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Increased Referral Bonus of US$200 Worth of SG (Crypto): Min US$30 Spend in 30 Days Required @ SocialGood App

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As per recent deal, I have tried and tested this myself, have gotten few thousands worth of SocialGood coins and cashed out to USDT.

It was $100 referral, now $200, not sure what to make of it, but my guess is they are not reaching their new sign up targets quick enough. Though, there's not much really to lose by trying out the App.

IMO eBay AU works best with tracking(12-24 hours) and approvals always happen at the end of the following month, so it takes 31-60 days for eBay AU.

Aliexpress have also worked for me. Haven't really tried other stores.

New users need to spend US$30 or more within 30 days of signing up.

For those who have more questions about the SG/App, withdrawals, feel free to DM me, happy to help answer any questions. I've been using the SG app since May 2021.

Announcement from SocialGood Support Team

Referral Links

Referral: random (614)

Referee receives US$200 worth of SG after US$30 purchase within 30-days. Referrer receives US$200 worth of SG after referee satisfied referral requirements. (Usually US$50 worth each.)

This is part of Boxing Day Sales for 2021

Related Stores

SocialGood
SocialGood

closed Comments

  • Tap refer link, still says $100? Thanks

    • You're right, though it might just be they haven't updated the $100 to $200.

      Edit: In the referral page of the SG App, it does say $200, but clicking through it does show $100 (so I'm assuming it just hasn't been fully updated)

    • +1

      Confirmed it is 200 now. See my post below

  • -1

    Mine says $200 in the app to the person who clicked my link 9 mins ago you should be ok. It has already tracked

    RVHV**

    Don't use the code as I redacted the last two digits just FYI to that person

    • That's quick! Thanks for confirming that it tracks at $200 worth of SG :)

      • Do you think it's targeted for those who refer or everyone will get $200?

        • From what I've seen, everyone will get $200. Now keen to see if the targeted $100 becomes $200 lol

  • +1

    See https://coinmarketcap.com/currencies/socialgood/ for how "good" this crypto is performing (I suggest setting to 1Y on chart). TL;DR - withdraw ASAP

    • +3

      Well yeah, FWIW, yes you might end up getting less than expected 50% or 100%, but Ive certainly got more than traditional cashback portals such as CR/SB. And stores like eBay and Aliexpress tend to be quicker approvals too.

    • I don't think much people are holding it like BTC or ETH. SG even sent an email the other day telling members they can change the SG to BTC or USDT etc…appears it doesn't expect its coin to behave the same way the other coins do in terms of appreciation. Their most aggressive staking is 15% only.

    • No 50% CGT discount before 1 year. Worst advice ever.

      • Withdrawing is the best advice, ever.

        It isn't taxable and removes custodial risk.

        • +1

          The ATO might want a chat with you :)

      • You're the one raising tax, not me. If you want to hold your money that long just for a CGT discount, be my guest. Say goodbye to your money for me.

        • +3

          Well I hope that the majority of the holders do not have the same sentiment.

          As ideally you want some HODL or the price will continue to tank.

          147m market cap is pretty cheap given how crazy crypto is at the moment and considering 630k worth of holders.

          Could easily 10x this.

          I am optimistic but would like to better understand how the business model works and what the profit outlook looks like.

          At least it has a usecase and utility unlike say a meme coin. There are a lot worse options out there to invest your money

          Check out the white paper

          https://socialgood-whitepaper.com/

          Clearly they are aiming for mass adoption. Although the way they are doing it looks a bit scammy.

          Fingers crossed for a proper exchange but given its decentralised probably not. It would so wonders if they changed to centralised. For SG price anyway and ease of trading.

          So what are you expecting to happen a rug pull? It's not like you invested your money.

          They have partnerships with many big companies seems like a lot of trouble to go through if it is a scam or rug pull.

          Feel that the custodial risk is lowish.

          I mean how long before we get approved? 4 months? 1/3 of the way there for a CG discount.

          Maybe given you don't know the price of SG in a few months perhaps you should just stick with Shopback or Cashrewards if you feel it's risky.

          No custodial risk then.

  • +1

    My referral link from within my SG account says $200. Hopefully it's a quick fix

  • How do you cash out to USDT? In-app swap?

    • By withdrawal to other exchanges like BitMart….

      • It's the Bitmart KYC im not keen on.

        • Bitmart KYC was very quick and simple for me

          • @DisabledUser184253: I think it's the recent Bitmart hacking that's more a concern. Though that's kind of part & parcel with crypto nowadays. Bittrex is another option but no guarantee to say they are more secure

      • How much to withdraw SG?

    • +1

      When SG tokens are approved in app, you withdraw them to an exchange they are listed in, currently Bitmart or Bittrex.

      • It only gives option for Coinbase wallet or mera mask

        BitMart option doesn’t even come or doesn’t even ask for to enter the address

        Did someone actually withdraw SG and converted it to real money ?

        • +1

          Of course you can convert to real money.

            • @rahoolz: Guessing: withdraw to wallet, swap to sell able coin, send to exchange then sell… Won't imagine gas fee…

              • @Bargain-er: Yeah I tried withdraw to Wallet .. however keep on getting error minimum amount even though I am trying more than minimum amount

                • +1

                  @rahoolz: The deployment pools have no SG, until Socialgood adds more it doesn't really matter what the app says.

                  • @shadowangel: What does it mean with deployment pools? I just realised i have same issue. Got 331 usd after gas fee with min 300 usd but got minimum error.

  • Anyone know how to share referrals on Facebook. It's getting flagged as spam due to the URL SocialGood.inc

    • +2

      Nope, I think the only way is to go to your Friends and family, and they will give you a stare like this is too good to be true, scam, pyramid scheme, etc. LOL.

  • Remind me when I get home please

    • You could use the reminder function and set a reminder for tomorrow…

    • +2

      You home yet?

  • 100% back on Aliexpress means I can basically buy as many mobile phones as I want, get 100% back in SR and withdraw them to be USDT.
    IS THIS REAL????

    • +1

      I bought 2 Pocophone F3 to find out…
      It tracked but only 70% cashback due to shipping and GST and price of SG going down

      • Did it get tracked? How long did it take?

      • How does it work? which means did you get 70% cashback plus sg worth $200?. Pls clarify :)

        • +2

          yes but 70% back is in the form of SG too, not a cash like shopback. remember everything you get is in the form of coin.
          the way we say should be coinback to avoid misunderstanding instead of cashback.

          • +1

            @ChiMot: Thanks, ChiMot for the response. I need to buy a min of $30 from Aliexpress to qualify for SG sign-up bonus. How do we then encash SG coins into our bank account? Seems not very straightforward.

    • Pretty much what Levity said before. Effective cashback could be lower than 100%, but could also be higher, if you bought when SG price is higher than what its price is when you purchase. But where could you get such a high rate for Aliexpress??

  • +1

    Can you cash out as AUD? Do you have to pay tax?

    • You can sell the SG for AUD on Bitmart, yes you do have to pay tax

      • That is regarded as your income?

        • +1

          The general principle is that personal rewards received from loyalty programs, including flight rewards and cashback are not considered taxable income. However, as you are receiving Cryptocurrency and selling it on an exchange you will have to argue that if its audited.

        • +1

          You better consult a tax accountant, but they may not be 100% sure either.

          • +2

            @lilkid28: I asked mine.

            Gives you crypto then yes if you sell/swap the Crypto the cost base would be NIL and a capital gain would arise

    • There is NO tax on cashback, bonus rewards, signup rewards, etc.

      People that say that there is are donating extra revenue to the feds.

        • Sure. Please point to where they say that cashback, bonus rewards, signup rewards, etc, are taxable.

          • -1

            @rektrading: Tax law hasn't catched up yet but still a capital gain with cost base of nil

            https://community.ato.gov.au/s/question/a0J9s0000001IHcEAM/p...

            Do you work in tax, government or finance and know differently?

            Do you really think that if you converted 10k of SG to AUD it wouldn't be taxable?

            • +2

              @Korban Dallas:

              You would be looking at the cost base at the time of accquisition. So if you received them similar to a gift and now owned them you would look at market value of your asset - which is 3% of $100 = $3.00. If you sell them for $4.00 you have made a $1.00 capital gain. This is also the amount you would need to declare at TOTAL capital gain label. If you held the crypto for longer then 12mnths you can look at applying the 50% discount resulting in your Net capital gain. This would be reported at the Capital gains/losses section of your return.

              From the page you linked, from an ATO staff member. So the cost base is not nil.

              If you spend 10k AUD and get the equivalent of 10k AUD cashback, but then you cash it out at 9k AUD because that's all it's worth, it's a capital loss of 1k AUD.

              If you cash it out at 10k AUD there's no loss/gain.

              If you cash it out at 11k AUD it's a capital gain of 1k AUD and you need to pay tax on that 1k.

              Should also add, if you don't cash it out/change to different coin/currency you don't include it on your taxes. You include it in the financial year when you do sell/convert it in any way.

              • @Miss B: Great to know - thanks for the info!

  • +1

    interesting… will test it out

  • Please note that the $30 is in USD not AUD

    • +2

      Approx AU$42

  • Where do you put the referrer code after you install SG?

    • I would install the app, then click the link, while making account it should show a code in referral before completing account creation.

      • Anyway to verify if the referral has been accepted, ir check the code after sign up?

        Also anyway to buy woolies or Coles gift cards from ebay under this offer?

        • +1

          No you cannot get gift cards or use any codes in eBay at all if you want this to work, you will know if the referral is accepted before confirming the account creation if it's in the box.

          Afterwards it should change to US$200 worth in the referral section, we don't get much more confirmation after that, I just bought a single eBay item worth more than AU$42 and won't be using it again until I get a final confirmation.

          The SG crypto appears to be in my SocialGood account, but it's an unusual amount, US$365 worth after my gf signed up, but it should be US$200 + US$200 +US$35.

          Don't buy any gift cards or sale items, eBay is supposed to be +50% back as well.

          • +1

            @Jimbuscus: Just recently (couple days ago) received an email from them with the following message:

            “Oops! Is there someone you forgot to buy a gift for? No worries! Just pick up a gift card at one of these stores and receive crypto back for it!
            And don't forget, Christmas (JST) is the last day to receive $100 for referrals.”

            Ebay was listed underneath as one of the stores.

            It still lists that you can’t get cashback on eBay gift cards, but based on this email it looks like you can on other ones. But not sure if this is a limited time deal and how long it will last.

            • @Arquatica: Who knows with cashback providers, I am using the most basic purchase I can as I just want the crypto itself more than anything else.

            • @Arquatica: Depends on the merchant. Lazada i can pay my water, power, grocery's and internet and claim everything. Ebay has many exclusions.

              • +2

                @shadowangel: What's lazada? How do you pay for everything with it?

              • @shadowangel: But that's not something that can be done in Australia right? I didn't think Lazada had a presence here

              • @shadowangel: @shadowangel we have lazada in australia ?

        • Where are the WW or Coles giftcards on eBay? Thought they were long gone (for ww gc), never seen Coles GC on eBay.

  • So I need to log into stores like eBay within their app? Does it mean they can potentially steal my password and get access to my eBay account?

    • After making your purchase, you could change the password to your eBay account.

      • Yep, that's what I did - logged out after making the purchase (in the app), then changed my password.

    • You can enter a one time password with eBay.

      Click the link underneath the password field on Ebay: “ Need help signing in?”

      Then a button will appear that says: “Sign in without a password”

      You can also add your account/card details before hand on eBay.

  • +1

    Can't login to Ali express from the app by Gmail. What's my other option?

    • I don’t think there are any other options. And whether you are using Gmail or another email provider, it shouldn’t matter.

      You just need to make sure you are shopping on AliExpress (or any other store) WITHIN the SG app (rather than “externally” on Aliexpress’ own app).

      Also, I am not sure if it matters, but maybe check if ad blockers are causing the issue?

    • You have to type your password, Google won't allow Socialgood inapp google signin

  • Is there a minimum amount required to withdraw, and does it allow you to cashout and send it to your bank or only to another crypto wallet

    • +1

      Currently minimum withdrawal amount is set at USD25.

      You can’t cash out and send directly to your bank account. When withdrawing, you are withdrawing SG tokens. So you need to withdraw SG tokens to crypto exchanges that has the SG token listed in the exchange like Bittrex, Uniswap or Bitmart, then in these exchanges you sell your SG tokens into stablecoins like USDT, and lastly use your preferred method to sell USDT into fiat and withdraw to your bank account (for eg. you could transfer the USDT into Binance, Coinbase or Crypto.com, sell into fiat and withdraw into bank account).

      Ps. I am not entirely sure about Bittrex but a simple Google search suggest that you can also transfer directly into a bank account. Would be great if someone could confirm.

      • +2

        Ps. I am not entirely sure about Bittrex but a simple Google search suggest that you can also transfer directly into a bank account. Would be great if someone could confirm.

        I can confirm that you can transfer directly from Bittrex to your bank account.

        • +1

          Thanks!

        • how are the fees and exchange rates?

          • @patryn: Not unreasonable considering it's free money. But if I were trading in & out multiple times per day then I would look for a better exchange

  • Anyone know of a source for good explanations of how this all works from an inexperienced starting point? I find they use a lot of jargon without explaining it. Particularly staking, getting the SG earnings to the best place to earn from it. How to use the various apps they mention together? I find they all have terrible GUI (graphical user interface).

    How to get cashola out (or is it best just to leave it in unless you get to the 10,000 point)? If you wanted to use some of your own money to dabble in cryptocurrency is this as good a way as any to do it?

    • +3

      how this all works

      it works pretty much like Shopback. You purchase things from the stores available in SG (like eBay, AliExpress etc), have your purchases tracked in the SG app and after a certain period of time, you get your cryptoback in SG tokens approved for withdrawal (instead of cashback say in Shopback).

      staking

      this is just essentially another name for not selling your SG tokens and keeping or depositing your SG tokens to earn an interest rate. Google staking, there’s plenty of info about this on the net.

      How to use the various apps they mention together?

      this is similar to Shopback. You would be able to open eBay, AliExpress etc. within the SG app to do your shopping.

      How to get cashola out

      see this: https://www.ozbargain.com.au/comment/11551698/redir

      (or is it best just to leave it in unless you get to the 10,000 point)

      best to sell once you get your SG tokens approved for withdrawal. See this: https://www.ozbargain.com.au/comment/11548200/redir

      If you wanted to use some of your own money to dabble in cryptocurrency is this as good a way as any to do it?

      SG is more like a crypto or decentralised version of Shopback. There are many things in this world that you can decentralised with blockchain technology. So SG is more like a shopping platform where instead of cashback, you get cryptoback. If you want to dabble (or invest) in crypto, I reckon there are better ways. Google is your friend (or do a search for “crypto” or “Bitcoin” here on OzB and read through the comments). As usual, this is not financial advice, do your own research.

      • I get the cash back side of it (though not how they pay so much). By 'other apps' I meant Bitmart and metamask. Just need to read more I reckon. Thanks for those links.

        • +2

          how they pay so much

          This is explained on their website. They can give more because they are essentially giving crypto money rather than real money and I suspect they receive commissions and use this to buy back SG in the market to push the price back up. They also rely on crypto market dynamics from traders who trade the token, and therefore it’s price.

          By 'other apps' I meant Bitmart and metamask

          One easy way is to check if there are any videos on Youtube on this. It’s always easier to watch videos on how to do things, rather than reading.

  • I have made a purchase on aliexpress through the sg app but it doesnt seem to register the purchase. How long would i need to wait for confirmation?

    • Mine was confirmed after an hour or so, around 70-80% of what I paid.

    • It should be within an hour or two.

      • I didn't use any coupons, but do you know whether using an ebay/aliexpress coupon will ruin a cashback?

        • +4

          No, used both aliexpress and ebay coupons never ruined my cashback tracking

          Tracking for aliexpress/ebay took 12-24hours for me its quite manual I believe

        • I have yet to try coupons on AE but with Ebay, it still works with coupons.

          • +1

            @ilovefullprice: When was the last time you purchased on ebay with coupon?

            • @tajid: A little more than 2 months ago. It has been approved for withdrawal.

  • +2

    There is a bug with buying with Remedy. If you use PayPal it will not track. Be sure to submit a ticket to SocialGood and also message Remedy.

    Everyone should also be using their crypto.com credit for an additional 2 to 3% cashback in CRO

    • +1

      Hey! Thanks for that.
      I bought from Remedy and 8 days later it still hasn't tracked.
      I've emailed them, and i'll message Remedy now too.
      Cheers.

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