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I'll mention a few weeks ago when Uphold offered their weekly automated purchase tool I've begun making weekly purchases of LBA as a long term investment.  I still exclusively choose to receive all payouts in USD for anything I put into a program and my weekly purchases will go into a program at the end of each month.

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For anyone interested I received an email from Cred regarding the upcoming spark network token drop / fork.  I was actually just thinking about this scenario, but I'm glad they provided some clarification, though it's rather short term notice because user must setup a new program by Sept 14th (Monday) to take advantage of a 5% rate, which I assume will be the premium rate since currently they are offering 2%/3% for XRP.

Quote

We are pleased to inform you that Cred will be supporting the currently planned December fork for XRP program holders that have an active program with Cred! Cred XRP program holders will be able to claim one free Spark token for each XRP they hold on December 12th, currently the day the snapshot is scheduled. As a personal thank you to the XRP community for its support, Cred is also increasing the XRP interest rate to 5% for its next sweep. Be sure to set up a new program by September 14 to take advantage of this special!

 

Edited by Zedy44
Clarification
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On 8/31/2020 at 5:38 AM, Mitty said:

LBA has been listed on the exchange BKEX against Tether. My initial reaction was tepid as I had never heard of the exchange before. Checking CMC surprised me with them having BKEX ranked 13 for spot exchanges. I am not sure what criteria goes into the rankings but what ever it is 13 seems pretty solid. CMC also has their 24hr volume in USD of BTC=85m ,ETH=59m ,XRP=11m.

LBA is trading now and so far its 24 hour volume is 37k USD.

Hopefully this is a precursor to BKEX offering lending/borrowing programs via CRED.

Coin Geko has BKEX ranked 7 on volume.

https://www.coingecko.com/en/exchanges

I have no idea if BKEX is a legit exchange or not. Can anyone else comment on them?

Also no official announcement from CRED which may mean this is just a listing by BKEX on their own accord. If that is the case then it seems CRED has dropped the ball again with their August announcement poll going unanswered.

 

https://bkex.zendesk.com/hc/en-us/articles/360053621973-Announcement-on-BKEX-Global-about-listing-LBA-Cred-

https://www.bkex.co/trade/LBA_USDT

https://twitter.com/ComBkex/status/1299239114848436224

 

 

current price: $0.0307

current CS: 840,410,205 (unchanged)

Nomics gives them a C for transparency...

https://nomics.com/exchanges/bkex#statistics

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  • 3 weeks later...

Not a lot of action on LBA lately. I took the opportunity to pick up another 80k LBA at around 1.7 after the fall from 5.5. I also pulled a few of my lendings so i could regroup into a more manageable situation for tax purposes. I previously had 6 lendings so i was getting a pay out every fortnight and a re lend price every two weeks to match. When  they changed to monthly payouts instead of quarterly it was a bit rough on tax time. Plus they don't exactly make tax time easy when lending from uphold. It is a lot of manual matching for each pay out. My new plan is to go a total of 3 lendings once per month on the first and have a new stake price each month. LBA is offering lower rates to lenders now than ever before but i view it as more sustainable so still happy to hold around 15% of my crypto funds in cred.

we are still waiting for the second big announcement for September i believe. Not a lot of info in regard to the visa partnership has been released. 

 

current price: $0.017

current CS: 840,410,205 (unchanged)

Edited by Mitty
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  • 2 weeks later...

Just wanted to post an update regarding current interest rates.  They really boosted all stable / fiat rates big time in the last few days.  The UPUSD (which I've been using exclusively for months) is at a whopping 13%!  You can eek out another .5% or so if you go for daily compound interest, but personally I use simple interest to maintain monthly payouts. 

Completely unsustainable rates, but you can lock a 6 month rate in on the 15th and I doubt you'll find a return like that elsewhere so easily.  These should come right back down in the next 30-60 days.

(premium rates with 10k LBA held)

UPUSD 13%

UPEUR 11%

USDT 12%

USDC 12%

DAI 12%

TUSD 12%

USD 12%

EUR 10%

5a5e5d49b8b43_bachmanmoneythrow.gif.26688f5ba5270c29e7b7779f9dff96a0.gif

Edited by Zedy44
Added premium rate acknowledgment
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1 hour ago, faz said:

i wish they would bring an app out similar to celsius and crypto.com price would probably skyrocket .

Yes definitely one drag for cred is the lack of an app or even a high quality web interface.  I’ve always disliked the cred interface it feels extremely cheap / overly simplistic (probably because it is), but I trust in the team and I like the product so it doesn’t matter much to me.  For broader use they will absolutely need a polished interface and a high quality app.

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  • 3 weeks later...

Interesting.  Doesn't look great because Uphold was a big integration for Cred and one of the reasons why I use Cred so much.

Posted 10 hours ago --

https://support.uphold.com/hc/en-us/articles/360051081112-Uphold-has-discontinued-its-relationship-with-third-party-crypto-lending-provider-Cred-

Quote

Uphold has discontinued its relationship with third-party crypto lending provider Cred.

What does this mean for you?

You can no longer link your Uphold wallet to Cred
 

You can still receive redemption payments from Cred into your Uphold wallets for your CredEarn programs
 

To access your Cred balance, please go to the Cred App
 

Your Uphold balances will always be shown on the Uphold app
 

If you have questions about your Cred balance, please go to: support@mycred.io

 

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Not sure what is up but it doesn't look very positive. Uphold is no longer dealing with CRED. Also on the 24th of Oct Cred locked its telegram thread down. Apparently Cred will respond in around the next 24-48 hours from the original Uphold announcement. 

A bit worried considering all of my lendings are via uphold and I am holding a reasonable stack of LBA. I expect it is just Uphold branching away and they will offer their own lending/borrowing program. But who knows. Hopefully it is not the end of LBA! I am not concerned about getting my XRP back, that should be fine.

 

current price: $0.0116

current CS: 840,410,205 (unchanged)

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3 hours ago, Mitty said:

Not sure what is up but it doesn't look very positive. Uphold is no longer dealing with CRED. Also on the 24th of Oct Cred locked its telegram thread down. Apparently Cred will respond in around the next 24-48 hours from the original Uphold announcement. 

A bit worried considering all of my lendings are via uphold and I am holding a reasonable stack of LBA. I expect it is just Uphold branching away and they will offer their own lending/borrowing program. But who knows. Hopefully it is not the end of LBA! I am not concerned about getting my XRP back, that should be fine.

 

current price: $0.0116

current CS: 840,410,205 (unchanged)

I've got about 10% of my investable money (digital + USD) with Uphold and actively in programs with Cred.  I think that for Cred to be late to the table announcing some kind of partnership end means they were not expecting such a change.  It could be due to not hitting some kind of metric set by Uphold and Cred thought they'd be able to talk their way into a partnership extension or maybe regulators came knocking at both companies and Uphold feels there's far too much risk vs. upside to continue the relationship.

 

I'm not worried about my Cred funds, but I'm disappointed with this revelation about the partnership with Uphold.  Uphold just released a Beta (or maybe now official) interface that is much nicer and more advanced and allows programatic purchases of assets, which I've been using to increase my stack of LBA among other assets.

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I received the following update directly from Uphold.  Again it's bizarre to me that they updated their FAQ prior to sending some sort of update directly to me.  I'm notified 24 hours via email after they discontinued their partnership.  The very odd playout of the announcement from Uphold and lacktherof from Cred so far is pretty awkward and unprofessional.  It feels more like Cred iced Uphold unexpectedly or is about to offer something that makes them non-compliant with the laws Uphold is trying to stay within.

Quote

We have discontinued our relationship with crypto-lending provider Cred

Hi Steve,

We understand that you are a customer of Cred as well as Uphold, and we write to let you know that Uphold has decided to discontinue its relationship with Cred.

This means that you’ll no longer be able to move funds into Cred from your Uphold wallet or to see your Cred balance from our platform.

We’re doing everything we can to make the transition as smooth as possible for you since we believe that you may have an active program with Cred. Cred can still pay any redemptions due to you straight into your Uphold wallet.

To see your Cred balance, please go to the Cred app or click here.

Cred is an independent company with whom you have contracted under separate terms. If you have any questions about your loan, its duration, or maturity, please contact support@mycred.io

If you have any questions relating to your Uphold account, please contact support.

Kind regards,

Team Uphold

 

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I have a suspicion (based on nothing, so take this as pure speculation) that it might be something to do with Nexo. 

Nexo are about to announce (tomorrow?) two new products/services, called:

1/ Nexonomics

2/ tokenUP

The second (tokenUP) sounds very much like what Uphold do: UPUSD, UPBTC, etc.

The first, to me, indicates some kind of defi/exchange type product, which is currently missing from Nexo. (It can be done, but through Changelly or by phone if you're a large account holder). So this leads me to SPECULATE WILDLY that Uphold might be the exchange ("Anything to Anything") that Nexo uses, or some such tie-up.

The other "evidence" I submit is that Uphold have terminated their relationship with Cred/LBA, and Nexo essenitally do what cred do, but (IMO) better, i.e. in a much more liquid manner. 

I have also been harping on for ages that Ripple should think of acquiring or partnering with Nexo. Maybe they'll do it indorectly through Uphold. Uphold is XRP focused, and Nexo have started to be friendly towards XRP – they are supporting the Flare airdrop, for one. 

Anyway, probably nothing but some sort of tie-up (or if not, competition) is coming eventually, I reckon. 

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