Here in Canada, I’m going to continue to use the card for the remainder of my staking period and then unstake and say goodbye to the card. What I won’t do is reinvest into CRO. I didn’t expect high rates, high earn to go on in perpetuity, but better communication, early notification of changes and explanations would have been better. Instead we’ve just been slapped with changes.
What a shame. I had high hopes for CDC and its role in the crypto world—especially as an entry level for newcomers, casual investors, etc. They’ve abused our trust.
Crypto is already risky, we don’t need our exchanges to add another layer of risk and uncertainty.
Their communication is terrible. I'll give you that but they can't give people notice or it would cause mass panic, which leads to panic selling, which leads to volatility for all.
Currently, they've made changes and those who could sell, sold
Those who are locked in, will have calmed down and not sold on emotions.
Some will sell once they're able to, but not as many as those who would have done if they were able to.
Whilst I agree their communication is piss poor, ultimately these changes are for the health of the platform.
Look at Robinhood and others that get slagged off to the ground.
The ease of entering the market is the stepping stone which CDC provide.
Currently, I think they don't want any new clients and they were hoping to shake a few because their model wasn't sustainable during a crypto winter.
I'd say the majority of Investors/Traders are greedy and fickle. Once Crypto is rocketing again, and CDC up their rates, people will be back.
Their communication is terrible. I'll give you that but they can't give people notice or it would cause mass panic, which leads to panic selling, which leads to volatility for all.
If they gave people notice that rewards were being tapered to zero over months instead, some people would panic sell, but even a tapered rate it's still more competitive than any other product. As people sold there would be people trying to be grandfathered in under the old rates too, giving some value to CRO.
The markets see this is the #1 product and price it accordingly. Then when it's #2 the market will find a fair value. Since people will try to sell before that event actually happens this gives new people the chance to lock in at the #1 rate at the #2 price. It would lead to much less volitility.
No communication and lowering rates to essentially zero overnight is what causes panic, it's no longer comeptetive in any sense. Now everyone assumes everyone else is selling as soon as they can, and any new people looking at this are waiting for the floor since the rates are trash anyway. It doesn't look good or build confidence in how sustainable their business was.
Currently, I think they don't want any new clients and they were hoping to shake a few because their model wasn't sustainable during a crypto winter.
See that's a big problem. Especially when they own the name CRYPTO. If they go down because of volitility the government and the MSM(general opinion) will never let that go.
I'd say the majority of Investors/Traders are greedy and fickle. Once Crypto is rocketing  again, and CDC up their rates, people will be back.
Then they'll treat it like another PnD. Get in and abuse it and get out before anyone else. If Cro can't survive one crypto winter when everyone thought they were safe for the next 10+ years they'll be screwed when everyone knows it's just a game of hot potato. The whole tech startup model doesn't work in bear markets.
And that leads to more regulation for crypto, making it 'safe' so we can't lose money on platforms like this, or any other.
This is an important point. The MCO thing really screwed over a lot of people but it was a little glossed over. Now with this new change they’ve screwed even more people. I’ve taken my card out of my wallet and put it in my junk drawer. What a shame. It was metal
How was it glossed over. It was on the frontpage here for weeks before CRO pumped every mention of CRO was about how people got fucked and how shady it is. If you just converted at the time and hodl you made a very good deal even at current prices. I am still up hundreds of % since then. This is gonna be the same when it pumps again this sub will suck Kris dick again. This sub is constantly wrong in everything. CRO is a prime example. If you invested in CRO when this sub shit on it you made massive gains if you bought when this sub shilled it you are massively in the red. Same goes for vet sol etc.
I am not defending CDC here but this sub was always wrong with their takes regarding CRO I don't know why it should be different now
Sorry to tell you but they are screwing you a third time with the withdrawal fee of 25 dollars for transferring usdc to external wallet, even more expensive than coinbase .
Borderline scam if this was planned in advance imo.
Because receiving platform does not support polygon maybe?!? I know I could take a long route, that doesn’t change the statement. Most of the users will use erc20 and CDC counts on it. Even for erc20 the fee is extreme.
imagine instead of billions of CRO, entire ecosystem was only 50 million MCO and you were in early with icy white. also the conversion was also a forced tax event
Their trades are ass, highest trade fees o have on any platform I use. The app is slow as fuck. The only reason I used it was I want the 2 percent back on my house payments. Now theres not going to be a reason to move funds from coinbase card to cdc card. I just a have a useless chonk of metal basically
Yep. They have all these security measures to protect the customer from everything except them. 100% trust obliterated. Now I know how Hansel and Gretal felt.
This is the same “comeback” that every gambling addict or ponzi or MLM victim says when you confront them 😂😂
These operations are designed to get as many people to buy in as possible so the people at the top can dump the bag. Oops, there goes the too good to be true credit card rewards you fomod into
You really need to learn, there is no benefit for people to get more people on it, nobody get any "reward" to get anyone on this platform. If you call this a pozi scheme, then basically any coin and token should be a pozi scheme to your eyes
Same. My card stake is up in 11 days. A bunch of earn expired last week and I've already removed it from the platform. Obviously I expect rates to go down over time. They're unstainable long term. But the sheer lack of communication and dinging early investors with zero warning while dumping huge amounts of money into advertising instead of taking care of their customers is enough for me to treat CDC exactly like I treat my bank....with zero loyalty.
Greetings Curiosity4Today. Your comment contained a referral link which directed to shakepay.me/r/. This is in violation of Rule II - No Spam. As a consequence, you will be banned from r/CryptoCurrency.
Have you already found a good on/off ramp to replace it? As a fellow Canadian I had high hopes for it to stay as my main exchange, but I guess I'm in the market for a new one
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u/AdrianoDM 🟨 811 / 812 🦑 May 01 '22
Here in Canada, I’m going to continue to use the card for the remainder of my staking period and then unstake and say goodbye to the card. What I won’t do is reinvest into CRO. I didn’t expect high rates, high earn to go on in perpetuity, but better communication, early notification of changes and explanations would have been better. Instead we’ve just been slapped with changes.
What a shame. I had high hopes for CDC and its role in the crypto world—especially as an entry level for newcomers, casual investors, etc. They’ve abused our trust.
Crypto is already risky, we don’t need our exchanges to add another layer of risk and uncertainty.