This is a screenshot of some of my earnings. Nothing crazy and nothing impressive. In fact, in total I think that screenshot is maybe four dollars in value.
So why show it?
If I took four dollars out of my wallet and showed it to you in amazement then you would think I am crazy! However the psychological impact of being able to earn this same amount in cryptocurrency without jumping through HUGE hoops or having purchased thousands upon thousands of dollars in technology is bringing me back to crypto.
Mining For Nothing
Gridcoin(ing) Slowly
I am still blown away at the impact STEEM has made on me. It has become my tipping point for cryptocurrency. I started thinking about the impact this week while attempting to stake GRIDCOIN. (This is not a knock against GRIDCOIN / BOINC and I think it is a GREAT opportunity to do something productive!)
I bought some coins through Bittrex (which was a challenge!), sent them to my wallet and went through the process of setting everything up. It has been a few days so far with my computer running 24/7 and no luck. No earned reward. ⏳ I am still doing it and will continue but it was just a lot of work and to be honest, I am not sure I am even doing it right.
Bitcoin FAIL
Years ago I did a similar thing with Bitcoin. I purchased a computer for mining from a local guy off a Facebook group. I went through the hoops to get everything setup and running to start mining. I joined a pool and let that LOUD thing in a milk crate run 24/7! 🏃 The plan was never to get rich. The idea was just to start getting involved and be a part of this. I think I got a little but in the end I took it apart and sold it. It wore me out.
I Just Can't Get It
Now I don't want to sound too "Debbie Downer" but both of these instances left me feeling exhausted and stupid. (More so the Bitcoin experience) What was I missing? I wasn't expecting it to be easy or get rich quick but I did expect it to FEEL rewarding. I was expecting my desire to keep deeper involved to go through the roof! Again, it didn't. I gave up.
How Many Coins?
Another thing that hit me was the sheer volume of coins out there. Coinmarketcap.com lists 811 coins! Seriously?! How in the world is anyone suppose to get involved and figure it out. The cryptocurrency world is definitely a case of overchoice where "making a decision becomes overwhelming due to the many potential outcomes and risks that may result from making the wrong choice." This is compounded by the learning curve to even get the coins.
The difficulty of getting started and winning helped keep me at an arms length for a few years.
The New Impact
Steemit became the first opportunity where I could earn cryptocurrency without jumping through an exchange, without mining, without converting from fiat and going through that process or without understanding wallets. All I had to do was sign up and engage the community. Honestly, I think I needed that to get back in.
Since then I have looked into the blockchain, DPoS/PoW, exchanges and DEX and read through multiple whitepapers. I now have a number of crypto currencies and am constantly looking at more. Steemit got me in! It got me to stay and become a part of not only the Steemit community but the crypto community.
Another thing that happened for me during the last month or so is solidifying the value of STEEM in my mind. I have a hard time thinking of any scenario where STEEM would not be worth more in the coming years. When I look at 1 STEEM I don't even think of the current dollar value. For me it is value. Period. I have no idea how high it will go but I can't see any reason to Power Down or remove my STEEM from this platform. I know rules can change through the witnesses but they are voted in and have a higher stake in this system then I do. I honestly see no way for STEEM to go down! Sure, it may float down some and move with the market but it has a long life with a huge upside. Simply amazing. 😎
[So...wrote this pretty late and might have a few typos. Thanks for understanding. 📝]
If you are not a trader the value of steem should be irrelevant to you at this point...
I don't completely agree with this. However, I do partially see your point. Once you know something has a value it is hard to psychologically remove yourself from that. I don't think I can 100%. The fact that it can impact you in that way makes it relevant in my mind. Maybe not the way a trader would look at it but still has an impact.
Also, doesn't the value of STEEM determine your curation payout for upvotes? If the value of STEEM goes up then your upvote would have more value. That makes it relevant as well in my opinion.
Powering up is the way to go. Build it up then cash in!
Definitely! 🚀
I am equally as excited as you about it. I'm loving Steemit and mining both.
Yes! It is a lot of fun and a learning experience.
Your experience is pretty much the same as mine and others' I know, particularly in terms of mining frustration. Following for updates.
Thanks! 👍
I totally agree!
The simplicity of steemit has allowed me to earn in an easy way! I got lucky however, in that my buddy is a programmer and built us a rig, which is generating us about $35 a week!
It't not much but that in combination with my earnings on Steemit has really impacted my life in a positive way! That and your sick voting power extension haha
Thanks! That is AWESOME that you guys are getting $35 a week! What are you mining?
right now ETH. We are looking into mining monero which will pay us ~ $68 a week!
It's def a huge blessing that my friend is so technically sound haha I have no idea what he is talking about half the time, but we have 5 GPUs which i guess is pretty good.
One step at a time :)
Cheers, @deazydee