Sweatcoins Currently Flawed Value


#1

Not many of you know Sweatcoins current estimated value, but I’m sure you know each one isn’t worth that much. As of now, one SWC is worth approximately $0.006 USD, which prices the 1000 SWCs you earned over the course of 4-5 months(if you have good conversion rates) at only six US dollars. Don’t worry, it didn’t used to be like this, but one major factor over-complicated trading and negatively impacted Sweatcoins rate.

The “transfer lock” is a feature they added to marathon offers in the late summer of 2018, and in short it only allowed users to use earned SWCs towards these offers. On trading Discord servers and online forums, each SWC was going for around $0.05-$0.06, but after they implemented this feature the prices only went downhill. People were buying these coins to get the $1,000 PayPal marathon offer, and when that option was removed for them trading started to die, interest over the app started to slightly decrease, and these trading platforms started losing many active users. The reason the value is so low, is because Sweatcoin has made things more complex and more confusing with this transfer lock. If you think about it, your earned 1,000 Sweatcoins are still technically worth $50 USD, you just have to reach an unreasonable threshold to cash out. Each earned Sweatcoin, is worth $0.05 as of now, but sweatcoin removes their endorsed $0.05 rate once it leaves your account. Discouraged after reading the description of the marathon offers, you decide to bail on the app and sell your Sweatcoins. Your 4 months of earned Sweatcoins, which are actually worth $50, are sold to some routine trader who paid a measly 5 dollars for them because they “have to profit.” This is an experience for many users, and I have seen it first hand with countless sellers who come to me looking to sell their Sweatcoins with the same exact story as the one I just stated. Everyone says that they just need to remove the transfer lock feature, but I believe it’s not as simple as that. Sweatcoin did it for a reason, and I’m sure it was justified.

In conclusion, sweatcoin needs to work on a way to improve the overall value and provide it to the community before implementing it. Involving the community more will gain more interest in the app and possibly increase its value. I have a suggestion that will possibly increase trading value, increase interest in the app, and keep discouraged sellers from deleting the app: make the marathon offers more reasonable. Having reasonable goals will encourage users to stick with the app and eventually get something out of it overtime. 1,000 earned Sweatcoins for $50 USD or even $40 USD sounds really good to me.

List any other cool suggestions below, but make sure it’s sort of legit. I may critique them or explain why it may or may not work.


#2

Where does the cash out to n64 option fit in with your description ? My daughter cashes out to her n64 account every now and again and does quite well. I tried it and it returned my coins :frowning:
But if I could cash out that would mean some days I make a £1 a day or a bit less.
But the option is not there for android and seems flakey at best for iphone But I know lots would use it if that feature worked across the board


#3

I agree completely. I am on the verge of uninstalling. The $1000 threshold, which is like 3 years? Of maxing out, makes it feel more like an impossible scam than a real goal. If I could do it in 50 or even 100$ increments, it would seem much more like a genuine offer.


#4

I can’t give you much info on the Cash Out feature. Primarily because it’s not available to me. N26 is a banking system I’m not familiar with also. It’s based in Europe (Germany I believe), and it’s only just recently launched in the USA. I initially believed the Cash Out feature with N26 was a good thing, but seeing how their own algorithm values it at less than $0.005 I’m not going to get my hopes up again for a while.


#5

3 years optimistically. I’ve calculated it before, and for me, as a student athlete, it will take 4-5 years to achieve the $1,000 offer.


#6

I would appreciate being able to swap/trade in sweatcoins for google play credit (maybe similar to google rewards, you only get a few pence for the 2/3 question surveys, but it builds up quite quickly) I’ve not been able to complete any of the offers as a couple of them wouldn’t let me claim the bonus, as they were trying to set up subscriptions and were declined because of unavailable funds. This irked me no end, because they assured me no money would be taken without permission, and nowhere in the small print did it say anything about paying an upfront subscription (because that makes the whole offer bloody pointless tbh!) and i wouldn’t have chosen to buy it if it was clearly stated that there was any charge!! So i lost my sweatcoins, and they wouldn’t refund them when I explained the situation. So basically, i think it’s unfair that these ‘offers’ conceal all the important information to get you to part with your sweatcoins. :weary::weary:


#7

Yes your making excuses OP! The value should never have dropped to the level it is now. It is a disgrace. I used to use my N26 card to cashout. But right now I am feeling very angry that my current Sweatcoins I can’t cashout at the current value.

This needs to change or more people will uninstall!!!


#8

I agree with the lower threshold, at it’s current rate there is no real incentive to use the app to earn currency as it’s simply not obtainable for most people and so discourages them from using the app (or pushing themselves to exercise).

What I would do is offer gift cards. Companies can buy these at discounted rates, lowers costs to transfer to users, and could be done at around $10 increments much as Achievement (another app that pays for walking) does. The threshold for how many steps could easily be data driven, a number of steps it takes the average person to do in 6 months (or some such). Yes, all this lost value by actually paying users, like with the old system of being able to use coins for any offer, will cost them money. But it will up user retention and give us back a reason to use the app beyond hoping an offer comes by that we are interested in paying into with both Sweatcoins and currency (the current system).


#9

I completely agree with that. I’ve only had the app a couple of weeks, only got 100 ish sweatcoins, and I’ve bought 2 offers and been suckered out of the sweatcoins because they didn’t put in the offer details that shipping & subscription fees were mandatory!! Even though, i might add, the one from Cleo, said no funds would be taken without consent, then it declined my card due to insufficient funds (the ‘funds’ i was assured weren’t needed). So I lost out on the offer, and my sweatcoins, because they couldn’t issue a refund. Well disappointed with my first experiences so far. So yes, gift cards would be a massive incentive & would make it more popular. Because not 1 of the people I’ve seen on the list, are within 20 miles of me, and not 1 of my 900 odd facebook friends are using/linked to sweatcoin


#10

Valuable insight, I like this idea


#11

What is the current rate? I don’t have access to the Cash Out feature so I can’t check regularly


#12

I find that many people have issues with the cheaper, daily offers. Best thing to do is save up for a good marathon offer, or wait until they release a non defective daily one.


#13

The current rate is around 0.005


#14

As far as I know, there is still no official rate or price per Sweatcoin so there isn’t really anything to base the price of each Sweatcoin anymore after the transfer lock thus the really low rates for peer to peer trading. I remember transfer lock was implemented because many Sweatcoin users abused the system by cheating when pooling aka traded Sweatcoins were allowed for those offers. I think the purpose of transfer lock was to help prevent cheating/scamming, and so Sweatcoin users get a more equal chance of earning them. I believe the marathon offers were meant to be a major feat when obtained since they want you to really sweat (exercise) for it, and then you can brag about it. Although I agree that transfer lock had a major impact on the unofficial rates of Sweatcoin used for peer to peer trading, but I think transfer lock is better for the future of Sweatcoin since it gives users a more equal chance to earn them and brings the focus back to earning them through walking, daily rewards, and invites when compared to allowing traded Sweatcoins. I don’t think daily rewards existed at the time transfer lock was implemented, so it was just walking outside or invites to earn the marathon offers for a while.

If marathon offers price in Sweatcoins can’t be lowered due to affordability, then I suggest adding offers that are of lesser value, but still very much worth it. It would be like offers for a quarter marathon, and half a marathon before the actual marathon offers. The offers would also use earned Sweatcoins. Sweatcoin users that are discouraged by the marathon offers can redeem those offers in months or in a year instead of a few years.
Also, I suggest making the marathon offers in the regular app marketplace unable to be bought with only Sweatcoins from invites to make things more equal. Those offers should only allow up to a certain percentage of Sweatcoins earned from invites, and the rest from walking and/or daily rewards. I think it gives users that have large followings an unfair advantage if they are able to buy marathon offers from the regular app marketplace without even earning one Sweatcoin.

Imagine if someone like Pewdiepie told his followers to download Sweatcoin with his referral link and then bought the marathon offers in the regular marketplace, he wouldn’t even need to walk or wait a few years, so he didn’t earn it with his “sweat.” I mention Pewdiepie since he promoted another app this year and it got tens of thousands of users, maybe more, to join that app even though the app, I won’t name, is awful.