Weetbix are one of the best-selling products in Australian supermarkets.
Grab yourself a bargain and stack a deal of 70% off with Shping!
HOW IT WORKS
Download the Shping app
Sign up and register
Activate the offer
Buy in store or online
Upload your receipt
Receive Shping Rewards
Cash out to your bank account immediately
We have been around for 5 years, it's certainly not a pump and dump.
Shping Coin is listed on Coinbase, one of the worlds largest exchanges who also have an extensive process to review and vet the projects and people they work with.
In terms of our model, we are sort of like "Flybuys" except for brands, not retailers.
That means we work with brands who pay us for advertising, and we pass it on as cash back rewards to our members.
It's important for us to build a sustainable business and deliver exceptional value to our members.
At the end of the day, the cryptocurrency element is simply the underlying technology that powers the rewards mechanism.
Advertising where?
In the app
How many coins were pre allocated to your company?
There is a total circulating supply of 10 billion coins - you can read all about it in the Whitepaper https://shping.com/wp-content/uploads/2022/11/Shping-Whitepa…
@TeamShping: The white paper does not answer my question, how many of the 10 billion coins are held in reserve?
@Jessie Ryder: You can see a live tracker of circulating supply here https://coinmarketcap.com/currencies/shping/
@TeamShping: Ok, seeing that you are avoiding it.
7,713,208,536 out of 10,000,000,000 are held in reserve, that screams pump and dump in the future.
Roughly 77% of coin's are held by the company.. that reeks.
@Jessie Ryder: I linked to CMC so you can see the live number, as it will slowly increase with time.
This is by design, outlined in the whitepaper.
The purpose of the reserve is to fund rewards for non-partner brands - i.e. it used for our members.
That boat sailed 01/2022.
08/23 was interesting though…
Does it matter? As long as you sell your "shping coin" you won't end up a bag holder.
It isn't worth the effort for me.
Curious to hear you elaborate on "isn't worth the effort"? We are always looking for ways to improve.
Nah. Product seems fine. Just not worth the effort for me.
The crypto side would be annoying to deal with, having to transfer out coins and calculate the cents of CGT for the ATO.
Having to mess around converting in and out of a random cryptocoin I neither want nor can use for anything adds complexity to something that shouldn't require it.
@callum9999: But the app converts it for you, and you can cash out into your aussie bank account?
How is it different to collecting "points" in other programs?
@TeamShping: On / off ramps with banks are a sh!t circus at the moment.
Then, as above it triggers a CGT event (maybe more than one). Accountant probably charges $30 etc extra if you have a crypto transaction..
The SG path (where it cost $20 in fees to offload $2 worth of their coin demonstrated the flaw in the model.
Sounds good on paper, but the real world effort : return..
@TeamShping: I wasn't suggesting points, I was suggesting AUD.
However, Flybuys etc. don't randomly fluctuate in value on a minute-to-minute basis and are actually usable. Unless I've misunderstood, Shping coins themselves are not, and can only be used for anything if you convert it into something else? You may have plans for the future to make them more useful, but have I missed anything right now?
As the cashback is stored in your account as coins, if you want to retain the value then you need to be constantly withdrawing to your bank account. Aside from the effort of repeatedly going through the steps to do that, how much do you charge for that?
Is weetbix still owned by the 7th day adventist church?
Sanitarium is wholly owned by the Seventh Day Adventist church and as an organisation that operates as a charity, it is exempt from company income tax.
Yep.
No Coles love :(
We have quite a few specials for Coles in the app! You can also get this weetbix deal at coles, but it is currently full price there.
Overall this is some low value fiddlyness that people just don't need in their complex lives.
IE not worth the effort for peanuts
Is this a cryptocurrency pump and dump?
In my opinion this is what it looks like to me:
* Give away free cash to get users for some dumb ass scheme backed by some cryptocoin.
* Coin goes up
* Cash out
* No need to worry about any more steps.
https://shping.com/shping-coin/