50% of eBay Spent, 100% of AliExpress Spent Returned as SG Coins (US$10,000 Cap) @ SocialGood App

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Similar to this deal
https://www.ozbargain.com.au/node/621315
But now they reduced it to only 50% (lol) for ebay, with bigger cap (USD $10K - which is pretty much anything).
AliExpress remain at 100% on my app.

If you're sceptical as it sounds too good to be true, I'm actually on the same boat. But read the previous thread, as there's no harm to use this as cashback website for ebay (rather than using 1% cashback from SB/CR). Their cashback is in their own coin (SG), calculated with the market value at the time of shopping.

Please don't buy just because you think you'll get 50% discount, as it's probably won't be the case. They might fold before you can cash out (as their approval is 2-3 months) or their value might drop sharply (e.g: they were around $3 back in May and now only 27c, hence, not sure what will be the value when your shopping get approved). So, just use it with assumption you might get a bonus if you ever get any value out of your ebay shopping.

Referral Links

Referral: random (165)

Referee receives US$50 worth of SG after US$30 purchase within 30-days. Referrer receives US$50 worth of SG after referee satisfied referral requirements.

Related Stores

SocialGood
SocialGood
AliExpress
AliExpress
Marketplace
eBay Australia
eBay Australia
Marketplace

Comments

  • That was a fun read. Good write up. Good last paragraph. I’d use them if I could be bothered.

  • +1

    I used them a couple months ago, spent $400 expecting $400 cashback.
    I only received $80, and it's now worth $50. Still unsure how to withdraw

    • Yeah, it sounds bad, but the reality you got 20% back from eBay (that would normally send Ozbargain into a frenzy), even now it's worth 12.5%. At current lows you would think you will do better than 20%. But if you cash out, I guess it's a CGT event with a $0 cost base. So you will lose your tax bracket worth of it. In summary, good potential cashback, but the ATO makes crypto a shit fest enigma and way harder than it should be. Disclaimer - No idea if the ATO even has a position on Crytpo as a "cashback". Technically just a refund..maybe… Enigma.

      • Not saying we should evade tax, but how would ATO even know about obscure cryptos like this?

        • +4

          Its a ETH based coin/token which you could view all of those transactions on a website called "EtherScan". So if you happen to transfer it into a wallet, and at some point you used a card or account which withdrew from a aussie bank account.

          Then it become traceable. Although difficult it is likely possible through some complex algorithms and graph theory.

          Main method they would likely use to trace you is when you withdrew to FIAT. Somehow the money will come back out into your account from somewhere, and almost all registered ones in Australia need Proof of Identity or KYC.

          There are now companies specialized in Crypto Forensics and Crypto tracing.

        • +1

          Exchanges need to hand over BSC/ ETH scan data to the ATO. I have a Binance account and have never actually completed my KYC. They messaged me this week and said due to gov pressure I need to complete KYC or will lose access to Binance trade features/ staking etc in 2 weeks.

          Not sure if legit, or smoke n mirrors.

          • @tunzafun001: It's legit, if Binance wants to continue to operate in Australia (they do) then they need to abide by the KYC regulations imposed on other exchanges operating in Australia.

            • +1

              @h4lcyon: Everything still worked past the cut off. But completed the KYC to avoid any dramas down the track.

        • The provider is required to provide certain information to the ato

  • +1

    i hope this isnt a repeat of jamjar :((

    • what happened?

      • +1

        They did high cashback on thecardnetwork gift cardsand various other stores and went under but said they were going to process all cashback by end of May 2021 but have heard nothing since.

    • what was that ?

    • yeah right hope not

  • +2

    I was really enjoying Sosure giving 10% cashback with BTC, sad they went under but at least allowed people to withdraw the cashback first

    I’ll be giving this a go, cheers!

  • Not worth it, it's not feasible for this to be honoured. May as well say 200% cash back.

    • +1

      works, the app makes you buy from people they have advertising deals with. Best to think of it as 40% cashback after fees and anything extra is a bonus.

    • I'm not sure you understand the economics of what is being offered. It's entirely feasible and the creators are making out like bandits really.

      SG has no intrinsic value, there is 700,000 coins they have created and they get to distribute those coins however they like. It cost them nothing in $ to do that except a bit of power.

      SG pays you x% cashback in SG coins for your purchases. If its 50% for example or a special offer, they dont offer you a "market" option (not that it matters anyway), they only offer you the value of the transaction in coins at the time.

      They literally could offer you a 200% cashback and still be in front. They are giving you coins that were free to create; free to them and they control the coins. The market decides their value and there are enough people out there hoping to win on the market as with any other coin. Buy low, sell high is the idea.

      They (SG) literally have nothing to lose except the free coins they created and gain your shopback payments as well.

      They offer a "market rate" cashback on purchases where it is a realistic cashback/not a special. EG if they are getting 10% back from ebay and offering 10% cashback on ebay, they will match the market rate at the time if the coin drops before approval/withdrawl. But they are only offering the coin, not fiat currency; so its a win again for them.

      I am sitting on around $25k AUD worth of SG coins at the moment, cashed around $4k USD so far.

      • +1

        Well done! Nice rise recently, wish I had more!

        • +1

          Yeah up to $3 USD yesterday (well it got above it for a bit) back down a bit a bit. It will flatline on the 1st as more coins are released to users and they hit the market with them and click "sell" at market rates; but it should rise again in theory.

          My holdings last night if I sold would have been >$40k AUD

          It's also a bit more immune to recent bloodbath that the China default caused for bitcoin/etherum. There are more people about looking at coin diversity.

          The fact that this coin has runs and dips and is fairly easy from a cyclic perspective; makes speculators interested in making a quick $ which in turn means potential for it to rise and fall.

  • Can confirm this works, but the amount you ultimately receive depends on the coin price, which has been constantly dropping.

    Realistically you can probably bank on 25% cash back by the time you withdraw.

    • +1

      I've been buying items on eBay when the coin is dropping, hence have around 13,000 SG coins (3k withdrawn and in my wallet, 9k(+) in the app waiting approval).

      Last month it was 100% crypto back on eBay spend; so my purchases for the month (was spending when the coin value was low) was around 9,000 coins.

      Total is worth $25k AUD at todays rate. It will drop at the end of the month when a whole bunch of coins are processed / paid out to end users etc.

      My return is actually well over 100% at the moment when it was 100% ebay rates as the coins took a dive last month and have been rising again this month.

  • +1

    It's potentially worthless, but it not like it's really costing anything - assuming you "could" have claimed 1% cashback instead through Shopback or whatever, that's the only real risk. Maybe it will be worth something or maybe not. It's no extra effort to use it and everything for me has tracked with no issues.

    • +1

      I can confirm it's worked for me so far. I've withdrawn $5649.49 AUD to my bank account.

      Sold the SG on BitMart for USDT and then transferred that to Swftx and cashed out via bank account. Lost a little along the way with ETC-20 charges (41 USD to move to Swytx) but otherwise seemed fine.

      Did not market sell, set price of $1.71 USD for the coins and waited for the market to meet me at that point; took a few hours; but it worked.

      I've got around 9,000 coins pending from last month and bought a TV with the $5k on ebay, so another 2,000 odd coins to be approved next month.

      Patiently waiting until the end of the month to start moving / selling the crypto again.

      The 9,000 coins mostly came about as there was a 100% ebay deal and the coin crashed mid-month; meaning $1 spend was worth 4-5 coins.

      • How did you earn $5649.49? 😱 I was stoked with my $1430.49 balance.

        Thanks for letting us know you successfully cashed out. I’ve never heard of BitMart, is it good to use?

        • I'm sitting on 9,000 odd coins as well to be approved this month which is now worth $18,000 USD at market rate at the moment.

          It's just spiked from $1.71usd to $2.00USD in the last few hours - crypto woes, if i held out a few more hours; could have made another $1kAUD.

          I ended up buying a TV on eBay for $4k anyway, so another 2k coins next month.

          BitMart is the same as any crypto trading platform; place a limit sell and sell. Once converted to USDT, moved it to Swfxy which lets me sell USDT for AUD and cash out.

          • @MorriJ: That is impressive. Great idea to buy a TV, I wish I did that when it was 100% crypto back.

            It’s always the way in crypto isn’t it. I’m going to keep mine in SG and stake it when that function is released.

            Good to know BitMart is a good option to withdraw if needed, thanks again for letting us know.

            • @billybob1978: It was only max $500US worth of coins at 100% back; so a $4k tv would have only returned $750AUD worth of coins. It was better to wait until the 50% and higher max coins for single transaction for me.

              I'll keep some of the SG around - maybe 3,000 coins or something but clear the rest out as quickly as possible so minimal capital gains if any needed to be paid.

              Bitmart is just one of 4 or 5 platforms that let you trade SG. I couldnt find one that let me trade them and cash out.

              If I could be bothered, would buy more stuff, but just too busy.

              If I had the time and $ would buy something that I could sell and rinse and repeat. EG buy something for $500, sell for $450, take the $250 in coins and sit on them for a bit.

              Just don't have the time/patience - I already spend $5-$10k a month on junk so just used what i really do need/buy.

  • +1

    I couldn’t get any verification email when signing up but I picked the google sign up option and got sorted, got the referral bonus, cheers!

    Oh but they gave me it at a rate of 0.37USD, it hasn’t been that rate for a couple of days, it’s only 0.26USD now

    • Yep I didn't get the verification email either – tried three different email addresses to no avail. 🙄

      • +1

        I actually got a load of verification emails today, delayed by a day!

        • Lol of course :|

  • Best way to cash out? or put into bitcoin/etherum

    • +1

      Find a marketplace you can sell it on? I sold my stash or some of it on bitmart for usdt, transfered the usdt to swyfx and transferred into my commbank account.

  • Semi related question - when the time is right is the best place to withdraw/sell via Uniswap?

  • +1

    Hi, just wondering whether the fact that the ebay window when activating cashback is in the socialgood app is "safe" in terms of passwords/accounts?

    • no idea, for me this is the main concern. signed up and trying it out as nothing to lose - apart from passwords and card details if they can log what happens within the app! tried it anyway :-)

    • I don't trust them not to double shift the password as you are relying on them not store and forwarding it.

      I did the one time token login for eBay instead and it stays logged in. The one where you go I can't sign in and it gives you an option to get a token via email and enter it etc. In theory they could use the tokenized cookies to buy stuff but can't log in via another browser/know my password etc.

  • +1

    Is "ryan" from the telegram on here…? Was wondering what happened to the SG telegram chat? They also seemed to have done a buyback. if you are selling on an exchange eg bittrex or bitmart, make sure you don't do a market sell. Cheeky people put in buy orders 15-25% under the market price so you lose this if you just click the default options…. Takes about 60 days from when you buy till it's approved.

    • +1

      It's approved on the 1st of the 2nd following month for me.

      IE all purchases made in August purchases are approved on the 1st October.

      [at least for eBay purchases]

  • Someone called "lupus69" (lol) does a lot of write ups msgs on their telegram. He has traced the coins to certain pool wallets that the SG corp is using. His theory is that there will be a squeeze and coins will have to bought back. The buy backs caused the recent price rise but he thinks it will go higher than $3.

  • how long is Tracking supposed to take and Who dos one Contact if things are amiss ?

    • The initial tracking takes about 24 hours (if that) and then to be approved it takes up to 2 months.

      I haven’t had to contact anybody about issues which is good so not sure on that front.

      • ebay tracked within a few hours less than 24

        bought a big ticket item on ali on the 27th tho the currency defaulted to NZ

        it dos not mention it in the shopping history nor anywhere else

  • +2

    My experience with SocialGood has been quite good

    I think it would be great as long as you don't speculate on "going to the moon" thing, and only use it to buy what you need

    My recent purchase was a "Breville Juice Fountain Cold Juicer", get 100% SG back at 0.71USD/SG, sold for 1.35USD/SG. Basically a free gift + free money (withdrawn to Bittrex then bought LTC and send to Coinspot, sold for AUD)

  • Anyone use ebay gift card to buy stuff and still be eligible for cashback?

  • Just registered an account. SG coin price is not doing well.