One of the more peculiar trends to come out in early 2019 is the concept of squatting for cryptocurrency. Squat for Crypto is a project that promises cryptocurrency tokens in exchange for squatting.
No, it’s not that kind of squatting
Those of you living in the UK will be familiar with the practice of squatting. It is when people (usually hooded youths) take over abandoned buildings and turn them into temporary abodes. It usually ends with the local governments forcibly removing them. Squat For Crypto, however, is not referring to that kind of illegal activities. It’s all about fitness.
Big Brother is watching (your fitness)
The website Product Hunt announced the release of Lympo Squat, which is a fitness app. As opposed to other fitness apps, however, Lympo Squat uses the camera of your smartphone to figure out when you’ve completed a squat. Once a squat has been identified, you will be awarded LYM tokens. the timing is perfect, as January tends to be the month people care most about their fitness… only to drop off in February. Now you can get fit and earn money at the same time!
How does it work?
Reviewers have expressed that the app is pretty good at finding out when you’ve successfully completed a squat. However, it has also come under crticisism for not being very intuitive. One of the deciding factos for mobile apps is how easy it is to use. Lympo Squat seems to falls short of this factor.
How much can you earn?
You will be awarded one LYM token for every five squats you successfully complete. However, you have to do fifteen squats before you see a payout. Another requirement is that you have to do them in 30 seconds — otherwise, you get no reward.
Although you’re working with your own body weight, it’s important to do the squats in the proper way. Any fitness activity can cause injury if done incorrectly. You might be tempted to see if you can earn extra tokens by squatting with weights. Unfortunately, the app does not reward extra effort.
The app needs to rest, and so you do
One of the app’s features is that it needs to rest in between squatting sessions. Although it seems a bit weird that a digital app needs to rest, there is a good reason for this feature. It would be too easy to game the system otherwise. Once you’ve successfully completed squatting sessions, you have to rest for 10 minutes before you can earn more cryptocurrency.
When can you get paid?
You probably want to get paid for your efforts. The requirement here is to earn a minimum of 1,000 LYM tokens before you can get the tokens sent to another cryptocurrency wallet. One LYM token is currenct valued at $0.0078, which means that you’ll have to do 5,000 squats to get 1,000 LYM tokens. that only translates into about $8. If you were planning on getting rich from squatting, then this is bad news.
The price will likely go up
If we assume that this app will take off, then the value of LYM tokens will likely go up. When that happens, it is also likely that the amount of LYM tokens you get per squat will decrease significantly. The best way to earn money with this system is, therefore, to hold on to your LYM tokens and hope for the best.