Ever since I got scammed with Glean Coin, I have been very weary of spending my FIAT money with any website or coin, promising high returns.  Last year I signed up for a site called NFT Blockchain (https://nftblockchain.mobi/mining).  The site allows for the free claiming of their utility coin (NFT) every hour, for up to 6 times a day.  The site claims that this utility coin is worth roughly 1 USD.  So besides the free claim faucet there are other things on the site like mining and staking.  Staking allows you to exchange your NFT for 1 of more than 20 other coins to stake in and earn a tiny percentage back.  The mining allows you to buy miners which then do the work for you for a set period.

Now this all seems well and good, but for a while of using the site, and using the staking feature, I have noticed something a little "off"

So, let me start with the full story on staking.  Around the end of the month, this site sends a notification about a new ICO for a staking coin, which starts a staking session at the start of that next month.  So, let's use the October coin as an example, which was called OPZ.  When OOZ was first introduced, it was worth $2 each.  So, I traded in about 112 NFT's for 56 OPZ and then staked all of that OPZ.  When the month started, the interest rate on the stake was as high as 400%.  So I traded in my 112 NFT, paid the 0.11 NFT for the transaction and then staked it all, paying another 0.11 NFT for that transaction. Then I sat. 

So, roughly running numbers, a 400% will reward about 0.0109589 times whatever your staked deposit is, per day.  Just number wise.   Now, this staking pool goes down in reward every day.  It stared above 400% and today, almost 30 days away, is down to 11%.  On day one, I should have received about 0.6136984 OPZ from my 56 staked amount.  Then because the % goes down each day, that amount is of course lessoned.  I think I claimed today with about  2.67 OPZ in total earned rewards.  I pay 0.11 NFT to harvest that amount out of the pool and then I go to swap it back to NFT.

So, I go and take that 2.67 OPZ and at the swap screen I see that the value has gone down by more than half.  Each OPZ is now worth 0.97 NFT.  You see where I am at?  I got about 2.678 NFT for that trade.  I then trade back my staking amount of 56 OPZ and I get after paying another 0.11 NFT for the transaction, I get 55.1449 NFT back.  This means that while I gained 2.67 NFT from my staking reward, I essentially lost about 57 NFT from the coin losing value against the utility coin.  

I am so happy that I didn't pay a single penny of my FIAT to this site.

Imagine buying into one of the memberships, as each membership can be paid in NFT's.  So you need tp buy into the site with your FIAT and then get the NFT coin, which you then have to pay a 0.11 NFT transaction cost to buy, then another fee to use that to buy a membership level.  They have a good way of making money for them.

I am trying to think of how I can actually make any amount of money with this website, as it allows a free user to withdraw once you receive/earn 900 NFT.  Bitcoin and Ethereum are both options for your withdrawal, so it does seem like it could be legit. 

The best I can think of, is that I stake into the next coin.  As soon as I notice that the value of that new coin starts to go down, I pull out whatever I have in that pool.  If the value of the next coin is 1 USD, then it probably will go down in value about 1-2 cents per day.  So, I should take whatever I earn after a few days and cash out, then swap back to the NFT coin, to prevent any further loss.  I guess.

Now if you want to see the site for yourself, you are welcome to follow my referral link, which I think might get you 50 free NFT for yourself.  (It also gets me 30 NFT.) 

https://nftblockchain.mobi/?r=445633

I am sure that there is a grind or strategy with which you CAN come out with an amount, maybe in a year or so, if you don't mind sticking in for a long haul.  But please, do not pay them any amount of money or crypto.