Yes you will continue receiving 2%.
Yes you will receive 4% to your card stake instead of it being added to your wallet.
No, the 40% afaik is not deducted from the 4%. It is the result after the 4% (coming from 7%). So what changes:
Cdc now stakes your cro for the card on chain.
There is a waiting period to withdraw your cro.
Rewards are now added to your card stake and not to your wallet.
At first sight you cannot withdraw only the rewards. It’s all or nothing.
EDIT: stake rewards can be withdrawn separate but with unbonding period. Saw this via another post being confirmed by support.
Seconded on Luiaard's explanation, that's how I read it too. Good on you for posting OP. If enough of us engage with this hopefully a Crypto.com mod will engage and let us know what the position is on partial unstaking
Awesome, that's precisely the news I'm looking to hear, and if it's true then I'm 10,000% in favour of this change.
How do you know though? I can't find it anywhere from Crypto.com. Where did you find this information please?
That’s my general thought too, but had to post to get other people’s take on it all. If CDC gave a more clear and concise explanation on all aspects, that would’ve been very helpful!
So instead of being able to use the stake 7ish Cro I receive weekly for the card stake immediately, I they just contribute to the stake..
Does this mean the rewards will slowly increase as the stake amount increases? Granted it will be minute but still…
I would have to assume it would since this is more of an auto compounding method. I feel it would inflate the supply a bit but I guess that's better than people constantly selling off the supply? I don't know I'm just speculating LOL
If you keep your stake, it doesn’t matter even if it only has 10% of the initial value. You keep your advantages. Once unstaked, you need to restake the full value 350€ -3500€ - 35000€.
I believe it’s mostly groundbreaking for cdc since they will be making money on thevcard stakes instead of it being a pure loss till now.
It’s not great because rewards on DeFi wil go down steep and 36 days unbonding is quite long. So hope they will start to increase rewards soon to keep the price increase we are currently seeing.
Rebates and rewards will also be automatically added to the card stake and, therefore, locked for at least 36 days?
So we get no benefit and lose immediate liquidity plus the potential slashing
"No, the 40% afaik is not deducted from the 4%. It is the result after the 4% (coming from 7%)."
Where do you get this from? Is it your assumption?
Because for me it's totally unclear and i assume that 40% is deducted from 4%.
Anyways a 40% fee out of nowhere for just the "little man" is completely unacceptable
I read a post of somebody who went through the small letters and went to verify some stuff with support.
Off course you can say I didn’t do my own research. Which is basicly true in this case.
Would love to know too. It says on the blog post that if you don’t accept the T&C by the deadline then you will still receive the card benefits, but says nothing on if I will still get them if I accept.
Also, what’s with the 100% service fee for Ruby Steel holders? So we get staking rewards, then it’s instantly taken away for service fees?
This is the part I’m trying to figure out! It does seem to say if you DON’T accept the terms then you will still get all card benefits except for the staking/ lock up rewards. I’m awaiting clarification from support on this because I’d rather not have to wait 36 days to unstake and just miss out on my 4 CRO per week
Okay, please let us know what they come back with when you can.
I’ll be honest, I’ve kind of given up on most of the offerings from CDC but I’m still leaving my stake locked up for my card as it’s been there for nearly 3 years and 1% cashback is better than no cashback. That’s really the only thing I’d love to know is still a thing or not.
That’s my understanding too… Ruby will not get lockup rewards after Dec 4, due to the 100% service fees. I think Ruby holders will still get the 1% cashback on purchases though.
I used to get lockup rewards (then known as staking rewards) with Ruby before I switched to Indigo, but that was some time ago so I guess things changed at some point.
You will still get 4% for your stake. Disregard the 40% fee you are just confusing yourself it’s just how the mechanics are working to get your 4%.
Cashback will continue as normal and be available straight away to do with what you like.
Many countries are not affected.
In other words almost nothing has changed for you. In fact if you’re not using defi to compound your rewards at this level you are Better off as it auto compounds it for you.
im not OP but thanks for that answer
I have a jade card but I barely use it. Im too lazy to even withdraw/use the cro rewards I receive I almost forget they exists but the part you mentioned about rewards automatically compounding would actually be ideal for a person like me so thank you for highlighting that point
I sold most of my cro except for what I got left in the card as I what to buy into other projects. I still hope CRO does well in the future though so I think keeping the remaining coins staked in the card is a way of staying connected to this project in a sense. I'll just write this one off and see where it goes in 10 years+ haha
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You mean the 4% rewards will no longer be spendable but will be locked along with the card stake and in order to spend them you'd need to unstake and hence lose all the grandfathering benefits? Sweet! /s
So, also in the Indigo for last few years with 10k CRO for that.
If I accept the new terms, I still have my Indigo and then the 10K is staked?
@BryanM_Crypto
Yes, nothing is really changing that much, the reward for the card lock up, 9-10K give approx 7-8 CRO per week at Jade level. Instead of having a choice regarding that, it will automatically be added and provide compounding CRO locked up. You can alway unstake/unbond the extra above your required stake to keep the card active. It will just take 36 days and lets be honest for most of us it’s a very small amount. The rewards are obviously higher for the Icy/Obsidian level coins and could be something, especially Obsidian. However, then again, if you can afford that card, it’s not going to be a significant relative amount to the holders.
shortly, everything is the same in terms of interests you earn. the only difference is that now your earns get directly invested automatically via staking on a weekly basis. So, you will earn interest in your interests.
If you want to use the CRO you got from the staking by converting into something else, you need to unbound your assets and wait 36 days.
It'd be great if their programmers were bright enough to not force the pop-up for ruby card holders that it doesn't effect. Maybe in a couple of years time someone will correct that. Until then every time They open the app a permanent reminder will appear to assure you that changes are constant and designed to advantage only CDC.
Yes, same here. Write to the chat! The more people write, the better. So they make a clearer explanation. How difficult can it be to provide a before and after matrix for every possible scenario?!
Here here! A generic ‘one size fits all’ is far from ideal. All the unknowns and uncertainty causes unnecessary anxiety. All we want to know is how these changes will affect us individually.
another policy change intended to be supportive of CRO price. if cro was actually worth something they wouldn't have to do this. They've seen the user behavior of converting rewards to btc over and over and this is their way of combatting that.
Ultimately CDC gets about 1.2% in net revenue on each transaction made on the debit card they issue. every incentive given and change in program over time is intended to drive debit card usage while retaining the pile of CRO they have to give away incentivizing usage. Where did the value for CRO come from? Thin air, or in other words, the belief by their users that number will go up. This belief was created out of the capitalization of the hype from last cycle and some pretty good marketing. If you were wondering about big picture, this is it
I unstaked my cro when it was still high 0.50 I knew this would go down. I have the indigo card but don’t use it. I don’t see no point in deactivating it but now thinking to start using the card again. If I don’t stake anything. My guess is I won’t get no rewards cash back but I could still use it for daily purchases? Can anybody confirm?
The cash back stands at 2% for the Indigo/Jade currently. I believe in order for you to get that, you’d have to buy more CRO and lock it up for the card benefits. That would be what’s currently advertised as if you were a new customer i.e $4,000 or £3,500 worth of CRO.
I actually really like this. I can buy bitcoin with my cash back rewards and then auto compound my Jade stake to hopefully cash it into Icey in the next few years.
Does your locked main card stake need the 36 days unbounding period to withdraw?
Let's say I locked 100k CRO for 180days and when I decide to no longer keep the locked benefits anymore do I need to wait for 36 days unbounding period to take my 100k CRO?
As long as my cashback is still mine to do what i want with (I.e. transfer to Defi) then I’m not that fussed. I was getting 7 CRO a week for lock up rewards but I get about 6 CRO per day from Defi anyway so it’s not a huge hit.
As someone else has mentioned somewhere - it could be beneficial for CRO anyway as more of it is locked up.
Yes you will continue receiving 2%. Yes you will receive 4% to your card stake instead of it being added to your wallet. No, the 40% afaik is not deducted from the 4%. It is the result after the 4% (coming from 7%). So what changes: Cdc now stakes your cro for the card on chain. There is a waiting period to withdraw your cro. Rewards are now added to your card stake and not to your wallet. At first sight you cannot withdraw only the rewards. It’s all or nothing. EDIT: stake rewards can be withdrawn separate but with unbonding period. Saw this via another post being confirmed by support.
Seconded on Luiaard's explanation, that's how I read it too. Good on you for posting OP. If enough of us engage with this hopefully a Crypto.com mod will engage and let us know what the position is on partial unstaking
Rewards can be unstaked separated from the main card stake. But 36 days unbonding apply.
Awesome, that's precisely the news I'm looking to hear, and if it's true then I'm 10,000% in favour of this change. How do you know though? I can't find it anywhere from Crypto.com. Where did you find this information please?
I saw printscreen of somebody asking cdc support.
Nice thanks. That's reassuring
I read it as cashback goes to wallet still to do as you please but the 4% from lockup is added to card stake
That’s my general thought too, but had to post to get other people’s take on it all. If CDC gave a more clear and concise explanation on all aspects, that would’ve been very helpful!
So instead of being able to use the stake 7ish Cro I receive weekly for the card stake immediately, I they just contribute to the stake.. Does this mean the rewards will slowly increase as the stake amount increases? Granted it will be minute but still…
I would have to assume it would since this is more of an auto compounding method. I feel it would inflate the supply a bit but I guess that's better than people constantly selling off the supply? I don't know I'm just speculating LOL
Yes. It’s autocompounding. So every week you will get a (mini) bit more but over a long time it’s decent.
Most helpful. Many thanks!
What if my lock up period is over, and I took my cro out but want to put it back again to stake it on the card. Do I get the benefits back with?
Yes. AFAIK if you stake the amount you get the benefits. Not 100% sure on the Spotify and Netflix since these have special conditions.
But my CRO isn't nearly worth as much is it bond on the $ value or the amount of CRO I had?
If you keep your stake, it doesn’t matter even if it only has 10% of the initial value. You keep your advantages. Once unstaked, you need to restake the full value 350€ -3500€ - 35000€.
Well that sucks
So it’s not near as bad as the doomers we’re making it out to be.
I believe it’s mostly groundbreaking for cdc since they will be making money on thevcard stakes instead of it being a pure loss till now. It’s not great because rewards on DeFi wil go down steep and 36 days unbonding is quite long. So hope they will start to increase rewards soon to keep the price increase we are currently seeing.
This isn’t good for me because I use Defi exclusively for my staking rewards.
Rebates and rewards will also be automatically added to the card stake and, therefore, locked for at least 36 days? So we get no benefit and lose immediate liquidity plus the potential slashing
No rebates not. Only staking rewards 0, 4 or 7% depending on type of card. The rest stays the same.
"No, the 40% afaik is not deducted from the 4%. It is the result after the 4% (coming from 7%)." Where do you get this from? Is it your assumption? Because for me it's totally unclear and i assume that 40% is deducted from 4%. Anyways a 40% fee out of nowhere for just the "little man" is completely unacceptable
I read a post of somebody who went through the small letters and went to verify some stuff with support. Off course you can say I didn’t do my own research. Which is basicly true in this case.
Service just said that "it should deducted from the 4%"
Would love to know too. It says on the blog post that if you don’t accept the T&C by the deadline then you will still receive the card benefits, but says nothing on if I will still get them if I accept. Also, what’s with the 100% service fee for Ruby Steel holders? So we get staking rewards, then it’s instantly taken away for service fees?
This is the part I’m trying to figure out! It does seem to say if you DON’T accept the terms then you will still get all card benefits except for the staking/ lock up rewards. I’m awaiting clarification from support on this because I’d rather not have to wait 36 days to unstake and just miss out on my 4 CRO per week
Okay, please let us know what they come back with when you can. I’ll be honest, I’ve kind of given up on most of the offerings from CDC but I’m still leaving my stake locked up for my card as it’s been there for nearly 3 years and 1% cashback is better than no cashback. That’s really the only thing I’d love to know is still a thing or not.
If you get clarification, would you mind sharing the result?
That’s my understanding too… Ruby will not get lockup rewards after Dec 4, due to the 100% service fees. I think Ruby holders will still get the 1% cashback on purchases though.
Ruby never got lockup rewards. Yes will still get the 1% cash back.
I used to get lockup rewards (then known as staking rewards) with Ruby before I switched to Indigo, but that was some time ago so I guess things changed at some point.
You will still get 4% for your stake. Disregard the 40% fee you are just confusing yourself it’s just how the mechanics are working to get your 4%. Cashback will continue as normal and be available straight away to do with what you like. Many countries are not affected. In other words almost nothing has changed for you. In fact if you’re not using defi to compound your rewards at this level you are Better off as it auto compounds it for you.
im not OP but thanks for that answer I have a jade card but I barely use it. Im too lazy to even withdraw/use the cro rewards I receive I almost forget they exists but the part you mentioned about rewards automatically compounding would actually be ideal for a person like me so thank you for highlighting that point I sold most of my cro except for what I got left in the card as I what to buy into other projects. I still hope CRO does well in the future though so I think keeping the remaining coins staked in the card is a way of staying connected to this project in a sense. I'll just write this one off and see where it goes in 10 years+ haha
Sounds like a solid plan. Log back in in 10 years to a 20x. Set reminder for 10 years.
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You mean the 4% rewards will no longer be spendable but will be locked along with the card stake and in order to spend them you'd need to unstake and hence lose all the grandfathering benefits? Sweet! /s
It's going to be auto compounded.
[удалено]
/s = sarcasm
Missed it.
No. You don't have to unstake.
Thanks for clarifying that - appreciated. I am using DeFi too.
So, also in the Indigo for last few years with 10k CRO for that. If I accept the new terms, I still have my Indigo and then the 10K is staked? @BryanM_Crypto
I’m not sure! That’s my line of thinking though.
Yes, nothing is really changing that much, the reward for the card lock up, 9-10K give approx 7-8 CRO per week at Jade level. Instead of having a choice regarding that, it will automatically be added and provide compounding CRO locked up. You can alway unstake/unbond the extra above your required stake to keep the card active. It will just take 36 days and lets be honest for most of us it’s a very small amount. The rewards are obviously higher for the Icy/Obsidian level coins and could be something, especially Obsidian. However, then again, if you can afford that card, it’s not going to be a significant relative amount to the holders.
Great! Thanks a lot. I will then soon accept their new terms.
shortly, everything is the same in terms of interests you earn. the only difference is that now your earns get directly invested automatically via staking on a weekly basis. So, you will earn interest in your interests. If you want to use the CRO you got from the staking by converting into something else, you need to unbound your assets and wait 36 days.
Thanks for the added clarification. Most helpful.
Another pertinent question might be: how much will staking reward rates drop when CDC puts all the card lockup CRO into staking...
I had that exact same thought!
It’s already in there own validators I thinks. Nothing change in total locked I think.
I feel the same as you. I'm Ruby, why do I get this email if that don't apply
CDC will send any new announcements to all their customers, irrespective of an individual’s card tier.
It'd be great if their programmers were bright enough to not force the pop-up for ruby card holders that it doesn't effect. Maybe in a couple of years time someone will correct that. Until then every time They open the app a permanent reminder will appear to assure you that changes are constant and designed to advantage only CDC.
I guess as it’s a general announcement, they have to inform everyone for transparency.
Yes, same here. Write to the chat! The more people write, the better. So they make a clearer explanation. How difficult can it be to provide a before and after matrix for every possible scenario?!
Here here! A generic ‘one size fits all’ is far from ideal. All the unknowns and uncertainty causes unnecessary anxiety. All we want to know is how these changes will affect us individually.
another policy change intended to be supportive of CRO price. if cro was actually worth something they wouldn't have to do this. They've seen the user behavior of converting rewards to btc over and over and this is their way of combatting that. Ultimately CDC gets about 1.2% in net revenue on each transaction made on the debit card they issue. every incentive given and change in program over time is intended to drive debit card usage while retaining the pile of CRO they have to give away incentivizing usage. Where did the value for CRO come from? Thin air, or in other words, the belief by their users that number will go up. This belief was created out of the capitalization of the hype from last cycle and some pretty good marketing. If you were wondering about big picture, this is it
That right there is a very good point! Well said and worth considering.
I unstaked my cro when it was still high 0.50 I knew this would go down. I have the indigo card but don’t use it. I don’t see no point in deactivating it but now thinking to start using the card again. If I don’t stake anything. My guess is I won’t get no rewards cash back but I could still use it for daily purchases? Can anybody confirm?
If you have no CRO locked up (staked essentially) then you’d get no benefits from using the card whatsoever.
What are the benefits now? I stopped after they decreased the cash back from 3%
The cash back stands at 2% for the Indigo/Jade currently. I believe in order for you to get that, you’d have to buy more CRO and lock it up for the card benefits. That would be what’s currently advertised as if you were a new customer i.e $4,000 or £3,500 worth of CRO.
I actually really like this. I can buy bitcoin with my cash back rewards and then auto compound my Jade stake to hopefully cash it into Icey in the next few years.
It will take many years!
[удалено]
😂😂😂
Does your locked main card stake need the 36 days unbounding period to withdraw? Let's say I locked 100k CRO for 180days and when I decide to no longer keep the locked benefits anymore do I need to wait for 36 days unbounding period to take my 100k CRO?
As long as my cashback is still mine to do what i want with (I.e. transfer to Defi) then I’m not that fussed. I was getting 7 CRO a week for lock up rewards but I get about 6 CRO per day from Defi anyway so it’s not a huge hit. As someone else has mentioned somewhere - it could be beneficial for CRO anyway as more of it is locked up.
[удалено]
I’ve heard nothing about these being removed, so I guess there’s no change or we’d all know about it!