RE: I'm Rocking A New MCO Visa Card
You are viewing a single comment's thread:
I've been loving my Crypto.com card. I started with the Ruby card with and have now upgraded my stake to 10k CRO and working my way to 100k.
Great interest rates (up to 12%) on US$, AUD$ & GBP stablecoins and pretty good interest on BTC and ETH. Amazing interest on CRO, up to 18%!
I know its centralised and "not your keys not your crypto" but at those interest rates its worth the risk. They do have $360M insurance and a separate custodian.
0
0
0.000
This is my big beef with it all. I have trouble trusting any exchange or org in the crypto world, too risky and the past shows us just that.
Everything has risk.
The question is whether the return justifies the risk.
Money in a bank account can be confiscated by the government (eg Cyprus) or frozen because of an unpaid parking fine and earns zero interest.
Crypto in your "own keys" wallet can have its keys lost or stolen and earns zero interest.
Crypto staked as a Liquidity Provider on a decentralised exchange can be hacked (eg wLEO) but earns a decent return.
Crypto on a centralised exchange can be hacked or the exchange can go bankrupt, but there may be insurance.
In Crypto.com's case there is insurance and you earn a good interest rate. So I think it worth the risk.
True, .. I use the staking coins feature on my Ledger, so I have control of my keys + I get a daily return. There's more coins being added that give you a return, so far I have 4 streams of passive income using this method.
I might have to do that myself.
There is the concept of holding and securing assets, and one of participating in decentralized and distributed finance. The second one cannot be achieved with perfect security and in a trustless fashion. As you implied, individuals have to determine their own risk/reward.
They've just reduced the amazing 16-20% on CRO stakes and term deposits to 6% in line with other cryptos. But only for new deposits so I've still got plenty of CRO earning 16-20% for a couple more months.