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Whats the downside to locking up XRP on Crypto.com to earn interest?


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A guaranteed 8%... Guys!!!!  This is clearly dodgy, sounds like a good ole fashion ponzi.  Remember how passionately people were defending bitconnect. It's a very similar scheme isn't it, th

UPDATE****** 2 hours later I received my transferred XRP.....now must wait 85 days to see how my 3 month interest bearing account works out.

For giggle I locked up 500 XRP for 3 months and do see interest being earned in the form of more crypto being credited to my account. Whats not bad about earning 6%-8% more XRP for just waiting 3

4 minutes ago, itcdominic said:

For giggle I locked up 500 XRP for 3 months and do see interest being earned in the form of more crypto being credited to my account.

Whats not bad about earning 6%-8% more XRP for just waiting 3 months? 

I will sit it out and wait to see if you can redeem your XRP after the three month period first :)

Until now many of those 'give us your crypto and we'll double it for ya' things were pyramid schemes. As long as new people came they paid out existing people. Then the new investor run dried up and it collapsed.

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I was thinking the same. As long as you get it back, it is a great thing. If not you lost 500 XRP. I was thinking about doing the same thing through uphold, but then realized it was a different company that they use. As a result I could not find where the company that paid interest had insurance on the coins or the capability to refund cash in case it went missing. Maybe in time it will be regulated like CD's, Money Markets, and so forth. At that time I would be much more comfortable with such an idea.

i feel you are playing with something even more sketchy that cyrpto itself. That said let us know how it turns out.

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46 minutes ago, itcdominic said:

For giggle I locked up 500 XRP for 3 months and do see interest being earned in the form of more crypto being credited to my account.

Whats not bad about earning 6%-8% more XRP for just waiting 3 months? 

I have a few coins in Cypto.com. Seem ok and have live chat available if you need help with anything 

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I will say that I requested a withdrawal of XRP that I did not lockup for 3 months.....and 1 hour later my transaction is still pending.

I reached out to the Chat and tech support to only receive a canned response that the withdrawals are delayed due to some degradation in services.

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1 minute ago, itcdominic said:

I will say that I requested a withdrawal of XRP that I did not lockup for 3 months.....and 1 hour later my transaction is still pending.

I reached out to the Chat and tech support to only receive a canned response that the withdrawals are delayed due to some degradation in services.

Another scam uncovered.

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3 hours ago, itcdominic said:

For giggle I locked up 500 XRP for 3 months and do see interest being earned in the form of more crypto being credited to my account.

Whats not bad about earning 6%-8% more XRP for just waiting 3 months? 

I signed up for Bitrue this week and moved a small portion of my holdings from Kraken. Obviously, all exchanges pose certain risks but Bitrue team seems legit and is working with Weiste Wind and XRPL. They offer a 7.3% interest rate and it's up to 10% if you hold their BTR exchange token. Basically how it works is you allocate the number of tokens you want to lockup (so you can't trade with them), they put 100% of the tokens you allocate into a cold wallet, you earn interest on the amount allocated, you can withdraw the locked up tokens at anytime at which you stop earning interest on it. 

This is my third week using the exchange and so far no complaints. Might be worth checking out but as always do your own due diligence when it comes to making investment decisions. 

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1 hour ago, itcdominic said:

I will say that I requested a withdrawal of XRP that I did not lockup for 3 months.....and 1 hour later my transaction is still pending.

I reached out to the Chat and tech support to only receive a canned response that the withdrawals are delayed due to some degradation in services.

UPDATE****** 2 hours later I received my transferred XRP.....now must wait 85 days to see how my 3 month interest bearing account works out.

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12 hours ago, itcdominic said:

UPDATE****** 2 hours later I received my transferred XRP.....now must wait 85 days to see how my 3 month interest bearing account works out.

If the pyramid didn't fall in 85 days time you might receive it back, because as long as new blood is lured in the 'system' will work.

I wonder how they make that interest. The website doesn't tell. Do they lend your XRP to people for leveraging or do they blow it all on h**kers and coke. Putting it in cold storage or in your wallet is not the answer.

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