I guess I am just a "Pragmatist" at heart, because sometimes I seem to completely miss the point as to why certain things even exist in the world.
Because I regularly visit crypto-related web sites, it only makes sense that I get served a bunch of crypto-related ADS on almost all the web sites I visit — crypto, or not. That's to be expected; it's pretty much how the web works.
"Geo Mining?"
One of the more pervasive ads that comes across my screen these days is for the COIN app which is basically for an activity called "Geo Mining." Shortest possible version: It's a way to "mine" tokens via your phone and a device that looks a bit like a keyfob, or something that looks a lot like a credit card.
These devices basically communicate with your phone and tracks your location, as a result of which you earn a minute number of COIN tokens via what essentially could be described as "Proof of Location."
Curious, I tried to understand a bit more, and after scrolling through the company and affiliates' somewhat slanted and hyperbolic information and reviews, got down to "the bones below."
Or, at least, I tried to.
Yes, But WHY?
My root question: "Yes, but what is the POINT of this?"
What I was able to find were lots of descriptions about what Geo Mining IS and how Geo Mining WORKS and how much someone who is driving all the time — like an Uber driver or a Door Dash driver — might MAKE... but there was essentially no information to explain why something like this is even a THING and what actual functional purpose it serves in a greater world where we already have GPS and a plethora of mapping services... and soon Elon Musk's SkyNet will be able to tell where you are, down to the millimeter.
In short, where's the real-world VALUE in knowing that "DenmarkGuy is currently sitting on a bench in downtown Seattle, Washington?"
As a vehicle to sell advertising (which IS in the app) it's not much. As a vehicle to profit from selling the keyfob/credit card trackers, it's not much. As a vehicle to generate profit from having people buy merchandise with their COIN tokens, it's not much.
Which leads us to a possible business model of selling people monthly subscriptions to premium plans that significantly speed up the rate at which you earn the COIN tokens. Which essentially amounts to relying on luring in a lot of people who have limited understanding of basic arithmetic: Paying $34.95 a month for a "Pro" plan so you can earn $25.00 more than on the slower "Basic" plan is NOT. REALLY. A. GOOD. DEAL.
Business.. Without a Business Plan
From where I am sitting, the whole thing looks increasingly like a case of "We thought up and created something cool and clever, but we really are not sure what it DOES or what it's GOOD FOR."
A few pundits point to the similarity with projects like Pokémon GO, but I don't see it.
Sure, the underlying premise for both is a form of Geo Mining, but with Pokémon GO you're partaking in a fun and entertaining game and often do so with your friends. With Geo Mining — at least as it currently exists — it just "sits there," passively, as you move around. And yes, you could totally make the argument that you are "getting paid for going on your daily bike ride." And that could work within the framework of a future where the "Gig Economic System" consists of every person earning a few dollars a month from hundreds of different sources...
An Age Without Purpose?
Regardless, Geo Mining makes me wonder whether it's one of those cases where someone created "A SOLUTION in search of a PROBLEM?" Although I am not sure what kind of problem Geo Mining actually solves...
But it also got me to thinking about a substantial segment of the crypto industry... that has long struck me as having absolutely no purpose, other than simply to launch a blockchain and a token and sell it. Maybe there IS no purpose... it simply exists, for its own sake...
Again, I'm totally willing to concede that I might be missing the point here... and maybe the point is simply to accumulate and HODL a ton of these tokens in hopes that — at some point in an unknown future — a reason to do so emerges and you'll be able to cash out and finally get that Lambo!
Meanwhile... I'm not going to hold my breath...
Thanks for reading, and have a great remainder of your day!
What do YOU think? Are you familiar with Geo Mining? Have you used the COIN app? How did that work out for you? Does it seem like it serves ANY kind of useful purpose? Comments, feedback and other interaction is invited and welcomed! Because — after all — SOCIAL content is about interacting, right? Leave a comment — share your experiences — be part of the conversation!
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Created at 20210907 22:26 PDT
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A blockchain where advertisers pay in and the people seeing the advertisements get paid might be a functional system.
Thank you for sharing your point of view about GeoMining... You have saved me some time for researching it...
I saw the ad for the COIN project/token on Facebook, but it looked childish and without sense to me too... I didn't research deeper about it, but I will trust you with this one as I had a similar impression that there is nothing "under the hood"... But, maybe both of us are wrong and we don't see the big picture...
I have to admit that that happened to me with NFTs... I knew about them for 4-5 years, but never understood the possible value in them... Slowly, as time is passing by, that becomes more and more clear and I have changed my opinion about them completely... Maybe the same will happen with GeoMining?
I have picked this post on behalf of the @OurPick project and it will be highlighted in the next post!
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This is the first time I hear about GeoMining and COIN. I agree with you, doesn't look like there is much of a use case yet but then again I think that happens quite often in the world of crypto.
Not sure if those projects without a clear use case will ever be successful so I personally stay away from them but I've seen crazier stuff before so who know
Good article :)
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