Does it account for all the fees in gas when trading?
Hey I just started using Crypto.com (also using AnchorUSD but slowly pulling away.)
I’m interested in the Green/Purple card for Crypto.com and have been looking into but kind of just seeking a basic understanding and layman’s terms from someone such as yourself. So I see I have to purchase and hold $4000 in cro for 160 days. Can I put it in earnings and collect the interest during the duration of the 160 days or do I need to keep in my wallet and stay above the $4000 at all times? Do I receive the card and added interest earning upon the $4000 purchase or after the 160 days completion?
I’m on the $4K/indigo level membership. After you complete the sign up process, you will receive your fancy metal Visa debit card (takes a few weeks for shipment). Your $4K of CRO will be locked up for 180 days. Your CRO interest is paid to you every week and you can do whatever you want with it… it is calculated like this:
$4K x 10% = $400 / 52 weeks = you will receive approx just under $8 per week.
My $4K of CRO has grown to $6K+ because I signed up and bought CRO a few months ago. So, my interest rewards are a little higher.
More importantly I get 8% interest on my USDC.
You don’t need to stay above $4K of CRO. Your initial stake of CRO is locked in for 180 days, if the price of CRO drops by 50%, then no biggie. Luckily it’s going up right now.
Great, thank you I appreciate this. What happens after the 180 days? Do you have to continue to hold the $4,000 in CRO or can you move it into other things with out paying penalties?
I only signed up for Crypto.com a couple weeks ago after having some long wait to get reapproved for AnchorUSD. I just threw my smallest amount on CRO and it’s been up 25% since so I would be feeling alright right now if I just went in off the bat. Anchor has some better interest rates but this would get me close to those and with better interest for some other things. I am also basically looking to do the same exact thing you are doing by transferring savings to USDC.
after 180 days you can do whatever you want. I’ll probably just restake for another 180.
Awesome thanks for answering my questions. One last dumb one, after staking the $4k in CRO for 180 days and then pulling it out and placing the full amount to USDC, where would funds be pulled from when using your Crypto Card? Can you pick where, like the USDC holdings?
You would lose your card perks (Free Spotify + Free Netflix) if you unstake after 180 days.
You can top up your card however you want with FIAT or Crypto of your choice in which that Crypto would get converted to whatever value it is at the time.
Right on so basically you want to keep that $4k in CRO to reap all of the benefits (higher interest, Netflix, Spotify)
I forgot to mention that US fiat dollar transfers to and from Cryptodotcom are slow as fuck. At least that is my experience. My work around this issue is to use Coinbase. I transfer US fiat from my Chase account to Coinbase, via ACH. The money shows up in Coinbase almost instantly. I can convert my fiat to USDC (or any other crypto) instantly. But it does take a week to settle. Afterwards, I iust send my USDC from Coinbase to Cryptodotcom.
(Taking US fiat from Coinbase to my Chase account is also faster - about 24 to 48 hours)
Citibank won’t even fuck with Crypto.com and blocks transfers to them. Speaking to fraud prevention they said crypto.com was on a list and I would not be able to transfer to them. I ended up transferring to coinbase .
Watching the bitcoin trade book on Coinbase Pro right now… it’s like watching a Djokovic vs Nadal rally
anyone have insights on the future of sundaeswap? Im accumulating CSWAP tokens in anticipation that SS will be a big Dex or even the main one for Cardano once it gets running properly.
If that’s the only or main dex then you should well. I’m sure people will want to take advantage of finally having a use case for Cardano.
I’ve watched a few videos, and know you can borrow against your crypto as a way of getting cash to avoid capital gains taxes. Thing is, I’ve also read that taking profits periodically is a way to prevent getting wrecked when the inevitable crash comes. Anyone know of any way to sell without getting hit too badly- or not at all- by capital gains taxes? I’d rather not have to move to the Bahamas, Germany, Singapore or some other country where they don’t tax crypto.
It might have been Raoul Pal or some other whale who predicted the bull run is ending in Q1 of '22: I may need some cash by around that time for other reasons,
Move money into opportunity zones but then you can’t enjoy it anyway so what’s the point.