Update: https://app.getquin.com/activity/OrepNtBPgQ
Let's start with something funny, since most people won't read it all anyway. 𝐂𝐄𝐎 is called 𝐌𝐚𝐫𝐬𝐳𝐚𝐥𝐞𝐤 (no joke!) and has already driven a company to the wall. The company was not called Wirecard but Ensogo. [1] Abstract Money from customers and business partners was lost. CDC nevertheless has real connections to Wirecard, more about that later.
Since they shit everything with advertising, even in some crypto groups the sentiment has changed. Somehow everyone is jerking off to how great crypto[dot]com (CDC) is. It has crypto in its name!!!11 I wanted to let my inner gaybear run free and name some negative points.
Putting your name on a sports arena says nothing about the future of the company. Just because they throw money around doesn't automatically make the company solid. Enron and CMGI have had comparable deals shot down. Staples, which is being displaced by CDC as a namesake, is not exactly sitting in a moon rocket.
Before there was CRO and crpyto[Dot]com, the token was called MCO and all the fun was through Monaco Technology GmbH. MCO was sold via an ICO. Regarding the ICO, there were allegations that parts of the project were copied from a competitor. [3]
In 2020, there was a 𝐓𝐨𝐤𝐞𝐧𝐬𝐰𝐚𝐩 𝐯𝐨𝐧 𝐌𝐂𝐎 𝐚𝐮𝐟 𝐂𝐑𝐎. Here, however, the investors from the ICO or MCO owners at the time felt ripped off, as the exchange rates were not perceived as fair. Furthermore, there was a statement at the launch of the CRO that there would be no swap. [4] The demand for a better swap rate was dismissed on the grounds that it was too expensive. With regard to the swap, a court case was also sought by those affected. As far as I know, it is not clear what happened as a result. But it would not be surprising if the organizers / registrants were simply paid off and swept under the carpet with an NDA. After all, the site of the lawsuit project went offline quite quickly after it was created. [5] The advantage for CDC through the swap is that the connection to the ICO and any associated regulatory problems are severed.
As indicated, CDC had a 𝐕𝐞𝐫𝐛𝐢𝐧𝐝𝐮𝐧𝐠 𝐳𝐮 𝐖𝐢𝐫𝐞𝐜𝐚𝐫𝐝. The credit cards ran through Wirecard. CDC was not alone in this though, to that extent I wouldn't chalk it up to them negatively, funny though it is. [6]
Since it's already more text than most people read, that's enough for now. Can still provide a few lowblows. As with almost all CEX, there are horror stories of closed accounts, lousy support and perma loss of funds after account closure. Furthermore, the fees on CDC and conditions, apart from the loss leaders, vary from unclear to lousy. Especially funny is that CDC is not even the exchange with the highest trading volume for CRO. As I said, all cheap low blows.
It is indisputable that CDC is currently burning an incredible amount of money with promos and marketing. How long CDC can keep this up ... I will be surprised. The competition is not sleeping. Why should you trade on CDC at lousy rates and high fees when others are way ahead here. All the advantages on which everyone rubs one must be earned somewhere, otherwise see Ensogo.
I would not bet on falling prices in the near future. But whether they are still there in 5-10 years, let's see. Someone has to pay for the party that is currently being celebrated.
[2] https://www.nytimes.com/2021/11/18/technology/crypto-staples-center-la.html
[3] https://www.reddit.com/r/ethfinance/comments/hf2btu/be_very_wary_of_cryptocom/fvvp4td/
[4] youtu[dot]be/jH1BCa4quGA?t=1143
[5] https://web.archive.org/web/20200908140151/https://cdcalliance.com/
