Best Way to get Fit and Earn $800 per Hour (STEPN a Ponzi Scheme?)

<strong>Best Way to get Fit and Earn $800 per Hour (STEPN a Ponzi Scheme?)</strong>

Hey, what’s going on, guys? We’re going to be talking about tokenization and the gamification of society with Web3 and the metaverse.

– You like that?

 – I think so. Yeah.

It’s crazy. I mean, there’s going to be a lot of motivation, I think, to do good, actually. And one thing that I’ve been really big into right now is STEPN. And basically rewarding fitness, I would say, or running, it’s been a lot of fun. What do you think? Like, is it sustainable? How much can we really reward people to start good habits? Well, I think it all gets around to this primary fundamental question, where’s the money coming from?

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– Right?

– Right. So when you have something like this, and you have people buying in, you know? I mean, I don’t want to call it a Ponzi scheme, but generally, this is every kind of reward system we’ve seen with apps, whether it’s centralized or decentralized, that always eventually hits a roadblock because money stops flowing into the ecosystem. So this is why I think as long as money is flowing in to the ecosystem, then it’s going to do well and it’s going to thrive. Once that was to stop, and I mean, guys, let’s face facts, we’re in the thick of a bear market right now. I know STEPN’s exciting, and I’m not one to say it’s not a good project, but what I would like to say is, where’s the money going to keep coming from? And I think, you know, I don’t know the project well enough to know their tokenomics and their, you know, monetization plan and things like that. But generally, with anything like this, I think that’s the first question you’ve got to ask yourself. Where is the money coming from? And what happens when that money stops? Right. I think you see that’s where you see the dinosaur tail, right? Where it’s like things are hot, they’re very exciting, but as you get more users, like, maybe there’s 100,000 users on the platform right now, but at some point, there might be well over a million, and then at that point, you know, the rewards have to go down. We’ve seen it with reward cards, like the Fold card, you know, like other things in the crypto ecosystem where, you know, as the user base grows, the rewards go down.

– And they have to.

 – Yeah. It’s the only sustainability for them. Yeah. I mean, this is something that I’ve been monitoring closely. And I’ve been in systems where you see crashes and, you know, like, when new users stop coming, yes, it goes down. I’m a little more bullish on this project because people might end up realizing that getting fit makes their life better. And they still might do it even if rewards are low. Like, once they create this good habit, maybe they stay in the ecosystem. This platform keeps its users, keeps its attention, and can be a launchpad for other projects. Where else does that money come from, though? I mean, I don’t even know if this is possible. But what do you think? So, if they get to 5 million users, like, fitness industry is huge, right? Can they get partnerships enough to be able to give rewards like with big companies like Adidas or Nike? Or can they even get grants from the government to be able to give rewards for people to get fit? Yeah, I mean, I think probably a lot of that is possible, but we still get back to what happens when that runs out.

– You know?

– But I do think you’re right. I think there are some unique opportunities here. And I will say this about STEPN. I believe that STEPN, so far, is probably the most successful, you know, get-fit-earn-rewards app we’ve ever seen.

– Yeah. I mean, I look at a lot of these platforms and apps that were popular maybe 10, 15 years ago where, you know, you can make a bet against yourself. Like, I’ll lose five pounds by this date, or else, you know, this money goes into an escrow and then I won’t get it if I don’t lose the weight. And sometimes stuff does, you know. I think having things that are goal-oriented aren’t as great because people may just lie. I think something that actually tracks your movements I think makes a lot more sense. But I do think there are some ways to keep it, you know, moving into the ecosystem. But I think, at some point, you know, people will realize that getting fit is its own reward.

– Almost, you know? And I think.

– You know, it’s funny. It’s funny that you say that. Bryan, we were talking to, I think it was the Token Metrics guys, the other day. Actually, we’re going to have an interview coming out next week with those guys. But you said, “Even if this platform. “I get rugged by this platform? You cannot rug my physical gains, right? Like, you get healthy. So what? You might lose a couple hundred bucks or a thousand bucks, whatever it is, but at the end of the day, you got yourself healthy. And maybe that’s a good thing. And so there’s other models like this, right? So you’ve got, you know, learn-to-earn. You’ve got meditate-to-earn. So there’s a lot of, like, other, right? There you go. There are five bucks. Good job, Bud! There are a lot of other ecosystems where people are being incentivized to take care of their mental health or learn something new. Like, it’s going in a cool direction, but sustainability, I think it’s like, at the end of the day, like, where is that going to come from? Yeah, I think that’s the important thing here. And it goes across all ecosystems, you know, all different types of these apps. Where’s the money coming from? I think, a lot of times, you know, the idea of the magic internet money, right? That was one of the original, you know, names of people called Bitcoin. Magic internet money! People get lost in the fact that this money has got to come from somewhere. You can’t just create tokens that have value, and all of a sudden, there’s all this liquidity and all this money. Liquidity has to come from somewhere.

 – Right.

– Yeah. So, if you look at Coinbase, I mean, with their, you know, learn-to-earn kind of program, where does their liquidity come from for what they’re paying out? Well, it comes from their fees and their users. And so when you have something that’s a sustainable model that’s able to generate rewards that– here’s what people have to think about. It’s just kind of like yield farming, right? If your yield farming, and you got something that’s 2500% APY, is that going to last?

– No!

– No.

– Not a chance.

– Well, that’s why people.

But if you’re in early, you can make some money. Right. Exactly.

 – But it’s not going to be sustainable.

– Right.

– It’s never going to be sustainable.

– Right. But if you got something that’s 8% APY, is that sustainable? Well, I think so. I think we’ve already seen a lot of models that can show that. So when your riskreward ratio is really out of whack, it’s not going to be sustainable. And I think making sure that when you’re getting into these kind of, you know, earning platforms, you’ve got to keep that in mind at all times. If it’s too good to be true, at some point, it’s not going to be true anymore. Right. I mean, I made $800 in an hour the other day.

 – Yesterday.

 – Wow! Yeah. So I mean, it’s crazy. And it’s possible. And if you get in early on this stuff, you can reap those rewards.

 – It’s a real thing. That’s not fake.

– Yeah. Absolutely. But will eventually I’ll be earning $10 a day? $20 a day?

– Probably, it will go down.

 – Yeah. But that’s kind of what we do on our channel, is we try to get in this stuff early not so we could dump on people or reap, but it’s because you’re basically helping this platform get the users, get the attention. I mean, it’s good. What they do is they gamify it too.

– Yeah. So a lot of people might have ended up spending more than they’re actually making because they’re trying to have the coolest shoe, or modify their shoe, or make it better. So that’s the hard part that these companies have to figure out, is how they gamified enough to where half the people involved are spending more than they’re actually making and then the other half care about the return. – So finding that balance in how they create that smart. is where these companies will succeed. So, we have to pick good winners. I mean, now, there are like six other move-to-earn apps that are coming after this that are trying to copy it. Do you know? But, like, they have no shot. So don’t invest in those. I wouldn’t mess with them.

– But.

 – STEPN does have that first mover advantage.

– At least in this move-to-earn.

– No pun intended.

– Yes.

 – Whew! But you did say something else too I want to comment on. So this is disrupting the fitness industry. But also what it’s doing is I’ve never seen so many new people get a crypto wallet.

– Really?

– Yeah! You have to have a crypto wallet. It’s on Solana. Then you have to buy crypto to put in there to buy it. So this is onboarding people that have never been in crypto before. I think there are over 400,000 people or more active users on this app. Yeah. What do you think about when Web3 disrupts all these different industries? It bringing on new people into the crypto world? Well, I think, first, I think the fact that STEPN is on Solana is really big because it gives people plenty of time. If you’re running, if you’re working out really hard, like, you can take a break and just pause for a while. And you can really rest and recharge and get.

 – No. It’s a little clunky. I agree. I agree. I think that you know. When we talk about Web3, right? Web3 is something that supersedes crypto. It’s much larger than crypto. It’s the second layer to the internet. – It’s a new security/privacy/decentralized layer.

– Yeah. That’s why, you know, Ethereum specifically I tell people, you know, like, this is the new layer of the internet because it brings out about Web3. And, of course, Solana is in that game as well. But crypto is a niche. Okay? Web3? Everyone’s going to be using, you know? Like Web3, everybody is going to be using websites and taking part in apps that are part of that ecosystem. And so, yeah, I do believe in the metaverse, Web3, I think all of this brings in a lot more people that are looking at crypto. Because you have to think of it like this. How many people are interested in investing? If I would have came up to you 15 years ago, Justin, and I said, “Hey, man, I got this really cool stock tip. You want to come check out the stock market?”

– Would you have been interested?

– Not at all. No, because you weren’t interested in investing.

– It sounds boring, right?

 – Yeah. Crypto is a little more exciting than the stock market. Right? So there are some things about it that, you know, lend better to younger generations, but there’s only so many people that want to invest and are interested in that kind of thing. Whereas when it comes to Web3, everyone’s going to be using that. So I definitely agree. So, Web3 is going to bring a ton of people into this space. And in a way, they’re going to be forced to use crypto because that’s just the new norm and that’s what works the best with it as far as blockchain. So we’re going to see how it goes. 

This article is a transcription of a video made by Crypto ZEUS

Original video: https://youtu.be/OhFFqG4iejM