Crypto.com rugpulled its users... Once again!
Hi HODLers,
Well, I could say: "I told you so" because I indeed told you so but I will abstain as I have some of these (shitty) tokens!
The good thing is that I knew this would happen, because they have done it in the past...
Do people remember the MCO coin? The fact that they literally told HODLers that it will be useless and they should switch to the CRO token. Which one they had 90%+ of the supply!
They rugpulled their own community and somehow managed to attract a lot of believers thanks to a great strategy I must say. Most of the users do not know or hear about this previous event.
I tried to educate as much as possible writing blogs about it and commenting on pro CRO posts!
New Rewards System
Monthly rewards on the lower tiers would be capped from $25 to $50, while there would be no rewards cap on the higher tiers, the company said.
This is also the end of staking rewards:
Staking rewards on Crypto.com’s cards would additionally cease after completion of the 180-day period for all those who staked on May 1 or before, except for cards of the lowest two tiers.
No more free CRO for us as they need to find money to pay for their extravagant naming spree? Such as the $700 million spent to purchase the naming rights to the then-Staples Center in Los Angeles!
$CRO Price Chart
In the end, it is not the end of the world but it does highlight that centralized exchange can just change the rules whenever they see fit. And usually, this does not favor us!
I will probably end up selling my current active stake at the end of the period and will probably close my Crypto.com account as I literally just used it to pay for daily things and get some CRO back.
And you? What is your plan?
Latest Analysis
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thanks for the update, interesting times, The ruby card was working out well for me.
@lukeeeyy did u know about MCO
Yep, kinda see this coming as well after the MCO fiasco, just thought we would have more time! I’m the same as you, they lost my trust back then so since then I convert my cashback every few months to something more viable.
I use their services just for the cashback card so will close the account and move to my Nexo card from June.
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Yes I imagine you would foresee this too. Well, I did not lose much money but I grew fond of this simple 2% cash back. I would buy expensive things when CryptoMarkets would be done just to get more cryptos haha.
My own DCA I imagine 😅
Is Nexo a good alternative?
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Haha, exactly. When the market talked I would make any big buys. Easiest DCA ever. I’m thinking of moving to NEXO, they give 2% in BTC I think. Down side it is a credit card.
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Might have to do with the FED % hike soon*.
Well if I am honest, CRO did much worse haha. They ran out of printed coins in 18 months 😂.
FED is still going !
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Yes that is true, ran out of printed coins.. that's funny. 🤣
I read the newsletter the day before yesterday and was a little bit shocked amd angry. I was very new, and have collected some Cro. Ok it was a benefit because i hade before using it no cashback or better - no additional Cashback, i use other Casback always and this was additional.
I immediatley wrote a pots to the German Community and al were very angry.
Now i search for an alternative. Maybe i wil use wirex, its only 0,5% (no online purchase) bzt better than nothing.
9,99 per Month for 1% (also online) would hardly be worth it :(
Lol totally, people have this idea that rug pulls have to be an instant thing due to DEFI scams who want to bank the most liquidity they can, a big company like crypto.com would rather get more people in and bleed them dry over time in a slow rug pull.
All you got is your money went to pay UFC and other sports
I knew you would not be fooled as you are skeptic of most free money initiatives (which you are right 😅).
Well, I did not really lose anything but I am happy I contributed to help this small sports businesses that are NBA and UFC 😂
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LOL, I had MCO back in the day because I wanted the card, but they kept fucking me around and when they personally contacted me to blog about their product even after their shoddy service, When they did the force over to CRO, I knew this company doesn't care about anything but more liquidity by suckering in unit bias retail.
lol don't forget Matt Damons salary
Fortunately I never aped into that one.
Well basically if you just staked the few hundred dollars needed to have the card, you would have made money in the end.
It is just a highlighting event of the dangers of CEXs!
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Mate you were totally right about it. They lost credibility with this update (!)
Thanks! I love when people tell me I was right 😂. I feel good!
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Too much marketing came at a cost. I have the VISA card from them, but haven't used it much.
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The money has to come from somewhere for their Formula 1 , stadium naming rights and so on. It's ridiculous . I got out at 50 cent thank god, I even unstaked the card.