Last year, I was massively tempted to get myself a Visa card from Crypto.com. There were many pull factors that triggered my interest. The card looked sleek and appealing. It was not easy to get hold of as some of my countrymen had to suffer on the waiting list for months before they could get a card. It offered tantalising cryptoback. Its token, CRO, was also surging to new heights and it seemed like a profitable deal if you chose to stack CRO tokens.
So it was a much-hyped thing in Singapore. Crypto enthusiasts flocked to the Visa card in droves, declaring it to be an attractive passive income strategy. And I was about to do the same when I stopped cold at one realisation.
The Visa card is a prepaid debit card, and it seemed that I had to fork out at least $5000 before I could benefit from the staking rewards and other benefits associated with its ecosystem.
Call me old-fashioned but the thought of channeling money to a spending account just didn’t sit well with me. I mean, I could kid myself and convince myself about how I would stringently maintain my lifestyle habits and not spend on unnecessary purchases. But I think the fact of the matter is, mental accounting will wreck its havoc subconsciously on my mind. I might just spend more money because there’s a part of me that will convince myself that that $5000k is “free” money.
It was hard as hell to control my YOLO impulse but I didn’t get the CDC Visa card in the end.
Yesterday, the crypto world was rocked with news of Crypto.com removing its staking rewards. Here’s an image depicting its drastic cuts.
Crypto.com has been spending enormous sums of money on attention-grabbing marketing campaigns, so it was a shock to read how it made such a detrimental move to the wallets (and mental health) of us ordinary investors. Needless to say, users who could unstake their funds promptly did so and even moved their funds out of Crypto.com. Some people seem to have suffered devastating losses on their portfolio due to the decline in price of $CRO.
I guess this fiasco really underscored one lesson for me. No matter how much we DYOR, things change so fast in the crypto space that our worlds may be turned topsy-turvy. So it’s impossible for us to expect our financial wealth-building plan to go according to plan. What we can do, however, is to maintain a strong sense of self.
If I’m not that much into shopping, I shouldn’t force myself to spend in order to get cryptoback. I shouldn’t change the person I am in order to chase crypto gains. Now, I’m sure I won’t be immune to the storms in the crypto space, but I dare say that if I fall prey to any mishaps in future, it will be with the slight comfort that I made (imperfect) decisions by staying true to myself.
I hope that you are not a victim of this saga, but if you are, I just want to give you a hug and a pat on the shoulder.