Fold App Halving Daily Spin Rewards In Solidarity With Bitcoin
The Bitcoin rewards debit card provider Fold announced today that it would be halving the rewards users earn from spinning the wheel on their Fold mobile app in solidarity with Bitcoin's block reward halving this April. Founder Will Reeves announced Fold's halving will occur when Bitcoin's does.
Currently, anyone who downloads the Fold mobile app can spin the wheel for the chance to earn 5-10 sats each day as well as the chance to earn double that when they buy gift cards to popular retail stores. However, in the spirit of Bitcoin the company will reduce the amount of daily sats users can win to 2.5-5 sats each day.
This will not affect the spin rewards of Fold's popular debit card holders who earn sats back by spinning a different wheel in the mobile app after making purchases with their debit card. Cardholders have the opportunity to win 100 sats, 1% sats back, more spins, and occasionally users have the chance to win an entire Bitcoin. "It's a great deal!" Fold cardholder Linus Dutch told The Bugle. "I ditched my airlines rewards credit card to use Fold to earn sats back on major purchases. Instead of getting 1-3% on my purchases with other cards, I can make a large recurring payment, like my mortgage payment, and then use the spin wheel to get 100 sats back! That will be generational wealth, someday." He added.
Not all Fold users are happy with the decision. Twitter user SlyGoomba told the Bugle he's been spinning the wheel every single day since he downloaded the app in early 2021 and so far has accumulated 14k sats. He is thankful for free sats but isn't fond of Fold's withdraw policy stipulating users need at least 50k sats to withdraw. Other users have bigger gripes. An anonymous user who only posts on Nostr claims to be a former Fold employee and alleges that founder Will Reeves developed a deliberate bug in the software which steals spins from users to give to himself. He claims Reeves has been personally enriching himself by spinning the wheel upwards of 1 thousand times per day. "At 5 sats per spin, he could be accumulating Rockefeller bags!"
