Why it is unlikely the £1000 reward can return


#1

In my opinion this is why the £1000 marathon offer simply can’t return. Think this through:-

  1. Since the Troublemaker subscription option was made available you can now easily accumulate 20,000 steps in 13 months

  2. Based on the monthly subscription the income to Sweatcoin is 13 months x 99p = £12.87

  3. Once someone has 20,000 steps that creates a liability to Sweatcoin of £987.13!

  4. We know (just from the chat on here) most people joined for the £1000 /$1000 reward and have little interest in the others offers.

  5. Let’s say just 10,000 people achieve 20,000 steps in 13 months

  6. That means 10,000 x £12.87 = £128,700 paid in and 10,000 x £1,000 = £10,000,000 would need to paid out - a deficit of £9,871,300 (not far short of £10 million)!

  7. Thinking worldwide there are (so they have told us) 50,000,000 users Once word gets around you can make a good amount of money so quickly this will continue to grow

  8. As at now 10,000 members in my example is only 0.02%. Do you think only 0.02% will do it? I would imagine a minimum of 30% will aim for the £1000 / $1000

  9. 50,000,000 users x 30% = 15,000,000 users gunning for the reward

  10. 15,000,000 x £12.87 = £193,050,000 (approximately £193 million) in subscriptions over 13 months

  11. The problem is although almost £193 million has been paid in, Sweatcoin would have a liability of £15 billion (15,000,000 members x £1,000) - a deficit of £14,806,950,000 (£14.8 billion pounds)

Its an impossible business model to sustain and my concern is having been told the £1000 reward ‘MAY return’ it’s just keeping customers on a string.

Sweatcoin have explained there is no partner agreement with PayPal (as confirmed on another thread) and because PayPal are now massive they don’t need to partner particularly (as also confirmed by Sweatcoin) payments went via PayPal fee free

This is only my opinion but hopefully you will agree it gives realistic perspective and of course is not a problem if you enjoy the other rewards. By the way if members choose the yearly subscription the gap widens further.

Walking is a very healthy form of exercise and the idea of rewards for achievements is a really good one but we all must face facts with what is now happening here on both sides.


#2

@DaveUK I was thinking the same about the 1k prize not making a return. But I’d be happy with a nice short break( even filming a lil bit) and the possibility of some new big ticket prizes, which with the Trouble Maker, even more of us will now reach the 20000 much sooner. I agree that the prizes may not be upto some peoples standards, but getting a prize, for just a small amount( as I believe the TM will be taken up by many more) a month, and just for walking most days, has to be seen as a Win still. Maybe a target of 30000,might be introduced for a cash prize?
Cheers for you post too


#3

Hi Seaside and thanks for your reply. Yes the breaks will be attractive to some but even with those do check what is funded but what extra costs are in there that you would be liable for. Hope you get there soon. Even with 30,000 steps it’s only 7 extra months so an extra £7 per user. The gap is massive still.


#4

Hello mate. Fair points you’ve raised here. However I’ve kind of accepted that factor now and I’m hoping they will lower marathon prizes from 20K to 5K-10-15K especially if the value
Is less then £1000. It’s only fair. Also I was thinking imagine how many people pay for TM but never ever really get the full benefits from it. I reckon around 70/80% of users probably give up within 3-6months that’s my personal opinion.


#5

Agree with Kyle and everyone.

Should be prizes for 5k 10k 15k 20k etc.

Maybe more holiday offers in future etc. Cash prizes possibly smaller.


#6

Yeah I happily agree mate. :crossed_fingers:. Also wondering if the daily bonus / 2x daily boost count towards your actual sweatcoin balance as it says all sweatcoins must be earned by you and they are but do the bonus and boosts count.


#7

Bonuses both daily and daily boost are counted as earned by you. I’m not sure but I think even coins added as winnings/prizes from the forum competitions are also classed as earned by you (if paid out from the official Sweatcoin coffers).
@Emma please correct me if I’m wrong but essentially it is only funds transferred from other users that are not classed as earned by you.


#8

Hope they are otherwise that’s another waste of time.


#9

I think they are included to.

Back to the £ rewards, looking at hard cash calculations (even based on lower numbers of members achieving 20,000 swearcoins) they are not sustainable.


#10

I’ve tried a couple of apps that have (or had) PayPal rewards available for claim. However, these apps tend to operate prizes rather than rewards as there’s generally only a single user able to claim and once it’s gone it’s gone.
Occasionally, the prizes get refilled but to keep it fair and give everybody a fair chance. These apps will zero all user earnings once a year. So one winner and 50million users with nothing and each year starting from square one. I can’t honestly see that being particularly motivating.


#11

Well. Unless they start actually changing the marathon offers on a monthly or at least 3 monthly basis then imo there’s no point lol. I’ve had the four holidays for nearly 6-8months. It’s boring.


#12

Something needs to change.


#13

I got 11K I’m
Happy to keep going until May / June if nothing appeals to me then surely
I have a right to sell my sweatcoins.


#14

It’s the new Troublermaker which has caused the problems as the reward for that is much easier coins but much easier coins means they can’t offer so much. As I mentioned originally I feel on a string and again will say it’s impossible to offer money as it’s not there to pay. My money is on either:-

  1. Subscriptions for Troublemaker increase
  2. Troublemaker is backed out
  3. They continue to dangle the £1000 ‘May return’ carrot, make millions from subscriptions and the app disappears.

Kyle you could sell them now but since the £1000 reward went they are almost being given away on eBay

The other line used is around crypto currency - absolute tosh that.


#15

Absolute tosh :joy::joy::joy:. Love that mate lol. Time will tell.


#16

for me, i was walking for the £1k, still love walking even without the app. I liked the Luno Offer of being able to buy crypto with your SC. I’d like to see that again. This time with a higher limit. I hold other crypto so happy to sell SC for say BTC or ETH etc.
Smaller offers too like the wireless charging pad and stuff where you could buy with SC were good.


#17

$1000 was also my goal.


#18

Safe to say it’s everyone’s goal lol


#19

i also use COIN and YNG - they also do similar via step conversion. They convert to crypto.
if say 5K SC for whatever the sensible BTC equivalent was i’d take that anytime


#20

I tried the COIN app and to be honest, the principle of the app I like. However, for me personally I found it needs way too much interaction to be practical or safe when walking or running. Plus I found that having to have the app open to geomine or have the app open to ‘charge’ the ‘background’ mining was far too battery intensive. A smartphone battery has quite a short lifetime to start with but with that kind of drain, together with the heat generated, I wasn’t prepared to risk it. I’m sure that with a paid subscription and using with one or two of their Bluetooth sentinel devices, it’s very a different experience and maybe worthwhile. I’ve heard good things from a few users, it’s just not for me.

I tried the app fo generate YNG but it turned out to be the kind of app where whoever can shake the phone the fastest, gets the big bonuses. I’m not really big on the whole cryptocurrency thing but the way I see it, no outfit is just going to hand out money. If there’s very little integrity in actually earning the tokens, I can’t honestly see how the company can invest any true value to the platform. It’s only my view of it, with the tokens only offering a discount on crypto transactions via their platform, it may very well be worth it from their side, even if only as a marketing tool.