As a Cointiply user, I tend to click through a lot of PTC ads (paid to click - I know, Crypto World and this fuckin acronym affinity... CMON, even Elon Musk stated recently in an Email to his employees that the overuse of acronyms SERIOUSLY Sucks!). One of the ads which started popping up very frequently, probably since the middle of June last year if I remember correctly, is StormGain.
StormGain launched an incredibly agressive marketing strategy and have been publishing this too-good-to-be-true slogan "Mine your first crypto in 4 hours!" all over the bloody internet. This was ringing the scam bells like hell for me, so I just earned my PTC rewards and ignored.
I kept on ignoring until about November, when I finally decided to google it and have a look what other people say. What I read was that StormGain is a cryptocurrency trading platform very easy to use and that they had a kind of "deposit $100 and get $10 extra" option which in fact made me even more wary of the whole thing because this made me think you actually have to invest money to get started.
Then I found out that the mining feature they advertise actually exists, that signup and activating this cloud mining tool is completely Free and that the whole platform doesn't necessarily need any initial investment to operate!
So I gave it a try and was amazed how simple everything was. After the 5 minute signup process, you are ready to go!
The Miner: If you go to the mining tab and press "Activate", a timer of 4 hours starts running and if you come back and reactivate on time you can currently earn up to 0.0000108 ₿ every day for free. That's on the basic level - as you gain more experience and the total amount you have traded grows, you will mine faster.
When you reach $10 you can withdraw your mined BTC to your integrated Stormgain wallet and use it for trading if you like. I did this as soon as I had reached the payout limit and had a few successful trades, then one bad one that left my balance at around $9.70 which is not enough credit for placing a trade, given that the minimum input on any trade must be $10. So I was a bit screwed and had to wait for the next $10 from the mining feature - which in the end wasn't too much of a bad decision as I switched over to the $50 000 demo account to practice a bit in the meantime.
I have seen a lot of Stormgain newbies complain about nearly reaching the $10-threshold but then being stuck around $9.80 for a while, claiming it to be a scam. If people would read the FAQ they would understand that they are mining in Bitcoin so whenever the value of BTC drops, your mined balance will also drop! For FUCKS sake, if you don't have a clue what's going on because you haven't read the site's terms, STOP SHOUTING SCAM AT EVERYTHING YOU FIND WEIRD BECAUSE YOU HAVEN'T YET GOT YOUR HEAD AROUND IT!
But if the Dollars you mine drop when BTC price drops, you have to look at it the other way around too: if BTC's price RISES, so will your equivalent amount of dollar value! As Stormgain mines in BTC but pays you out in USDT which is a Stablecoin and fixed to the dollar value, once you have withdrawn your amount from the Miner it will always stay the same. As BTC is currently in a relatively strong bull market (with some stagnation in the last week or two but the up will probably not end there) I decided to keep mining without making a payout - and sure enough, I noticed the value of my mined coins fluctuating. Now if BTC would suddenly go to 100K as some suggest it might this year - my mining balance would double from now around $25 to $50! So now it's obvious why I chose not to convert it to USDT yet.
What to do with your earnings once drawn out of the Miner? The quick answer: You can only use them for trading on Stormgain!
The long answer: Stormgain does not allow you to directly withdraw your Miner earnings, instead, they should be seen as a kind of encouragement to start trading on the platform. This is what you will have to do once you have received these earnings and feel confident enough to start your first real trade (I suggest you try the demo feature first until you have found a fairly solid strategy). However, the profit you earn by trading IS entirely yours to keep!
Ok, so you have placed a few trades and made some gains (probably a few losses too, nobody starts out being perfect) but you can´t seem to get higher because after a few good wins you set another trade, make a stupid decision and loose big! Now you are back down to the initial investment again which is the mined balance you can´t withdraw...
Yep, soo frustrating! But don´t panic, I have found a loophole you can easily use to get out of this vicious circle: Once you have made a few wins just big enough to transfer the profit to another wallet or exchanging it for another coin on the same platform, DO IT! *The minimum withdraw amount in USDT is $20. If you can move it to somewhere you earn daily or weekly interest on your balance, even better! This way, you will make sure you are actually storing your gains and trading with THEIR investment and NOT YOURS! (Oh, and did I mention I don´t recommend Ethereum for this? It´s because you will end up spending everything on gas fees!)
Another great advantage this strategy has, is that you don´t tend to get over keen and start raising your input amounts too soon. I´ve seen myself having a good streak and then doubling the investment only to see that my whole winning streak was pointless because I wiped the profits out with one big loss just because I got too excited about my growing account balance in trade-able USDT and wanted to go for more!
If I could give you only ONE good piece of advice for trading, it would be the following: try to always trade with the same amount of investment. Do not place orders for higher amounts until your strategy has accrued you some decent profits, has been properly backtested by you in different market conditions and has proven to be a solid one. Remember that if you have $100 spending fifty would not mean the same for you as if you had $100 000, and that fear and greed mostly make us take stupid decisions.
I am not in any way sponsored or affiliated with StormGain, apart from my Stormgain referral link here,
which you can use to sign up with if you wish to support my further crypto journey and this blog you are reading. You will receive 3USDT upon Signup and I will get a 15% bonus on what you earn in the miner, so that would be cool for both of us...
As always, Keep Calm and Crypto On!, trade with a cool mind, THINK before you DO and stay safe while having fun in Blockchain Space!
Disclaimer here!: I am not telling you to invest, nor to not invest in Stormgain, Bitcoin or even Cryptocurrency as itself, this is up to your own due diligence and research. I am NOT a financial advisor and shall not be held liable or responsible for any damage or loss your investment may incur if you do invest. As I said: DYOR - you have been warned!
Have a nice day.
C U soon!
*sry for the repost, but I had missed out something I find important to mention.