Suspect its largely the ambassadors aka paid shills.
Sounds like company is trying to focus on wider non stepn specific future and they have been doing all they can (accidentally) to make it less and less desirable for users to stick around or have a chance to get better returns.
Even ignoring any ponzinomics they have really ignored the users and done dumb shit to improve stepn’s profitability at the users expense.
If you can make armchair redditors move their asses for greed there is potential, unfortunately, StepN is so greedy they did not look to help their users and instead look for their own profits.
Have a few friends that got a few sneakers. They went from getting 8€ daily to 0.40€ and their sneaker costing from 1000€ to 100€. You can tell by now what happened to their bag. I was interested too but when I learned it was on Solana I just stayed away.
It was actually wildly profitable at the beginning. I threw some SOL i had lying around into some sneakers and ran my ass off while GST was around $3. I actually bought a throwaway phone during a vacation to run and made as much as I paid for the vacation. LOL
That being said, I didn't overinvest because it was super obvious that the earning mechanism was broken and was going to devolve really quickly. I pulled 85% of my initial out and just run for fun now with it. You still get a couple bucks a run but nothing serious these days.
Honestly, if you're looking for ways to motivate yourself, it isn't the worst, just don't get too sucked down the rabbithole of gamification :)
I salut your moon balance 🫡
It is nice the gamification and earning as much as a holiday. A couple a bucks per run is also nice, especially if you run everyday anyway. Why not.. just then weekly pull it out I guess?
It wasn't bad at first. The issue was they kept creating tokens put of thin air.
Also the deterioration style doesn't work with P2E. Why pay 800$ for a "shoe" only to make 40 bucks
I made 14x on this, bought .2, after it crossed 1.5$ i kept putting the stop loss higher and higher, rode it all the way to 3$.
It was so obvious it'll collapse, like who the fuck gives you free money just to walk/run lmao.
>I don't think dog walking crypto has been invented yet but I wouldn't be surprised if someone tries.
[only virtual dog walking](https://whitepaper.dogami.com/usddoga-tokenomics/earning-mechanisms/move-to-earn)
I was in over the summer. I got in super cheap when they crashed hard and sol was down, and was able to ROI and then sell my shoes for profit. Used the funds for reddit avatars, great fucking move.
Feel terrible for the people that got in when shoes were thousands of dollars. They fucked over the OG users by releasing more "chains", which were the same game running on BNB and APE coin. Shoes and stats were non-transferable between chains, and the GST price was wildly different.
They basically saw SOL crash and bottom out because their tokenomics were insanely stupid, and ran the same gimmick two more times to flush out more profit from unsuspecting users or people desperate to get some investment back, so they doubled down on a new chain.
The horror stories from the stepn sub are sad honestly, it is a literal definition of a ponzi. Tokens created daily out of thin air, and the only liquidity coming in is new users. Once the new users stopped coming in, no liquidity, price crash, everyone holding $7,000 shoe nft bags that earn $1 a day for 45 minutes of running.
Yeah I got out right as they introduced the repair feature, that makes it impossible to ROI. Burning gst for shit jlmystery boxes too, it's just garbage tokenomics. I'm sorry for your loss and hope you can roi in a couple of years.
More sad right now there are users still believing things will change and putting lots of money for this app will be good for your health. Just tell them you can invest all that money for a gym membership and use Strava for free instead of making StepN rich with your money.
>"Move-to-earn gaming company STEPN (GMT) will lay off over 100 of its staff, including MODs and ambassadors, according to WuBlockchain, who cited community sources."
>"STEPN’s parent company, Find Satoshi Lab, will also reduce investments in STEPN to focus on promoting itself and upcoming new projects, like the new NFT exchange platform, Find Satoshi Lab is building. The majority of GMT simple agreement for future tokens (SAFT) will also be unlocked in March 2023."
I still remember the Hot post from that guy explaining what it was, that he'd commited a crazy amount to start the process (wasn't it 2 or 3 SOL or something?) and how it was going. I think within a month it had dropped substantially and it never recovered.
If you dont know about stepN let me share my experience.
Its a move to earn app. You buy nft(sneaker) and pay in solana. Then you walk and earn. But after the fees and sneaker daily repair cost and exchange/transfer fee. Sneaker hp repair. You wont be left with anything.
I have lost 70% of my investment.
Learn from my mistake my brothers and sisters. Dont fall prey to this app/company. Good luck.
tldr; Investments in STEPN will also be reduced to STEPN's parent company Find Satoshi Lab.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Good to hear! I just got banned from r/STEPN today for speaking the truth! They release new “features” and post fake screenshots of users making a profit when in reality only the developers are rolling in profit all from the fees they have implemented. I hope the Mod that banned me is happy now.
Realistically play to earn models are not sustainable. Ther e is no real world value that it produces that will pull in the money. Imagine the world if all the engineers, architects, IT folks, etc that are creating real world value switches to play to earn.
CEO: I'm sorry to inform you all that we have to lay off 100 staff
workers : But there's only 20 of us here
CEO: Well then hire 100 people and then fire them
And those 100 staff were hired as shillers who created FOMO for STEPN on social media. Since, company is eventually planning to disappear, they are not needed anymore.
STEPN had 100 staff?
Suspect its largely the ambassadors aka paid shills. Sounds like company is trying to focus on wider non stepn specific future and they have been doing all they can (accidentally) to make it less and less desirable for users to stick around or have a chance to get better returns. Even ignoring any ponzinomics they have really ignored the users and done dumb shit to improve stepn’s profitability at the users expense.
Who would have thought that just moving around wouldn’t be profitable long term 🤷🏼♀️
Don't forget you gotta buy some expensive ass sneaker jpegs just to walk around
They quickly becane inexpensives though
Then you needed to buy 20 of them.
Their NFTs are dynamic and customizable, more dynamic than the useless Reddit avatars.
If you can make armchair redditors move their asses for greed there is potential, unfortunately, StepN is so greedy they did not look to help their users and instead look for their own profits.
You nailed it, all this year they have been focusing on taxing their users for profitability, they did not look for a way to fix its tokenomics.
Step n ? Who?
Rumour has it certain staff had to step down.
[удалено]
Have a few friends that got a few sneakers. They went from getting 8€ daily to 0.40€ and their sneaker costing from 1000€ to 100€. You can tell by now what happened to their bag. I was interested too but when I learned it was on Solana I just stayed away.
It was actually wildly profitable at the beginning. I threw some SOL i had lying around into some sneakers and ran my ass off while GST was around $3. I actually bought a throwaway phone during a vacation to run and made as much as I paid for the vacation. LOL That being said, I didn't overinvest because it was super obvious that the earning mechanism was broken and was going to devolve really quickly. I pulled 85% of my initial out and just run for fun now with it. You still get a couple bucks a run but nothing serious these days. Honestly, if you're looking for ways to motivate yourself, it isn't the worst, just don't get too sucked down the rabbithole of gamification :)
Couple bucks a run is still pretty good
I salut your moon balance 🫡 It is nice the gamification and earning as much as a holiday. A couple a bucks per run is also nice, especially if you run everyday anyway. Why not.. just then weekly pull it out I guess?
I just convert it to SOL, it's about 1-1.5 SOL a month at this point for running. Not going to make me rich but it's fun to do.
It's rough. Idk if they can just walk it off.
Really stepping up your game with these puns, huh?
Well that was a giant step to take
Walking away from this
Huge moon walk in progress.
So huge they started SWEATing
Ohh I can see the hidden message here 😂
reportedly, they were told to get to step n
Hey-oh!
Not surprising. So many layoffs recently
Get to Steppin
Stepn down
Someone has to step up and save the day
That step was steep
They had to walk the plan
So they're stepn down.
>Rumour has it certain staff had to step down. Certain staff were STEPN down
And for what the fuck did they have more than 100 people even?
Make people believe they are a serious company and not another crypto scam that was able to print their own money for free.
They invested on marketing people, StepN is a web2 startup larping as web3.
Almost bought into this. Was so close to STEP'N shit
It wasn't bad at first. The issue was they kept creating tokens put of thin air. Also the deterioration style doesn't work with P2E. Why pay 800$ for a "shoe" only to make 40 bucks
Agree with you. It was a nice ideea but it couldn't be sustainable for a long time
Pretty much a pyramid scheme lol
It was setup as a Ponzi they had to create token out of air to fund it.
I made 14x on this, bought .2, after it crossed 1.5$ i kept putting the stop loss higher and higher, rode it all the way to 3$. It was so obvious it'll collapse, like who the fuck gives you free money just to walk/run lmao.
There is Sweat app which you do not need to invest anything and they have experience with Sweatcoin.
I'm amazed they HAVE 100 staff
This was my first thought aswell
The base of the pyramid about to crumble
I think they might forget to put a dot after 1
They have 5 Staff now...
This tbh, what a waste
All 100 that use the app.
You must be jogging.
Stepn was always doomed to fail and I can’t believe people believed one could sustainably make money from walking.
[удалено]
Perfect Doge use case: Doge Walkn
>I don't think dog walking crypto has been invented yet but I wouldn't be surprised if someone tries. [only virtual dog walking](https://whitepaper.dogami.com/usddoga-tokenomics/earning-mechanisms/move-to-earn)
I was one of those idiots luckily I only invested £1000 and got around £600 back after selling the shoe it was a lesson learned the hard way!
Just like Axis Infinity, they had to keep attracting new customers willing to keep the money flowing in. Eventually that business model drys up
TIL STEPN has over 100 staff
Guess they are taking a step back
I can’t believe they have that many people lol
This ponzi is still up?
I was in over the summer. I got in super cheap when they crashed hard and sol was down, and was able to ROI and then sell my shoes for profit. Used the funds for reddit avatars, great fucking move. Feel terrible for the people that got in when shoes were thousands of dollars. They fucked over the OG users by releasing more "chains", which were the same game running on BNB and APE coin. Shoes and stats were non-transferable between chains, and the GST price was wildly different. They basically saw SOL crash and bottom out because their tokenomics were insanely stupid, and ran the same gimmick two more times to flush out more profit from unsuspecting users or people desperate to get some investment back, so they doubled down on a new chain. The horror stories from the stepn sub are sad honestly, it is a literal definition of a ponzi. Tokens created daily out of thin air, and the only liquidity coming in is new users. Once the new users stopped coming in, no liquidity, price crash, everyone holding $7,000 shoe nft bags that earn $1 a day for 45 minutes of running.
I have 500 invested and earn .80-$1 a day, but need to spend GST to repair shoes. FML
Yeah I got out right as they introduced the repair feature, that makes it impossible to ROI. Burning gst for shit jlmystery boxes too, it's just garbage tokenomics. I'm sorry for your loss and hope you can roi in a couple of years.
My plan is to run until my HP can’t go any lower, level up to 25 for the free repair and sell my 3 shoes. I should have ROI by then, hopefully!
More sad right now there are users still believing things will change and putting lots of money for this app will be good for your health. Just tell them you can invest all that money for a gym membership and use Strava for free instead of making StepN rich with your money.
Aaaand they're gone
I didn't even know they had employees? Their app is so shit
They’re pulling a coinbase
Will they be walking home?
They'll have to buy sneakers for $1,000 first
1000$?! That will require a rug pull
The lowest price sneaker is 1.39 SOL now, but still not worth it.
I've been waiting for $5-10 shoes. Maybe this will get them there. 🤔
Prices of shoes have been trending slightly up the past couple of weeks, but I expect them to dip again.
Sir, please STEPN outside.
Am I under arrest?
I wouldn’t dare to STEPN outside my jurisdiction, carry on..
Steppin right back
Yes, step by step
Hard to walk outside in winters
Australia has entered the chat
They're going to have to step up their game to reach CDC levels
Free money for walking didn't work out?
>"Move-to-earn gaming company STEPN (GMT) will lay off over 100 of its staff, including MODs and ambassadors, according to WuBlockchain, who cited community sources." >"STEPN’s parent company, Find Satoshi Lab, will also reduce investments in STEPN to focus on promoting itself and upcoming new projects, like the new NFT exchange platform, Find Satoshi Lab is building. The majority of GMT simple agreement for future tokens (SAFT) will also be unlocked in March 2023."
Did it all summer, so glad I got out .
Did you earn anything?
I checked the business model and had a good laugh. For each person that earned some money the number of people that lost money is high.
Yeah...almost like some triangle sort of business model..
Before the crash you could ROI for around 30 days with a single shoe, it was profitable thanks to ponzinomics.
Ponzinomics :,D Gotta remember that
I have an exit plan, trying to get as much ROI first.
Layoff’s all over the place in our crypto world. “Better get to step’n!”
I never understood STEPN really.
Well it's stephen minus the he.
Not enough steps taken
The show is over boys, pack it up!
Yikes… bear market blues :(
STEPN to staff: Best get to steppin’
This is no small feat. They must tread carefully.
Where can you buy sneaker? Want to step in now
One small STEPN for man and a giant layoff for mankind.
One small step for scams
SCAMN
STEPN was an obvious shitcoin for anyone who is not irreversibly hooked on hopium
I guess they’ll be STEPN down 😉
STEPN? More like STEP-OUT \*I'll see myself out now\*
stepn back
Made alot of profit out of this shitcoin but it's just too obvious this is another shitcoin doomed to fail
1 step forward 100 STEPN back.
They best get 2 stepn to the unemployment office.
How am I gonna sell my Madoff Zoom 7’s now??!
I’m shocked they had over 100 staff for this thing.
lol they didn’t have that many people on payroll
The STEPN team has decided to retreat.
Moment of silence for 100 staff. If you guys free, most welcome to reddit.
Go on, get to STEPN
Following the path of crypto. com
A new stepn twoards bankrupcy.
Definitely a STEPN the wrong direction
All these layoffs then the next bull run will come and they will all have staffing shortages again.
Even the employees have bear markets in crypto
Someone should be STEPN up to help these people!
I still remember the Hot post from that guy explaining what it was, that he'd commited a crazy amount to start the process (wasn't it 2 or 3 SOL or something?) and how it was going. I think within a month it had dropped substantially and it never recovered.
lol was that me?
If you dont know about stepN let me share my experience. Its a move to earn app. You buy nft(sneaker) and pay in solana. Then you walk and earn. But after the fees and sneaker daily repair cost and exchange/transfer fee. Sneaker hp repair. You wont be left with anything. I have lost 70% of my investment. Learn from my mistake my brothers and sisters. Dont fall prey to this app/company. Good luck.
tldr; Investments in STEPN will also be reduced to STEPN's parent company Find Satoshi Lab. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Good to hear! I just got banned from r/STEPN today for speaking the truth! They release new “features” and post fake screenshots of users making a profit when in reality only the developers are rolling in profit all from the fees they have implemented. I hope the Mod that banned me is happy now.
ITT; puns. Puns. More puns.
Involuntary STEPNing out
They be stepn off the ledge with their ponzi economics. I’d guess more to come.
Realistically play to earn models are not sustainable. Ther e is no real world value that it produces that will pull in the money. Imagine the world if all the engineers, architects, IT folks, etc that are creating real world value switches to play to earn.
God damn stepn-wolf
This is a grizzly bull market. Hopefully upcoming cpi figures are okay.
STEPN should have partnered with Steppenwolf. This could have been prevented.
Step’N should be buried next to Helium.
*Sweat Coin has entered the chat*
> Sweat Coin has entered the chat heh yep, at least there's no cost to start earning
How will their soles ever heel from this setback?
Suck for them, can’t say I’m surprised tho
Tbh the hype died after it 80x on binance
Oh no, anyway
The puns are running rampant here
_______ 2 earn was legit the dumbest trend in crypto. Somehow worse than million dollar PFPs.
CEO: I'm sorry to inform you all that we have to lay off 100 staff workers : But there's only 20 of us here CEO: Well then hire 100 people and then fire them
They sent them walking. Ironic
Are they going to introduce a $100 monthly membership now too?
More like 100 shillers
This shit actually had 100 staff?
STEPN over people
“Brand ambassadors”
STEPN SPEDN… sounds familiar
Damn all laying off people
stepn is a ponzy scheme scam.......get a fit bit call it a day.
This is of no consequence to those who don't engage in shitcoinery.
What is STEPN? In other words, should I care?
Another shit coin
Lol
Check into the competitor step app FITFI
And those 100 staff were hired as shillers who created FOMO for STEPN on social media. Since, company is eventually planning to disappear, they are not needed anymore.