Did Crypto.com listen to its users' anger? Or was it planned?

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Hi HODLers and Crypto.com users,

A few days ago I mentioned how Crypto.com pulled another trick on its users and lowered basically most of the advantages of holding CRO or having their debit card. As I also stated, I was not even suprised as they did the same thing a while back with their previous token MCO.

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Image Source (outdated I guess!)

Here is the link to my last blog on the subject: Crypto.com rugpulled its users... Once again!

What did they rollback?

First of all, let me say that I believe these concessions were planned in advance and they expected users' backlash and therefore to have to give us a little bit.

They had done the exact same thing when they moved from MCO tokens to CRO. First being outrageous in their "exchange rate" and then making it less bad (but still bad).

I received the following information in 2 separate emails:

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Summary

  • Ruby Steel (with an active stake) will give 1% cashback
  • Royal Indigo / Jade Green will give back 2% cashback

Then instead of cutting off all users from the CRO Staking Rewards, they made it so:

  • Obsidian, Icy White or Frosted Rose Gold Card will have 8%
  • Jade Green or Royal Indigo cardholders will have 4%

These rates will only last for the next 180 days though.

So they make it just a bit better so people would think it is actually not that bad. Human Psychology I guess.

Stay safe out there,

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75 comments
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I feel like it was a planned way to get some attention back to the rewards while also lowering them to be more profitable. Fuck them.

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That's the same plan a lot of companies everywhere use ain't it? Even restaurants do that with the quality of their food at first... but yeah, fuck them for sure!

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They lost me as a consumer. Gonna start getting 4% with Coinbase Card vs dealing with the now 1% rewards for Ruby Steel.

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I thought that the 90s were over and the street scammers disappeared, but they transformed, made an upgrade and began to call themselves not scammers, but more majestic names)

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OK...not sure how that applies here.

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You don't know what's behind the rate cut. Perhaps they evaluate the reaction of investors, later, they will lower it even lower, if investors swallow it, they will not stop there.

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That seems more on the level than them being scammers.
They reduce a free service vs taking something from investors or dumping the project.
Sure both fruit here in the crypto world, but apples and oranges. IMO

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Wait, so how do these things work...? These cards work just like a bank debit card? You hold crypto on Coinbase or whatever and that's it?

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(Edited)

They still work as they have been, but the rewards have been reduced across the board. I do not see that you have to hold $ on Coinbase to do it.

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So more so like a credit card then?

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Pre-paid debit card like CRO, but you don't have to STAKE* anything on CoinBase like with CRO app.
Should have said stake.

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Ok yeah got you. I just never looked into it. I can research it, and make a decision for sure, but thanks for letting me ask these silly questions.

Been in the world of non KYC for a while now, diving deep so I've over looked the advancement of the centralized exchanges and such.

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No fan of KYC either. But I won't be making any serious capital gains on CB for "tax purposes"

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4% with Coinbase card!? Well I haven’t seen this. I have to check it out. Yup ruby at 1% is quite low.

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What I bummer on CRO card, but ya Coinbase has 4% and I'm looking forward to it. My CRO stake is down over 25% because of them shooting themselves in the foot, and def not getting my full $400 back.

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I need to check that Coinbase 4% Cashback! It seems so HIGH!

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What were Ruby, Indigo/Jade Green before May 1st?

Getting one of these cards has been on my "todo" list for ages but I won't bother now.

!PIZZA

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Just watch them slowly drop it over time to reduce the outrage. In a few years, not very many people will remember or complain as much.

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I believe you are right my friend. I am probably going to sell my stake once it unlocks.

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The rewards are still less than those offered now, with some users still expressing dismay. Crypto.com however, noted the changes were necessary to ensure “long-term sustainability” of the yields offered on its card product.

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I think it was written in their roadmap, which they did not publish)

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I do agree that their system was unstainable from the start but changing such important features one day to the next is not okay.

Especially when you did it once before with MCO token.

Well, 1% for the ruby card is useless, I will find better options hehe 😉

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Exactly! Talk about a so red flag !!

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I do agree that their system was unstainable from the start but changing such important features one day to the next is not okay.

Especially when you did it once before with MCO token.

Well, 1% for the ruby card is useless, I will find better options hehe 😉

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The initial offers are always lucrative to attract customers. Once they are in a habit of using this card, they won't go anywhere apart from a few. But for long-term customers, crypto.com needs to keep coming up with more offers and reward schemes. Otherwise they will be gone.

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The fish swallowed the hook, fell off, and lives with it, because it still smells like a worm)

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I didn't bother to read those mails although I do own a card as well. I believe they've spent too much on marketing and that's why they're cutting costs now.

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If marketing is losing money, then it's time for them to cut their staff of managers who are not doing their job, and not to put a burden on investors.

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They spent tons of money on marketing prior to what they're doing now.

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(Edited)

The result is important, not time, although they worked for the result so that, after a while, they would be on a horse, and not under a horse. You know, you can meet many small owners of crypto coins who, after active sales, after a while, drool and say that their coins are unprofitable, that it is not their fault, but the excessive activity of those who used the coin for voting and the like. . As a result, they are white and fluffy, and everything around... responsible for their problems.

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« We have no more money ». Well spending 1bn on sports marketing might be the cause my dear Crypto.com hehe 😉

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They are a centralized entity unfortunately. They need to make money and crypto going down in value probably meant that they couldn’t support the previous interest rates anymore.

All that money is going to look for yield. Let’s hope $HBD and pHBD can catch some of that money seeking a return.

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Why save them? Their behavior has a bad effect on the Hive, not everyone understands the difference between a centralized and decentralized system.

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true many come into the crypto space to find ways to do what they always have done. accumulate wealth by taking centralized control

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It's just, now, they have learned to find civilized words to define this)

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any new inflow in HBD deepening the liquidity is positive for the entire ecosystem! I am 100% behind this 😉

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These debit cards actually work? You an hold or stake the coins you mentioned above make a little something and the use the debit card too?

I always was sceptical of this a bit.

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This is convenient, there is no need to enter the market, holding some assets on the exchange, but I wouldn't do that. It is always more profitable to sell coins and transfer the local currency to your bank card.

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My issue with all this is the kyc thing. I'm in the US which will tax the crap out of me with these things no?

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I don't know about your taxation system, you'd better talk to someone in your area about it.

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Crypto's pretty frowned upon in the US...

Our cebtral bank is trying to do their own centralized cryptocurrency

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I don't think anyone knows what will come of it. But, living in the USA, you can not neglect some taxes, as I understand it, citizens there don’t really have anything to complain about, social security is at a high level, or is it not?

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Yep gotta pay up here or else...

And yes there's not much to complain about in the US you're right. But tyranny takes different forms and when a central bank cryptocurrency is in place, taxes may be even more intrusive.

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I think that if you bring together the total income from various sources, including crypto, taking into account the payment of taxes, you will not be in poverty after the innovations of US banks).

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No, probably not. It's a pretty prosperous country that's for sure!

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Many people would like to pay taxes on crypto, but at the same time live in the USA. But, they do not pay taxes and do not live in the USA)

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(Edited)

These people would tax coins earned from playing Mario Brothers if they could. They can't, but these are the people who would try to do that.

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I try to get around the puddle... for the second time, if I have already stepped into it)

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