I know I sound pessimistic on many things posted on this or any other crypto site, but that may be because I have been burned a LOT in my 53 years. The one thing I have learned above all things is, if it seems too good to be true, it generally is. Which brings me to Crypto.com
Everything of theirs looks legit up until you get to the staking. Not the staking of BTC or ETH or even their MCO as they offer reasonable 4% or so returns. Especially when lending same currencies is at a 9% rate. However, when you look at their CRO, that is only at about .13 per coin yet they offer up to 16% for 3 months of staking, that is when my warning bells go off. Why 4x the bonus of everything else? How easy it would be to get people converting their measly 4% earning cryptos to CRO to get gready, only to watch that crypto get dropped to 0.0. Anyone who sells their BTC or ETH for CRO is asking to take a financial spanking. Be careful.
Yes, this was my thinking aswell. However, there’s a reason and pretty obvious one. Actually two explanations. 1) staking reward in crypto.com on average considering all assets combined are actually a little bit lower than industry average. Sure enough CRO is much higher. They obviously want to reward their native token CRO. But the average % is not that high when you take all the other coins into the calculation.
yes, you may ask where does this reward come from? DeFi! It’s business, lending money/crypto is a lucrative business and many in crypto business are giving a big portion of it back to the participants, aka crypto stakeholders. This big reward has gone into the wealthy 1% in fiat business.
That was sorta my round a bout warning. I can see many actually trading all their BTC and ETH for CRO in the hunt for huge returns. BTC and ETH are fairly safe, when compared to most other coins. Too many are trying to get rich quick or over night, so my words were just something that hopefully gets stuck in the back of their minds. Not a deterrent to using Crypto.com.
I never invested in CRO because the returns sound too good to be true. I hope it doesn’t cause the entire earn program to collapse. I used earn for half a year but pulled my funds out because it’s too much risk.
I do like the 2% cash back option, but i will pass on something i recently read. The only way your Crypto is safe is once its in a private wallet. If you Stake the coins you are basically loaning them to whoever, and you have a “I OWE YOU”, but you are vulnerable to losing all that crypto. So, dont stake everything you have, but manage risk accordingly. I know VOSK mentioned somewhere about staking your BTC while its still in your wallet, but i cant find the video.
Ugggh. So i started moving my rewards and stuff from the exchange to my connected wallet. Unless you are moving over 100.00 worth of stuff, the percentage is just too high. That’s both ways. So, if you want to save yourself some money, let your coins add up to “at least” 100.00 before sending it over to your wallet.
Sheesh. I just did the maths. For me in South Africa, I have to invest R4k to get R800 back as a reward. That’s not cash I have lying around. Guess I’ll need to hang on a bit
WOW!!! Bitcoin mooning, ETH and LINK starting to play a little catch up. Time to make some adjustments to take advantage of some profits? not if you are using CDC. They decide, as BTC closes in on 18k to give less than 24hr notice to everyone they are shutting down for maintenance today for a minimum of 6 hours. SERIOUSLY?
Well, then i guess there is never a problem. On the blog. 20 hours notice, they pulled down the site and app for 7+ hours. Why they put it on the blog and not at the bottom new section of the app, who knows.
I’ve had no issues with crypto dot com but have only used it to earn on ETH to test it out. Seems fine to me thou.
I’ve also tried BTC on blockfi but with crypto dot com and any provider/company/etc that isn’t a wallet you have the private keys to, you enter at your own risk. Think the folks behind crypto dot com are legit but that’s just me.
There are several reasons, such as having 100,000 CRO staked, 4 3 month BTC and ETH stakes. I have been moving my coins over to Celsius as they are freed up. I can’t use BlockFi in my state from some reason and Celsius doesn’t give me the option to trade into a stable coin or just sell my BTC and hold the fiat currency until the price corrects. They only have transfer, buy, and withdraw to an external bank account. Of course then you have to pay 3.9% to put it back into your BTC later.
About the only thing good about Crypto.com, in my opinion is that it is an actual exchange and not just a % paying wallet platform.
CDC, used to have me all excited, but with all my personal experiences, they are less than acceptable and i will continue to point that out.
I’m not saying CDC is a scam or not legit. What i am saying is they have ZERO customer “give a damn” at all. Once they hit their membership target, they just stopped caring about us.
