Impossible auctions


#1

I’m a relatively new member of sweatcoin and I’m finding it difficult to get remotely motivated to work for prizes when the rate of inflation for these auctions is higher than my rate of earnings.

Taking the Amazon $1000 gift card:
01 November 2020 it went for 19,900.00 coins
27 November 2020 - 20,931.01
15 December 2020 - 21,888.93
08 January 2021 - 23,222.25

So on average, every 22 days, the price goes up by around 1,100 coins. This trend acts in a similar way for all the prizes that have been repeated, as far as I can tell.

I started properly earning 2nd January this year (I had around 38 coins until this point from welcome bonus and daily bonuses but my phone wasn’t recognising my steps), and so far have amassed 519.99. So in those 22 days, I’ve earned a whopping 482 coins.

Now, I know that’s not the maximum I could have achieved had maxed out every day, however it wasn’t a lackluster 22 days and it’s really demotivating to know I am now effectively 600 coins further away from reaching a reward than when I started.

Of those 482 coins I earned, 251 were from steps (around 6k converted steps per day though I actually walk closer to 10k most days), and I did the 3 bonuses and double boost every day, so let’s say the amount earned from non-step activities was 231 coins. This by the way was mainly during the first few days off the month where I got 50 coins 3 times. I believe this was an increased probability of getting high amounts as a new starter/on a free trial of trouble maker, especially considering the last time I had more than 2 coins was on 7th January - however I can’t prove this so will take 231 going forward.

If I were to max out at 50 coins per day on the trouble maker package (spending $1 per month of real money), that would earn 1,100 coins in the 22 days. This involves getting over 25,000 steps per day (probably significantly more since my conversion rate is 60%) every single day, and only then do I MATCH these price increases.

So at this point, my only source of gaining ground on this inflation is the non-step related income, which, as I’ve mentioned is probably no where near the 231 I managed this month (I would like to know what other people who have been using the app longer get on average). Even if I did get that every 22 days, at the current price of 23,222.25 (assuming all future inflation gets netted off with my step earnings), it would take me 6 years to work up to.

6 years of getting over 25,000 steps per day every single day just isn’t feasible for some people, and the current system basically means these people are cut out from having any possibility of reaching the top of an auction. I’m already fed up after my 3 weeks of going backwards in the race - I can’t be the only one?

To improve I think we need marathon offers brought back - even if the rewards aren’t as valuable as they used to be, having them at least obtainable makes all the difference. And there needs to be more regular auctions so that people are cashing out coins more often - again this may mean reducing the value of the vouchers/products if sweatcoin can’t afford to spend more money on them.


#2

You wrote very well and you’re right.


#3

Totally agree mate. Every week the prizes are going up and up on price. I’m on 15.2K sweatcoins and even I struggle to hold a bid in place… Personally. I think people are just bidding for high price ticket items to resell or hoping to get the cash value of it via sweatcoin. .
But I do agree with your point of views.


#4

Said on a thread ages ago bids are just gonna get higher and higher,think they were alot lower at first as auction was only being trialed in uk (might be wrong) won mine for 16200(approx) mate won his for 17500 dont think u would win any auction for that now,think i remember seeing one won for 7500 ,open to world now and as ppl keep gathering sc price is only gonna get higher,still think the idea of tm auctions and unpaid auctions is a good idea for both user and sc but have already been told its not ever gonna happen .


#6

Some of the deals sell out quickly or are hardly any deal as well. I agree on this!


#7

Sadly but true …

Long before the SWC app remove the updating of my friend listing and long before they started trouble maker level, the attached screenshot is a common sight whenever I take a look at my friend listing. There are never short of great steppers generating around 20k steps daily within my listing of around 400 friends

Guess this is the reason why they have to stop Marathon reward. To me it has being a great motivation knowing where I fare among some of the active steppers with this app

With the new TM level. it is now so easy to get above 1k earned SWC every month. (Assuming 30 days in a month and doing 17.5k steps daily converting at 1.05 rate)
A top breaker who max 21k steps daily with 20 earned SWC will only have 600 earned SWC every month.

Guess this is also the reason why all Auction winners tend to have TM status. They also have to continue to be a top stepper in order to win an Auction prize as NOW everyone have to compete globally for a prize that comes once every two days

Sadly but this is true fact with the current Auction scheme …


#8

Well, even though I am sure that sweatcoin crew does not like this statement, the current auction system is a classical ponzi - the great mass of (new) users is paying the very, very few sweatcoiners at the top (amount of coins) with their subscription fees and ad revenues.

As long as sweatcoin inc. does not find a way to give value to every sweatcoin (above a certain threshold at least) I fear that this ponzi like system will end like all ponzi schemes before - with best case scenario that a few paying members remain, keeping the auctions running without sweatcoin inc. being able to grow their revenues out of the sandbox level they are currently playing in…


#9

Hansi2019 I hadn’t thought of it like that before but you are completely right. Well put.


#10

Bravo on a very well written, accurate, description of how this system is very discouraging to participate in with hopes of reaching top auction prize levels.


#11

Very well put. Which is why they should explain their tactic in some way and be more transparent, unless there’s something to hide then they won’t be.


#12

Yeah, definitely! I was going to write a post on the HUGE inflation of Sweatcoins on the auctions. But you did that for me.


#13

Yeah, I only started in late 2019 but even so that wasn’t early enough. Only people who had started when Sweatcoin started would realistically be able to win those auctions. With the exception if you have your entire family working Sweatcoins for you.


#14

Yep, but at least it has kept me walking which I suppose was the entire point of it all. I doubt that I will be able to redeem my Sweatcoins ever nor will 80% of users. (Pareto principle)


#15

I started 2.5 years ago and I’m only on 16.1K coins. I only took it serious the last 2 years. Otherwise I probably would of cashed out for the PayPal cash… shame it’s gone really they should bring it back once a month a certain amount of prizes really is a mass competition now.


#16

What would you consider to be “took it serious”? Like how many steps a day for it to be “serious?” I’m honestly interested in what you think.


#17

Like basically I started june 2018. But I only used the app for like 6-7 months then didn’t really bother with it for like 3/4months months as much as I do nowadays and try reach max daily. Since I’ve made more effort with the app.