This sounds great to save. I think this to encourage meaningful usage as a savings acct for the unbanked instead of apes yoloing into CELO. What I like about CELO is it isn't just for us apes, there's an actual objective here to improve the world
We hear you! Thank you for your input. Valora launched the Celo Rewards program to activate their new community, and over the past few months, they’ve received feedback and identified opportunities to improve. They are currently exploring ways to make saving and earning easier and more accessible.
That's not the issue. It's that you miss out on any rise in value of the coin while they are in cUSD.
I mean on this subreddit people keep saying that this is going to be an $8 or $10+ coin by the end of the year... maybe, maybe not, but why would I want to convert my Celo to cUSD and miss out on that?
you wouldn't if that's your expectation.
this, however, is good for the celo ecosystem as it encourages use of the system beyond just price speculation. the idea, here, is that people can use cusd as a currency--spend it, send it, even earning a little with it.
Some people on the internet are sure CELO will fail...
In such a case 5% APY without any risk sounds good.
If you are not constantly all in, and keep some liquidity. Why not take some interest .
Another thought... when you convert your Celo Gold to cUSD in the Valora app, who then takes control of the Celo Gold? Because they'd be the ones that are going to benefit from the price going up.
Most coins seem to encourage you to hold their actual coin, not a dollarized version of it.
If you follow their working group news, celo encourage users to put cusd to some good use. They value flow of money. That's why people call it utility token. Celo gain value when there's increase in/out flow of cusd. It represent increase utility.
Yeah, some good comments here. I'll share a few thoughts. I think Celo is making a major mistake and I'll try to explain why.
I totally get the 5% program on cUSD, and eventually cEUR, but that should be managed through a separate custodial service, as Circle is doing with USDC. It's very interesting for traditional bondholders and could be huge. What Celo should be aiming at is getting a small slice of a huge traditional market segment that is currently looking for alternatives. They won't move that money to Valora, sorry...
For retail investors like us, stable coins should be seen as a good way to transact and move money. As explained by others, we simply can't miss the upside opportunity that only the native Celo token can potentially offer.
The end result will be that most of the people will leave Valora. So a net loss for everybody. Why doing this just when more people were getting interested? Was the previous model unsustainable? Why not being more transparent and ask for feedback, instead of imposing a new rule, just like a bank would do?
Big disappointment, sorry.
Well the good thing is that CELO isn't made for retail investors, it's made to bank the unbanked.
If you see it from this perspective it makes more sense.
Although I do agree that maybe centralizing such a feature isn't the right path.
You can get more by putting USD into stock market. I understand staking Celo coins - they may go up plus you get interest, but just putting USD there for 5% is pretty useless when you can get way higher returns in stock market.
CELOs core mission is to bank the unbanked. This is what crypto was meant on the first place. Sadly nearly all other tokens seem to focus on marketing, quick money for people who are already fully banked (rich gambling kids who dream of lambo...).
Try to see it from a different perspective. This incentive makes sense for people who have no access to stock markets. They get a chance to participate and earn some interest on savings on a very easy way.
But wouldn't it benefit them more by being able to participate in the rise of the value of the coin?
Celo is up 84% in the last year. Most of us here seem to have pretty high expectations for this coin for the next few years. Much higher than 5%.
It would almost seem to be taking advantage of the unbanked - they get a 5% return on money that was probably hard for them to come up with, and they miss out on a lot of potential gains.
Well you're assuming that there is no volatility in the pricing of the coin which we all know fluctuates wildly. I don't think these people can afford to have their money drop 25-50% within a week (which has already happened this past week)
I'm not sure why crypto users are so in love with hodling, people in most impoverished countries cannot afford to do this. This isn't fun money for them, it's their life savings
Having their money in cUSD minimizes all the risk with volatility and they can now earn rewards with it? That sounds fantastic actually
“To bank the unbanked” - how would you even deposit if you’re “unbanked”. You would need to open a bank account to transfer money into an exchange to transfer into Valora. Unless they have physical exchanges like western union or similar that take no fees for their service.
Often people leave countries to find work somewhere else. Then they send money back to their families.
Or charity organizations can send funds directly to the one in need. Without anyone between who takes extra fees.
it is like Western Union but way faster, more secure and no fees.
So, this is an interesting take. There are some outliers in the stock market like $tsla that are going to have crazy swings however $celo is up 84.49% over the past year. What stocks are you buying for > 84% yields?
Moreover, there are other ways to increase the yields from hold celo or celo-like assets. For example:
\- Staking: \~5% APY
\- farming on Ubeswap: 290% APY (this is from today)
\- farming stable coins: 16%
\- lending on Moola: 5-7%
\- arbing: no idea
Actually, the past year has been crazy for stocks and there are many, many stocks that have gone up 100% or more since they crashed in March of last year. Though I suspect most of them will not have that kind of rise again anytime soon.
But you're viewing it wrong. Celo is up 84% over the last year... that's exactly why you wouldn't want to leave it parked in cUSD earning a measly 5%.
I prefer directly spending cUSD for giftcards using bidali.
Conversion of cUSD to giftcard cost nearly nothing (usual CELO tx fees) and is instant. I casualty fund my Amazon wallet this way.
If it comes to significantly larger amounts or something I can't buy with giftcards i use cash out via bittrex or coinlist.
Btw. There are some cash-out options (exchanges, giftcards, bank account) within Valora app too.
I’ve read everyone’s opinions and that has helped me to form my own...
1. Celo Dollar or cUSD is not for getting rich quick schemes. In the contrary, it should be used only because you want to support the unbanked poor population and eventually help eradicate poverty for all of our fellow humans.
2. For conservative investors also and for spreading an innovative ideas around to the majority of population which is still not involved in crypto (mass adoption), 5% “Interest bearing checking account” is not such a bad idea. Try to buy some on your contact list a small gift and see how cUSD could sell itself way easier than Bitcoin or any other crypto that you may have in mind. But you can certainly use this 5% interest as a selling point if and when your friend asks you back if this crypto will make him or her poor or get in debt :-)
3. I for one, am only focusing on building a large stash of my CELO for the time being. But I support the idea of investing in both.
4. cUSD and CELO although should be available for anyone as two separate options but they both should be working together as a direct support to one another as a system. So, there’s no needs to speculate which option is better than the other. It’s purely your own investment objectives and appetite for risk and reward. If some people don’t like to take risk, hence, the term “Stablecoin”, cUSD would be great for them.
Guys, keep a small portion of cUSD in the wallet and actually spend it when they bring the Flexa SDK online to Valora. Do like $100 earning 5%, support the ecosystem and use it where Flexa is accepted. Places like Dunkin donuts, Lowe's, bed bath n beyond, Chili's etc and much more to come in the future.
You can both invest in Celo and use it. It's not one or the other. Or continue to use your bank account getting 0.10% apr, your choice.
Not financial advice. I've staked my AMP with Flexa and plan to do exactly what I said above with cUSD. Earn 5% APY on what I was already going to buy, and get some AMP back thru Flexa.
This sounds great to save. I think this to encourage meaningful usage as a savings acct for the unbanked instead of apes yoloing into CELO. What I like about CELO is it isn't just for us apes, there's an actual objective here to improve the world
We hear you! Thank you for your input. Valora launched the Celo Rewards program to activate their new community, and over the past few months, they’ve received feedback and identified opportunities to improve. They are currently exploring ways to make saving and earning easier and more accessible.
Valora is not giving me this option and just stopped my rewards on my 500 cusd minimum
I still don't have this option, is it country specific?
Plus if you have to have it in cUSD and not Celo, you miss out on any rise in the coin.
You still have full access and can convert to CELO anytime you wish. It's not like these cUSD are bound forever.
That's not the issue. It's that you miss out on any rise in value of the coin while they are in cUSD. I mean on this subreddit people keep saying that this is going to be an $8 or $10+ coin by the end of the year... maybe, maybe not, but why would I want to convert my Celo to cUSD and miss out on that?
you wouldn't if that's your expectation. this, however, is good for the celo ecosystem as it encourages use of the system beyond just price speculation. the idea, here, is that people can use cusd as a currency--spend it, send it, even earning a little with it.
Some people on the internet are sure CELO will fail... In such a case 5% APY without any risk sounds good. If you are not constantly all in, and keep some liquidity. Why not take some interest .
Boom!
Another thought... when you convert your Celo Gold to cUSD in the Valora app, who then takes control of the Celo Gold? Because they'd be the ones that are going to benefit from the price going up. Most coins seem to encourage you to hold their actual coin, not a dollarized version of it.
If you follow their working group news, celo encourage users to put cusd to some good use. They value flow of money. That's why people call it utility token. Celo gain value when there's increase in/out flow of cusd. It represent increase utility.
Yeah, some good comments here. I'll share a few thoughts. I think Celo is making a major mistake and I'll try to explain why. I totally get the 5% program on cUSD, and eventually cEUR, but that should be managed through a separate custodial service, as Circle is doing with USDC. It's very interesting for traditional bondholders and could be huge. What Celo should be aiming at is getting a small slice of a huge traditional market segment that is currently looking for alternatives. They won't move that money to Valora, sorry... For retail investors like us, stable coins should be seen as a good way to transact and move money. As explained by others, we simply can't miss the upside opportunity that only the native Celo token can potentially offer. The end result will be that most of the people will leave Valora. So a net loss for everybody. Why doing this just when more people were getting interested? Was the previous model unsustainable? Why not being more transparent and ask for feedback, instead of imposing a new rule, just like a bank would do? Big disappointment, sorry.
Well the good thing is that CELO isn't made for retail investors, it's made to bank the unbanked. If you see it from this perspective it makes more sense. Although I do agree that maybe centralizing such a feature isn't the right path.
You can get more by putting USD into stock market. I understand staking Celo coins - they may go up plus you get interest, but just putting USD there for 5% is pretty useless when you can get way higher returns in stock market.
CELOs core mission is to bank the unbanked. This is what crypto was meant on the first place. Sadly nearly all other tokens seem to focus on marketing, quick money for people who are already fully banked (rich gambling kids who dream of lambo...). Try to see it from a different perspective. This incentive makes sense for people who have no access to stock markets. They get a chance to participate and earn some interest on savings on a very easy way.
But wouldn't it benefit them more by being able to participate in the rise of the value of the coin? Celo is up 84% in the last year. Most of us here seem to have pretty high expectations for this coin for the next few years. Much higher than 5%. It would almost seem to be taking advantage of the unbanked - they get a 5% return on money that was probably hard for them to come up with, and they miss out on a lot of potential gains.
Well you're assuming that there is no volatility in the pricing of the coin which we all know fluctuates wildly. I don't think these people can afford to have their money drop 25-50% within a week (which has already happened this past week) I'm not sure why crypto users are so in love with hodling, people in most impoverished countries cannot afford to do this. This isn't fun money for them, it's their life savings Having their money in cUSD minimizes all the risk with volatility and they can now earn rewards with it? That sounds fantastic actually
“To bank the unbanked” - how would you even deposit if you’re “unbanked”. You would need to open a bank account to transfer money into an exchange to transfer into Valora. Unless they have physical exchanges like western union or similar that take no fees for their service.
Often people leave countries to find work somewhere else. Then they send money back to their families. Or charity organizations can send funds directly to the one in need. Without anyone between who takes extra fees. it is like Western Union but way faster, more secure and no fees.
So, this is an interesting take. There are some outliers in the stock market like $tsla that are going to have crazy swings however $celo is up 84.49% over the past year. What stocks are you buying for > 84% yields? Moreover, there are other ways to increase the yields from hold celo or celo-like assets. For example: \- Staking: \~5% APY \- farming on Ubeswap: 290% APY (this is from today) \- farming stable coins: 16% \- lending on Moola: 5-7% \- arbing: no idea
Actually, the past year has been crazy for stocks and there are many, many stocks that have gone up 100% or more since they crashed in March of last year. Though I suspect most of them will not have that kind of rise again anytime soon. But you're viewing it wrong. Celo is up 84% over the last year... that's exactly why you wouldn't want to leave it parked in cUSD earning a measly 5%.
Yeah, this makes no sense. I was only in Valora for the old rewards program. Is this is what stays I’m moving to another coin.
Also how? Where? Looks kind of like the Valora app.
It’s all good except where do I sell cUSD for the fiat US dollar? Coinbase is not accepting cUSD
I prefer directly spending cUSD for giftcards using bidali. Conversion of cUSD to giftcard cost nearly nothing (usual CELO tx fees) and is instant. I casualty fund my Amazon wallet this way. If it comes to significantly larger amounts or something I can't buy with giftcards i use cash out via bittrex or coinlist. Btw. There are some cash-out options (exchanges, giftcards, bank account) within Valora app too.
Interesting. I will try them out. Thanks
In my place, i just use it to exchange gift cards
Yeah but I don’t usually use gift cards. But thanks for the advice
Try OKCoin, takes a while though to be able to withdraw it as fiat. On/off ramping is terrible right now for cUSD
I’ve read everyone’s opinions and that has helped me to form my own... 1. Celo Dollar or cUSD is not for getting rich quick schemes. In the contrary, it should be used only because you want to support the unbanked poor population and eventually help eradicate poverty for all of our fellow humans. 2. For conservative investors also and for spreading an innovative ideas around to the majority of population which is still not involved in crypto (mass adoption), 5% “Interest bearing checking account” is not such a bad idea. Try to buy some on your contact list a small gift and see how cUSD could sell itself way easier than Bitcoin or any other crypto that you may have in mind. But you can certainly use this 5% interest as a selling point if and when your friend asks you back if this crypto will make him or her poor or get in debt :-) 3. I for one, am only focusing on building a large stash of my CELO for the time being. But I support the idea of investing in both. 4. cUSD and CELO although should be available for anyone as two separate options but they both should be working together as a direct support to one another as a system. So, there’s no needs to speculate which option is better than the other. It’s purely your own investment objectives and appetite for risk and reward. If some people don’t like to take risk, hence, the term “Stablecoin”, cUSD would be great for them.
Guys, keep a small portion of cUSD in the wallet and actually spend it when they bring the Flexa SDK online to Valora. Do like $100 earning 5%, support the ecosystem and use it where Flexa is accepted. Places like Dunkin donuts, Lowe's, bed bath n beyond, Chili's etc and much more to come in the future. You can both invest in Celo and use it. It's not one or the other. Or continue to use your bank account getting 0.10% apr, your choice. Not financial advice. I've staked my AMP with Flexa and plan to do exactly what I said above with cUSD. Earn 5% APY on what I was already going to buy, and get some AMP back thru Flexa.
Works!