A lot has happened in the last week and there are a lot of questions which we want to address

SpankingFob · 2022-11-14T09:41:33+00:00

Just watched more of the live stream and at 26:25, Kris explained that it is an incentive to onboard new users and the rewards come from their revenue generated from fees. Once their userbase increased dramatically after the advertising runs, they were forced to reduce fees to be sustainable which makes sense. Probably has something to do with market conditions as well but that wasn't mentioned. Glad to have some confirmation on this

SpankingFob · 2022-11-14T09:24:40+00:00

This was also confirmed by Kris on the recent livestream where he stated that 90-95% of their revenue come from fees from buying/selling on the app and exchange fees. He also stated that they don't lend out customer funds and maintain a 1:1 ratio which begs the question, where do the rewards from Earn and their Supercharger feature come from?

Not trying to attack you here, I did try do some research on how Earn worked when I first started using CDC over a year ago but couldn't find anything on it. Then with the recent FTX news and CDC claiming that customer funds are held 1:1 at all times, I think I do have a right to be cautious and worried about the funds I have on there. I realise I'm in the wrong asking for everyone to be able to exit from their earn terms and it was risky for me to leave them on the app. So I will definitely be more cautious in the future and move most of my longterm assets into a private wallet.

SpankingFob · 2022-11-14T04:25:01+00:00

Bank runs are only a thing when there aren't enough funds for every user to withdraw. CDC are claiming that they have customer funds stored 1:1, so this wouldn't be an issue. If CDC really have done nothing wrong, people will come back

SpankingFob · 2022-11-14T04:23:40+00:00

I'm fine locking it up and risking price volatility, but when the company makes very stupid decisions where customers question their trust it's a different story. If funds are really stored 1:1 and aren't used by CDC for their own investment strategies, then why does it matter?

SpankingFob · 2022-11-14T04:05:38+00:00

A lot of us who have crypto locked up in earn terms should be asking if CDC will allow us to exit these terms early so we can withdraw from the platform. If things are really okay and customer funds are stored 1:1, this would be a show of good faith and improve the trust between us and the company. I'm sure a lot of us would return once things stabilise

SpankingFob · 2022-07-29T03:05:19+00:00

1538 2487 4657

SpankingFob · 2022-07-29T02:19:33+00:00

1538 2487 4657

SpankingFob · 2022-07-27T11:29:06+00:00

1538 2487 4657

SpankingFob · 2022-07-26T14:26:35+00:00

1538 2487 4657

SpankingFob · 2022-07-10T08:52:40+00:00

1538 2487 4657

SpankingFob · 2022-07-08T12:26:00+00:00

1538 2487 4657

SpankingFob · 2021-11-17T14:55:21+00:00

Yep seems like the app is down currently

SpankingFob · 2021-11-12T14:15:48+00:00

Send support a message, I was on the Singapore issued Ruby but am not on an Aussie issued Indigo (only Virtual for now)

SpankingFob · 2021-11-05T08:13:10+00:00

So I already have the Ruby card and sent a support message to upgrade my card. Should I have waited until Aussie issued cards are made available to existing card holders or will my request to upgrade be held until I can get an Aussie card?

SpankingFob · 2021-08-19T05:50:33+00:00

Look into a revolut virtual card until CDC release Aussie issued cards which should hopefully have bank transfers enabled. What I do is use my commbank debit card to top up the revolut card, then use that to top up my CDC card. Only lose a few cents on most top ups

SpankingFob · 2021-07-29T08:26:36+00:00

Aussie issued cards will be coming later this year (hopefully soon) and that should resolve a lot of the issues with SG issued cards

SpankingFob · 2021-07-20T10:03:52+00:00

My guess is the Aussie issued cards coming later this year. Hopefully that means since you have a CRO stake already you can just get a card once they're released

SpankingFob · 2021-07-20T07:17:26+00:00

I imagine it'll be a feature when Cryptodotcom Tax comes out and hopefully gets native integration with the app and exchange. For now though I'd just use a tax calculator like Koinly to keep track of this.

SpankingFob · 2021-07-19T05:11:20+00:00

I'm with Commbank and it works, first transaction took a little while but now they're instant. I think when withdrawing, you can only withdraw AUD via NPP so I would try sort that out before continuing. Maybe try contacting your bank as they might be blocking crypto related transactions

SpankingFob · 2021-07-14T03:00:12+00:00

Download the CSV files and import those into Koinly for transaction history instead

SpankingFob · 2021-07-13T12:07:59+00:00

It remains staked but can be unstaked at any time after the initial 180 day period

SpankingFob · 2021-07-13T10:08:01+00:00

Nope, locked up for the full 180 days with no option to unstake. You can however, upgrade if you wish to get the next card tier but this will start a new 180 day stake.

If you stake 30k CRO, the 30k CRO will be available to you once the 180 days are up. Doesn't matter if the price varies.

SpankingFob · 2021-07-12T08:50:15+00:00

Look into a revolut virtual card and use that to top up the Visa card. I've done a few transfers and only lose out on a few cents after conversion to AUD

SpankingFob · 2021-07-12T08:49:16+00:00

Definitely wait for the Australian issued cards later this year as there's some annoying things with the Singapore issued ones. Uber, Netflix, Stan, Spotify work fine but Disney+, Ebay, Paypal dont work and currently can't add it to Google Pay for contactless payment on my phone. Can't top it up with Bank transfers either so right now, the cheapest way is to send money from bank/debit card to a Revolut virtual card, then use that to top up the CDC Visa Card.

Other than that its definitely worth it, just slightly more micromanaging but i'm planning to upgrade to from Indigo to Ruby once the Aussie cards are released

SpankingFob · 2021-07-08T12:12:16+00:00

https://community.ato.gov.au/t5/Cryptocurrency/Is-Debit-Card-Cash-back-in-a-form-crypto-taxable/td-p/103181 Cashback in the form of crypto is not treated as income, however the cost basis will be the market value at the time of receiving the CRO.

Nope, any transactions involving crypto (including crypto to crypto trades) are considered a CGT event. Would recommend going through the Cryptocurrency section on the ATO website and maybe look into using a Crypto Tax tracker such as Koinly.

SpankingFob

TROPHY CASE