My SmartCash Story

in smartcash •  last year
This is a story about SmartCash.

I was looking through my cryptocurrency spreadsheet last night (that post has almost 9k views!), and I realized I haven't been trading much lately. Altcoins have been going down so a handful of my coins are worth less than what I paid. Previously I was using profits to invest in new things. I'm not good at letting go once I buy in because if I think the project has merit, I also think eventually others will also and the price will go back up after a dip. It's also possible I bought some crap coins that will never be taken seriously. Time will tell, I guess.

I also remember the excitement of buying BTS and PIVX before they blew up in price, and I thought, "I'd love to do something like that again."

Yesterday, @msg768 surprised me with a tip from a tipbot on Steemit I had never heard of.

SmartCash? What's that all about?

So that's what I did last night. I started reading up about it, and it really caught my interest.

SmartCash is a community governance, cooperation & growth focused blockchain based currency & a decentralized economy.

The website looks solid, it has a nice web wallet (which I signed up for and moved the coins I was given to), and joined the Slack channel to chat a bit with the team. I was reminded of the way BitShares creates worker proposals funded by the blockchain via voting.

Then I realized this is the same coin @heiditravels mentioned in her recent video: Blockchain Tech is Bringing Honesty Back to Charities. It seems someone created a proposal to help feed people in Venezuela. How freaking cool is that?!?

So then I got even more interested. The volume on this thing is really low as you can see here:

It's not even on Bittrex yet. I had to create an account on Cryptopia to buy some (note: that is a referral link). This is where my "haven't been trading lately" side got overruled by my "I want to see a new project moon!" side. I got out my Ledger Nano S and decided to give it a shot. I bought just a bit last night and a bit more today and I have a buy order in for some more.

Could this go down a lot from here? For sure! At the same time, if it goes from $0.02 to $0.04 then I doubled my money (assuming I sell). The more I learn about this project, the more I think they have some real players involved, and it might be one worth holding.

The @smartbot is pretty cool, for sure, and my hunch is you're going to be hearing a lot more about SmartCash here on Steemit because of this proposal for Steemit banner ads which looks like it will get funded:

You can see all proposals at https://vote.smartcash.cc/

If Steemit starts getting flooded with news about SmartCash, you can say you heard it here first. :)

I really like their "Hive Teams" concept. Instead of a single group of core developers, they have different "hives" which are focusing their efforts in different ways. They've made some good progress on their roadmap as well.

Staking Rewards

One of the things that caught my attention right away was their SmartRewards idea.

SmartRewards are a price stabilization mechanism and a way to encourage long term holding. Long term holders are key to the project’s success since the SmartHive treasury needs SmartCash to appreciate in value in order to fund meaningful 3rd party proposals and help grow SmartCash into a successful global crypto-currency. Each wallet address holding at least 1000 SmartCash will get paid each 30 days on the 25th and the snapshot for the next month will happen at the same time. The SmartRewards will come out of the 15% block reward allocation.

This is like staking rewards without having to have a wallet open and running all the time. Similar to how Neo rewards token holders with Gas tokens, but the catch here is you can't move your coins. If you move them, you aren't eligible for that month's SmartRewards. For this reason, it's a good idea to have a spending wallet address separate from a staking address. The web wallet creates three addresses by default, one for spending and two for staking. It doesn't matter which one you use as long as you don't touch the funds for more than 30 days.

You can use this SmartRewards calculator to see what the current SmartRewards are for this coming month.

Privacy

I haven't used the renew function yet, but it seems to be built into the full wallet client based on the Zerocoin protocol. True cryptographic anonymity may become more and more of an important thing in the future. It's not yet implemented in the web wallet, but asking around in the Slack channel I found it will be implemented after the ability to vote.

Challenges

The block explorer is nice: https://explorer.smartcash.cc/. It's where I found the rich list of the top 100 token holding addresses.

Whoa! What's up with that address holding 55% of all the tokens? Also, 80% of the newly minted coins goes to these addresses (that's a lot!) I started grilling the team in Slack about that and about who controls those addresses. Unlike BitShares worker proposals which are controlled via the blockchain, currently SmartCash distributes value manually. That means humans are involved. That means we have to trust someone not to steal the coins and dump them on the market. As I pressed in further, I found the individuals who control these funds are anonymous (though I did have two people direct message me and let me know they knew who they were, but did not reveal them—nor did I ask them to). Essentially, they are trying to protect these individuals to ensure someone doesn't show up at their house and harass them. It's probably safe to say "the founders" control those addresses.

So how big of a problem is that? Well, the point of cryptocurrencies is to eliminate the need for trust. It's a trust-less system which relies on protocols for pre-determined outcomes. To me, this is a big risk. And yet, at the same time, Steemit, inc essentially followed the same model. They mined most of the tokens here via the @steemit account and they use those funds to onboard new users and support development. So far, it seems SmartCash funds from these accounts are being used in a similar way.

We should always be concerned when a project is centralized like this. At the same time, after grilling the team there in slack quite a bit, I do think they are sincerely working towards decentralizing things as much as possible in the future. The leaders of the hives have access to the funds and, so far, it seems there hasn't been any abuse (that I know of). As a programmer, I'm a fan of doing something manually first until you understand it well enough to automate it. That seems to be the model they are following as well.

So, having looked into the project since last night, I decided to write this post about it. Please don't take this as investment advice as I'm not an investment advisor. This is just my story which I thought you might enjoy. There are no guarantees in cryptocurrency, and it's possible the small amount I've already invested may go way down and stay there. There's also the slight chance this project could blow up, get added to some big exchanges, and be a lot of fun. That would be exciting.

Either way, do your own research and see what you come up with. I decided to write this post once I learned enough about the project, but I think I'll also submit it to some of the contests they have going on to see if I can earn some rewards that way as well. Does that make this a "pay to post" blog entry? Not to me. I was going to do it anyway and found out about the contests like this and this later on (thanks for letting me know, @decentralizd).

So there you have it. I'm not staking my reputation on this one, but I do think it's interesting enough to check out. Let me know what you think.

If you would like to learn more about SmartCash please visit https://www.SmartCash.cc


Luke Stokes is a father, husband, business owner, programmer, and voluntaryist who wants to help create a world we all want to live in. Visit UnderstandingBlockchainFreedom.com

I'm a Witness! Please vote for @lukestokes.mhth

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Hey, look what's being featured on Cointelegraph right now:

Remember, you heard it here first. :)

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Good article, saw you asking the tough questions in Slack. I think SmartCash will be able to decentralize control of the SmartHive funds over time.

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Yeah, I grilled them pretty good. I'm glad they didn't get too defensive. :)

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Your deposit address is SXAcko2rSaA8B3Mr4HeMSfxd74NV56E3WC.

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good posts bor

i like privacy oriented coins. i do hold SmartCash and also all others from famous XMR DASH ZEC up to EXCL ZEC ZCL and more ;)

great that SMARTCASH has STEEM tipbot though, others dont!

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Thanks for chiming in, @kingscrown. :)

Yeah, I was really impressed with that bot. I hope @msg768 sets it up so we can interact with it via our wallets as well, to keep the comments free from too many random messages.

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Ok then I'll put that on my TODO list! Great post BTW. You remind me of myself! When I first heard about SmartCash, I got really excited after a bit of research and I wrote THIS! :P

But then I found out that I mistyped the main tag :/

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I love me some crypocurrency! :) Great post. Yeah, it's an interesting project. I'm curious to see where it goes.

But yeah, being able to send messages to the bot directly via the wallet would be cool.

Hey fellow Smarty! Check https://smartcash.bitcoiner.me for tools for SmartRewards! =D

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Very cool! I like the look of this graph:

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Should have been more clear, but that chart is by @ccodam. :)

I created the lookup form (which uses @ccodam's api) and the schedule. :)

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Sorry to add to the confusion there. Both tools are quite nice. :)

Great Article Luke! Glad to have you in the community my man! Looking forward to many symbiotic relationships between Steem & SmartCash in the future!

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Thank you! I love seeing Steemit spread cryptocurrency knowledge to those who just came here for some posting rewards. Looking forward to seeing where SmartCash goes from here. Hopefully things will get further decentralized and more on chain than trusting human beings.

@lukestokes - Impressive research. I wish you all the best for the investment you are making. Personally, I am a bit concerned because of the part you mention about human dependence. I have seen a lot of scams in past few years. Not saying that this is or could be a scam. Just that- I am a bit inhibited when it comes to trusting individuals who have controlling interests and are anonymous.
Thanks for this nice update. Will keep it on my radar. Upvoted.

Regards,

@vm2904

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Yep, it's my primary concern as well, but until humans become cyborgs, we'll always be in the loop at some level, even if it's the guy you have to trust with the github keys and commit access.

Thanks for sharing. SmartCash may get lost in the sea of alts, but they look very solid at the moment. I pointed my miner to them last night! May only get about 30 Coins a day but I like the risk. This is just what I was looking for... not in the masses yet, gpu mineable, great tech, and an energized support team. Cheers!

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Very cool! I had a bad experience mining so I haven't bothered with it since then. Maybe someday I'll give it another shot, but it does seem like a zero sum game in some regards. Good luck! I'm glad this post was helpful for you.

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Wow... a narrow miss with that one! I agree with the zero sum game as I learned the hard way the first time I bought ASICs. They soon became as good as paperweights based on difficulty skyrocketing. I bought this gpu rig around the same time in 2013 and am just putting it to use. Thanks again for sharing!

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I've got a ButterFly labs paperweight as well. :)

I wonder... could I use that for anything today? My desktop computer crapped out a long time ago so I haven't bothered to mess with it.

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Yeah, I’m sure the older ASICs are just duds now... I looked and none of my 40gig ASICs would do anything. I just checked and I’m up to 90 SmartCash already. I may buy a couple thousand to take advantage of the rewards on the 25th. I’m going to look to see if there’s a way to implement the tip bot with a pay for upvotes bot. You could get double rewards... both SBD and Smart

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To be clear, the next snapshot will be for rewards a month from now. You have to have your balance not decrease for at least 30 days before they are eligible for SmartRewards. But yeah, getting that balance updated prior to the 25th is the way to go for the rewards distribution after that.

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Yeah I caught that... before the 25th... wait 30days, then get first reward. Thanks again

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Cool, just making sure as I've seen that question come up a couple times already in the Slack.

I learned about smartcash just some hours ago mate and now I am trying to learn a bit more on same! Thanks so much for putting this up.
Would be great if there's some kind of air drop for those interested in it!

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That's kind of what happened to me via the @smartbot. Maybe larger holders will be giving out more tips to spread the word once the Steemit campaign gets rolling.

First I’d heard of Smartcash - thanks for sharing your info!

Like any other currency trade, the risk is high, but any reward could be huge. Just be sure to never risk any money you can’t afford to lose!

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That's exactly right. Play with play money and it'll stay fun.

Thanks for writing about this Luke.

I got some SmartCash during their Twitter giveaway. I haven't done anything with it since then, as I have been doing all of my trading on Bitshares DEX and it currently doesn't have SmartCash.

I'll probably just keep the little bit that I have and wait until later to trade it.

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If you get at least a 1,000 and store it in the web wallet, you can earn some SmartRewards which is kind of neat.

I wonder if your post moved the market at all? How cool would that be? I'll have to give it a check. Signed up on Cryptopia a few weeks back to scoop up some NEBL. Have a buy order that hasn't triggered yet :(

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It's doing well against BTC, which is surprising:

That said, the volume is crap at only $32,320. That's nothing. This could bounce around wildly.

I doubt my post moved anything with that low of a volume, but anything's possible.

Thanks for sharing @lukestokes This is actually my first time learning about Smart cash..I plan on doing some of my own research into it..keep on steemin'

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Cool! Let me know what you find out.

Interesting. Will definitely check it out and add SMART to my alt portfolio. Maybe I'll try the service too.
Thanks for sharing.

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Do your own research, for sure. Let me know what you find out.

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Hey I made a new post. Went to Steemit chat to promote it. And ran into some controversy and learnt a lesson of not going back again lol.

Anyway, I would like you to read it and share your thoughts. It's important for me to know and you too I guess.

Only time ice heard of it was here on steemit and the fact that theyre looking at banner ads here makes me think theyre getting a lot of exposure here (not sure if its paid or voluntary), but ill wait on this one.

More power to you if this doubles in price though.

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Yeah, it's a super, super early call to make. It could go to nothing before getting noticed. The banner exposure thing will be a paid deal, as far as I know, so I imagine a lot of "I want free money!" posters here on Steemit will take advantage of it.

Thanks Luke for the info. But it is a bit of a concern when a coin is promoting governance.....when over 50% of coins are held in a single wallet....that's anonymous! Plus with the lions share of coin emission going to that address, it's not likely to change.

I have to ask, where is the value add for this coin? It reminds me of Chain Coin in some respects and could just be a pump and dump-er. Good luck.

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Yes, that centralization is the main concern I have and why I pointed it out in my post. As I mentioned, it's not a whole lot different than what Steemit has done though. It's also not truly anonymous as those committed to the project apparently know who those people are and decided to trust them.

I'm not familiar with Chain Coin. Looks interesting. Surprising they have over 2,500 master nodes. That's a pretty serious pump and dump:

As to where the value is, I guess that eventually comes down to "feel" you get when interacting with the community and the tools they've built around their project. Having used the tipbot, the web wallet, the forum, and the website and having asked some really tough questions in the slack, it seems like some are really committed to this project. Will it last? Will it get pumped and dumped? Time will tell. It's good to be highly skeptical.

Thanks for sharing the info on this Luke. I didn't make the connection with Heidi's recent post until you mentioned it. It's very cool that one of the early things being done with the coin is charitable. I've looked into it a little and decided to buy a little Smartcash with my Steem. None of the exchanges holding Smartcash trade Steem though, so I'm going to sell Steem on BitShares for BTC, transfer that to one of the Smartcash exchanges, then I'll be good. No better way to learn than come up with an idea and go for it!
By the way, sorta in reply to our previous conversations: I finally made my first BTC purchase. I did a little post on it if you'd like to check it out. I even made a caricature of myself, haha.

Thanks again for all you contribute to this community.

I followed and upvoted you.

Your post caught the eye of @jbbasics in a Steem drive-by. It received a 33.33 % upvote from @steemcondenser. Steem on my friend!

thanks, I will look into it.

Yes, interesting new tokens have to be bought. Sooner or later one of them will shoot.

Keep accumulating and hodling STEEM! It will MOON

Thx for info!

thank you for this good info

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You're welcome.

I've been slowly buying more since they were released. The biggest part for me is the "staking" and the current rewards which are relatively large considering. If the calc is correct a 25% stake reward is pretty incredible. It will be interesting to see how long the rate stays high before it drops to single digits.

Potential is definitely there and a fairly dedicated user base so far so hopefully more exposure will help kick things into gear on adoption.

Tell me about charges and minimum quantities of steem and sbd to convert in btc and fees also in blocktrades

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Huh? Why? If you have a question for blocktrades, you can ask them. To me, the way you worded this sounds quite rude, almost demanding.

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No friend never

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I want to know only the minimum how many sbd can convert into btc and how much transction fee of it

Thanks for the post @lukestokes, first time I have seen smartcash I shall start some research.

very nice postingan.saya very like.terus work good luck always for you

Excellent post greetings

its a good post..thank you..@lukestokes
@upvote done

New article about meshing the worlds of traditional stocks and financial assets and blockchain crypto world. How Ankorus TGE will Pass the SEC Sniff Test while Tokenizing Financial Assets, they are going Broker-Dealer and getting seat on London Stock Exchange https://steemit.com/tokengeneratingevent/@adapt2030/how-the-ankorus-tge-will-pass-a-sec-sniff-test-while-tokenizing-financial-assets

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Looks like you're spamming people with this comment:

And your post is a straight rip off from this post. Not cool. Flagging.

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Actually that post is from my own original content with the CEO of the Ankorus ICO John Cruz, linked back to the original source which is my own website oilseedcrops.org which I am the owner and editor. No rip off, just my own content because I thought you were discussing future coins and projects with uniqueness.

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I've removed my flag. As I've mentioned to you already, please don't copy and paste full articles from existing sources without noting the source (even if you are the author) unless you can link to the steemit article in the original. The reasons for this have been explained by @cheetah. When I see a generic looking comment on my blog, and I notice the same comment has been posted to other blogs as well, it's indistinguishable from spam at first glance. When I followed the link and saw it was a word-for-word copy of content already on the Internet, it further reinforces that idea of a spammer.

If you don't want to be seen as a plagiarist or spammer, then it's in your best interest to adjust your behavior accordingly. If you have value to add to the conversation, and you want to link to a relevant post, but all means, do so! I enjoy that very much and often give full votes to what is linked to. What I do not enjoy is spam on the network or what appears to be plagiarized content with no mention of the original source, the identity of the author, etc. If you'll notice, other journalists who cross post here mention the source article and usually only quote sections of it, not the entire thing.

I'm glad you replied back to clarify this. I wish it could have happened sooner than 5 days.

NIce blog. Thanks for sharing 🙏🙏

Your article just sold me on the idea of smartcash. Will definitely check it out. Can't wait to share this infor with my fellow filipino crypto enthusiast. Thanks for sharing.

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Just be sure to do your own research and make your own decisions. Speculating on early crypto projects is a good way to get rekt if you're putting in more than you're willing to lose.

thank you

goodposts bor

From .04 cents to .16 in two weeks??? Woah

I



Like

This

Good post very good post

Thanks a lot @lukestoke like your last big berartii for me, @rezaleoni.

Thanks a lot it, your ideas are also very inspiring for me.

Once again thank you.

A very nice SMARTCASH has STEEM tipbot though, not with any other

very good post ...
we have to learn from master

your post is good, and the one you share is very nice and useful, thank you.

Pemandangan yang indah

Amazing friend
Help us like my friend

@lukestokes 😀😀😀😀😀😀😀😀😀😀😀😀

I am very new here, I have a lot to learn from you 🙋‍♀️🤗

Thank you sir, may you see me always in the esteemit application and hope me sir can also make me as best follower lord and so it is with me .

Seems like you made a great bet here, yet again! Well done.

please my vote....

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What the hell does that even mean? Come on, dude.

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sorry i do not know anymore post that where it is..

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please, upvote me!!!

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Begging for votes here with useless spam comments is the quickest way to get flagged. Try adding value instead of begging. Maybe this post will help.

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thanks to the input that you gave me ....
sorry i have requested in upvote .....

Vote back