Hello everyone,
As more and more bounties are giant waste of time, I decided to write up a summary of how to choose a boutny correctly. For dummies. As anyone with some experience already knows this. Most ouf us, boutny hunters got burned at least once. I want to help prevent that.
Step 1
Read the white paper.
I mean it, READ the frikin' whitepaper.
You can tell a lot from whitepaper. Does it sound familiar? Is it ultra impossible? Is it just plain shi... shinny pile of crap?! AVOID IT!
There is no reason to waste good amount of your time with an ICO bounty without really interesting, reasonably long and creative whitepaper. Any good ICO will take their time and produce quality, mistake-free and polished white paper.
Step 2
Check your possible income.
This might seem like a no-brainer, but I have seen not one too many, but TWO too many people wasting their time for really, REALLY low reward. Why would you waste X hours of your time for 10% of a reward you could get from a different ICO?
Know your price. You must know how much you value your time. To get the expected income, you need to know the following:
I, personaly, avoid bounties with set amount of coins/tokens as reward. Well there might be some exceptions, if the set reward is high enough, but there is a problem of authors knowing exactly how much they are willing to pay you. But if you go with the route of stakes, you are likely to get much higher reward. If the authors are willing to give 100 000$ for translation bounty, and you end up being only 1 of 20 participants in this ICO, your reward would be much higher than, let's say, reward of 60 000 tokens worth 0,01$ each.
Total coin supply will tell you, how could the coin/token grow after the listing. Coins with really high total supply will msot likely drop like and apple on Newton's head after listing. So try to participate in the bounties of ICOs with low total coin supply.
Check the spreadsheet before going in, if there are already 1 zillion people liste for the bounty you are interested it, it might be too late to accumulate enough stakes for you and you would get only a little reward. Also check the spreadsheet even after pariticipating regularly and divide the total bounty with already given out stakes and multiply it by your stakes. Count if this ICO is still nicely profiting one, or if it just became a waste of time.
Similar projects might give you an insight into the expected price after the listing.
Step 3
Admit a mistake.
Everyone makes mistakes. You are everyone. Don't be stubborn, get out of failed bounties, save your time, get yourself an ice cream as a consolation prize.
If in the process of working for some ICO in a boutny program you figure out, that this ICO is a fraud, stop working for them. It is that simple. Do not promote thiefs. Don't let other people get robbed by terrible ICO, which will jsut grab their money and disapper. Take the loss like a human you are (see? gender neutral!) and move on.
UPDATE
Thanks for great feedback. After reading through comments, i decided to add an update with step 4!
Step 4
Check the bounty manager and the team.
If the ICO is managed by newbie or Jr. Member bounty manager, you might want to avoid it. Try looking at the past projects of the bounty manager. Were the projects successfull? Does the bounty manager has great positive feedback? On the other hand, if he is negative-trusted, avoid him completly. If the past projects were really successfull, you can be pretty much sure, that you will receive the promised reward.
Also you can see the team behind the project msotly around the end of a whitepaper or on the website. Check their previous experiences. Google them. check their profile pictures, if they are taken from the internet or if they are genuine. Do you due diligence, don't be lazy!
Those 4 steps are the absolute minimum you need to know before and right after getting into a bounty program. I hope this article will help someone. Until next time, BYE!
As more and more bounties are giant waste of time, I decided to write up a summary of how to choose a boutny correctly. For dummies. As anyone with some experience already knows this. Most ouf us, boutny hunters got burned at least once. I want to help prevent that.
Step 1
Read the white paper.
I mean it, READ the frikin' whitepaper.
You can tell a lot from whitepaper. Does it sound familiar? Is it ultra impossible? Is it just plain shi... shinny pile of crap?! AVOID IT!
There is no reason to waste good amount of your time with an ICO bounty without really interesting, reasonably long and creative whitepaper. Any good ICO will take their time and produce quality, mistake-free and polished white paper.
Step 2
Check your possible income.
This might seem like a no-brainer, but I have seen not one too many, but TWO too many people wasting their time for really, REALLY low reward. Why would you waste X hours of your time for 10% of a reward you could get from a different ICO?
Know your price. You must know how much you value your time. To get the expected income, you need to know the following:
- Total coin supply
- ICO price per unit
- Price per coin of similar project
- Expected coins per stake
I, personaly, avoid bounties with set amount of coins/tokens as reward. Well there might be some exceptions, if the set reward is high enough, but there is a problem of authors knowing exactly how much they are willing to pay you. But if you go with the route of stakes, you are likely to get much higher reward. If the authors are willing to give 100 000$ for translation bounty, and you end up being only 1 of 20 participants in this ICO, your reward would be much higher than, let's say, reward of 60 000 tokens worth 0,01$ each.
Total coin supply will tell you, how could the coin/token grow after the listing. Coins with really high total supply will msot likely drop like and apple on Newton's head after listing. So try to participate in the bounties of ICOs with low total coin supply.
Check the spreadsheet before going in, if there are already 1 zillion people liste for the bounty you are interested it, it might be too late to accumulate enough stakes for you and you would get only a little reward. Also check the spreadsheet even after pariticipating regularly and divide the total bounty with already given out stakes and multiply it by your stakes. Count if this ICO is still nicely profiting one, or if it just became a waste of time.
Similar projects might give you an insight into the expected price after the listing.
Step 3
Admit a mistake.
Everyone makes mistakes. You are everyone. Don't be stubborn, get out of failed bounties, save your time, get yourself an ice cream as a consolation prize.
If in the process of working for some ICO in a boutny program you figure out, that this ICO is a fraud, stop working for them. It is that simple. Do not promote thiefs. Don't let other people get robbed by terrible ICO, which will jsut grab their money and disapper. Take the loss like a human you are (see? gender neutral!) and move on.
UPDATE
Thanks for great feedback. After reading through comments, i decided to add an update with step 4!
Step 4
Check the bounty manager and the team.
If the ICO is managed by newbie or Jr. Member bounty manager, you might want to avoid it. Try looking at the past projects of the bounty manager. Were the projects successfull? Does the bounty manager has great positive feedback? On the other hand, if he is negative-trusted, avoid him completly. If the past projects were really successfull, you can be pretty much sure, that you will receive the promised reward.
Also you can see the team behind the project msotly around the end of a whitepaper or on the website. Check their previous experiences. Google them. check their profile pictures, if they are taken from the internet or if they are genuine. Do you due diligence, don't be lazy!
Those 4 steps are the absolute minimum you need to know before and right after getting into a bounty program. I hope this article will help someone. Until next time, BYE!
step 2 and step 4 is the most important part here when joining bounty campaign. you should take a look at a good campaign manager with a good reputation.
sometimes joining bounty campaign who was already hyped is not a good choice. less participants = more stakes you will get.
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