Since my last post on the OKcoin - Miami Coin ($MIA) - Stacks (STX) experience, I have continued investing and taking advantage of the Earn program to maximize rewards despite the Miami Coin nose dive. My last post mentioned I originally invested in $MIA at .022, and at the time of the post (20JAN22), the price was hovering around .008. Well, at the time of this writing, $MIA is at .004 (LOL).
This post will not explore the merits of CityCoins/$MIA, but rather my experience with OKCoin the platform.
Let me begin by saying that I believe OKCoin will eventually become a top and trusted exchange.
Granted, I had my issues with them at the beginning (not receiving my initial $50 BTC referral, having to provide bank statements for identity verification), but I have since realized that my issues with the platform were based only on the Miami Coin nosedive. (And to be clear, I am not shilling for OKcoin whatsoever, just simply sharing my experience in case others are having similar thoughts or thinking of joining).
As with anything crypto related, before or during my initial investments, I like to do some social media searches to get a better understanding of the community, promotions, common issues, etc. It is so interesting to see how OKCoin's communities differ between Reddit and Twitter. For example, on Twitter, you will see OKCoin replying to comments, retweeting, and building up their community, with the occasional response to complaints. On Reddit, OKCoin is bombarded with complaints and negativity.
On Twitter, I learned about a recent promotion partnership between STX and OKcoin, where I ended up winning an NFT!
On Reddit, I constantly see how users are experience identity verification and withdrawal issues. It is also funny to me how, on Reddit, OKCoin has automatic replies to EVERY post on the OKcoin sub, and more often than not that is the only reply to a post. There is hardly any engagement on Reddit which, compared to other exchange subs, is of note. To me, that means either there is not as many OKCoin users as I originally expected, or there are more people like me who invested in $MIA and just do not want to face the reality. Who knows, could be a multitude of reasons.
Secondly, I want to update on my staking strategy. With Miami coin, the current APY is a "flexible 145%". The payouts are almost always not going to be exactly 145%, and I get that.... but its close enough. I am not doing math to fight over a couple of pennies here and there. OKCoin offers users to stake for 1 cycle (about 15 days) or 12 cycles (about 6 months). If you only stake for the one cycle, you will miss the next cycle, so you will miss out on earning for at least 15 days. My strategy (which might not be new, but I just figured it out, roast away...) is to stake HALF my Miami Coin in one cycle, and then the next half in the next cycle (that I otherwise would have missed).
Again, not a math person but I believe this will ultimately equal out to roughly the same earnings... please correct me if I am wrong.
Same thing with the STX earn, which yields 10% BTC per cycle.
Granted, this requires a much more hands on approach to staking, but it has been working out decently so far. Just set reminders in your phone or other calendar, and there you go!
I hope everyone is having a wonderful weekend!
OKCoin referral on case any one is interested! https://www.okcoin.com/join?channelId=600126711
