Rangoth
Blackwing Lair Raider
- 1,814
- 1,924
Ok, I just conducted a new experiment on Nexo because something seems wrong and to good to be true. It's my experience these things that seem that way obviously are that way.
Anyway, I moved about 500$ worth of stellar lumins, 500$ of USDC, and then bought enough nexo to move me to the "Platinum tier" on the service(cost about 40$, but minimum purchase was 100$ so I'm "above" platinum now). Platinum requires that 10% of your portfolio is Nexo coin, a bit high, but whatever, this is a fun experiment...
So why did I do the above? I can confirm that as of my last post, I sure enough did collect my daily interest in the stellar lumins and USDC, obviously with so little in the account I'm not ready to retire, but my coin balance for both did update, so far so good! I was collecting 4% on the Stellar and 8% on the USDC
Once you are platinum you get:
Now comes the part I read, re-read, and checked the fine print on....my "loan" rate drops from 11.9% to 5.9%. So I'm thinking....what? I can take a loan at 5.9%, get it all in USDC, and then earn 10% on the USC? That can't be right.
So as a test I just took out a 50$ loan, small fries I know but I'm skeptical and figured I can pay it back instantly if something goes wrong. I just did this so I don't have any payments/numbers yet, but I can confirm that my USDC coins increased....so the amount I am earning interest on is now 550$ instead of 500$. Interesting.....
The trick seems to be that I needed enough Nexo in my account to get and keep platinum. This also wouldn't work with a true crypto since those only earn 5% interest, so it's only an option for the stablecoins. I also doubt it would be worthwhile at scale since the amount of Nexo you would need to do this on say, 10,000$ would probably be too high unless you count on the nexo coins going up or retaining their value, plus 4% profit is probably not as good as the USD(USDC) could do invested in another coin or any type of real market.
However it's a fun little experiment.
Not pitching the above strategy, just posting in case others are interested.
I also can't speak for if you should trust this platform with large amounts of money or for the long term, but I can 100% confirm that the coins I have on there are earning interest(in the same coin) on a daily basis, so that's pretty cool and seems better than letting them just sit around. Especially with coins I planned on holding long term like the lumins anyway.
Anyway, I moved about 500$ worth of stellar lumins, 500$ of USDC, and then bought enough nexo to move me to the "Platinum tier" on the service(cost about 40$, but minimum purchase was 100$ so I'm "above" platinum now). Platinum requires that 10% of your portfolio is Nexo coin, a bit high, but whatever, this is a fun experiment...
So why did I do the above? I can confirm that as of my last post, I sure enough did collect my daily interest in the stellar lumins and USDC, obviously with so little in the account I'm not ready to retire, but my coin balance for both did update, so far so good! I was collecting 4% on the Stellar and 8% on the USDC
Once you are platinum you get:
- 5% on crypto(stellar) so nice 1% bump
- 10% on stable coins(of which USDC is one), so 2% bump there
Now comes the part I read, re-read, and checked the fine print on....my "loan" rate drops from 11.9% to 5.9%. So I'm thinking....what? I can take a loan at 5.9%, get it all in USDC, and then earn 10% on the USC? That can't be right.
So as a test I just took out a 50$ loan, small fries I know but I'm skeptical and figured I can pay it back instantly if something goes wrong. I just did this so I don't have any payments/numbers yet, but I can confirm that my USDC coins increased....so the amount I am earning interest on is now 550$ instead of 500$. Interesting.....
The trick seems to be that I needed enough Nexo in my account to get and keep platinum. This also wouldn't work with a true crypto since those only earn 5% interest, so it's only an option for the stablecoins. I also doubt it would be worthwhile at scale since the amount of Nexo you would need to do this on say, 10,000$ would probably be too high unless you count on the nexo coins going up or retaining their value, plus 4% profit is probably not as good as the USD(USDC) could do invested in another coin or any type of real market.
However it's a fun little experiment.
Not pitching the above strategy, just posting in case others are interested.
I also can't speak for if you should trust this platform with large amounts of money or for the long term, but I can 100% confirm that the coins I have on there are earning interest(in the same coin) on a daily basis, so that's pretty cool and seems better than letting them just sit around. Especially with coins I planned on holding long term like the lumins anyway.
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my taxes suck already. I really should get some consulting.