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Earn US $24+ in Crypto Currency (DAI) by Watching Some Short Videos and Setting up a Wallet/CDP @ Coinbase

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Earn US $24+ in Crypto Currency (DAI) by Watching Some Short Videos and Setting up a Wallet/CDP @ Coinbase
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jaxxon on 01/08/2019 - 15:13 coinbase.com (2510 clicks)
Last edited 01/08/2019 - 21:17 by 1 other user

Coinbase has a new offer, members can now earn 20 DAI, a stable coin pegged to the US dollar, by following a short tutorial. There are 3 very short videos to watch that earn 2 DAI each, if you answer the multiple choice question correctly. After that you earn 14 DAI by installing Coinbase mobile wallet. Coinbase will also send you 0.02 Ethereum (currently about $USD4.26) to allow you to follow a tutorial and generate DAI. All up took about 10 minutes and a few extra minutes waiting for the network to process transactions.

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closed Comments

  • raiseyoursteaks on 01/08/2019 - 22:54
    -1

    mine is getting stuck at the "Create your CDP" final stage.

    • vince088 on 01/08/2019 - 23:12
      +1

      HINT: you can complete the other video quizzes and convert your earnings to ETH thru coinbase. then use the ETH to complete the DAI transaction. winning!

      • raiseyoursteaks on 01/08/2019 - 23:18
        -1

        I sent it out to Binance and overseas to cash out. It was hanging just now, now looks like its done and got my DAI.

  • axlfan on 01/08/2019 - 23:40

    So DAI is an ERC-20 token pegged to the US $?
    Still dont get the concept of a "stablecoin". If I say its equal to $1, it is?

    • fnark on 02/08/2019 - 08:27
      +2

      It's a floating peg based on supply/demand and arbitrage bots usually keep it within a few %. Your collateral is based on the USD value of Ether so long term every CDP user has to pay back $1USD equivalent to release their collateral.

      Interest is paid in a separate token (MKR) so the last person out doesn't get stuck with a deficit i.e. when all the Dai has already been returned.

      Depending on your outlook/understanding you could also simply buy Dai on the market and lend it out at 12% (variable) APR on Compound instead of minting it via CDP.

      https://app.compound.finance/
      https://mkr.tools/system

      • Boshait on 06/08/2019 - 09:13

        Don't you also have to pay a "stability fee" to release your collateral?

  • hailingstars on 02/08/2019 - 00:29

    How do you close the CDP??!!
    because of the stability fee, it looks like I have to buy MKR to close it?

    I think I should have just claimed the ETH and be done with it. Closing the CDP is confusing.

    If you managed to close it, please let me know how.

    • ProggerPete on 02/08/2019 - 09:30

      Same issue.

      • hailingstars on 02/08/2019 - 10:20
        +1

        I managed to close the CDP. I will tell you the steps I took to close it and why I think I couldn't at first, but my explanation may not be correct.

        When you generate DAI using the CDP, you also incur a stability fee. The stability fee is the problem, no matter how much DAI you generate you will never have enough to pay the stability fee. To close the CDP you will need to get the DAI into your account some other way.

        I had to send some DAI from coinbase to the wallet used in the tutorial and then I clicked "close the CDP" in the dapp (just go to cdp.makerdao.com in the wallet browser). I chose not to pay with MKR, but with the other option (DAI).

        When I first tried this it didn't work, because I didn't have enough ETH for the miner fee. After I transferred some ETH to the wallet I was able to close the CDP.

        Unlike me, you may not need to transfer ETH. I believe I had enough ETH to pay the miner fees when I first started the CDP tutorial, but because of several failed transactions when trying to close the CDP (because I didn't have enough DAI) it used up all my ETH. Every failed transaction seems to use up ETH.

  • Blackcat2 on 02/08/2019 - 00:37
    +1

    I presume those who managed to get their coins got verified by uploading your ID? Are you OK with that? What's the potential damage if the data is leaked out?

    • TheGoodPart on 02/08/2019 - 09:12
      +1

      Unfortunately due to regulators all American and Australian exchanges require KYC. If you want to buy/trade crypto on an exchange with no KYC your best bet is Binance as they are the largest & most transparent/secure exchange that don't require verification. You would still use your credit card which will be tied to you but for the account they just require an e-mail.

      • Boshait on 06/08/2019 - 09:16

        AFAIK Binance requires kyc now. They certainly have a lot of pages on their site devoted to helping users complete their KYC.

        • TheGoodPart on 06/08/2019 - 09:34

          I have a non KYC'd Binance account. I cannot use margin trading or withdraw more than 2 BTC as a non KYC'd account. I also made a new account for a project just a couple of weeks ago, didn't require KYC. It wouldn't surprise me if they announced tomorrow KYC was required though, lol.

  • burns13 on 02/08/2019 - 07:51

    E Z Money. I'd like to earn more crypto, surely can't be all this easy

    • TheGoodPart on 02/08/2019 - 09:02

      Learn how to trade you will either make a tonne or be broke =D

      If you would actually like to earn more crypto there's a relatively new one developed by Stanford PHD's. I got interested because of the utilizing untapped resources part but after showing it to my friend who works in data security he says their idea for securing the network is actually rock solid. Because the way the network works (invitation of members by trusted parties) you can download the app on your phone, use my invitation code TroyH and begin to mine Pi (uses no resources on your phone) You can only be added by verified users so the code is necessary. Then you can earn a certain amount every 24 hours.

      Also the team did 0 pre-mine. Might blow up might fade away but doesn't hurt to get the tokens for free.

      • TheGoodPart on 02/08/2019 - 09:05

        Ugh forgot the actual app name. It's called Pi Network you can checkout the whitepaper on the minepi website

        • pyramid on 02/08/2019 - 09:11

          I tried it. What do you get when someone use your code..

          • TheGoodPart on 02/08/2019 - 09:13

            @pyramid: When someone uses your code because you're strengthening the network the mining reward is increased for you.

            • pyramid on 02/08/2019 - 09:16
              +2

              @TheGoodPart: Looks like pyramid scheme…lol

              • TheGoodPart on 02/08/2019 - 09:22

                @pyramid: Haha I laughed when I saw your name.

                Well, no one needs to purchase anything so I guess there's that difference. The developers didn't hold any coins they want to grow the network with users. The whole premise only works if there are lots of verified users so it's a pretty good way to get started =D

                Now if they were asking for money then I would agree with you!

                • ilovefullprice on 03/08/2019 - 17:56
                  +1

                  @TheGoodPart: Another one is Initiative Q which is a payment system in between what we have now and crypto.

      • frewer on 03/08/2019 - 20:27
        +1

        This idea has to wait until BTC finish its bull runs, then the top 10 coins go up. Atm whales are busy with BTC, moreover the creator of it should go anonymous b4 he/she being drag out to the congress like …. Libra

  • PorkHunt on 02/08/2019 - 09:49

    After I did the 4 tutorials for DAI in left with $4.17 in ETH and $0.08 in DAI. Halp please.

    • Wilder94 on 02/08/2019 - 10:41

      If you want to close it, you can send some extra dai into your wallet to cover the fees

      • PorkHunt on 02/08/2019 - 11:14

        Just wondering am I supposed to end up with $24 USD in DAI?

        • Wilder94 on 02/08/2019 - 11:35

          Roughly, the prices keep going up and down

    • SBOB on 02/08/2019 - 11:36
      +1

      You have to do the last step to get most of it, using the Coinbase wallet account and creating a transaction
      With the current eth fees you'll need additional eth to actually do this

  • jonske on 02/08/2019 - 13:06

    for DAI - i created the CDP but the verify button is stuck spinning?

  • Blackcat2 on 02/08/2019 - 14:15

    ZEC and ZRX pool of fund has dried up. Need to wait for next round

  • trishmapow on 02/08/2019 - 14:38

    Anyone else getting 'joined waitlist' even after ID verification?

    • Reveen on 02/08/2019 - 15:13
      +1

      It's their roundabout way of saying Ozbargained.

  • tdw on 03/08/2019 - 06:54

    i'm not seeing any of the questions after the short videos. is that because i'm still stuck on the waitlist?

    • Mibo on 03/08/2019 - 15:25
      +1

      Yes, it should say how much of the coin you have left to earn instead of the stuff about the wait list. Check if you can buy/sell coins, it should be saying restricted account if you have the wait list problem.

      • tdw on 03/08/2019 - 17:30
        +1

        i had my driver's licence approved a few minutes later and the "take the quiz" button appeared

  • Mibo on 03/08/2019 - 15:17

    For creating a CDP there's a payment of $11.60 for me but my balance is only $6.54. So I get insufficient funds. I followed the tutorial to "Enter 0.006 ETH. Then enter 0.06 DAI." but I can't continue because of this.

    • SBOB on 03/08/2019 - 15:33
      +1

      Yep, eth fees to high.
      Can trade coins from other surveys to eth and send over to cover it if you don't want to wait around (which is what I did)..
      Still a net gain

  • tabboo on 03/08/2019 - 20:48
    +1

    How does one close the cdp, and are there any issues if I don't, and completely forget about it?

    • vikvance on 05/08/2019 - 22:25
      +3

      To close the CDP, you need to send some DAI from your Coinbase account to your wallet.

      1) Open the Wallet app & tap on wallet icon & then tap receive.
      2) search for DAI & then tap on it.
      3) Tap copy to copy the address (a very long string of numbers & letters)

      4) Go to Coinbase app & tap on accounts & find the DAI wallet
      5) Tap on the paper plane icon in the top right
      6) I think only something like a dollar is needed, but I'm not sure.
      7) Tap continue
      8) Tap on the To: field & paste the address.
      9) Tap on the paper plane icon in the top right.

      10) After some minutes you will eventually receive the DAI in the Wallet, and you can go ahead & close the CDP.
      11) You can then send any DAI (and the ETH) back to the Coinbase account. (Sending the DAI needs ETH, so send any DAI back first.)

  • Forgot69 on 05/08/2019 - 12:12
    +2

    Looks like mining fees are back within a range you can complete the CDP.

    • firestint on 05/08/2019 - 15:11

      Yep, just did mine and fee was about $2.20

  • dtox on 14/08/2019 - 00:52

    Anyone able to close their CDP lately? I just tried using DAI for stability fee. Transferred from coinbase to wallet. Was charged $0.04 ETH miner fee but the CDP is showing as still open. Should I just try again?

  • naru6705 on 24/08/2019 - 22:40

    Has anyone been a to transfer this virtual crypto money to real AUD in bank

    • SBOB on 24/08/2019 - 23:09

      Account on somewhere like btcmarket and sell for AUD and withdraw

  • mr_asstight on 12/09/2019 - 12:06

    DAI transfer stuck for 30+ min!

    • mr_asstight on 12/09/2019 - 14:03

      nevermind. stuck on network and took 3 hours!

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