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CRO Staking

Lex Luthor

Hello everyone, been gone for a good while from here, but still standing all the same

Question for a friend

If one was to have got a crypto.com visa card and staked the required amount of CRO tokens to the value of €3500 to qualify for the 3% rewards for the jade card and now the value of those staked tokens is worth about €12k

If they unstaked the amount of CRO tokens now obviously they would not get the benefits that come with the card from staking, however if they took say €8.5k profit and then re-staked that €3500 amount of CRO tokens again, is that a possibility? DO they qualify for that 3% rewards starting all over again by locking them in for another 180 days?

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massdebater

https://www.boards.ie/discussion/2058219062/cro-staking

Yes, you can unstake after the 180 days, skim off the excess CRO and restake 3.5k worth to get the 3% rewards again.

Lex Luthor

https://www.boards.ie/discussion/comment/118203070#Comment_118203070

Thanks for reply. They were told last night if they unstake at the 3% (€3.5k value), they would not get that option when they go back in to stake and would have to go to the next level up which is €35k?

massdebater

https://www.boards.ie/discussion/comment/118204428#Comment_118204428

Where were they told that? I don't think that's correct. They should ask cryptodotcom directly if they want a definite answer, rather than going through a friend+forums!

banie01

I had originally staked for my CRO card with 10000 CRO.

Unstaked over the weekend, and restaked immediately whilst freeing up 3000 CRO that I threw into Defi.

Yes he can unstake if his 180 days are up and free up CRO to restake again immediately.

Lex Luthor

https://www.boards.ie/discussion/comment/118204538#Comment_118204538

they said told by cryptodotcom, maybe miscommunication but said I would throw it in here, thanks for all the replies

el diablo

CRO is going absolutely nuts. $0.85 now. Tempted to sell some of my unstaked CRO but maybe I'll just let it run. 😎

deadduck

https://www.boards.ie/discussion/comment/118212984#Comment_118212984

yeah, i literally bought a bit yesterday so i could apply for the Ruby card, up 20% in one day. same as yourself, was thinking about selling the unstaked amount, but it's looking too good to sell just yet

Potatoeman

I wonder how many new users they are getting from the advertising: https://www.nytimes.com/2021/11/18/technology/crypto-staples-center-la.amp.html

All the new users need to stake for two months so their locked in, only the older users able to skim profit now.

massdebater

https://www.boards.ie/discussion/comment/118214504#Comment_118214504

It's usually 180 days that's required for staking to access the credit cards so I've set a reminder for mid-May to potentially skim some profits before this recent wave of new entrants can unlock their coins.

Potatoeman

https://www.boards.ie/discussion/comment/118214772#Comment_118214772

Only set mine up two weeks ago but wouldn’t be planning to unstake until the next tier. I’m surprised with doesn’t show the unlock date.

td2008

If you go into your Crypto wallet, CRO coin then under CRO stake it should say "Unstake in XXX days"

massdebater

https://www.boards.ie/discussion/comment/118203070#Comment_118203070

I was just chatting with my friend and he was able to do this a few days ago

Kiith

So, are there any downsides to getting the Crypto card? 3% CRO back on all purchases for staking €3500 CRO seems like a really good deal, especially over Christmas where there'll be loads of purchases. Is it any purchase (i.e. car insurance), or only online purchases like Amazon etc...? Seems almost too good to be true.

Sorry, only looking into this for the first time, so trying to wrap my head around it.

td2008

Nearly all purchases - it does have some restrictions, insurance was one but i got my car insurance through it and got the rebate

https://help.crypto.com/en/articles/4597450-restriction-of-cro-rewards-program

Frisbee

I assume you need to fund beyond the €3,500 also? For example you stake your €3,500. If you then want to buy something worth €100 for example I assume you need to have a minimum of €3,600 available as the initial deposit is staked?

Potatoeman

Yes. It’s a debt card the cro deposit is for the rewards at tiers. I done 350 for free Spotify, it gets lower interest on that tier so you can move up if it goes up. Next tier gives higher staking interest and free Netflix.

25 euro referral code: wsa48jhshk

Edit: yes then you deposit cash to use as a debt card.

Lex Luthor

ok thanks for the comments, they were able to unstake the amount and re-stake the required CRO to retain the same % rewards

FastFullBack

A question on the tax implications of staking CRO and how to calculate.

I see 3 taxable events:

The CRO received for staking. For this I believe income tax is due.
The CRO cashback rewards. Are these due for income tax also?
When I sell my CRO, I pay CGT on any gains.

For the CRO cashback rewards, the CRO rewards come in almost daily whenever you use your card, so do you have to calculate the € value of each of these rewards, so that income tax can be accurately calculated?

Or is there a simple way to do it?