CDC isn't stupid or bad at communication. This was all planned.
After having spent the past few days feeling like I've been taken for a ride, I decided to post here and see if anyone else had a similar experience or feels the same way.
I'm a user from Singapore, where Wirecard recently ceased operations. This meant that our cards turned into fancy paperweights for a while. Its not a big deal for me since I have other ways of making payments, and don't care that much about the 3% back from my Jade Green.
We then get emails saying that we'd have to change our payment method for Netflix due to some technicalities with the new payment processor, and that to make up for the inconvenience they'd continue to reimburse the Netflix payments and waive card upgrade fees. I thought this was quite nice for a minor inconvenience, and decided to upgrade to a Rose Gold. I bought the ~80k more that I needed and started the upgrade process. All was well.
Then a few days later, rates are sliced to a third of what they were and shit hits the fan. I don't really mind too much because I intend to keep the CRO staked and reap the benefits, and it's not like I can sell anytime soon anyway. I also made a little profit from other coins earlier in the year, which was how I could justify buying 100k CRO in the first place.
Yet the more I think about it, the more suspicious it seems. The first thing to note is that CDC knew all along that they had a large rate change lined up. They're not stupid, and they certainly knew that it was going to tank the CRO price.
If you were CDC, what do you do in this situation? You sell ahead of the announcement. But selling alone won't do it if there's nobody to buy. So you encourage others to buy... By waiving card upgrade fees. It all works out nicely.
And then they announced a sudden and drastic change in rates. The price tanked as expected. What do you think they're doing now? I know what I'd do: I would be buying back the CRO I sold earlier when prices were 25% higher and reaping a free profit.
CDC isn't bad at...