Actually, it's not a "tale" but a short ongoing note, since I'm next to nobody to compete with Mr. Dickens in writing long dramatic tales. It's a note about my recent experience with two CeFi apps, namely about Celsius.Network and Crypto.com, and their comparison of sort.
Shortly and simply, both apps are centralized crypto wallets with interest-bearing crypto accounts and fiat borrowing options.
Both apps require KYC. Normally, I don't use KYCing apps, because 1st) I'm too lazy for the process, 2nd) I don't like to look like a complete idiot, and 3rd) I don't want to send my papers to nobody knows who. However, I thought these two apps would justify my KYCing efforts.
Both apps are mobile only. It's extremely inconvenient, insecure, and expensive, but those monkeys probably think that "nowadays nobody uses PC anymore". Anyway, I had to go and install both apps on my Fly FS506 -- and to their honor they went working! (If you think that I'm just a cheap oldfag, be aware that I still use Nokia Asha 202 as my main mobile phone -- simply because it just works sending and receiving phone calls. However, I couldn't install the apps on it, no matter how I tried...)
Almost a year ago I already made a post about Celsius.Network. I wanted to use Celsius as a temporary harbor for my stablecoin pennies. Transfer fees for stablecoins have been always relatively high, but Celsius guys promised zero fees even on penny transfers, in addition to interest-bearing stablecoins accounts.
If you read the above article, you can see that a year ago earnings schema at Celsius wasn't that shiny, but the things have changed since then. Today interest is compounding for all accounts, in kind and in CEL tokens, withdrawals are free, withdrawal minimum is only 1 USD, no minimum amount to earn interest, no freeze/lock. For me, Celsius has definitely become much better than a year ago.
With Crypto.com, I agreed to get KYCed only because I desperately wanted one feature they promiced: a crypto debit card. The second most important problem I have with crypto is to pull my virtual cryptopennies into the real world (I mean real world, and not various "buy a T-shirt, book a hostel, rent a VPS for crypto" shit). So when the guys revealed the card sign-up form, I rushed in and TADAMM -- "the card is not yet available in your country"... And never will be, I'm afraid. Sometimes it's so inconvenient to live outside the US and EU.
Well, after the card failure I decided to get at least something from Crypto.com -- namely, a 10% p.a. 3 months DAI deposit. I sent 0.56 DAI (so much I had at one of my many accounts), it arrived Ok, I went to leave it with Crypto.com for 3 months, and TADAMM -- "minimum deposit amount is 250 DAI". Honestly, I think for 250 DAI I have better plans. So, I decided to transfer my 0.56 DAI from Crypto.com to Celsius, and TADAMM -- "minimum withdrawal amount is 10 DAI". Holy shit...
"Didn't you read the fineprints?", you might ask. Well, no, I didn't. Mea culpa. And no, I don't blame Crypto.com, I just want to say that for me Celsius.network is still much better.
If any of my readers wants to help me get my 0.56 DAI back, sign-up with my referral link, get KYCed, stake 1000 CRO -- and at the end of the day we both get US$50 of CRO each, as they say.
A nice deal for going through some weird shit, I guarantee you that!
Here goes "disclaimer".
PS. If by chance you want to know what is my first problem with crypto, I can tell you that it is to become a crypto billionaire.
