Hi HODLers,
Well, I could say: "I told you so" because I indeed told you so but I will abstain as I have some of these (shitty) tokens!
The good thing is that I knew this would happen, because they have done it in the past...
Do people remember the MCO coin? The fact that they literally told HODLers that it will be useless and they should switch to the CRO token. Which one they had 90%+ of the supply!
They rugpulled their own community and somehow managed to attract a lot of believers thanks to a great strategy I must say. Most of the users do not know or hear about this previous event.
I tried to educate as much as possible writing blogs about it and commenting on pro CRO posts!
New Rewards System
Monthly rewards on the lower tiers would be capped from $25 to $50, while there would be no rewards cap on the higher tiers, the company said.
This is also the end of staking rewards:
Staking rewards on Crypto.com’s cards would additionally cease after completion of the 180-day period for all those who staked on May 1 or before, except for cards of the lowest two tiers.
No more free CRO for us as they need to find money to pay for their extravagant naming spree? Such as the $700 million spent to purchase the naming rights to the then-Staples Center in Los Angeles!
$CRO Price Chart
In the end, it is not the end of the world but it does highlight that centralized exchange can just change the rules whenever they see fit. And usually, this does not favor us!
I will probably end up selling my current active stake at the end of the period and will probably close my Crypto.com account as I literally just used it to pay for daily things and get some CRO back.
Hello @vlemon
All centralized exchanges have their peculiarities, which we will definitely not like some of them. Those changes suddenly, without notice, to find a way to make things better for them despite users losing out I think will be a constant.
I didn't know anything about that, in fact, some time ago I was thinking about opening an account in Crpto.com, because I had read about good interest rates for keeping your tokens there, but in the end I didn't do it, now, after reading this post, I'm much less interested.
Regards.
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Well, it is not a bad company but changing the rules of the game in the middle wihtout giving people any notice. It is not very nice.
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In my opinion, lowering the rewards could come back to be positive for the users in the long run. We all love high rewards, but they are just not sustainable.
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Well, they are unsustainable either way if you want my opinion.
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Your post was upvoted and resteemed on @crypto.defrag
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Thanks!
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Is there no law that prevents them from pulling such stunts? @vlemon
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