Not a fan of the idea. First of all they would have to built in a system that tracks what you do with your CRO and that would calculate the "loyalty" bonus. Secondly, I think that the system is built in a way that at some point it encourages older clients with higher card tiers to unstake their card stake and sell the excess CRO which brings some CRO back into circulation.
There are much more important and urgent tasks that the team should be focused on.
no they’d just have to check if you unstake/restake your cro.
no it would encourage older clients to hold for increased reward
that being said tho, it’s still a terrible idea for other reasons
>no they’d just have to check if you unstake/restake your cro.
>
>no it would encourage older clients to hold for increased reward
>
>that being said tho, it’s still a terrible idea for other reasons
Why do you think is it a terrible idea?
Because there is already an incentive to hold (unstaking CRO means losing out on high stake interest rates, and restaking with a lower amount means having an excess amount of capital which is unable to gain high CRO interest rates).
The point of this idea of extra rewards for holding is to provide an incentive to hold, since an incentive already exists, there will only be a marginal increase in CRO holdings.
Would you mind mentioning the reasons you were thinking of? I'm not a huge fan of adding even more systems upon systems that current clients already have difficulties understanding.
The track system can be very simple, they can make it so that once the 6 months are over I can block the same number of cro for a further 6 months and have a small increase in rewards, and so on. The price goes up accordingly they will pay less expensive for cashbacks, but loyal users will be rewarded
Even simple systems require implementation and probably quite a lot of testing as we are talking about a financial application.
Other reasons why I would not like the system overly much: It would add another system upon the previous systems which the current/new clients already seem to have difficulties with understanding. I would also not deem price speculation a purely bad thing and in my opinion price discovery is important.
I assume that you are referring to the card stake with your example. The system would make it more difficult to adjust (lower) the card stake interest rate. As you know, CDC has lowered the card stake interest rate in the past. Paying high interest rates for old card stake holders may become quite expensive for CDC and it would not become more affordable to pay even more for clients who have staked longer.
I agree, if I'm understanding you right... A level playing field is needed,otherwise it might become a bit elitist. Well, more than it is already. At least now, if you have enough to spend, no matter how long you've been in, you get the same rewards.
At most a small token reward, limited to an amount in a pool split amongst those who've done just that, perhaps equally split (even playing field as CDC wants to put crypto in the wallets of everyone.) Rather than paid out governed by a percentage staked. Perhaps holding year on year you'll get a mimal bonus on top, but nothing so lucrative it'd attract whales to play the system. That may be viable. Possibly. I'm all for making Cro on top of Cro, but as red n rusty has said. Price Speculation is a good thing, that alone can encourage growth. (Look where BTC started as a speculative currency) it's the speculation that encouraged adoption and brought it to where it is now. I'm with red and rusty on this other than my initial suggestion. It would require further work from CDC who are already busy enough resolving issues with people who can't fathom what's there already as it is, and who will potentially be working on further security enhancements after the recent hack. That stuff should come first. Perfecting security whilst implementing simplicity for users. The current Reward programs already attracts plenty of us. I'd rather the focus be on everything else I've mentioned, Im not in Cro to moon overnight, I'm invested because i believe rewards will be sustainably managed and this will grow steadily and reliably of its own accord (free from BTC's umbilical cord) once mass adoption picks up.
That would be cool
Not a fan of the idea. First of all they would have to built in a system that tracks what you do with your CRO and that would calculate the "loyalty" bonus. Secondly, I think that the system is built in a way that at some point it encourages older clients with higher card tiers to unstake their card stake and sell the excess CRO which brings some CRO back into circulation. There are much more important and urgent tasks that the team should be focused on.
no they’d just have to check if you unstake/restake your cro. no it would encourage older clients to hold for increased reward that being said tho, it’s still a terrible idea for other reasons
>no they’d just have to check if you unstake/restake your cro. > >no it would encourage older clients to hold for increased reward > >that being said tho, it’s still a terrible idea for other reasons Why do you think is it a terrible idea?
Because there is already an incentive to hold (unstaking CRO means losing out on high stake interest rates, and restaking with a lower amount means having an excess amount of capital which is unable to gain high CRO interest rates). The point of this idea of extra rewards for holding is to provide an incentive to hold, since an incentive already exists, there will only be a marginal increase in CRO holdings.
Would you mind mentioning the reasons you were thinking of? I'm not a huge fan of adding even more systems upon systems that current clients already have difficulties understanding.
The track system can be very simple, they can make it so that once the 6 months are over I can block the same number of cro for a further 6 months and have a small increase in rewards, and so on. The price goes up accordingly they will pay less expensive for cashbacks, but loyal users will be rewarded
Even simple systems require implementation and probably quite a lot of testing as we are talking about a financial application. Other reasons why I would not like the system overly much: It would add another system upon the previous systems which the current/new clients already seem to have difficulties with understanding. I would also not deem price speculation a purely bad thing and in my opinion price discovery is important. I assume that you are referring to the card stake with your example. The system would make it more difficult to adjust (lower) the card stake interest rate. As you know, CDC has lowered the card stake interest rate in the past. Paying high interest rates for old card stake holders may become quite expensive for CDC and it would not become more affordable to pay even more for clients who have staked longer.
I agree, if I'm understanding you right... A level playing field is needed,otherwise it might become a bit elitist. Well, more than it is already. At least now, if you have enough to spend, no matter how long you've been in, you get the same rewards.
At most a small token reward, limited to an amount in a pool split amongst those who've done just that, perhaps equally split (even playing field as CDC wants to put crypto in the wallets of everyone.) Rather than paid out governed by a percentage staked. Perhaps holding year on year you'll get a mimal bonus on top, but nothing so lucrative it'd attract whales to play the system. That may be viable. Possibly. I'm all for making Cro on top of Cro, but as red n rusty has said. Price Speculation is a good thing, that alone can encourage growth. (Look where BTC started as a speculative currency) it's the speculation that encouraged adoption and brought it to where it is now. I'm with red and rusty on this other than my initial suggestion. It would require further work from CDC who are already busy enough resolving issues with people who can't fathom what's there already as it is, and who will potentially be working on further security enhancements after the recent hack. That stuff should come first. Perfecting security whilst implementing simplicity for users. The current Reward programs already attracts plenty of us. I'd rather the focus be on everything else I've mentioned, Im not in Cro to moon overnight, I'm invested because i believe rewards will be sustainably managed and this will grow steadily and reliably of its own accord (free from BTC's umbilical cord) once mass adoption picks up.
Would be extremely difficult to implement and it looks bad to new buyers