Crypto Shoots Itself In The Foot
Yesterday I got an email from the Crypto App that I use to purchase Crypto and for debit card purchases shortly after I received a 2nd email from them again both emails contained some crazy news that will surely wipe their reputation out.
Shortly after I cashed out my cashback money before it took any more of a nosedive.
The £3000 staked to get a 3% cashback on all my shopping went from £3000 to £2000 in value because it is staked for another 14 days I cannot lift my money out till then but at least I got £800 in cashback money which will hopefully cushion the losses.
Why a large company that gets millions of users by using these incentives is willing to do such a stupid thing is way beyond me.
For people who have Crypto in their earn program above £3000 their interest will halve after their present stake expires in other words when they restake their money to earn interest on it.
What this means is people who were getting 10% for their polka dot will now be getting 5% People who were getting 5% for Ethereum will be getting 2.5% and people who were getting 1% for their Chainlink will get 0.5% instead.
If one email was not bad enough with this news the other email informed us that instead of getting the normal crypto back on our card mine is 3% we will only get 50Per cent of it after the 6-month stake ends plus you will only get money back on up to £1200 per month of your spend.
This is complete madness and came with a very short warning notice all I can say is thank goodness I only staked £3000 and not £3,000,000 like you need to stake to get their top cashback debit card if you had 3 million staked you would have been able to watch a cool 1,000,000 leave your CRO Crypto value recently, most of the losses in the last two days.
Shortly after I wrote this post my CRO went up by £127 but while they are doing stuff like this their business will be hanging on a knife edge.