SwiftRewards - Compensating Those Who HODL in Bear Markets!
For those of you who don't know what SwiftRewards is, to put it simply, SwiftRewards is an airdrop mechanism adopted by the SwiftCash community in order to help us achieve a consistent and stable growth model. This end goal is achieved by airdropping holders in bear markets, and therefore compensating some of the loss in their portfolio. If you want to find out more about the details of it, feel free to have a read through our whitepaper.
The origin of this idea goes back to a smart proposal by @decentralizd during the last bear market which was for some reason censored within the smartcash community that we later split from. The proposal was suggesting that we should airdrop holders in the bear market to incentivize holding and slow down or perhaps stop the dumps.
This idea caught my attention a lot and I was like, "why not come up with a system like that from the start?" And we did exactly that with SwiftCash. Inflating even more in a bear market to strengthen the price may sound moronic to some people, but inflation is never the only reason for price to depreciate. What matters with inflation most, is who gets it and whether they deserve to get it or not?
I think psychologically speaking, we can all agree that bear markets do hurt the investors a lot as they see their portfolio shrinking and losing its value. Since SwiftRewards are airdropped on holders and not sellers, it's fair to argue that those who are airdropped won't be likely to simply dump, and if they do dump or move their funds for whatever reason, they'll be disqualified from the next possible airdrop.
The further beauty of SwiftRewards is that it's designed in four tiers and tends to resemble term deposits in traditional banking. These tiers which occur every 1, 3, 6 and 12 months, will reward holders based on the period of their faithfulness to the blockchain. That is to say the longer they've been a holder, the more they'll be rewarded in case price depreciates.
To find out more about SwiftRewards, read our whitepaper.
Mine SwiftCash on Your Phone!
Mine SwiftCash on Your Phone!
Greetings @msg768,
Thank you for this information.
A query for you.... What steps does one need to do..... to receive these airdrops to Hodlers?
Cheers!
You need to first make sure you don't spend anything or send anything out of your address and secondly you need to increase your balance basically during each snapshot which can happen automatically if you stake or run a masternode on your address. Alternatively, you can send some swifts from discord or steemit or an exchange, etc.
Thank you for your kind and informative reply @msg768.
One of the main reasons I feel comfortable holding swiftcash!
Me too! :)
I have some shiftcash here, I think it's around 140 or something.
It's swiftcash not shiftcash lol