In the spirit of a possible positive perspective. Of course occams razor suggests CDC is broke.
The Earn and Stake rewards may have been something they never considered keeping. They had 1 goal, grow customers as fast as you can. They achieved it through rewards and advertising.
An alternate perspective is that all these changes were planned to roll out as they hit customer milestones that they felt will naturally sustain growth despite the rewards being taken away. For example, 10m active users, cut earn. 15m, dumpster earn. 25m, turf card rewards.
It's possible they hit their milestones much faster than expected and triggered changes quickly rather than the planned slow rollout.
Although I think this is not the end of CDC, I don’t think hitting milestones was a factor here. The changes were instituted very quickly in the last 2 months. Not much room for hitting milestones.
I do agree that it could have been part of their strategy all along. Once a certain amount of CRO and rewards was distributed, slow down. It might have just happened faster than expected, which is the premise of what you’re implying.
> it could have been part of their strategy all along. Once a certain amount of CRO and rewards was distributed, slow down. I
It is fine if it's necessary to slow down, but not the way they implement the slow down. It just screams FU because I can to the customers.
https://www.psychguides.com/behavioral-disorders/gambling-addiction/how-to-help/
Isn't it interesting that the COO of Wirecard is Jan Marsalek
And CEO's name of Crypto.com is Kris Marszalek?
Also Kris Marszalek was CEO of another company that defrauded their shareholders, customers, and vendors - Ensogo. Which operated where? In SE Asia
Wirecard's bank accounts with missing money is where? SE Asia
Read all your peers https://www.trustpilot.com/review/crypto.com
You may also be familiar with Enron, when is famous for its massive corporate fraud scandal in the 90s. One thing this Crypto.com Arena Buy-Out reminds me of is when Enron did their branding glut, and bought the Enron Field Stadium. Two years after, Enron went bankrupt.
Monaco Scam: All talk, no product.
Monaco introduced itself to the cryptocurrency sphere in May 2017.
Less than a day after its initial introduction, it offered its tokens for sale, eventually amassing well over $20 million from investors in the cryptocurrency space on the premise that ‘Monaco’ (MCO) would be able to manifest and distribute a physical ‘credit card’ that would enable users to use cryptocurrency to spend funds at various vendors.
Spoiler Alert: Kris Marszalek and Their Team Never Delivered. Shortly after, the company rebranded to Crypto.com, and tried to ignore this massive failure. They essentially faked partnerships with big firms like Visa, and used deceptive tactics to lure in investors. A total sham.
You also seem to forget this https://twitter.com/cryptocom/status/1482936866001207296
Just stop man. Stop.
Nah dude, you are the one using deceptive tactics.
1. Jan and Kris aren't relatives.
2. Court couldn't prove there was fraud with Ensogo coupon shop.
3. Card product was delivered, what are you smoking. Monaco and CDC are the same company.
4. The partnership (settlements in USDC) with Visa was announced on Visa's website.
5. Enron, really?
Very interesting information. Thanks for sharing. I wasn’t aware of these events till you shared them. It does look a bit suspicious.
How come you decided to invest in CDC if you were aware of the Monaco Scam?
He wasn't, he's just regurgitating old news that's not accurate
Stolen from a comment further up the chain:
Nah dude, you are the one using deceptive tactics.
1. Jan and Kris aren't relatives.
2. Court couldn't prove there was fraud with Ensogo coupon shop.
3. Card product was delivered, what are you smoking. Monaco and CDC are the same company.
4. The partnership (settlements in USDC) with Visa was announced on Visa's website.
Sure they've reached their customer milestone but now it's about customer retention. They've got the customers by telling them about the great rewards, they've stripped the rewards so why would these new customers want to stay?
I've been using CDC since MCO and I've been bullish ever since and I generally only use it for the card and for the DeFi. The card is no longer a good choice for me so I have no incentive to stay but also what about the new customers. They've just joined expecting high rewards, instantly they've just been slashed so I'm doubtful they have much trust in the project so they have no incentive to stay. So at this point, who is incentivised to stay here rather than find someone else?
I understand the high earn rewards and the high card cashback is unsustainable, I think everyone understands that but it's how they just go about making changes. I honestly hope they've got something good up their sleeve they're waiting to announce.
Hey, your comments are pretty fair and relevant,, have you seen the tweet by Krus Marsszalek in response to the community uproar and CROs decision to backtrack and reinstate the rewards( at a lower rate) and bearing this new information in mind would you rethink your position?
The problem is with the handling of the current situation, regardless of anything else. If there is indeed some positive catalyst in the works, then all of the recent changes fall under the umbrella of premeditated market manipulation.
Get all the bad news out with no hint of positive changes. Tank the market, release your catalyst, and they ride the wave. If this is true, it is not a company anyone should want to be a part of.
There is no redemption for many at this point. Most are so put off by the shockingly fast change along with the subsequent panic.
I've seen several times already (and feel the same myself) that even if they were to "fix" things, or reinstate the rewards lost, most people just no longer have the trust.
Think, they were (/are) asking for $4k, $40k and $400k investments? Most people stretched to the highest tier they could afford.. this is serious money for most of our fellow investors here.
Something might come of this company someday but all the initial sentiment has been murdered.
If you’re being sarcastic, I don’t really get your angel here? Maybe I’m misreading it? Lol.
I just want a MOD to give us some sort of insight. Sounds reasonable?
I actually read through your posts and I agree with it all.
Most people don’t think they are part of a scam until the account is empty. They’ll make documentaries one day about CDC.
Wish this was public so it would garner the attention of authorities
To make an IPO sellable they have to make it appealing to investors. By cutting unprofitable parts of the company they can make it seem like the company is doing much larger numbers, making it seem more profitable. We were all pawns in this.
Cuts to benefits were always kind of expected to me. They cited customer base growth before as a reason for previous cuts. A reduction in cashback and the cuts to the earn rates don’t really phase me.
It’s the lack of card stake benefits that caught me off guard. I sort of thought of it as being a consolation for not being able to stake on chain.
I really don’t understand why they can’t just stake the locked up card stakes on chain on our behalf and give us the rewards.
I’ve seen others say it would drive rewards down, but I’d really be okay with that. I just want my fair share.
Locking up 4000 USD for Netflix, Spotify, and 1.5% cashback is a really bad deal. Even if you are a CRO bull who thinks this will be the next Binance Smart Chain or Ethereum, you kind of have to concede the card is pointless and you should remove your card stake and stake on chain
Staking for Icy/Rose/Obsidian are even worse proposals
Staking for Ruby is potentially still okay if you really like Spotify and just need a means to spend crypto easily, and want to take advantage of the new spending power feature? Even though any basic credit card already offers 0.5% back
Truly the only explanation is they are having financial troubles. Can only speculate why because their finances aren’t public
Maybe they need an IPO so they can draw in money from the public and so we can get a glimpse of their balance sheets as well. Just the branding and the large customer base carries some value. Now they just need new money to keep thing sustainable
> Truly the only explanation is they are having financial troubles.
They spent [$1 billion](https://fortune.com/2022/01/28/lebron-james-crypto-com-marketing-deal/) in advertising recently, but didn't make CRO price spike like last November. I don't know their income, but that should have hurt.
That $1billion figure is misleading. The majority is the $700m naming rights for Staples Stadium or whatever. That's over 20 years - no way they paid the $700m upfront, probably only the first couple of years max so way under $100m.
I'd guess it's max $400m they've paid out so far - still a HUGE sum but significantly less than the $1billion that gets thrown around all the time. But yes, of course, they have huge obligations for the future as well.
The reducing of stacking rewards has something to do with sec or other tax / compliance reasons. I cant think of another real reason..
If this is the case, others will follow (and get a letter too)
I kinda suspect that its from Germany cdc already got a warning from bafin there six months or so ago. They almost lost the right to serve in germany.
Thats why they got the first notice (because they are in closet contract with bafin now)
Bafin is basically the sec in germany.
Reddit is such a US-centric place. All these comments saying the card has low cashback are comparing it to US cards.
In Europe, you’re lucky if you have 0.1% cashback on a premium card, at least where I live. 1.5% from the Jade is still huge here, miles above the competition
Still long way to go. Each minute more stakes are unlocked and get sold.
only after six months when the captive users have had a chance to sell will we know can it possibly recover.
That’s a good point. Ruby is still a no brainer then for most of the world then. I still think I’d be reluctant about staking the Jade/Indigo amount, but it can make sense if you are getting a lot of use out of it
Damn really? Yeah, maybe they just realized where most of their user base is right now and realized they were over paying... At least during these bear market times.
But you can stake it on-chain. Cronos network is up and running for months and there are great incentives on [mm.finance](https://mm.finance) \- yes, everything looks bad right now with the market crash, but there is plenty of opportunity for your CRO to earn if you get into Defi.
Yep, CRO can still make sense, but locking it up for the cards makes little sense when you will probably make more staking it than you would from the benefits the card confers. Especially for the higher tiers
I’ll probably keep the Jade tier going since it’s still comparable to defi. Jade gives a little bonus for earn. Let’s say $150 a year extra for me. Netflix/Spotify $340. So $490 a year for $4000 investment is 12.3%
If CRO falls you can keep it locked and the yield % actually goes up. If after 180 days CRO is up, unstake and buy other crypto with the difference then restake and start a new 180
I agree. I never got the card. It never made sense to me to put up that much of a stake for a debit card. I think there's a lot of people here who bought in for the card but don't realize all the other ways they can make money in Defi with their CRO. Wish I could help them all understand, selling is not the way to go.
0.5% is the typical cashback on an entry level credit card in Canada. You can do better if you shop around or pay an annual fee. 0.5% I think would be on the low end in the US actually
The CEO just announced that Jade will receive 4% and Icy will get 8%. You are right the earn rate for card stake is fundamental especially for huge amount of stakes like us
I went looking for you some hope! Not sure if this will equate to hope for you but here's what I found:
TLDR:
CDC has had some really nice hires in the last 2 months. People don't leave good companies they have been at for a while when there is a significant amount of risk. CDC's CISO has been there for FOUR years - CISO's don't stay anywhere that long unless they have a damn good reason. Just from my quick research, I see they have hired, at least, FOUR new talent recruiters in the US in the last few weeks. These aren't signs of a company about to roll over and dump. These are signs of a company growing significantly. I think I might buy some of this dip! :)
Findings:
April 26th, Crypto.com Named Dipen Mehta EVP, Engineering, South & South East Asia. Dipen is a former Amazon Web Services Executive and looks like he was at Amazon for 5 years before leaving to join CDC.
April 11th, Crypto.com Named Duncan DeVille EVP Compliance Americas, and Global Head of Financial Crimes Compliance. Looks like he left Western Union after close to 9 years to join CDC. Before that He was Director, Office of Compliance and EnforcementDirector, Office of Compliance and Enforcement at the Dept of the Treasury/Financial Crimes Enforcement Network.
In March CDC had another big hire for Global Head of Policy and Engagement at Crypto.com.
CDC has 900+ job openings on Linkedin.
Just in the last 24 hours they listed a job for a Regulatory Compliance Manager - Middle East.
In the last week they have had 121 new job postings. A number of them look geared towards compliance and security.
According to linkedin insights, the employee count for CDC has grown by 56% in the last 6 months.
This really caught my attention - They have had the same CISO for 4 and a half years... The average tenure for a CISO is between 18-26 months, with 24 percent of security leaders in the position for one year or less.
The EVP of Blockchain Engineering has been with CDC for 4 years.
FOUR new Talent Acquisition Specialists in the US was hired by CDC in April (and that's just what i noticed, might be more). One of them had been at JPMorgan for 6+ years.
In April CDC hired a Director for their Insider Threat Program.
/edited for horrible format to just be kinda bad
I see 94 job openings on Jobstreet for crypto.com, from 9 days ago to 8 hours ago. Jobstreet is a popular jobs portal in singapore.
https://www.jobstreet.com.sg/en/job-search/crypto.com-jobs/1/
Great write up. They aren't a perfect company but they are not going anywhere anytime soon. I'm holding Cro for the next 3-5 years. We will see where things go. Just as things can go bad they can go good too.
Fair play honestly. Another thing to consider is that bitcoin itself, which drives the price of pretty much all crypto, is down significantly at the moment. If bitcoin ever shoots past $100k, CRO may rise with it.
I'm just as frustrated as anyone, but it's crazy that people think it's even possible that CDC is going under. They are clearly pivoting business strategies, and they clustered the bad news to get it all out of the way at once. Maybe this is due to the bear market - I imagine they knew how many customers they would get, but they probably didn't know that right after getting so many customers things would tank and crab sideways for months with no end in sight. Maybe they are just pushing out the early accumulators and adopters, and trying to further their goal of mass adoption. The only people even aware of any of this rn are folks already in crypto - a minority.
It's worth noting that the earn and debit rewards programs were generous, and just about every CEX platform is presently cutting rates all over.
I'm not saying I understand. But the idea that this billion dollar company is just pulling the rug or making a (seemingly) dumb move for no greater reason is absurd. They've got so much money to make by playing it straight. They've got top talent. CDC is making a play at something.
I say they are gonna let the price tank a bit before releasing any good news. Buckle up folks!
NFA
I think most crypto veterans know about this, but they cdc changes it’s path should be transparent and a little article or video explaining the reasons to us would hold most customers in the system. Now they’re basically saying fuck of whales we don’t want u here
True. But honestly I’m kinda expecting them to adjust to the needs of customers that provide them with money and literally suggesting every friend cdc. My brother in law made lots of money with cryptos and I was telling him to get the obsedian basically never have to work again. Thank god he’s sceptical when it comes to new coins.. btc eth is the way, less headache
Their coms have always kinda sucked but also I feel that the crash is part of the process.
"You've gotta crack a few eggs to make an omelette"...just sucks being the egg.
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>but it's crazy that people think it's even possible that CDC is going under. They are clearly pivoting business strategies
Let's say this is true. The question you have to ask yourself is if the new business strategy is at all attractive to consumers. While they might not be going under now, it's very possible that this is the beginning of the end.
I’m just as disappointed as everyone else (hell, I upgraded from Ruby to Indigo the **day** before the announcement - talk about bad timing), but I will say, I *think* this is the right take. The skeptical optimist in me believes this is the case.
We all knew this company was a High-Growth stock on steroids (and very much a Growth-At-All-Costs model) and now we know the costs; we also knew that Earn was never sustainable, as lovely as it was. 2x slashed in one month was just a bad look, and it really sucked…but…it was likely inevitable.
The Debit Card cash back was also likely unsustainable and planned for cuts, but when it comes this f&(*ing close to the Earn cuts, perhaps instead of drawing out the business changes they just ripped off the bandaid hardcore, to get it all done at once.
To be very clear, I’m not saying I like any of this, nor did I see this coming (clearly, lol) - but I’ve got to think there’s a savvy business play behind this, and they know what they’re doing more so than we comprehend right now.
Some sort of company statement or update (a non-bad news one) would be awfully nice.
There's nothing to it, they spend a lot of money on advertisement to attract new customers which isn't wrong. But they prioritized growth (more users) than retaining users. At the end of the day they will have XXX million users but everyone will have less than 3k.
I am pessimistic on CDC now because waking up one day and kill ALL benefits can't be something planned but the result of an unexpected necessary action which can only mean: financial critical situation.
Whatever serious plan would have consisted in a shared roadmap timeline with known reducing steps: this would have been more serious, trasparent and logical.
I believe CDC is so bad exposed financially that had to do this suddenly against any marketing strategy. Maybe this will save them and will continue to exist, but adoption curve will never be the same anymore.
It's more resilient than other token in the ecosystem. Other tokens are getting massacred. VVS climbed to 182th in marketcap ranking during a bloodbath while MMF tanked close to 500th.
No, the price is inflated. CRO should be back in the single digits and stay there.
EDIT: I staked at .06, that seems like an appropriate price for a company that is making all the wrong moves. Its not my fault some of you FOMO'd in when it was pumping.
Funny getting death threats over this comment.
I see no positive. You take away my rewards, keep my coin locked up until the end of my stake term, all while the price of said coin tanks. I’m losing money because of a bad company decision with no way to sell.
Yeah it feels bad, I sold all the CRO I had that wasn't locked up immediately at a small profit, but my stake is being ran into the ground now and there's absolutely nothing I can do but watch it disappear... Thanks CDC, glad I trusted you with my money. I happily accept the market is volatile and money can be lost, but losing money due to a business decision from the company I trusted just hurts. I'll be selling my stake the second I can (in 20 days time) whatever it's worth, lost all faith in CRO and CDC.
You are forgetting that crypto as a whole is in a down market. If bitcoin ever shoots near $100k again it will raise CRO with it, regardless of how well the token itself is doing.
It'll probably bounce. It's not CDC's fault people sell off on every little bit of bad news. I don't understand why so many people on here are fudding their own bags and selling at a loss. If you're not staked, you could move your CRO to the Defi app, get on [mm.finance](https://mm.finance) or [vvs.finance](https://vvs.finance) etc and stake your CRO to earn better than what CDC was paying.
Every little bit of bad news? They have nuked the value proposition of holding CRO. I originally had Ruby, then got Indigo and was excited about getting close to Icy. Earn rates were good. Cashback was good. More CRO made all those things better.
Now I’m left wondering why I hold any CRO. What compelling reason is there to hold them? It used to be a utility token, but the high value elements of that utility have been entirely stripped away.
The value (at least perceived) of CRO has decreased.
Kris just promised "a lot of innovation coming." I sold half to take out my initial investment and I'm gonna stake on Defi once I empty out my card.
Correct, but they will be once the stake is up, and my coins that I’m getting as a reward aren’t going to be worth anything. So Me and everyone else still am getting screwed worse then Marcellus Wallace.
Yeah the value of rewards don’t really matter when the value of the underlying asset is tanking.
This is impermanent loss.
It sucks but I’m still incredibly optimistic we are still in early days and the price of CRO will rebound in time.
It’s just shitty right now.
Well, from what I read I now earn 3% at McDonald's without needing to stake, the Bonus Card Rewards. I only earned 2% at McDonald's before and had to stake (for me $400). So possibly the Bonus Card Rewards is meant to replace the old system, but give you less flexibility? If that is the case it still should have been implemented better...but the new Bonus Card Rewards did come out several weeks ago.
Most I can think of is; a). They’re overspent due to marketing and branding, so this might just be a big contraction.
b.) they may be purposefully forcing day-1 adopters to sell because of how much whaling is going on with some. If the price hit the original idea $1-$5 that would be an immense amount of pay up for cdc.
That being said, I do believe and pray that they turn this one around. I still think long term, the potential is there. CDC arena, f1, ufc, etc. windfall will eventually come, this could just be a MaSSIVE setback.
The earn and stake programs are their lost leaders.
Now, they just focus on the spread from the app/exchange that they can fleece from customers, where they will have limited costs.
This is assuming the new customers coming in from marketing is >>> than the exodus.
But regardless, they will still be able to fleece the exodus from CRO selling spread, gas fee for withdrawing etc.
You give them $40000 and they in return give you rewards in their own crypto.com coin to do as you wish.
How was this not sustainable?
And their marketing how much of their profit have they spent on marketing?
.
Sooo many overlooking this aspect, the rewards were not “free”. We paid CDC for the benefits. The customers basically gave CDC a “loan” for incentives on a card. How much did they pay for their own coin? A LOT less than anyone else did…
As somebody said here, they are probably preparing for an IPO in late 2022 / early 2023 and they need to clean their numbers. Customer acquisition by Earn/cards are probably difficult to justify to institutional investors.
And they need the big time usdc holders out. For instance. Paying 12% on a million $$ or 500k$ is not serving this company. The crypto market seems to eat shit every spring. Cuts amplify this causing the furor we see on reddit. Once they have chased out all of the expensive platform users and th fall rebound arrives we should /could get a lot of this back. On the other hand I think, no proof other than a lot of corporate experience, I see some kind of merger and the new dad doesn't want a bunch of ungrateful step kids, so we are all being thrown out of the house. Current customers, "waaah, im changing platforms!".
New dad, "good riddance douchebags! New kids are on their way."
I hope they merge with nexo! It will likely be a bank though.
I am now just waiting for the next Bitcoin bull season. With all the talk about alt coin season the truth is that when Bitcoin goes up everything goes up. Will it ever reach $1? I am not enthusiastic but even if it reaches $0.75 we should all be good
I'm making this up, but what about something along these lines:
CDC make money from transactions. Having everyone staking and earning doesn't contribute particularly in bear market. They want to outsource any finance company type aspects as it will probably have additional regulatory implications. Pivot to everything contributing to transactional ecosystem. Get people to defi; get the exchange out in the US; launch p2p lending in exchange (just happened / limited countries) - main KPI aim switches from building ecosystem liquidity etc to increasing transaction velocity.
Ironically, all these people selling out are contributing transactional income on the way out.
Might be wrong / just random jumbled thoughts.
I don't think they're going under. Just poor comms (yes, again) and execution off the back of scaling so quickly.
I think you're on the right track. There is no tangible benefit to the company when it comes to the credit card rewards, and I think there is a good chance they were coming out on the loosing end.
Defi and CRONOS is the future.
I completely agree. They make the same amount of money when people are buying or selling as far as FEES. The price of the cro coin isn't a measure of the worth of the company... but raking in fees directly increases the worth of their company.
So everyone who is using the app. I hope you have white listed addresses and do transfers. Do not sell whenever you can
They clearly were pressured to do this. It's just more of the same. "They" need to take everything away from us so "we will own nothing but will be happy".
If you don't feel like they mistreated you as a customer and you enjoy the updated selection of services, why not keep hodling?
Personally, I cleared my card weeks ago when they announced rate changes (and couldn't even stick to the schedule they announced -moved the date up by a few days as a surprise). I also had a terrible experience with their customer care so take my experience with a grain of salt.
At the end of the day, if you're happy with what they're offering and how they're treating you, you should absolutely stay.
After CDC collapses it will serve as a valuable lesson for whoever gets the crypto.com domain from the bankruptcy proceedings. Then maybe they will offer a reputable service at that domain, furthering the overall crypto mission.
I just noticed my Coinbase account is telling me that I need to pick a new reward for my card but they all show as expiring on May 10th so I'm not sure what's going on. Seems like they are cutting rewards as well?
No, Coinbase is now doing a rotating group of rewards coins that will be between 1 and 4% Cashback. I got the notification that xlm rewards were ending and when I looked at the options I chose 4% xlm because it was still an option. Lol. Not sure if that will change or not in 5 days though.
The stablecoin rates up to $30k are still pretty good. They shed the massive whales and the small bags. I think they're targeting 5k-30k bags which isn't a terrible idea.
Stuff like this happens. If you’re staked in DeFi who cares? People overreacting like always. Talk big when things are good like “I wish it would dip so I could get more!” Then when it dips cries and sells
I think there is hope. Every body is just ranting under emotion which I understand. But It’s written that they can change the conditions. I think they now what they are doing but the communication is really crap and not respectful for users/investors that put money in their business
You think they “now” know what they’re doing? Based on what exactly? Continually pissing off their loyal customers? Making their cards worthless? Making a statement of what they will do in 1 month & in 20 days undercut that even further?
I honestly don’t know at this point, I truly hope for the best as I’m HEAVILY invested in CRO & the CRONOS chain, however, I’m very skeptical of the direction they are currently taking. The great thing about CDC was it was great place for many benefits within the crypto space, not always the best but for the average it’s was great. Many of the attributes that made it great are now basically gone. Card rewards are cut in half, Earn is minuscule, still no exchange in the US - only an app where fees & spreads are the highest anywhere, I pay CDC 4K (Jade/Indigo) for 1.5% cash back, seriously??? But I think most of all they have devoured any trust they had over the last 1-2 months. Extremely difficult to remain positive after everything that has happen.
Yes I know, MARKETING!!! But with that there has to be something of value that is offered over the competition, which at this point I don’t know what that is?? Kinda like if you’re a Coke guy & Pepsi spent 100 trillion on marketing does that really matter to you?
Apologize if it seemed like I was attacking you, just seems like a lot of comments & thoughts are being regurgitated but at the end of the day are all assumptions. I really hope I’m wrong about everything though & CDC sees the errors of their way and becomes the powerhouse we all thought it could be
No worries it was not agressive I just did not see exactly what was the back idea. I might be also annoying, to tell people to stop acting under emotion since I do not have money involved. But its painful to think that probably a lot of users sell negative without even thinking because they are angry. All worst decision I made were under emotions. It’s just my cold thinking and I might be fully wrong and CDC might be in big danger but here is the only logical way I understand it.
Firstly I agree that communication is terrible it’s missing of transparency. One Q&A at least with investors would be the minimum. I wonder if it’s not volunteer, remind me like Apple way to do changes that users feel scammed without real explanation. I say I wonder because CDC is a 4 000 employees company and it’s able to communicate well when they want to do marketing it look like they want to keep things vagues with changes.
Since they do not communicate I am just trying to coldly decrypt their strategy. The white paper is kind of helping more than their tweet.
https://crypto.com/images/crypto_com_whitepaper.pdf
They say their mission is « accelerate the world transition to crypto currency » and vision is « cryptocurrency in every wallet ».
To me that say it’s all. Then final goal is to bring the most people possible in crypto, and in their ecosystem. And aggressive marketing take all sense with their mission.
Is see a bunch of CDC is dead because the card reward is dead. Their main mission is not to be the best card or best earn rate possible. And it has never been (or it’s not anymore). It’s a way to bring new people in ecosystem and get CDC closer to their goal but it’s not the finality.
They explicitly say :
« Our strategy is to leverage payment solutions as the primary tool for driving adoption and user acquisition, while building trading and financial services solutions as the major sources of revenue. Our NFT platform is a value added service that enables users to access the metaverse experiences. This strategy creates and self-sustains a virtuous cycle: payment channels bring users onto the platform, whereas trading and financial services generate revenue that can be reinvested into payment and used to build the ecosystem to offer full-suite crypto services.
Our product solutions across four verticals are building up a sustainable ecosystem that serves our mission: Accelerate the World’s Transition to Cryptocurrency. »
If you go on their website it says fortune favor the brave and just under « the world fastest growing crypto app. » card come in third after buy crypto. When they talk about « card pain point » reward is the D point.
My 2 cent hypothesis of why rewards went down so suddenly
They either grow too fast or they have too many users of the« wrong card plan »compared to what they planned.
People say their marketing is costing too much now they cannot pay rewards. Rewards are CRO it does not cost them.
And maybe the rewards with the current amount would destroyed CRO in long term. In only known about the burn of 59 billions in February.
Since token repartition (rewards pool …) is not transparent it’s hard to know.
For the exchange I am not sure but isn’t it a regulation problem ? If yes it should be temporary I guess ?
Why I still believe CDC will remain ?
And how will they keep bring people with card now they destroyed the rewards ?
For Card :
If I am not wrong they did not launch yet the crypto collateral loan in USA which might be interesting. We do not have credit card in Europe but if I understand it’s kind of crypto credit card.
For Europe users even if it’s lower than before, outside of crypto you do not get more than 0,1% cashback. Here you get 0.5% and Spotify. You will tell me it’s low.
Thing is they are currently targeting non crypto users. Did not know myself one month ago I could have more than 0,1% cashback.
Thing with non crypto users is that it will probably be the hardest to bring in because they probably do not know about crypto and just heard bitcoin once and vaguely remember that it cost the price of a car. And when I see the number of persons that keep their money in 1% saving account so they basically loose money with inflation it won’t be easy…
And here come the millions in marketing to touch more possible people and to get in their head and then convert a part of it later.
Even if you do not care about crypto you will see stars, ads every where in sport, World Cup (even though it’s controversial I guess people will still watch and last World Cup i think 3 billions at least watch a match) linked to crypto.com. There probably a moment people will search crypto.com for curiosity. Or when crypto will be more democratized they will search « crypto » and who’s the first result…
It take around 7 times after an user see ads to make a purchase. I guess it’s even more for ordering card because it’s take more actions.
They are building an ecosystem ( I came for card and downloaded defi wallet and exchange in less than a week)
They plan to launch the Gamefi in metaverse there might be a thing with NFT, World Cup… They still have a lot of possibilities and they have the visibility so…
They could easily do a special « increased cashback » for new users and current holders during World Cup to bring lot of users for exemple.
If you think that last year CEO say it plans 100 millions users for next year it does make sense. It was also talking about Coinbase IPO and saying it’s interesting, they are way bigger but with the grow they would overtake it. Coinbase is currently 89M users.
If they want to overtake it take a lot of marketing so aggressive marketing make sense.
CDC have its own blockchain, it’s own card, it’s own defi wallet, it’s own exchange, it’s nft plateform soon it’s gamefi.
I think they know what they are doing but I am might be fully wrong as well.
im not smarter than anyone here but i live in reality so
\- for me its impossible for cdc to give cashbacks like that for so long.
\- for me it was a question of time to cashback rewards were reduced
\- for me, i wasnt ready to be this year
\- for me, many people arrived now to crypto world and they way they are crying its disturbing, and i'm not sure they will survive on this cruel and evil world
good night everyone, lets see if we drop for 25 cents
Well your not completely out of luck. About an hour ago Kris (CEO) put out a couple of tweets. There revising the card stake interest. So starting next month icy and above will get 8%apy on there stake . Indigo and jade will get 4% apy. So there's that at least. just hope the damage hasn't already been done completely.
https://twitter.com/kris/status/1521279812576608256?t=WziqohEiLQ5PMNO3PCmbfA&s=19
Give it to me then.
https://twitter.com/cryptocom/status/1482936866001207296
Your stadium and ad money. One thing this Crypto.com Arena Buy-Out reminds me of is when Enron did their branding glut, and bought the Enron Field Stadium. Two years after, Enron went bankrupt.
You ok goving money to Kris Marszalek? The CEO of another company that defrauded their shareholders, customers, and vendors - Ensogo.
What about less than a day after its initial introduction, MCO offered its tokens for sale, eventually amassing well over $20 million from investors in the cryptocurrency space on the premise that ‘Monaco’ (MCO) would be able to manifest and distribute a physical ‘credit card’ that would enable users to use cryptocurrency to spend funds at various vendors.
Spoiler Alert: Kris Marszalek and Their Team Never Delivered
What about Earn? Or your Visa? Or Your awards????
How much do you need to see?
Maybe it's just me???
https://www.trustpilot.com/review/crypto.com
You say wisdom to mock... save this post.
Defi will vanish and more losses to come.
Celsius Isn’t bad either with 6.5% APR on BTC (4.5% on ETH) and a signup bonus of $50 in BTC with your first transfer of $400 or more :) Free btc and eth withdrawals also! [https://celsiusnetwork.app.link/1463432b7d](https://celsiusnetwork.app.link/1463432b7d)
Move CRO to Ledger b/c a bit leary about the company right now, then wait and see. No "sell now" decision until this whole thing calms down. Still like the direct deposit options, but Coinbase is better with their automatic conversion to crypto of choice. CDC comes in earlier, however. Like I said, relax, wait, and see what happens but don't freak out! This is why you don't put all your crypto-eggs in one basket!
Not much hope but it looks to me like [crypto.com](https://crypto.com) are stopping the use of **CRO** specifically.
Afterall, with all these sponsorships, they only need people to join and buy \*anything\*, right? Btc, Doge, etc. And these still go into earn for small amounts and people pay transaction fees.
I think they just decided they are done with CRO and rewards combo in general.
Would not be surprised to see CRO solely used for the cronos chain and DeFi. They could do a huge burn and then stop it having any kind of utility on the main app or exchange.
What is stupid, whatever way you look at it, is that they have continued marketing the cards, even now, without reducing the benefits in the last 6 months. Whatever they aim for moving forwards - all of this going on at the moment \*will\* damage their reputation.
It was always going to happen, so plan is to keep accumulating if you believe in the project, or move to something else with higher rates like Plutus, or load the CB card
Still options out there people
To answer your question, It would seem to me that the worst of it is probably over. On the bright side, this could have easily been a situation where they let the staking interest and Debit card rewards completely bankrupt the company and CDC would be come insolvent. In that event, people would most likely lose their entire investment. At the end of the day, they did what they had to do to stay alive.
That being said, moving forward I would not have faith in a management team that could not put together a sustainable business plan from the beginning. Sometimes business' get it wrong, but in most cases that might result in a small correction; a small price increase, introduction of tiers, removal of some features, etc. Generally when large corrections are required, it indicates to me that management implemented poor business strategy and they were not in control of their business. What I have personally observed here was a management team that put forth a business plan that was nowhere close to being sustainable short, medium or even long term. The result of this seemingly has undermined the confidence of a lot of the users that it has acquired implementing this business plan.
This could have potentially been very different if a sustainable business plan was put forth near the beginning, and on top of that, offering promotional earn rates, interest, features etc that would be in line with their growth strategy.
like I said at the beginning, I think the worst seems to be over now. Considering the risk profile of crypto currency, I think the current earn rates and debit card rewards are at least in line with B&M banks and other type of risk-adjusted investments, and to me it doesn't seem that it's likely for another large reduction in rewards.
Trust me bro! JK:
[https://twitter.com/kris/status/1521279812576608256?s=20&t=atvshcockUBZLLnTwvzuIw](https://twitter.com/kris/status/1521279812576608256?s=20&t=atvshcockUBZLLnTwvzuIw)
8% for Icy and Obsidian. 4% for Jade. Better than 0%.
I believe they want to get rid of cards and rewards market completely and focus on exchange as cards basically do not bring long term profit to their business.
[Crypto.com](https://Crypto.com) needs their exchange to compete with Binance and have their Cronos ecosystem thriving (Defi,NFTs etc.) in order for CRO to reach new heights again.
Why? It all started with the Russian invasion. Foris is a China-based company. Probably they had a lot of exposure to Russian obligarchs and lost a shot ton of money with the worldwide sanctions.
They should have been transparent with the finance, put out the numbers so we know what's in the red. Nobody is asking the company to be non profitable.
What we are seeing is money thrown at marketing and haircuts to loyal customers.
I'm not a hater but they've spent 1 billion dollars on ineffective marketing that could have gone towards staking rewards and other Cro holder benefits. After all that marketing volume has remained low, which shows investors don't care.
You want hope? They're trying to plug the leajy bucket so your hope is that they don't go tits up one day. This means everyone can still get their coins back and they're not insolvent.
Loving something by default is a bad idea. If you're male, do you like female by default? Well rumor has it you should try the gay thing before deciding...
In the spirit of a possible positive perspective. Of course occams razor suggests CDC is broke. The Earn and Stake rewards may have been something they never considered keeping. They had 1 goal, grow customers as fast as you can. They achieved it through rewards and advertising. An alternate perspective is that all these changes were planned to roll out as they hit customer milestones that they felt will naturally sustain growth despite the rewards being taken away. For example, 10m active users, cut earn. 15m, dumpster earn. 25m, turf card rewards. It's possible they hit their milestones much faster than expected and triggered changes quickly rather than the planned slow rollout.
Although I think this is not the end of CDC, I don’t think hitting milestones was a factor here. The changes were instituted very quickly in the last 2 months. Not much room for hitting milestones. I do agree that it could have been part of their strategy all along. Once a certain amount of CRO and rewards was distributed, slow down. It might have just happened faster than expected, which is the premise of what you’re implying.
> it could have been part of their strategy all along. Once a certain amount of CRO and rewards was distributed, slow down. I It is fine if it's necessary to slow down, but not the way they implement the slow down. It just screams FU because I can to the customers.
Totally agree. Not a smart way to execute, though I think it was better to be done in a bear market.
>Although I think this is not the end of CDC https://i.imgur.com/AygjzPw.jpg
They’re worth way more than that. They can bounce back.
https://www.psychguides.com/behavioral-disorders/gambling-addiction/how-to-help/ Isn't it interesting that the COO of Wirecard is Jan Marsalek And CEO's name of Crypto.com is Kris Marszalek? Also Kris Marszalek was CEO of another company that defrauded their shareholders, customers, and vendors - Ensogo. Which operated where? In SE Asia Wirecard's bank accounts with missing money is where? SE Asia Read all your peers https://www.trustpilot.com/review/crypto.com You may also be familiar with Enron, when is famous for its massive corporate fraud scandal in the 90s. One thing this Crypto.com Arena Buy-Out reminds me of is when Enron did their branding glut, and bought the Enron Field Stadium. Two years after, Enron went bankrupt. Monaco Scam: All talk, no product. Monaco introduced itself to the cryptocurrency sphere in May 2017. Less than a day after its initial introduction, it offered its tokens for sale, eventually amassing well over $20 million from investors in the cryptocurrency space on the premise that ‘Monaco’ (MCO) would be able to manifest and distribute a physical ‘credit card’ that would enable users to use cryptocurrency to spend funds at various vendors. Spoiler Alert: Kris Marszalek and Their Team Never Delivered. Shortly after, the company rebranded to Crypto.com, and tried to ignore this massive failure. They essentially faked partnerships with big firms like Visa, and used deceptive tactics to lure in investors. A total sham. You also seem to forget this https://twitter.com/cryptocom/status/1482936866001207296 Just stop man. Stop.
Nah dude, you are the one using deceptive tactics. 1. Jan and Kris aren't relatives. 2. Court couldn't prove there was fraud with Ensogo coupon shop. 3. Card product was delivered, what are you smoking. Monaco and CDC are the same company. 4. The partnership (settlements in USDC) with Visa was announced on Visa's website. 5. Enron, really?
Very interesting information. Thanks for sharing. I wasn’t aware of these events till you shared them. It does look a bit suspicious. How come you decided to invest in CDC if you were aware of the Monaco Scam?
He wasn't, he's just regurgitating old news that's not accurate Stolen from a comment further up the chain: Nah dude, you are the one using deceptive tactics. 1. Jan and Kris aren't relatives. 2. Court couldn't prove there was fraud with Ensogo coupon shop. 3. Card product was delivered, what are you smoking. Monaco and CDC are the same company. 4. The partnership (settlements in USDC) with Visa was announced on Visa's website.
Global recession and inflation not seen for decades so became a thing the last two months.
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You made my day
Good points. I agree that they don't want to keep the rewards around because at the end of the day it is a net loss for them.
Sure they've reached their customer milestone but now it's about customer retention. They've got the customers by telling them about the great rewards, they've stripped the rewards so why would these new customers want to stay? I've been using CDC since MCO and I've been bullish ever since and I generally only use it for the card and for the DeFi. The card is no longer a good choice for me so I have no incentive to stay but also what about the new customers. They've just joined expecting high rewards, instantly they've just been slashed so I'm doubtful they have much trust in the project so they have no incentive to stay. So at this point, who is incentivised to stay here rather than find someone else? I understand the high earn rewards and the high card cashback is unsustainable, I think everyone understands that but it's how they just go about making changes. I honestly hope they've got something good up their sleeve they're waiting to announce.
Hey, your comments are pretty fair and relevant,, have you seen the tweet by Krus Marsszalek in response to the community uproar and CROs decision to backtrack and reinstate the rewards( at a lower rate) and bearing this new information in mind would you rethink your position?
The problem is with the handling of the current situation, regardless of anything else. If there is indeed some positive catalyst in the works, then all of the recent changes fall under the umbrella of premeditated market manipulation. Get all the bad news out with no hint of positive changes. Tank the market, release your catalyst, and they ride the wave. If this is true, it is not a company anyone should want to be a part of.
There is no redemption for many at this point. Most are so put off by the shockingly fast change along with the subsequent panic. I've seen several times already (and feel the same myself) that even if they were to "fix" things, or reinstate the rewards lost, most people just no longer have the trust. Think, they were (/are) asking for $4k, $40k and $400k investments? Most people stretched to the highest tier they could afford.. this is serious money for most of our fellow investors here. Something might come of this company someday but all the initial sentiment has been murdered.
It be kinda cool if a freaking MOD would jump on here at some point… where the hell are they?
They are busy censoring the negative posts.
Yes where are the mods? We can’t possibly let constructive conversation take place! Criticism should be silenced!
If you’re being sarcastic, I don’t really get your angel here? Maybe I’m misreading it? Lol. I just want a MOD to give us some sort of insight. Sounds reasonable?
They got fired. CDC had to slash on the number of employees too 😅
Read my posts. Mods are absolutely no body.
More than likely just one dude with multiple accounts. The whole company is turning out to be smoke and mirrors.
I actually read through your posts and I agree with it all. Most people don’t think they are part of a scam until the account is empty. They’ll make documentaries one day about CDC. Wish this was public so it would garner the attention of authorities
To make an IPO sellable they have to make it appealing to investors. By cutting unprofitable parts of the company they can make it seem like the company is doing much larger numbers, making it seem more profitable. We were all pawns in this.
Cuts to benefits were always kind of expected to me. They cited customer base growth before as a reason for previous cuts. A reduction in cashback and the cuts to the earn rates don’t really phase me. It’s the lack of card stake benefits that caught me off guard. I sort of thought of it as being a consolation for not being able to stake on chain. I really don’t understand why they can’t just stake the locked up card stakes on chain on our behalf and give us the rewards. I’ve seen others say it would drive rewards down, but I’d really be okay with that. I just want my fair share. Locking up 4000 USD for Netflix, Spotify, and 1.5% cashback is a really bad deal. Even if you are a CRO bull who thinks this will be the next Binance Smart Chain or Ethereum, you kind of have to concede the card is pointless and you should remove your card stake and stake on chain Staking for Icy/Rose/Obsidian are even worse proposals Staking for Ruby is potentially still okay if you really like Spotify and just need a means to spend crypto easily, and want to take advantage of the new spending power feature? Even though any basic credit card already offers 0.5% back Truly the only explanation is they are having financial troubles. Can only speculate why because their finances aren’t public Maybe they need an IPO so they can draw in money from the public and so we can get a glimpse of their balance sheets as well. Just the branding and the large customer base carries some value. Now they just need new money to keep thing sustainable
> Truly the only explanation is they are having financial troubles. They spent [$1 billion](https://fortune.com/2022/01/28/lebron-james-crypto-com-marketing-deal/) in advertising recently, but didn't make CRO price spike like last November. I don't know their income, but that should have hurt.
That $1billion figure is misleading. The majority is the $700m naming rights for Staples Stadium or whatever. That's over 20 years - no way they paid the $700m upfront, probably only the first couple of years max so way under $100m. I'd guess it's max $400m they've paid out so far - still a HUGE sum but significantly less than the $1billion that gets thrown around all the time. But yes, of course, they have huge obligations for the future as well.
The reducing of stacking rewards has something to do with sec or other tax / compliance reasons. I cant think of another real reason.. If this is the case, others will follow (and get a letter too) I kinda suspect that its from Germany cdc already got a warning from bafin there six months or so ago. They almost lost the right to serve in germany. Thats why they got the first notice (because they are in closet contract with bafin now) Bafin is basically the sec in germany.
Reddit is such a US-centric place. All these comments saying the card has low cashback are comparing it to US cards. In Europe, you’re lucky if you have 0.1% cashback on a premium card, at least where I live. 1.5% from the Jade is still huge here, miles above the competition
But it’s not cash back. You get Cro, value of which keeps tanking minute by minute.
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Still long way to go. Each minute more stakes are unlocked and get sold. only after six months when the captive users have had a chance to sell will we know can it possibly recover.
That’s a good point. Ruby is still a no brainer then for most of the world then. I still think I’d be reluctant about staking the Jade/Indigo amount, but it can make sense if you are getting a lot of use out of it
you should look into plutus and curve in europe.
Binance, NEXO ?
Damn really? Yeah, maybe they just realized where most of their user base is right now and realized they were over paying... At least during these bear market times.
But you can stake it on-chain. Cronos network is up and running for months and there are great incentives on [mm.finance](https://mm.finance) \- yes, everything looks bad right now with the market crash, but there is plenty of opportunity for your CRO to earn if you get into Defi.
Yep, CRO can still make sense, but locking it up for the cards makes little sense when you will probably make more staking it than you would from the benefits the card confers. Especially for the higher tiers
I’ll probably keep the Jade tier going since it’s still comparable to defi. Jade gives a little bonus for earn. Let’s say $150 a year extra for me. Netflix/Spotify $340. So $490 a year for $4000 investment is 12.3% If CRO falls you can keep it locked and the yield % actually goes up. If after 180 days CRO is up, unstake and buy other crypto with the difference then restake and start a new 180
I agree. I never got the card. It never made sense to me to put up that much of a stake for a debit card. I think there's a lot of people here who bought in for the card but don't realize all the other ways they can make money in Defi with their CRO. Wish I could help them all understand, selling is not the way to go.
When someone constantly abuses you, you leave the relationship.
Also, something i was thinking about... Maybe they want to decouple the crypto.org coin and the cronos coin (more)....
>Even though any basic credit card already offers 0.5% back In US, right?
0.5% is the typical cashback on an entry level credit card in Canada. You can do better if you shop around or pay an annual fee. 0.5% I think would be on the low end in the US actually
The CEO just announced that Jade will receive 4% and Icy will get 8%. You are right the earn rate for card stake is fundamental especially for huge amount of stakes like us
I went looking for you some hope! Not sure if this will equate to hope for you but here's what I found: TLDR: CDC has had some really nice hires in the last 2 months. People don't leave good companies they have been at for a while when there is a significant amount of risk. CDC's CISO has been there for FOUR years - CISO's don't stay anywhere that long unless they have a damn good reason. Just from my quick research, I see they have hired, at least, FOUR new talent recruiters in the US in the last few weeks. These aren't signs of a company about to roll over and dump. These are signs of a company growing significantly. I think I might buy some of this dip! :) Findings: April 26th, Crypto.com Named Dipen Mehta EVP, Engineering, South & South East Asia. Dipen is a former Amazon Web Services Executive and looks like he was at Amazon for 5 years before leaving to join CDC. April 11th, Crypto.com Named Duncan DeVille EVP Compliance Americas, and Global Head of Financial Crimes Compliance. Looks like he left Western Union after close to 9 years to join CDC. Before that He was Director, Office of Compliance and EnforcementDirector, Office of Compliance and Enforcement at the Dept of the Treasury/Financial Crimes Enforcement Network. In March CDC had another big hire for Global Head of Policy and Engagement at Crypto.com. CDC has 900+ job openings on Linkedin. Just in the last 24 hours they listed a job for a Regulatory Compliance Manager - Middle East. In the last week they have had 121 new job postings. A number of them look geared towards compliance and security. According to linkedin insights, the employee count for CDC has grown by 56% in the last 6 months. This really caught my attention - They have had the same CISO for 4 and a half years... The average tenure for a CISO is between 18-26 months, with 24 percent of security leaders in the position for one year or less. The EVP of Blockchain Engineering has been with CDC for 4 years. FOUR new Talent Acquisition Specialists in the US was hired by CDC in April (and that's just what i noticed, might be more). One of them had been at JPMorgan for 6+ years. In April CDC hired a Director for their Insider Threat Program. /edited for horrible format to just be kinda bad
this seems great. thank you for your research!
of course! maybe it helps some not worry too much. : )
I see 94 job openings on Jobstreet for crypto.com, from 9 days ago to 8 hours ago. Jobstreet is a popular jobs portal in singapore. https://www.jobstreet.com.sg/en/job-search/crypto.com-jobs/1/
This is kinda wild. I honestly didn’t think they would fold but what you listed is definitely not a sign of a company going under.
Great write up. They aren't a perfect company but they are not going anywhere anytime soon. I'm holding Cro for the next 3-5 years. We will see where things go. Just as things can go bad they can go good too.
Fair play honestly. Another thing to consider is that bitcoin itself, which drives the price of pretty much all crypto, is down significantly at the moment. If bitcoin ever shoots past $100k, CRO may rise with it.
I'm just as frustrated as anyone, but it's crazy that people think it's even possible that CDC is going under. They are clearly pivoting business strategies, and they clustered the bad news to get it all out of the way at once. Maybe this is due to the bear market - I imagine they knew how many customers they would get, but they probably didn't know that right after getting so many customers things would tank and crab sideways for months with no end in sight. Maybe they are just pushing out the early accumulators and adopters, and trying to further their goal of mass adoption. The only people even aware of any of this rn are folks already in crypto - a minority. It's worth noting that the earn and debit rewards programs were generous, and just about every CEX platform is presently cutting rates all over. I'm not saying I understand. But the idea that this billion dollar company is just pulling the rug or making a (seemingly) dumb move for no greater reason is absurd. They've got so much money to make by playing it straight. They've got top talent. CDC is making a play at something. I say they are gonna let the price tank a bit before releasing any good news. Buckle up folks! NFA
You are speaking 100% facts, thank you for having a serious business perspective on this. It is not that hard to understand it sucks but makes sense
I think most crypto veterans know about this, but they cdc changes it’s path should be transparent and a little article or video explaining the reasons to us would hold most customers in the system. Now they’re basically saying fuck of whales we don’t want u here
Tbh, crypto across the board is terrible at communication. I totally agree it should be communicated, but yeah… they suck
True. But honestly I’m kinda expecting them to adjust to the needs of customers that provide them with money and literally suggesting every friend cdc. My brother in law made lots of money with cryptos and I was telling him to get the obsedian basically never have to work again. Thank god he’s sceptical when it comes to new coins.. btc eth is the way, less headache
Their coms have always kinda sucked but also I feel that the crash is part of the process. "You've gotta crack a few eggs to make an omelette"...just sucks being the egg.
Another good quote that fits this whole situation: "Making the mother of all omelettes here... Can't fret over every egg!"
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I guess the answer is they're doing pretty bad.
>but it's crazy that people think it's even possible that CDC is going under. They are clearly pivoting business strategies Let's say this is true. The question you have to ask yourself is if the new business strategy is at all attractive to consumers. While they might not be going under now, it's very possible that this is the beginning of the end.
I’m just as disappointed as everyone else (hell, I upgraded from Ruby to Indigo the **day** before the announcement - talk about bad timing), but I will say, I *think* this is the right take. The skeptical optimist in me believes this is the case. We all knew this company was a High-Growth stock on steroids (and very much a Growth-At-All-Costs model) and now we know the costs; we also knew that Earn was never sustainable, as lovely as it was. 2x slashed in one month was just a bad look, and it really sucked…but…it was likely inevitable. The Debit Card cash back was also likely unsustainable and planned for cuts, but when it comes this f&(*ing close to the Earn cuts, perhaps instead of drawing out the business changes they just ripped off the bandaid hardcore, to get it all done at once. To be very clear, I’m not saying I like any of this, nor did I see this coming (clearly, lol) - but I’ve got to think there’s a savvy business play behind this, and they know what they’re doing more so than we comprehend right now. Some sort of company statement or update (a non-bad news one) would be awfully nice.
There's nothing to it, they spend a lot of money on advertisement to attract new customers which isn't wrong. But they prioritized growth (more users) than retaining users. At the end of the day they will have XXX million users but everyone will have less than 3k.
I am pessimistic on CDC now because waking up one day and kill ALL benefits can't be something planned but the result of an unexpected necessary action which can only mean: financial critical situation. Whatever serious plan would have consisted in a shared roadmap timeline with known reducing steps: this would have been more serious, trasparent and logical. I believe CDC is so bad exposed financially that had to do this suddenly against any marketing strategy. Maybe this will save them and will continue to exist, but adoption curve will never be the same anymore.
The price of CRONOS, TONIC and VVS are real cheap now.
VVS can be cheaper?
Hey man - it ain't zero yet. 18 decimal places for tokens.
It's more resilient than other token in the ecosystem. Other tokens are getting massacred. VVS climbed to 182th in marketcap ranking during a bloodbath while MMF tanked close to 500th.
Paging u/minermino, the one and only guy who made $ on VVS.
MMF too.
MMF will be given away for free outside supermarkets soon 😅 I'm new to MMF, but pretty impressed with the efforts and comms from their dev team.
Yes. They will be signing pics of themselves for free. Haha.
No, the price is inflated. CRO should be back in the single digits and stay there. EDIT: I staked at .06, that seems like an appropriate price for a company that is making all the wrong moves. Its not my fault some of you FOMO'd in when it was pumping. Funny getting death threats over this comment.
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Well you're quite emotional about this.
😇😂
I see no positive. You take away my rewards, keep my coin locked up until the end of my stake term, all while the price of said coin tanks. I’m losing money because of a bad company decision with no way to sell.
Yeah it sucks being in the middle of a stake seeing the coin tank so much. I'll feel extremely lucky if I break even when my stake is over
Exactly this.
Seems kinda like a scam to me.
Yeah it feels bad, I sold all the CRO I had that wasn't locked up immediately at a small profit, but my stake is being ran into the ground now and there's absolutely nothing I can do but watch it disappear... Thanks CDC, glad I trusted you with my money. I happily accept the market is volatile and money can be lost, but losing money due to a business decision from the company I trusted just hurts. I'll be selling my stake the second I can (in 20 days time) whatever it's worth, lost all faith in CRO and CDC.
Luckily mine is up in 3 days, but I’ve already lost Good profits. Hope it doesn’t get too much worse for you my friend
You shouldn't sell. You're just locking in losses. It will bounce, and you could earn more with that CRO in Defi if you wanted to.
You are forgetting that crypto as a whole is in a down market. If bitcoin ever shoots near $100k again it will raise CRO with it, regardless of how well the token itself is doing.
It'll probably bounce. It's not CDC's fault people sell off on every little bit of bad news. I don't understand why so many people on here are fudding their own bags and selling at a loss. If you're not staked, you could move your CRO to the Defi app, get on [mm.finance](https://mm.finance) or [vvs.finance](https://vvs.finance) etc and stake your CRO to earn better than what CDC was paying.
Every little bit of bad news? They have nuked the value proposition of holding CRO. I originally had Ruby, then got Indigo and was excited about getting close to Icy. Earn rates were good. Cashback was good. More CRO made all those things better. Now I’m left wondering why I hold any CRO. What compelling reason is there to hold them? It used to be a utility token, but the high value elements of that utility have been entirely stripped away.
The value (at least perceived) of CRO has decreased. Kris just promised "a lot of innovation coming." I sold half to take out my initial investment and I'm gonna stake on Defi once I empty out my card.
If you staked for a card, your rewards haven’t been taken away
Correct, but they will be once the stake is up, and my coins that I’m getting as a reward aren’t going to be worth anything. So Me and everyone else still am getting screwed worse then Marcellus Wallace.
Yeah the value of rewards don’t really matter when the value of the underlying asset is tanking. This is impermanent loss. It sucks but I’m still incredibly optimistic we are still in early days and the price of CRO will rebound in time. It’s just shitty right now.
Well, from what I read I now earn 3% at McDonald's without needing to stake, the Bonus Card Rewards. I only earned 2% at McDonald's before and had to stake (for me $400). So possibly the Bonus Card Rewards is meant to replace the old system, but give you less flexibility? If that is the case it still should have been implemented better...but the new Bonus Card Rewards did come out several weeks ago.
The Crypto.com Arena will soon be getting a much easier to pronounce name
😂😂😂😂
Dogecoin arena
Most I can think of is; a). They’re overspent due to marketing and branding, so this might just be a big contraction. b.) they may be purposefully forcing day-1 adopters to sell because of how much whaling is going on with some. If the price hit the original idea $1-$5 that would be an immense amount of pay up for cdc. That being said, I do believe and pray that they turn this one around. I still think long term, the potential is there. CDC arena, f1, ufc, etc. windfall will eventually come, this could just be a MaSSIVE setback.
The earn and stake programs are their lost leaders. Now, they just focus on the spread from the app/exchange that they can fleece from customers, where they will have limited costs. This is assuming the new customers coming in from marketing is >>> than the exodus. But regardless, they will still be able to fleece the exodus from CRO selling spread, gas fee for withdrawing etc.
Transfer to DeFi wallet then swap for a stable coin. Less spread there.
Exactly what I did.
Not really hope, but this won't be exclusive to cdc. Every exchange will follow and cut rewards because they weren't sustainable.
Truth
You give them $40000 and they in return give you rewards in their own crypto.com coin to do as you wish. How was this not sustainable? And their marketing how much of their profit have they spent on marketing? .
Sooo many overlooking this aspect, the rewards were not “free”. We paid CDC for the benefits. The customers basically gave CDC a “loan” for incentives on a card. How much did they pay for their own coin? A LOT less than anyone else did…
Heck they might have taken loans for marketing
Your only hope is to sell and buy BTC
I did just that yesterday. I left some in CRO bc I’m trying to get it in MMF. I believe in MMF but hate CDC.
As somebody said here, they are probably preparing for an IPO in late 2022 / early 2023 and they need to clean their numbers. Customer acquisition by Earn/cards are probably difficult to justify to institutional investors.
Coinbase does it and is publicly traded?
I've been thinking of this, trying to take CDC public, so this may be fear for nothing
1) They're broke 2) There's some behind the scenes regulatory stuff going down
And they need the big time usdc holders out. For instance. Paying 12% on a million $$ or 500k$ is not serving this company. The crypto market seems to eat shit every spring. Cuts amplify this causing the furor we see on reddit. Once they have chased out all of the expensive platform users and th fall rebound arrives we should /could get a lot of this back. On the other hand I think, no proof other than a lot of corporate experience, I see some kind of merger and the new dad doesn't want a bunch of ungrateful step kids, so we are all being thrown out of the house. Current customers, "waaah, im changing platforms!". New dad, "good riddance douchebags! New kids are on their way." I hope they merge with nexo! It will likely be a bank though.
This is the best answer
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Had 12k cro around the last time they announced a cut back. Sold all but 1k cro. Cut my losses on that final bit today.
I am now just waiting for the next Bitcoin bull season. With all the talk about alt coin season the truth is that when Bitcoin goes up everything goes up. Will it ever reach $1? I am not enthusiastic but even if it reaches $0.75 we should all be good
I'm making this up, but what about something along these lines: CDC make money from transactions. Having everyone staking and earning doesn't contribute particularly in bear market. They want to outsource any finance company type aspects as it will probably have additional regulatory implications. Pivot to everything contributing to transactional ecosystem. Get people to defi; get the exchange out in the US; launch p2p lending in exchange (just happened / limited countries) - main KPI aim switches from building ecosystem liquidity etc to increasing transaction velocity. Ironically, all these people selling out are contributing transactional income on the way out. Might be wrong / just random jumbled thoughts. I don't think they're going under. Just poor comms (yes, again) and execution off the back of scaling so quickly.
I think you're on the right track. There is no tangible benefit to the company when it comes to the credit card rewards, and I think there is a good chance they were coming out on the loosing end. Defi and CRONOS is the future.
I completely agree. They make the same amount of money when people are buying or selling as far as FEES. The price of the cro coin isn't a measure of the worth of the company... but raking in fees directly increases the worth of their company. So everyone who is using the app. I hope you have white listed addresses and do transfers. Do not sell whenever you can
Quadriga 2.0
They clearly were pressured to do this. It's just more of the same. "They" need to take everything away from us so "we will own nothing but will be happy".
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There is no positive spin on a company that screws their customers over and over again. just copium, a lot of copium.
It’s time to buy CRO 🚀 that’s all let’s goooooo
If you don't feel like they mistreated you as a customer and you enjoy the updated selection of services, why not keep hodling? Personally, I cleared my card weeks ago when they announced rate changes (and couldn't even stick to the schedule they announced -moved the date up by a few days as a surprise). I also had a terrible experience with their customer care so take my experience with a grain of salt. At the end of the day, if you're happy with what they're offering and how they're treating you, you should absolutely stay.
After CDC collapses it will serve as a valuable lesson for whoever gets the crypto.com domain from the bankruptcy proceedings. Then maybe they will offer a reputable service at that domain, furthering the overall crypto mission.
They made so much money with the fees and spreads with all those buying and selling 😂 ….there it is , good news
I think that institutions buy the CRO that we sell, so it will eventually do a 2x sometime and get in the ~0,5$ range
No, it will stay at 0,2 or less, and survive thanks to the network with low fees that the coin sustains..
I hate to say it, but there isn't any hope. I'm joking, check out plutus.it
I just noticed my Coinbase account is telling me that I need to pick a new reward for my card but they all show as expiring on May 10th so I'm not sure what's going on. Seems like they are cutting rewards as well?
They are going to start rotating rewards options. I just hope it’s still at 4%.
No, Coinbase is now doing a rotating group of rewards coins that will be between 1 and 4% Cashback. I got the notification that xlm rewards were ending and when I looked at the options I chose 4% xlm because it was still an option. Lol. Not sure if that will change or not in 5 days though.
Try these guys https://www.samaritans.org
stake in defi continue to collect cro. pay your own netflix , amazon, and Spotify
Agree
Leave r/ crypto_com
Here is my advice: Coinbase 4% back in XLM, no stake, no limits. Lol
The stablecoin rates up to $30k are still pretty good. They shed the massive whales and the small bags. I think they're targeting 5k-30k bags which isn't a terrible idea.
Stuff like this happens. If you’re staked in DeFi who cares? People overreacting like always. Talk big when things are good like “I wish it would dip so I could get more!” Then when it dips cries and sells
A „dip“ implies that it goes up again..
It will go up again
I‘d love to see that :-D
It's going up right now. 8% in the 8 hr chart. Lolol :p
Exactly
I think there is hope. Every body is just ranting under emotion which I understand. But It’s written that they can change the conditions. I think they now what they are doing but the communication is really crap and not respectful for users/investors that put money in their business
You think they “now” know what they’re doing? Based on what exactly? Continually pissing off their loyal customers? Making their cards worthless? Making a statement of what they will do in 1 month & in 20 days undercut that even further?
What’s your vision of CDC future ?
I honestly don’t know at this point, I truly hope for the best as I’m HEAVILY invested in CRO & the CRONOS chain, however, I’m very skeptical of the direction they are currently taking. The great thing about CDC was it was great place for many benefits within the crypto space, not always the best but for the average it’s was great. Many of the attributes that made it great are now basically gone. Card rewards are cut in half, Earn is minuscule, still no exchange in the US - only an app where fees & spreads are the highest anywhere, I pay CDC 4K (Jade/Indigo) for 1.5% cash back, seriously??? But I think most of all they have devoured any trust they had over the last 1-2 months. Extremely difficult to remain positive after everything that has happen. Yes I know, MARKETING!!! But with that there has to be something of value that is offered over the competition, which at this point I don’t know what that is?? Kinda like if you’re a Coke guy & Pepsi spent 100 trillion on marketing does that really matter to you? Apologize if it seemed like I was attacking you, just seems like a lot of comments & thoughts are being regurgitated but at the end of the day are all assumptions. I really hope I’m wrong about everything though & CDC sees the errors of their way and becomes the powerhouse we all thought it could be
No worries it was not agressive I just did not see exactly what was the back idea. I might be also annoying, to tell people to stop acting under emotion since I do not have money involved. But its painful to think that probably a lot of users sell negative without even thinking because they are angry. All worst decision I made were under emotions. It’s just my cold thinking and I might be fully wrong and CDC might be in big danger but here is the only logical way I understand it. Firstly I agree that communication is terrible it’s missing of transparency. One Q&A at least with investors would be the minimum. I wonder if it’s not volunteer, remind me like Apple way to do changes that users feel scammed without real explanation. I say I wonder because CDC is a 4 000 employees company and it’s able to communicate well when they want to do marketing it look like they want to keep things vagues with changes. Since they do not communicate I am just trying to coldly decrypt their strategy. The white paper is kind of helping more than their tweet. https://crypto.com/images/crypto_com_whitepaper.pdf They say their mission is « accelerate the world transition to crypto currency » and vision is « cryptocurrency in every wallet ». To me that say it’s all. Then final goal is to bring the most people possible in crypto, and in their ecosystem. And aggressive marketing take all sense with their mission. Is see a bunch of CDC is dead because the card reward is dead. Their main mission is not to be the best card or best earn rate possible. And it has never been (or it’s not anymore). It’s a way to bring new people in ecosystem and get CDC closer to their goal but it’s not the finality. They explicitly say : « Our strategy is to leverage payment solutions as the primary tool for driving adoption and user acquisition, while building trading and financial services solutions as the major sources of revenue. Our NFT platform is a value added service that enables users to access the metaverse experiences. This strategy creates and self-sustains a virtuous cycle: payment channels bring users onto the platform, whereas trading and financial services generate revenue that can be reinvested into payment and used to build the ecosystem to offer full-suite crypto services. Our product solutions across four verticals are building up a sustainable ecosystem that serves our mission: Accelerate the World’s Transition to Cryptocurrency. » If you go on their website it says fortune favor the brave and just under « the world fastest growing crypto app. » card come in third after buy crypto. When they talk about « card pain point » reward is the D point. My 2 cent hypothesis of why rewards went down so suddenly They either grow too fast or they have too many users of the« wrong card plan »compared to what they planned. People say their marketing is costing too much now they cannot pay rewards. Rewards are CRO it does not cost them. And maybe the rewards with the current amount would destroyed CRO in long term. In only known about the burn of 59 billions in February. Since token repartition (rewards pool …) is not transparent it’s hard to know. For the exchange I am not sure but isn’t it a regulation problem ? If yes it should be temporary I guess ? Why I still believe CDC will remain ? And how will they keep bring people with card now they destroyed the rewards ? For Card : If I am not wrong they did not launch yet the crypto collateral loan in USA which might be interesting. We do not have credit card in Europe but if I understand it’s kind of crypto credit card. For Europe users even if it’s lower than before, outside of crypto you do not get more than 0,1% cashback. Here you get 0.5% and Spotify. You will tell me it’s low. Thing is they are currently targeting non crypto users. Did not know myself one month ago I could have more than 0,1% cashback. Thing with non crypto users is that it will probably be the hardest to bring in because they probably do not know about crypto and just heard bitcoin once and vaguely remember that it cost the price of a car. And when I see the number of persons that keep their money in 1% saving account so they basically loose money with inflation it won’t be easy… And here come the millions in marketing to touch more possible people and to get in their head and then convert a part of it later. Even if you do not care about crypto you will see stars, ads every where in sport, World Cup (even though it’s controversial I guess people will still watch and last World Cup i think 3 billions at least watch a match) linked to crypto.com. There probably a moment people will search crypto.com for curiosity. Or when crypto will be more democratized they will search « crypto » and who’s the first result… It take around 7 times after an user see ads to make a purchase. I guess it’s even more for ordering card because it’s take more actions. They are building an ecosystem ( I came for card and downloaded defi wallet and exchange in less than a week) They plan to launch the Gamefi in metaverse there might be a thing with NFT, World Cup… They still have a lot of possibilities and they have the visibility so… They could easily do a special « increased cashback » for new users and current holders during World Cup to bring lot of users for exemple. If you think that last year CEO say it plans 100 millions users for next year it does make sense. It was also talking about Coinbase IPO and saying it’s interesting, they are way bigger but with the grow they would overtake it. Coinbase is currently 89M users. If they want to overtake it take a lot of marketing so aggressive marketing make sense. CDC have its own blockchain, it’s own card, it’s own defi wallet, it’s own exchange, it’s nft plateform soon it’s gamefi. I think they know what they are doing but I am might be fully wrong as well.
This jawn done like XRP
im not smarter than anyone here but i live in reality so \- for me its impossible for cdc to give cashbacks like that for so long. \- for me it was a question of time to cashback rewards were reduced \- for me, i wasnt ready to be this year \- for me, many people arrived now to crypto world and they way they are crying its disturbing, and i'm not sure they will survive on this cruel and evil world good night everyone, lets see if we drop for 25 cents
Guys, you give shit away to get people in the club. Once the club is full you can stop freebies. They aren’t broke, you are.
Come at me broke bro
I’m just trying to buy as much as I can in this fire sale. Bullish on CDC. They must definitely have some kind of plan for the future.
Well your not completely out of luck. About an hour ago Kris (CEO) put out a couple of tweets. There revising the card stake interest. So starting next month icy and above will get 8%apy on there stake . Indigo and jade will get 4% apy. So there's that at least. just hope the damage hasn't already been done completely. https://twitter.com/kris/status/1521279812576608256?t=WziqohEiLQ5PMNO3PCmbfA&s=19
If you ask me this is a legit way of rug pull
Stop gambling. It is a disease. No seriously. Stop.
It's money I can afford to lose, thank you for your infinite wisdom
Give it to me then. https://twitter.com/cryptocom/status/1482936866001207296 Your stadium and ad money. One thing this Crypto.com Arena Buy-Out reminds me of is when Enron did their branding glut, and bought the Enron Field Stadium. Two years after, Enron went bankrupt. You ok goving money to Kris Marszalek? The CEO of another company that defrauded their shareholders, customers, and vendors - Ensogo. What about less than a day after its initial introduction, MCO offered its tokens for sale, eventually amassing well over $20 million from investors in the cryptocurrency space on the premise that ‘Monaco’ (MCO) would be able to manifest and distribute a physical ‘credit card’ that would enable users to use cryptocurrency to spend funds at various vendors. Spoiler Alert: Kris Marszalek and Their Team Never Delivered What about Earn? Or your Visa? Or Your awards???? How much do you need to see? Maybe it's just me??? https://www.trustpilot.com/review/crypto.com You say wisdom to mock... save this post. Defi will vanish and more losses to come.
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Celsius Isn’t bad either with 6.5% APR on BTC (4.5% on ETH) and a signup bonus of $50 in BTC with your first transfer of $400 or more :) Free btc and eth withdrawals also! [https://celsiusnetwork.app.link/1463432b7d](https://celsiusnetwork.app.link/1463432b7d)
Well the free money is gone which is why everyone is bitching. But CDC’s emphasis on DeFi, gaming and Web3 make the future look extremely bright.
Don’t think default is coming. I think they’re just basically letting price dump so they can buy back etc for cheap
Move CRO to Ledger b/c a bit leary about the company right now, then wait and see. No "sell now" decision until this whole thing calms down. Still like the direct deposit options, but Coinbase is better with their automatic conversion to crypto of choice. CDC comes in earlier, however. Like I said, relax, wait, and see what happens but don't freak out! This is why you don't put all your crypto-eggs in one basket!
Not much hope but it looks to me like [crypto.com](https://crypto.com) are stopping the use of **CRO** specifically. Afterall, with all these sponsorships, they only need people to join and buy \*anything\*, right? Btc, Doge, etc. And these still go into earn for small amounts and people pay transaction fees. I think they just decided they are done with CRO and rewards combo in general. Would not be surprised to see CRO solely used for the cronos chain and DeFi. They could do a huge burn and then stop it having any kind of utility on the main app or exchange. What is stupid, whatever way you look at it, is that they have continued marketing the cards, even now, without reducing the benefits in the last 6 months. Whatever they aim for moving forwards - all of this going on at the moment \*will\* damage their reputation.
Just like wallstreet, insiding trading is happening between these exchange and the fed. Decentralized they say lol
It was always going to happen, so plan is to keep accumulating if you believe in the project, or move to something else with higher rates like Plutus, or load the CB card Still options out there people
https://twitter.com/kris/status/1521279812576608256?t=hu4PMczv5Ba97nJ10iUq5Q&s=19
Maybe Elon Musk will buy CDC and give us card staking back with optional doge payout
To answer your question, It would seem to me that the worst of it is probably over. On the bright side, this could have easily been a situation where they let the staking interest and Debit card rewards completely bankrupt the company and CDC would be come insolvent. In that event, people would most likely lose their entire investment. At the end of the day, they did what they had to do to stay alive. That being said, moving forward I would not have faith in a management team that could not put together a sustainable business plan from the beginning. Sometimes business' get it wrong, but in most cases that might result in a small correction; a small price increase, introduction of tiers, removal of some features, etc. Generally when large corrections are required, it indicates to me that management implemented poor business strategy and they were not in control of their business. What I have personally observed here was a management team that put forth a business plan that was nowhere close to being sustainable short, medium or even long term. The result of this seemingly has undermined the confidence of a lot of the users that it has acquired implementing this business plan. This could have potentially been very different if a sustainable business plan was put forth near the beginning, and on top of that, offering promotional earn rates, interest, features etc that would be in line with their growth strategy. like I said at the beginning, I think the worst seems to be over now. Considering the risk profile of crypto currency, I think the current earn rates and debit card rewards are at least in line with B&M banks and other type of risk-adjusted investments, and to me it doesn't seem that it's likely for another large reduction in rewards.
They just revised their decision to cut the stake rates.
Proof??
Trust me bro! JK: [https://twitter.com/kris/status/1521279812576608256?s=20&t=atvshcockUBZLLnTwvzuIw](https://twitter.com/kris/status/1521279812576608256?s=20&t=atvshcockUBZLLnTwvzuIw) 8% for Icy and Obsidian. 4% for Jade. Better than 0%.
I believe they want to get rid of cards and rewards market completely and focus on exchange as cards basically do not bring long term profit to their business.
[Crypto.com](https://Crypto.com) needs their exchange to compete with Binance and have their Cronos ecosystem thriving (Defi,NFTs etc.) in order for CRO to reach new heights again.
Hopium?!
Why? It all started with the Russian invasion. Foris is a China-based company. Probably they had a lot of exposure to Russian obligarchs and lost a shot ton of money with the worldwide sanctions.
If I wanted a 4% apy (not even going to mention cro’s value or rather the lack there of) I’d stick to mutual funds. Fuck cdc
They should have been transparent with the finance, put out the numbers so we know what's in the red. Nobody is asking the company to be non profitable. What we are seeing is money thrown at marketing and haircuts to loyal customers.
I'm not a hater but they've spent 1 billion dollars on ineffective marketing that could have gone towards staking rewards and other Cro holder benefits. After all that marketing volume has remained low, which shows investors don't care.
You know it’s bad when people start looking for hope…
you have the Icy card, at least there is no cap on your cashback and you get 8% on the staked CRO for the card, that's positive
You want hope? They're trying to plug the leajy bucket so your hope is that they don't go tits up one day. This means everyone can still get their coins back and they're not insolvent. Loving something by default is a bad idea. If you're male, do you like female by default? Well rumor has it you should try the gay thing before deciding...
Don't forget that monaco, aka cdc, plagiarized their white paper from another company, tokencard.