Sorry to take a break from the drama or market theories but I didn’t get my palm read today so I can’t tell you whether we will be getting hookers and blow or hooking for blow. From a viewpoint of someone who has just DCA’d and hodl’d since 2017 I thought I would give some things that are good to do in this market.
Collect Freebies and Hold
In 2018-2019 when the market was rough I decided it would be a good time to do small airdrops and other rewards. I figured getting $5 in rewards was better to do during a bad market than when prices are near ATHs. Sure some projects did not make it but those who went from 95% down to reaching all time highs made for great earnings. Last year I sold a lot of them and made well over $1000 from simply doing easy rewards and holding them. Some examples:
Coinbase Learn and Earn Rewards DropsEarn airdrops Gleam competitions Participating in incentivized testing Other giveaways
You can find a lot of ‘other giveaways’ with new projects. NFT projects will do a lot non-NFT giveaways when they first start to attract people to their project.
Expand Your Experience
Try out new platforms or existing ones that you have always been curious about. I don’t know if you noticed but Ethereum’s gas is 5 GWEI today which makes for cheap transactions, even with DeFi platforms. If there is not huge price action during the day you will find the gas prices will continue to stay low.
During the last bear market I explored new platforms and it ended up with me getting huge airdrops from platforms like Uniswap and others. The airdrop rewards were still good even though I never used a ton of money on the platform. The Uniswap airdrop really put Uniswap on the map and many projects want to replicate this.
Aside from monetary rewards, playing around with new platforms is a great way to get more experience and understand what cryptocurrency has to offer at the moment.
Checking the charts every 5 minutes is going to make your hair fall out. Instead I suggest using the time to learn more about the technology. The more you learn, the less you will rely on influencers. Some examples:
Read some books on cryptocurrencies. If you are looking for book recommendations, just search this subreddit for ‘cryptocurrency books’ and you will find plenty of threads with recommendations. Read some whitepapers. These are hard reads but go for it and ask questions. Community channels for projects are quiet during these times and its easy to ask the team questions and get clarity as you expand your knowledge. Take basic coding courses and learn the basics of smart contracts and blockchain. Crypto zombies was my favorite starter but there are plenty of resources out there, even for those with no coding background. Take basic trading courses. I am not the trading type but learning about different market indicators helped me realize most of these TA posts are nonsense. Try out new platforms, features and functions. As the above section mentioned, gas is cheap, try out some of what blockchain has to offer.
No, this isn’t a McDonalds joke, but if you are constantly in crypto communities you can find good part time work. Sometimes these projects pay in their tokens which (potentially) could go up during a bull market if you hold them. If you don’t trust holding them, just sell the token and stack more of the tokens/coins you like. Some examples:
If you love crypto communities and hang out in them all the time, find some community management work. If you are always on top of the latest drama and news, try writing articles. You would be surprised how many major and minor publications have writers with zero blockchain knowledge. Having experience and knowing crypto can make finding writing work easier. Love making memes? Projects are sometimes looking for people who can make content for them. This could be making infographics/memes as an ambassador for a project or could be contract work making banners and graphics for their media. Love to write? Reach out to projects and offer to make them FAQs and other documentations that are required. This is also good if you speak multiple languages and can make translations of existing docs.
The easiest place to get starter work is through projects you regular. If the team has seen you in their chat supporting their project they will likely be happy to give you chances to take a bigger role with them.
That’s all for now. These things really helped me during the last bear market and I came out stronger and smarter.