Hello Steemians,
Recently I got a non-crypto friend into steemit and he made some decent money posting about his life, today I received this message from him:
I am locked out my account, I am not making any moneeey!!
My answer, was simple:
It will get fixed, send an email to contact@steemit.com and create another account meanwhile if you want to post stuff.
However, this conversation made me realize that common people are not used to the volatile and crazy drama surrounding crypto in general. Sadly for us, crypto-nerds know very well about what I like to call the first basic rule of crypto: “what you have today you may not have tomorrow”.
This is coming from a guy who has seen MT GOX disaster, Paycoin, LTCGear, Cryptsy or should I say craptsy!, etc, etc, etc!!!
Don´t get me wrong, I am not saying by any means that Steemit is a scam, far from it, but what I am saying is that you should not rely on crypto to make your everyday living. Take Litecoin for example, another crypto-coin that has standed the test of time, LTC went from $40 to $1.80 U.S dollars!... how about Ethereum from $20 to $10 in just days. Of course you could have bought cheap and also made 500% profit, this is the nature of crypto and to some of us it is also the beauty!
So before you quit your job and tell all your friends that you are going to get rich posting on steemit, please consider this:
- As more people join it will be harder for you to get the attention of voting whales.
- The price of steem can have crazy 200% swings and so will your payouts.
- If you are unsure about trading, try to always hold Steem Dollars.
- If you convert a lot of Steem and Steem Dollars to your local currency, make sure to consult it with an accountant first, this is a lot of unregistered money entering your bank account and some goverments will find it fishy (bastards, I know).
- Be humbild and be greatfull (this is more an spiritual advice but it’s a rule I try to remember)
made a good video about the importance on commenting posts, do it and try to be helpful, teach others what you have learnt.
- Keep your Bitcoins safe and diversify them: Coinbase, Electrum, Offline paper wallet, BitUSD, etc.
- If you still want to quit your job, do it after you have safely secured a good amount of money on your bank account, this way you can make sure you have your livings expenses covered for at least 6 months!
This is not only my advice to you but also my strategy, if I can secure 100k USD then of course my day job will become irrelevant and I will look for ways to construct a business around steem, but until then play safe, remember that someone has to pay the rent next month :)