social. 10 cents isn’t really all that bad. I did better than I do on Bastyon! Still, there are other platforms I want to try and I need to create the time to try them out.

Total earnings = $0.103770338

.Cash

I’m going to merge Noise.Cash and Read.Cash because they share the same wallet. The platforms are different and the way you post to them is different, but all of your earnings go into the same wallet. So I’m going to start reporting them together.

I learned some promotional techniques for these two platforms that I’m not willing to share yet, but it has resulted in my earnings going up. I’m looking forward to experimenting on Noise.Cash and Read.Cash some more.

Total earnings = $11.71

Publish0x

I’m not sure why, but my earnings on Publish0x dipped slightly in May. Maybe I didn’t tip other authors as often as I did in March and April. I try to make a point to tip other authors at least once a day, and several times a day if possible.

Still, I’m over $10 for the month, so it’s not all bad.

Total earnings = $10.72

Torum

My Torum earnings have gone way down over the last couple of months. Since I don’t write my newsletter every day, I’ve gotten out of the habit of being on Torum every day. I try to remember to make an appearance, vote on some posts, and respond to comments, but some days I forget. Still, I’m a long way off from the $10+ I earned in February and March. I wonder if they’ve tweaked their payout percentage, or maybe it’s just the market.

Total earnings = $1.3096774

Actifit

Actifit is the activity tracking dapp I mentioned earlier. It started on the Steemit blockchain but has since moved to Hive. Users earn AFIT based on how much activity they post during the day. Each day I get more than 5,000 steps in I create a post and get a little payout in AFIT. The more steps, the more AFIT.

I could also earn an upvote from Actifit once I get over 5,000 AFITs in my account. I’m a long way from there, but I’m beginning to like this app. I carry my smartphone with me and go for walks, one in the morning and one in the evening, so the dapp can count my steps. And anything else I do during the day, walking to the bathroom during my breaks, and so on, is also tracked. Plus, there’s the added benefit that I’m walking and exercise more these days, so health benefits!

I’ve only been using it for a couple of weeks and I’m not doing too badly.

Total earnings = $0.6725068

Coil

Coil is a protocol that allows me to monetize my YouTube channel and the web properties I own. I also earn on MG.Social because they use the Coil protocol. The problem with MG.Social is that I have to share my earnings with the platform.

Total earnings = $0.19 (but 10 cents of that was on MG.Social)

Presearch

I really like Presearch, the search engine. Every time I make a search, I earn some PRE. Since I’m a writer, I do a lot of research. I perform a lot of searches every day.

There is a limit to how much you can earn each day. I’ve probably hit it a couple of times. Considering how often I use Presearch, I’m not doing so bad.

Total earnings = $7.445804

I didn’t earn any BAT in May. For some reason, my ads were turned off. I think Brave had an update to its browser and disabled my advertising for me. Otherwise, I have no idea how that would have happened. I’m going to have to look into that.

At any rate, my total earnings from cryptosocial media in the month of May was $33.929755.

I’ve seen my earnings steadily decline since the beginning of this year. In February, I earned more than $144. In March, it was $104. In April, $69. The only thing that can account for such a precipitous drop is the declining values in crypto all around. If we started seeing prices going up again, I think those numbers would climb. But I’m not discouraged. The bear market is the time to rack up holdings so that the bull market can drive up the values when it comes back around.

With that, I’ll leave it there. Talk to you again soon!

Cryptocracy is a decentralized newsletter published 4 times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.

First published at Cryptocracy. Not to be construed as financial advice.

• Bastyon = Cryptocracy

• Hive = @allentaylor

• Noise Cash = @Cryptocracy

• Publish0x = Allen Taylor

• Read Cash = @Cryptocracy

• Torum = @Cryptocracy

• Twitter = Allen Taylor