50% Discount on BTC?! Crypto.com Halving Promotion + MCO Sign-up Bonus

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Written by

Part-time cryptocurrency trader. Professional artist. Semi-retired napper.

4 years ago

What's good crypto fam. If you don't have the time or the patience to read the whole article let me break it down for you: crypto.com is doing a promotion on the day of the bitcoin halving where users can buy bitcoin at a 50% discount. There is much more to this promotion, including a fucking bunch of fine print, so read the full article to get all the details.

But before we get too far into this article, my dear reader, it should be known that citizens and residents of the United States, China, Hong Kong, and Bulgaria are not eligible to participate in this promotion. For those of you unable to participate in the promotion, your consolation prize is $50 worth of MCO when you sign up to crypto.com using my referral link. Referral code is 77xqe5hf8a.

Crypto.com blog post with details: Found here.
Crypto.com help section with official FAQ: Found here.

Intro

Crypto.com is holding a promotion during the day of May 12th in celebration of the halving event. This promotion will begin at 06:00AM UTC and last for 24 hours.

It's literally like the platform is making it easy for you to "buy the dip" because they are literally creating a 50% dip for you to take advantage of! Let's just say the price on May 12th is somewhere around $9,000 USD, that means that you can literally get bitcoin that day for around $4,500 USD.

That shit cray ain't it Jay?!

Now for the fine print

I will highlight direct text quotes from the promotion's official FAQ and underneath I will boil it all down for those of us who prefer things to be a little more simplified.

1. Successfully sign up as a Crypto.com Exchange user (for a step-by-step guide, click here).
2. Use CRO to subscribe for BTC at a 50% discount during the subscription period.
3. Not be a citizen and resident of the United States, China, Bulgaria or Hong Kong.

Crypto.com exchange users will be able to subscribe for BTC by contributing an amount of CRO tokens not exceeding their respective maximum allocation.

Staked CRO tokens may not be used to subscribe for BTC in this event.

Simplified

So what the bloody hell does all of this mean in simplified terms? Let me boil that shit down for you right here.

1. Sign up to crypto.com
2. Buy some CRO tokens
3. Actively stake your CRO tokens on the platform
4. The amount of BTC you receive depends on how much CRO you have staked
5. See the image and equation below for details about allocation expectations

So, how much bitcoin can I get??

Now does that all make sense to you? It seems unnecessarily confusing for my reptilian third eye brain but let me break it down for you.

You need to stake a certain amount of CRO in order to receive any bitcoin, and how much you receive is based off how many CRO tokens you have staked. Basically the more CRO you have staked the more bitcoin you are eligible to receive at the 50% discount.

Here is the example they provide in their FAQ section: "If a user staked 500,000 CRO, s/he can contribute a maximum of 270,000 CRO to subscribe for BTC at 50% discount during the subscription period."

At the end of the Subscription Period, we will determine your final allocation of BTC according to the terms set out above.

Once the final allocation is confirmed, you have the option to agree to it by doing so via The Syndicate detail page after you log in to the Crypto.com Exchange. The un-used CRO will also be refunded to your balance in the Exchange after you have indicated your acceptance/rejection of the final allocation.

You will forfeit your final allocation if you do not take action within 24 hours following the end of the Subscription Period.

lol wut?!

Zero width embed

If you're still with me, congratulations. You are indeed smarter than a 5th grader. Honestly fucking watch that video until at least the 2.5 minute mark - holy shit it's pure comedy.

I hope that I didn't over-complicate this for anyone. If this deal doesn't sound like your thing you can always sign up for the crypto.com mobile app if you haven't already and receive $50 worth of MCO simply by using my linky link. The referral code is 77xqe5hf8a. Obviously not necessary but we will literally get $50 each so it's a win win baby!

I have been using the crypto.com app for over 6 months now and I absolutely love their Earn Feature which is currently giving me 6% APR on my DAI holdings every week and I can withdraw at any time. That's pretty fucking awesome if I do say so myself. So hop on that train so you can make some completely passive crypto and compound/trade those rewards at will on the app afterwards.

At the end of the day this is not financial advice, do your own research, never invest/trade more than you are willing to lose, smiles at strangers, stack sats, and hodl.

*This article was also published on Publish0x and Uptrennd.*

*The following is obviously a referral link.*

Crypto.com blog post with details.
Crypto.com help section with official FAQ.

Resources

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Written by

walkonwayvs_

Part-time cryptocurrency trader. Professional artist. Semi-retired napper.

4 years ago

Comments

Yeah there is always a catch. So thanks a lot for showing those catches in this article.

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Sdsahu101

4 years ago

Yeah dude thanks for reading! When I posted this article on publish0x I had a friend make a comment and I will relay to you my response. It essentially breaks down the downside vs upside argument of participating in this promotion. And honestly after I've thought it through, I'm going to try to get $1000 worth of BTC - so I'm going to be buying the CRO and everything. 50% discount is still 50% you feel me lol. Anyways check out this long ass response. Or of course you could just read it in the comments of the Publish0x article here: https://www.publish0x.com/reviews-ravens-writing-desks/50-percent-discount-on-btc-cryptocom-halving-promotion-plus-xxojrnr?a=YqaQ5P0anj

The ‘10,000 CRO minimum staked in order to participate in the listing events’ part also confused the hell out of me. But in this case I am fairly confident that you can just simply buy up to 3,600 CRO (the approx equivalent to $200 USD worth), not stake any of it, ‘subscribe it’ during the day on the 12th (aka give it to them), they will tell you how much btc you can receive from it on the 13th, and you can either accept to receive this amount of bitcoin, or reject the offer and you get your initial amount of CRO back to your account.

Confusing as a motherfucker if you ask me. And one hella hoop to jump through.

So the way I see it is you’re either in for $200 worth of BTC flat, or you’re almost playing pin the tail on the donkey with getting $555 CRO + however much BTC you want in CRO token dollar value. As of right now I am 90% sure I will be doing the $200 option. That means I’ll be getting $400 worth of bitcoin for $200 - which I’ll definitely take as a reward for taking the time to figure this whole thing out hahah! Imma do some math and leave another comment.

For a hypothetical scenario to be able to buy $1000 worth of BTC you would initially have to purchase $1600~ worth of CRO which is approximately 28,000 CRO tokens. I’m using even numbers to make the example simpler.

So at this point you would stake 10,000 CRO worth about $600, and you would give them/subscribe the rest of your 18,000 tokens valuing $1,000 USD. You would then wait until the following day when you would get notified if you would like to receive __ amount of BTC (supposedly the equivalent amount of $2,000 USD). At this point you either say yes or no. If you say yes, absolute best case scenario you walk away with an extra $1000 worth of BTC, and you can then take out your CRO stake for the same value and you’ll walk away from the whole thing with roughly $2,600. If you say no and reject the btc allotment, then you get your money back in CRO; absolute best case in this scenario would be an increase or more realistically, no change in value of the CRO tokens. So you get all your money back minus let’s say the fees and whatnot for trading into and out of CRO a few times so absolute max might be $10-20. Not a bad downside for the potential upside of the btc discount.

But what about the worst case scenario for saying yes or no? Let’s say you say yes but for some crazy reason (logistics on their part or crazy volatility affecting the btc price) the amount of BTC you receive is 50% less than expected. Either something happened with the price of CRO or BTC to influence how much you would receive. Well shit now your hopeful $2000 in btc turned into $1000. So essentially there was no sale for you because something lost 50% in value. No worries you take your money and run and you still have the same amount you went in with. EXCEPT if that 50% drop happened to CRO (the more likely scenario to happen w people potentially dumping their Cro tokens after the sale) your stake would be worth $300 instead of 600, and you would walk away with $1,300 meaning you lost $300. This would be if your staked CRO lost half its value overnight. Highly unlikely but possible, so I’d say that’s the worst case. But what if you say no and reject the offer if this happens? Well then you’d be stupid because it would be because your CRO lost 50% in value meaning you gave up $1000 in btc and 300 in CRO to get back only $800 in CRO (total of $1,600 losing 50%).

Jesus Christ I hope that makes sense hahahh. So with the above hypothetical scenarios in place this is how I see it:

You can either get $400 of BTC for $200.

Or you can put down $1,600 to get $2000 worth of BTC + your staked amount of $600 in CRO for a total of $2,600. This is best case scenario.

Or in the worst case scenario you put down $1,600, and you only get $1,000 in BTC and $300 back in CRO because everything somehow lost 50% of value literally overnight. Meaning you would take a loss of $300 in this scenario.

SOOOOOO with all that being said what’s the downside vs upside? The maximum downside would be $300, and the maximum upside would be $1000. I don’t know about you, but that looks pretty damn good in my eyes. But of course this isn’t taking into consideration the fucking hassle of it all and the mental frustration involved hahah. I literally just woke up before writing these replies to your comment and I can feel a headache coming in already lolz. I hope that all makes sense and that I am correct in my calculations and shit. God speed!

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walkonwayvs_

4 years ago

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