How to (Not?) Earn Money with XYO Geomining
XYO can be traded for $$$
This article does not delve into the intended real-world function of XYO technology. I am addressing only the potential for users to earn income from participating.
XYO is a relatively obscure cryptocurrency based on Etherium managed by "The Persistent Company'. It can be exchanged for "real" money but only using a three-step process. First, you need to open a wallet that accepts XYO such as:
- Coinbase wallet
- Trust wallet
Then you need trade the XYO for a more widely accepted cryptocurrency such as Etherium at an exchange that accepted XYO, such as:
Then, transfer the Etherium to an exchange that will trade your Etherium for legal tender (e.g. US dollars) and transfer them to your bank account. For example:
Both steps in this process will be associated with fees that decrease your real earnings.
There are currently two ways to get XYO.
1) To purchase it from an exchange that lists it.
2) To earn it through the COIN app.
You can load the coin app on your smartphone and when you have the app open it will reward you with small amounts of XYO tokens as you move around.
Earning More XYO with a Sentinel
If you purchase a small object called a sentinel, the amount of XYO you earn will be 12 times higher.
You can purchase a sentinel and have it shipped to you. LINK -- not an affiliate link.
The price for one sentinel shipped to your door varies. It has been as low as $1.95.
Can I earn Even More XYO if I Buy More Equipment?
The short answer to this question is: No.
At this time you can only earn XYO with the COIN app and you can only link one sentinel to the COIN app.
The purchase of multiple sentinels and static bridges helps develop the project and may have monetary value further down the line, but has no earning potential right now.
Would I Recommend XYO as an Earning Strategy
The amount that can be earned from walking or driving around "geomining" XYO is going to change constantly. It will also vary a lot between individuals.
Right now I personally am making about 500 XYO a day which, when I manage to withdraw them would equate to about $1 a day (minus withdraw fees). So if you will not have too much difficulty setting up an app, a wallet, and an exchange account -- is comparable to, or better than, other step-based earning apps.
However, because the system is under development, technical glitches with the sentinels are not uncommon. The support materials border on incomprehensible and there is a strong push to purchase extra equipment that is currently not part of the income stream. (Well. For you, that is. I guess it does make money for The Permanent Company)
Therefore, if you are looking at this solely as an earning opportunity I would lean towards saying it is not worth the trouble--as the system exists right now.
Specifically, because the sentinels are currently costing upwards of $10 and the COIN app cannot run in the background and is a battery hog (it depletes about half the batter of an iPhone 6 in less than an hour.) It is also the case that earning levels are unpredictable, as is the future of the project itself.
However, if you are interested in geo-mining, cryptocurrency, or developing the technology underpinning this project, then less than $20 might be considered a reasonable price to be part of an interesting project.
Is it Worth Investing For the Long Term?
Despite having had a lot of fun trying this system out, my answer would be: no. This is 100% my personal opinion and I am not a crypto or tech expert, although I am a psychologist and a lot of the factors here are psychological.
My reasoning is:--
1) The Permanent Company has consistently used inflated projections and over-promised. They use unnecessarily complex language making it easy for users to misunderstand and over-invest in the project by buying bridges and multiple sentinels prior to this being of benefit to them as users. This undermines my trust in their projections.
2) It is my personal assessment that their goal is not achievable based on progress so far. How long they will last depends on how much start-up capital they have.
That said -- I do think this project will function over the medium term (months to a few years) and they do pay out the earned tokens (once you have 10,000 tokens). So it is still worth taking part if you enjoy this sort of thing. And who knows, maybe they will prove me wrong and make this work.)
As of 5/29/2019 it is reported unofficially that about 50 of the estimated 100 employees of this company lost their jobs today. The Reddit post about this was deleted.
People make very different amounts from XYO geo-mining based on their equipment and activity levels. My personal goal is to make a profit within two years. My data so far is:
- Time to first withdrawal 38 days -- ~30c per day.
- My current 'return' is an investment of $140 and an income of $0: (net -$140)
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.