UPDATE: While it is a decent app to earn cashback (delays can be six months or more) it is all but impossible to actually withdraw more than small number (i.e. $25 or less in value) of SocialGood.

Knowing what I know now - SocialGood is (likely) a scam!

TL;DR

SocialGood is a 'cashback portal' that offers up to 100% cashback on sites like AliExpress and 50% on booking.com, ebay and others.

Rewards and bonuses are issued in their own token - SG https://coinmarketcap.com/currencies/socialgood/.

Rewards are pending for 30-90 days and once posted can be withdrawn and exchanged against BTC/Stablecoin https://www.bitmart.com/trade/en?symbol=SG_USDT.

SocialGood coins are volatile and by the time you get them may be less in value. So far SocialGood seems to issue tokens just as promised but this can change of course.

We do not think SocialGood is scam (at least not in the classic sense).

Earn $200 in SocialGood tokens when you sign-up and complete a $30 purchase through our link (we earn $200 too). You may use referral code 8HXBQ9.

What is SocialGood?

SocialGood is a 'social shopping site' that works just like a cashback portal. Most of the shopping has to be done inside their app to make sure it tracks. SocialGood has added a number of promotions to drive user growth including the $200 sign-up bonus and a number of featured merchants now earn up to 100% in cashback (AliExpress) and others 50% (BestBuy, Booking.com, Ebay).

How does the $200 sign-up offer work?

It takes less than five minutes. Simply use our link and sign up. Download the app and go shopping. We found AliExpress a great alternative as prices are lower than Amazon for many products. Amazingly SocialGood offers 100% cashback for this store as well.

When you shop you can use your normal credit card or Paypal just as you'd usually do.

After you complete your purchase the bonus and your 'cashback' will show as pending for up to 90 days.

For many users SocialGood will add additional bonus offers (i.e. we saw bonuses of $5-$100) for specific purchases after your initial purchases are registered.

AliExpress purchases should show as pending within 24 hours - others like booking.com seem to take (much) longer.

How can a business afford 100% cashback?

First of all SocialGood does not actually provide cashback in cash but they provide it in the form of SG tokens. As with other crypto currencies these tokens follow their own protocol of issuance.

Af the time of writing the market cap (value of all SG tokens issued) is US$136,816,330 and the daily volume of trading is $3,059,933. Those are not small numbers!

SocialGood does not actually have to 'pay' anything for the tokens. They just issued them - it's a bit like the Federal Reserve issues 100 billion dollars and buys government bonds. That money just comes out of 'thin air'.

So if SocialGood issues you 100% in cash back it's more like a 'credit card sign-up bonus'. Though it's not clear what the model can afford in the long-term.

Earn $200 in SocialGood tokens when you sign-up and complete a $30 purchase through our link (we earn $200 too). You may use referral code 8HXBQ9.

How much is SG really worth?

Currently each SG is worth $0.66. However that value was as high as $7(!) and as low as $0.26 in the recent past.

Just last October SocialGood issued 1.4 million SG.

In accordance with an increase in the number of users, we are announcing an addition of 1.4 million SG to be issued from the reserve fund for crypto back from the SocialGood App. As we have a supply cap of 2.1 hundred million and we are adding 1.4 million SG to our already issued 700,000 SG, that means we will have issued a total of 1% from this cap.

From this disclosure you can see that SocialGood can issue 2.1 hundred million - in other words 210 million SG(!) at a moments notice. That would not be so great if they do and you hold coins. However one can hope that SocialGood may make good on the promise to only issue them based on their promise to issue more coins in equivalence to new users. Clearly issuing such huge amounts of SG coins can make SocialGood a scam (though maybe not in the literary sense).

What are staking rewards?

Staking rewards is simply another word of 'saving'. The crypto world uses it to indicate you leave your 'money' in a specific token (and not exchange it) and you get rewarded with up to 15%. Terms differ and what counts as 'staking' - for SocialGood it means to keep the SG in your app. 15% a year are great but the value of SG can go either way.

How do I withdraw my SG?

SG are listed on BitMart and Bittrex. US users can trade on BitMart but not on Bittrex due to regulatory restrictions. You can also move your SG to Metamask or Uniswap wallets.

For most users BitMart will be the best option (free registration) as they offer the highest trading volume.

To withdraw your SG either initiate a transfer from the SocialGood app or from the BitMart.

To withdraw SG using BitMart, first visit the “Assets” section in the BitMart App, and then locate SocialGood tokens under the list of Assets and click Deposit.

Copy the Deposit address (it is an ERC-20 address) and add it under Assets/Withdraw SG in the SocialGood app.

Once your SG tokens are in BitMart you can exchange them for Stablecoin or BTC. These two currencies can be exchanged into 'fiat' i.e. US Dollar and cashed out via a bank account or debit card.

Keep in mind that each transaction (SG to Stablecoin or Bitcoin) and the sale of Stablecoin or Bitcoin will require a fee. Expect about 3%.

How long does this promotion run?

It is scheduled to expire January 31st and it will return to the usual $50 bonus after that date.

Is SocialGood a scam? Our Verdict

We do not think that SocialGood is a scam. We do not think SocialGood steals your personal data or payment methods.

SocialGood provides a (highly speculative) gain from shopping as it issues SG tokens that are very volatile in the first place and the company has a huge 'reserve' of SG tokens it can issue at a moments notice to drive down the price potentially. This may be offset by other users joining the app (and increase demand for SG tokens).

SocialGood offers a incredible opportunity that may turn out 'too good to be true' but there is not much as many of the merchants offer low/ minimal cashback through other online shopping portals (and it is notoriously difficult to get them to track!).

In the realm of crypto we have seen crazier tokens than SocialGood (SG). Many airdrops have offered thousands to anyone who left their email address and a wallet address.

SocialGood is more a 'directed' airdrop than anything else and we do not expect the company to stop providing coins to users (as promised by the company).

Only time will tell if SocialGood is indeed not a scam.

Earn $200 in SocialGood tokens when you sign-up and complete a $30 purchase through our link (we earn $200 too). You may use referral code 8HXBQ9.

Is SocialGood a scam? Here is an excerpt from the company FAQ

Can the operating company be trusted? Can I really get crypto for free?

As a member of the FinTech Group of Japan founded in 2005, The SocialGood Foundation's crypto back business is approved by and is publicly supported by the Tokyo Metropolitan Government in Japan.

SocialGood holds several patents regarding how cryptocurrency is used to provide consumers with cashback, rewards, and point redemptions.

The company has provided crypto back to all users who have made purchases on the app which meet the crypto back terms and conditions.

If you haven't received crypto back after the specified SG approval period, please contact customer support here.

By the way , some people may be concerned and wondering, "How can the company have 100% return rates? Wouldn't they lose money?" But, you don't need to worry.

By putting the partner companies on the app, the operating company is able to receive advertising revenue from their business. As the partner companies are very happy to have a new way of increasing their customer base they are able to partner with more companies daily.

Therefore, please enjoy receiving free crypto and increasing your assets without worry.

The more you earn, the more we earn too. So, in a way, we're also partners.

We plan on continuing to grow in a sustainable manner so that everyone in the world is able to gain more assets the more they shop.

Some people on social media have claimed to have not received crypto. Why?

The crypto back value may take several days to show up on the SocialGood account.

Once the purchase data from the store has been verified by the SocialGood App, the SG crypto value of your purchase will appear in the Assets tab in the app under Owned SG.

More details about shopping with the app can be found here.

Earn $200 in SocialGood tokens when you sign-up and complete a $30 purchase through our link (we earn $200 too). You may use referral code 8HXBQ9.