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:

1. People want to load up their wallets before the next SmartRewards snapshot.

2. 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?

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Luke Stokes is a father, husband, business owner, programmer, and voluntaryist who wants to help create a world we all want to live in. Visit UnderstandingBlockchainFreedom.com

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