SmartCash is Blowing Up! Social Capital and the Warm Feeling of Being Lucky!
Two weeks ago I blogged about #SmartCash, and I've been geeking out about it ever since. You can see my posts (and the price of SmartCash at the time) below:
- $0.02222 (0.00000463 BTC) My SmartCash Story
- $0.03416 (0.00000648 BTC) I Bought Some More SmartCash
- $0.08218 (0.00001485 BTC) I Finally Took the Loss
Right now, it's blowing up again at $0.125844 (0.00002270 BTC):
Why?
Well, there are two possible reasons which I tweeted yesterday:
People want to load up their wallets before the next SmartRewards snapshot.
And, more than anything else, this great video by @crypt0: Smart Cash: Why This Coin Could Be In The Top 10 Soon / Name Bazaar / Coinbase & GDAX- Bitcoin Forks
Calling out SmartCash as a possible "top 10" cryptocurrency is huge. Having talked about this one early on, I feel pretty good about myself. :) It's mostly luck, for sure, but it's neat to have recommended something I thought was good weeks before others are doing the same. I've had people congratulate me on the call which reminds me how much social capital matters and how building influence is important. This relates to why owning Steem Power is important as well. It helps you build influence.
@crypt0 is a great example of a trusted member of the cryptocurrency community who doesn't do videos for hire, but instead shares his honest opinion. He's earned social capital and trust. His opinion clearly matters to people.
What's Up With the SmartRewards Delay?
Last night, right before I went to bed, the team announced they would be delaying this month's SmartRewards snapshot by exactly three days. I discussed this idea with a team member privately in chat before they announced it, and I was personally against the idea. I think following through on what you say you're going to do is incredibly important for building trust. I also think the SmartRewards concept is fantastic, but I'd prefer for it to run completely on chain and be built-in to the protocol. That way, there'd be no need to trust any humans to make it happen and no option for manipulation.
At the same time, I understand and support the team's decision. The HitBTC and MonkeyCoin exchanges are supposed to go live with SMART very soon, but right now there's only one main exchange: Cryptopia (here's a referral link, if you want one). There was an issue with the EU/US mining pools mining an identical block which caused one pool to go into safe mode. I think I was the first person to notice it when a transfer that usually happens in about 55 seconds (the SMART block time target) was delayed for 30 minutes:
This caused issues for some nodes so they needed to reindex. That includes Cryptopia whose wallet has been in maintenance mode ever since:
As of this post, you still can't withdraw funds from Cryptopia meaning everyone who intended to secure their SmartCash in their own wallet before the snapshot were unable to do so. Here's how it was recently explained in Slack:
My Takeaway:
The best way to know how good a team is involves watching them work under pressure. Hanging out in the Slack the last few days, I was pretty impressed. They are working hard to help new users, fix bugs, and communicate about what's going on. They made a tough decision to push back the snapshot that some don't agree with, but I think they are doing it with the best interests of the community in mind. I'll lose out on 3 days of SmartRewards next month (as the window to the 25th will be 3 days shorter), but again, I understand why they made this decision.
I'm still excited about SmartCash and what it might accomplish in the future through its community hives concept and self-funding mechanisms.
If you want to keep track of SmartRewards info, this tool by @bitcoiner is quite helpful: https://smartcash.bitcoiner.me/
I also like how we have our own bot here on Steemit with @smartbot thanks to @msg768.
Additionally, I got paid some Smart for my posts above as part of the SmartCash Ambassador program! That was pretty cool. Check that out if you're posting about SmartCash anyway. You may get some Smart rewards.
What have you been trading lately?
Did you get in on any of the alts pumping yesterday?
So how did you buy it? An exchange? I’ve tried setting up a wallet on my Mac and I’m having problems. Doesn’t look like I can send ETHEREUM or bitcoin to wallet and exchange it. What’s the best or easiest way to get some? It won’t let me open the wallet file on my Mac. Says no mountable file systems. Doesn’t anyone know what that means or how to fix. Thanks. I’ve got a serious case of FOMO! LOL!
It sounds like you're asking a lot of basic questions about how cryptocurrency works. You may want to check out http://understandingblockchainfreedom.com before you get in trouble. :)
Hop into the Slack channel if you have questions about the wallet. It does have some syncing issues, I've heard. I've been using the web wallet. Use coinmarketcap to see which exchanges are currently selling it. Unfortunately, many of their wallets are down right now because of the issue I mentioned in my post.
Thanks Luke. So maybe it’s not me it that the wallet is down? Not sure. I will check out slack and your link. Thanks again for the help! 😁
So if you don’t mind me asking. Did you use Cryptopia exchange to obtain SmartCash or what exchange do you recommend? Thanks Luke!
Thank you for continuing to cover this story Luke!
I am a complete crypto novice, so having people talking about coins here really helps me know what I should be looking at.
I was able to get in shortly after you posted about it at 0.00000438 with 1100 shares to stick in my wallet to qualify for next month's smartrewards. So I'm enjoying this ride as well.
I'm attempting to get an old PC up to snuff to start mining a little bit of SmartCash as well. I need to get a graphics card installed and either figure out how to use Linux (which I installed and was able to get minergate running on, but am having issues installing sgminer), or figure out how to migrate my Windows x32 to x64 so it can run one of the miner programs.
The more I read, the more I like it. I'm sure there will be day trading sort of opportunities to ride the waves here, but I am just going to HODL and see where it goes. I hope that is the right decision! :-)
Thanks again for the updates. Keep up the great work!
Have a good one!
@lukestokes, thank you for pointing this out to me. I hadn't even heard of SmartCash before this post. I checked out @cyrpt0's video, then went to the smartcash.cc homepage and found an exchange I like. I'm moving to BTC to it now to buy some SC, but would you recommend (rather than advise, of course) to hang onto the BTC to see if the price drops again after the monthly snapshot? Or get in now? It looks like since there's an incentive to hold, once it goes up it's probably not coming back down for a long time. Is that your impression?
I like the idea of the snapshot, so I've got some tucked away to hold so that next month I can get some rewards. I do think the price could go down, so I'd suggest figuring out if you plan to hold long term or just play the markets.
I think if this is something that could be among the big coins, I'm holding. I'll probably treat it like a piggy bank for a while and just toss into it whatever I can.
Yeah, I think that could be a good strategy. I suggest having multiple wallets so if you ever do decide to spend some, you won't invalidate SmartRewards for your whole stash.
LOL! You wrote about it when it was 2 cents! I wrote about it when it was 1 cent! Here's the proof => LINK. Imagine how much more I feel good about myself :P
Hahah! You are definitely the OG SmartCash Steemit representative. :) And... your bot is awesome. :)
Without your bot, I may not have found out about this (or been interested) until much later on in the game.
Well I'm glad you found out and bought some. You got in at the very right time I guess. My first buy was $0.012 USD but then it went down to almost 0.005 on a day yet I knew it was cheap dirt and if I had money, I'd buy more!
lol i first made a noob article about smartcash when i finished my mining rig about 2 days after Smartcashs launch. I warned people lol just didnt have to many followers :p
https://steemit.com/cryptocurrency/@rkd025/get-on-the-smartcash-train-before-it-leaves-the-station-new-crypto-coin-smartcash
Is the bot down? Seems it didn't see the last two tip attempts below.
I just woke up and checked. The bot is live. Maybe try again! You can repost the same comment by clicking edit and and then update without actually editing it!
Well smartcash it is!!
I've been looking for a new investment opportunity and thanks to you I've got it !!
Just be careful buying at the top of any new coin. What goes up can certainly go down again. I'm mostly just holding this one, but i've been playing around a bit with buy low and sell high in order to buy low again. Just recently I got a buy order in at 1010 satoshis and some sell orders at 2500 and 2000. :) I like to think I'm adding a bit to liquidity, though most of my holdings are tucked away for the long-term.
Thanks for the advice.
Hei, welcome back, I haven't seen tou posting for a while, I've missed your great posts. Hope to see more like this in the near future!
I've been too frustrated by the site not working well to post more. I started using steemitstage.com again and that seems to be working better.
This has really got better, I did not lost my post anymore,when I comment, it just needs some time, or a page refresh to see the coments, and same for the likes. You should give them a chance again :D
Just gave you an upvote for Witness, thanks for great info, analysis and updates.
Thank you!
@lukestokes - Following your example, created an account, web wallet and bought some smartcash by converting some SBD. Nothing much but it's a beginning. Keeping fingers crossed :)
Regards,
@vm2904
Good luck! I imagine there will be a lot of volatility on this since there's a large supply and low volume at the moment.
Yes. Since I invested a small amount, I won't lose much if it drops to nothing but if it pumps then I will stand to gain. Time will tell. :)
Because of kind people like yourself @lukestokes I have such an excitement for all things crypto. Omar @crypt0 is such a wonderful person when it comes to bringing so much additional knowledge about crypto's.........I will take some time today to look more into smartcash.
My tool got a cameo! Woo! :)
I added that after originally posting but forgot to give you credit!
Fixed!
Thank you for putting that together.