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Redeem your wisdom points for cash now on PYNK or reinvest them
The time is finally here, the PYNK investor wallet is open, and all those wisdom points that you have earned can now be redeemed for cash, or put straight into the investor wallet.
Small disclaimer, none of what I am saying is financial advice, just my understanding of how the platform works and what I plan to do with my smallholding.
We are going to explain how to go about turning those lovely wisdom points into money.
(Their investor wallet is ready to go if your in the UK, other countries will have to wait a bit longer, but there was plans to be able to withdraw it as crypto currency very soon as well)
What is PYNK and what are these wisdom points.
Pynk is a fun little prediction game where you can predict the price of - Gold, bitcoin, ftse100, euro to USD and the Nasdaq. As well as answering some questions about different companies and market-related questions.
You get crowd points for logging in daily and making predictions.
You can then use these crowd points to 'stake' it against your predictions for the above markets, then depending on how good your prediction is, depends on how many wisdom points you get.
As well as making wisdom points for answering questions and making predictions.
Then what was happening was every 3 months the quantity of wisdom points would get turned into an amount of points or shares that would one day (today) equate to financial gains.
I have been doing this a lot and was fortunate to make a million wisdom points, but even for the last 2 months I am on over 250,000.
It was always my plan to go long term until I could turn this into cash, so seeing this day finally come is very momentous.
Redeeming wisdom points and completing KYC
So if you saw my last post on PYNK, we knew this was coming, they did say by end of May but a couple of days late is not too bad.
So if you have been predicting on PYNK for some time you should have accrued some lovely wisdom points, I have been doing this for a long time so I had over 1 million wisdom points.
Redeeming these were really easy, first of all, you need to decide whether you want to withdraw your cash to your bank account and convert it to cash.
You will have received an email and when you log in to the PYNK site, you will see an icon about redeeming your wisdom points and be given the option of withdrawing straight to your bank or depositing into the investor wallet.
You need to answer some questions to ensure that you understand the risks of investment, you don't really need the money, and you understand that it will likely take a few years before a return is sought, this is ultimately up to you, you need to know that you are happy investing and understand the risks.
The investor wallet needs to be set up and for both options, you will need to complete KYC (know your customer) - this was done super quick for me, just needed a picture of the front and back of your driving license, a selfie with your license and proof of address, I used my council tax letter, after 5 minutes I got ma message saying the pictures were a bit blurry so redid the driving license pictures and within 5 minutes it was successful.
I could then deposit my wisdom points, said would take a few days before would see it in my portfolio, there was also the option of depositing more money from your bank account, I am however now ready for this.
The same KYC must be completed to withdraw money as cash to a UK bank account and within a few days should be in your account.
The investor wallet
So the investor wallet is kept on a side of the company called placeholder (better name incoming once the lovely community has decided)
Placeholder is the regulated side of the company, registered with the financial conduct authority and therefore has all the protections of such.
The plan is to manage the investments through a thesis wallet. where based on the community, artificial intelligence and inhouse experts, a portfolio is built based on these entities to try and seek the best return. You can see what the plan for the portfolio is, it sounds a very sound idea in the future, no investment is guaranteed, but there is certainly the opportunity for your money to grow. I am excited to be a part of the project and see what happens.
Going forward and what is next
So the PYNK prediction platform is still very much active and an integral part of the investor wallet, using the crowd knowledge to hopefully make everyone's money grow, the best thing about continuing the Pynk basis is that you can keep your fees to a minimum to absolute zero so that you can keep as much of your investment as possible.
I guess it is unlikely that the accumulation of wisdom points will continue to make cash but I am not sure, it does say other rewards so will be exciting to see what happens.
I have always enjoyed the prediction platform anyway, find it a fun game, but now that my investment is in there I am more inclined to go for it.
Small note about scammers
Also just a quick small note about scammers on the official forums there has been talk of fake Facebook groups being set up, so make sure to ensure your following only the official pages a list of which can be found here