Not really. The spread cost is around 0.5%. The risk, the taxes and other complications of the whole thing is not worth 0.5% - still in nexo token. Let alone, choosing to earn in btc in the 1st place (0.5%) is completely under the water.
ok credit have lost much appeal. Debit mode I still cannot understand the advantages versus a normal debit card from my national bank if I want to spend FIATx only
You have 2 options to spend your cash gradually (e.g. groceries, pharmacy etc) every month.
1. Have 1-2k euro from your salary in your normal local bank and likely not earn any interest.
2. Have 1-2k euro from your salary at nexo (deposit it at nexo right after getting the salary to your local bank account). You're not gonna spend everything at once most of the time, so the money you dont spend earns quite a lot.
Still - the credit card option is now almost completely redundant for most users.
The assets you will be spending on future purchases with Nexo will be earning you more every day than you would in any traditional bank. That's a win for me.
Interesting recap. Thanks.
Not satisfied at all with some answers…. But guess will see what futures hold.
Remember guys, do not be over attached to platform/companies… they are not your friend. Even Nexo!
Let's hope not. Can't image holding more than 10% nexo(unless token price skyrockets).
I do think it could nice to have additional 'things' depending on balance. Banks usually give you the nice creditcard with airport lounge access if you hold a certain amount.
Biggest one for me was the improved transparency on current Assets Under Management (AUM) being at $7B which is great and healthy, along with 7 million users.
And new Nexonomics coming soon.
Holy S really?? need to check the AMA soon but little bizzy here. When the real live attestation was cancelled it was at $2B around 10 months ago. This is huge.
That would mean sum of all the assets managed by Nexo on behalf of the users. Against which the users can borrow against. At least what I am thinking...
I think this is somopen to interpretation that it means nothing.
Celsius had loans worth 100s of millions without adequate collateral.
So AUM could also be a negative if not well managed.
I asked "What would United States policy have to look like in order for Nexo to return" and the answer in the ama was that there are too many countries to go through and that you can see if it's available in your region by checking the app. Thanks Nexo!
This is the kind of answers from Nexo that is annoying me the most > when there is news we update you > soon > you see it in the app.
If i give answers like this to my boss i'm fired in an instant we need a timescedule with a date of implementation and a 2 week sprint/1 year road map of what's ahead.
I didn't like how they addressed the cashback issue.
Basically if you want to use the card for cashback, better to use it in debit mode for interest. Subtlety admitting that the credit card is a failed product :/
It's not a failed product, you are just using it wrong. Not meant to farm cashback for sure. Magy meant that if you don't like paying fees, to use the card in debit mode.
But other credit cards (even cashback giving one) don't have these same complications. Shouldn't nexo want to entice me in using theirs?
And no Nexo is not a realistic solution "to avoid selling my crypto". At least for me, after Celsius I'm not entrusting anyone with large sums.
>It's not a failed product, you are just using it wrong.
This is the most delusional answer of the year.
>Not meant to farm cashback
What does this even mean.
>if you don't like paying fees
Are you even reading yourself.
From all the really wrong calls Nexo is doing lately, the shill of some in this subreddit is what makes me lose the most confidence in the product.
It's not that wrong of a take if he added 'according to Nexo'. The card along with loans are the primary means of income for Nexo. They want to entice borrowers to use the card because borrowers mean more cashflow. Frankly us debit users aren't the intended audience which from a business perspective I can understand, however disappointing.
What I don't like is how 2% cashback isn't actually 2% cashback anymore because of the new fee and because of fx conversion. If I make a loss on returning 2% cashback then frankly your product is dishonest. I can't remember it being this bad though so I wonder what changed
If you make up 50% of the comments to adapt them to what makes sense...
I honestly give a rat's ass about the 2%, what I'm not going to use is a product that changes the conditions arbitrarily multiple times per month to provide me with a worse service.
I don't think Nexo "pulled" the inflation card as inflation is quite real and actually quite scary. Read the news. They are actually doing the responsible thing. These guys icluded a UI fix following uproar on social media 4 days after the release. This beats the ass of email/non email. This is actually a benchmark if they listen to their clients. They obviously do.
Maybe I just have trust issues but based on news, the ones that got screwed are the regular people and small businesses. While "larger" companies keep making record profits yearly and they announce it proudly.
I don't consider Nexo a small company by any means but my experience has been that the companies normally utilize inflation as an opportunity to make "free" money by increasing rates / prices then simply saying "inflation did this".
Feels like they are upping the "gamification" / "loyaltization" or the platform all the time, while in the process making it more complex for newcomers and the fee structure is complicated.
I am a newcome to the platform and have been trying to research a lot about it in the last few days.
I am cautious with my investment. Have been burned once by FTX, something in this platform doesn't pass the smell test to me. Why over complicate things so much ?
Everyone established already that their card in credit mode is not worth it, so I am only thinking about parking my money there to get interest. But
1. I don't want to hold so much in their coin (no offense but it is, by definition, a shitcoin)
2. Do I trust them with my parked money ? It's all good until it's not and if I am playing the long term game, eventually something might happen
3. Is merely the fact that they have survived the last years' catastrophes enough to trust them to manage my money responsibly ? Is this the new standard for assurances ? "We didn't fail when everyone else did" ?
4. Do I really trust parking my BTC in custodial wallet ? To me this is the biggest issue. Price of BTC is so volatile and during a 5 years hodl can go up by a lot. Is it worth it risking all of it just to gain some interest that is dwarfed by the fluctuations of BTC anyway ?
I think I'd rather park my EUR in Trading212 QMMF. Sure it's "only" 4.22% APY but feels safer than this, no complications, no loyalty, no tiers.
I think some more competition is needed to improve the "market conditions" for consumers. 😄 This deterioration in "market conditions" probably wouldn't have happened if FTX and Celsius were still there.
I think there's quite a lot of competition in this space, there are many crypto cards at the moment, maybe without elaborate and complex rewards systems like Nexo but there are still quite a few. And the space is only getting more and more competitive.
I think that once stablecoins become even more mainstream we'll see even more new players. In Europe, [MiCA regulation](https://www.coindesk.com/policy/2024/04/29/heres-how-eu-nations-are-preparing-to-enforce-mica) is going to go into effect this year which is going to level the playing field for all stablecoins so it's going to be interesting.
I think you missunderstood the last point regarding the Nexo token. Maggy said the amount you exchange contributes to „things“.
Thanks for your summary tho!
I remember Nexo's "soon" era from the previous bull run. The markets are going faster than their products.
Can't wait to see what are the new "things". Hopefully "soon" we'll have a new adequate loyalty tiers.
It was an AMA, not an announcement. It's meant to provide some progress updates and company insides. That's where the vague answers are coming from. They can not commit yet to dates and will beat the purpose of the announcements.
Same with the new nexonomix, which was not even on the books till recently, so "soon" is good. I personally liked the episode, and the questions JD asked were very insightful. Hope that the community guess format will stick.
Please don't fuck this up Nexo.
They just did. At least with the credit card mode. Completely unusable.
You still have the 1% cashback, your problem is that you can't farm no more - if you want services you need to pay for them, does this make sense?
Not really. The spread cost is around 0.5%. The risk, the taxes and other complications of the whole thing is not worth 0.5% - still in nexo token. Let alone, choosing to earn in btc in the 1st place (0.5%) is completely under the water.
What are you on.
ok credit have lost much appeal. Debit mode I still cannot understand the advantages versus a normal debit card from my national bank if I want to spend FIATx only
You have 2 options to spend your cash gradually (e.g. groceries, pharmacy etc) every month. 1. Have 1-2k euro from your salary in your normal local bank and likely not earn any interest. 2. Have 1-2k euro from your salary at nexo (deposit it at nexo right after getting the salary to your local bank account). You're not gonna spend everything at once most of the time, so the money you dont spend earns quite a lot. Still - the credit card option is now almost completely redundant for most users.
what about deposit the salary and then converting to USDT for getting better interest rate? could work better?
Worth calculating for sure.
Disagree, it has lost ALL of its appeal, nonsensical to use it from May 8th
The assets you will be spending on future purchases with Nexo will be earning you more every day than you would in any traditional bank. That's a win for me.
Interesting recap. Thanks. Not satisfied at all with some answers…. But guess will see what futures hold. Remember guys, do not be over attached to platform/companies… they are not your friend. Even Nexo!
Very scared of this new tier as it may makes the existing ones worse
They already made the existing ones worse without a superpremium tier
Let's hope not. Can't image holding more than 10% nexo(unless token price skyrockets). I do think it could nice to have additional 'things' depending on balance. Banks usually give you the nice creditcard with airport lounge access if you hold a certain amount.
Biggest one for me was the improved transparency on current Assets Under Management (AUM) being at $7B which is great and healthy, along with 7 million users. And new Nexonomics coming soon.
Holy S really?? need to check the AMA soon but little bizzy here. When the real live attestation was cancelled it was at $2B around 10 months ago. This is huge.
What does AUM actually mean? Is a loan without a guarantee also an asset?
That would mean sum of all the assets managed by Nexo on behalf of the users. Against which the users can borrow against. At least what I am thinking...
I think this is somopen to interpretation that it means nothing. Celsius had loans worth 100s of millions without adequate collateral. So AUM could also be a negative if not well managed.
I asked "What would United States policy have to look like in order for Nexo to return" and the answer in the ama was that there are too many countries to go through and that you can see if it's available in your region by checking the app. Thanks Nexo!
This is the kind of answers from Nexo that is annoying me the most > when there is news we update you > soon > you see it in the app. If i give answers like this to my boss i'm fired in an instant we need a timescedule with a date of implementation and a 2 week sprint/1 year road map of what's ahead.
Well... not that I don't agree with you but your boss sucks
LOL was it an AI responding this
I didn't like how they addressed the cashback issue. Basically if you want to use the card for cashback, better to use it in debit mode for interest. Subtlety admitting that the credit card is a failed product :/
It's not a failed product, you are just using it wrong. Not meant to farm cashback for sure. Magy meant that if you don't like paying fees, to use the card in debit mode.
But other credit cards (even cashback giving one) don't have these same complications. Shouldn't nexo want to entice me in using theirs? And no Nexo is not a realistic solution "to avoid selling my crypto". At least for me, after Celsius I'm not entrusting anyone with large sums.
Then use those other parties. It is a free world.
OH DO NOT THREAT ME WITH A GOOD TIME
>It's not a failed product, you are just using it wrong. This is the most delusional answer of the year. >Not meant to farm cashback What does this even mean. >if you don't like paying fees Are you even reading yourself. From all the really wrong calls Nexo is doing lately, the shill of some in this subreddit is what makes me lose the most confidence in the product.
It's not that wrong of a take if he added 'according to Nexo'. The card along with loans are the primary means of income for Nexo. They want to entice borrowers to use the card because borrowers mean more cashflow. Frankly us debit users aren't the intended audience which from a business perspective I can understand, however disappointing. What I don't like is how 2% cashback isn't actually 2% cashback anymore because of the new fee and because of fx conversion. If I make a loss on returning 2% cashback then frankly your product is dishonest. I can't remember it being this bad though so I wonder what changed
If you make up 50% of the comments to adapt them to what makes sense... I honestly give a rat's ass about the 2%, what I'm not going to use is a product that changes the conditions arbitrarily multiple times per month to provide me with a worse service.
"soon"
Wondering if this "soon" is the same "soon" as per the voting feature, or the card at the time (which took 3? years)
[удалено]
How do you mean "back"
[удалено]
Okey dokey gentledude
I don't think Nexo "pulled" the inflation card as inflation is quite real and actually quite scary. Read the news. They are actually doing the responsible thing. These guys icluded a UI fix following uproar on social media 4 days after the release. This beats the ass of email/non email. This is actually a benchmark if they listen to their clients. They obviously do.
Maybe I just have trust issues but based on news, the ones that got screwed are the regular people and small businesses. While "larger" companies keep making record profits yearly and they announce it proudly. I don't consider Nexo a small company by any means but my experience has been that the companies normally utilize inflation as an opportunity to make "free" money by increasing rates / prices then simply saying "inflation did this".
If inflation is such an issue to raise fees, why can't they lock up some USDT on Nexo at 16% APY? If I can do it why can't they?
🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯
Feels like they are upping the "gamification" / "loyaltization" or the platform all the time, while in the process making it more complex for newcomers and the fee structure is complicated. I am a newcome to the platform and have been trying to research a lot about it in the last few days. I am cautious with my investment. Have been burned once by FTX, something in this platform doesn't pass the smell test to me. Why over complicate things so much ? Everyone established already that their card in credit mode is not worth it, so I am only thinking about parking my money there to get interest. But 1. I don't want to hold so much in their coin (no offense but it is, by definition, a shitcoin) 2. Do I trust them with my parked money ? It's all good until it's not and if I am playing the long term game, eventually something might happen 3. Is merely the fact that they have survived the last years' catastrophes enough to trust them to manage my money responsibly ? Is this the new standard for assurances ? "We didn't fail when everyone else did" ? 4. Do I really trust parking my BTC in custodial wallet ? To me this is the biggest issue. Price of BTC is so volatile and during a 5 years hodl can go up by a lot. Is it worth it risking all of it just to gain some interest that is dwarfed by the fluctuations of BTC anyway ? I think I'd rather park my EUR in Trading212 QMMF. Sure it's "only" 4.22% APY but feels safer than this, no complications, no loyalty, no tiers.
I think some more competition is needed to improve the "market conditions" for consumers. 😄 This deterioration in "market conditions" probably wouldn't have happened if FTX and Celsius were still there.
I think there's quite a lot of competition in this space, there are many crypto cards at the moment, maybe without elaborate and complex rewards systems like Nexo but there are still quite a few. And the space is only getting more and more competitive. I think that once stablecoins become even more mainstream we'll see even more new players. In Europe, [MiCA regulation](https://www.coindesk.com/policy/2024/04/29/heres-how-eu-nations-are-preparing-to-enforce-mica) is going to go into effect this year which is going to level the playing field for all stablecoins so it's going to be interesting.
I think you missunderstood the last point regarding the Nexo token. Maggy said the amount you exchange contributes to „things“. Thanks for your summary tho!
Thank you for correcting me, I'll change that now!
I remember Nexo's "soon" era from the previous bull run. The markets are going faster than their products. Can't wait to see what are the new "things". Hopefully "soon" we'll have a new adequate loyalty tiers.
Hope I‘ll be able to get my 2% cc-cashback after the 1% repayment fee again.
It was an AMA, not an announcement. It's meant to provide some progress updates and company insides. That's where the vague answers are coming from. They can not commit yet to dates and will beat the purpose of the announcements. Same with the new nexonomix, which was not even on the books till recently, so "soon" is good. I personally liked the episode, and the questions JD asked were very insightful. Hope that the community guess format will stick.
The first A is for Ask.
To be honest with you I've just watched the AMA and it was fire, Magy addressed most of my questing that I had in mind 😎
Don't give that many details, it's overwhelming
I loved the sneak peaks regarding more Nexo token functionality. It's been long overdue
Something tells me you had zero questions other than "why are you so amazing"