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I got a notification from my Finder app saying they're upping the interest rate for the stable accounts to 6.01% until the end of the financial year for balances above $10,000
interest is accrued daily
Earn 6.01% p.a. Fee for Lending More than $10,000 Worth of TAUD Stablecoins until 1 July @ Finder App
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catch is finder goes under and is not backed by the federal govt, and youre left with your pants down
I just don’t see how they can offer 6.01%
If it's too good to be true, it's probably a scam or a pyramid scheme
Generally, one fundamental reason is because in crypto, everyone needs to pay a fee when making a transaction. Due to the nature of crypto being so volatile hence lots of transaction fees are being collected. Then more importantly, majority of these collected transactions fees goes back to the people or crypto users, rather than say a profit making traditional bank taking a cut of the transaction fees for their profits and shareholder’s dividends.
@ilovefullprice: "majority of these collected transactions fees goes back to the people or crypto users"? I nearly spat out my (imaginary) coffee when I read that.
The fees go to the individuals who are running the platforms that the transactions are taking place on. Not to the "people". Yes there are some very dodgy crypto coins out there that automatically distribute a % of each transaction to existing coin holders…. But they make up a tiny portion of the marketplace.
Is this an introductory rate? More than likely to drop in a few months
Yeah until July
What is the catch here?
You telling us the tale about how you managed to get an unsecured loan from the bank for $1 Mil to play interest rate arbitrage with crypto.
Yeah fair call. The bank won’t lend me $1,000,000.
Which lender lends $1M unsecured for 2 months with lower than 6% p.a. interest?
I made it up. Sorry.
max you can invest is only 100,000 - so maximum you can make about $1000 minus your interest payable to the bank - capital gains etc. Assuming you want to risk $100K
No deal, crypto.com does 8.8% up to 12.8%
Interested - could you share more information please?
changing in june, they did a massive rug pull.
umm not sure where you saw this, but I was under the impression that their rate for TAUD was 1.5%.
can't really compare against other crypto currencies due to the volatile nature of them…No they don't? They stopped that like last month or the month beforehand.
Crypto.com just rugpulled us all.
No deal to both of em.
Yeah, I saw crypto.com did a ruggy. Oof!
crypto.com is chaning rates as of July. First US$3K gets a 8% pa (non-compounded) if you lock in funds for 3 months. Beyond that, lockin for 1 month gets you only 3% p.a. (non-compounded)
this one is flexible 4.01% p.a compounded daily (I think I read somewhere yield is 4.09% if you include compounding)
Do your math, put in US$3K in crypto.com, lock in the money and pray that they don't chnage rates again.
Or take less risk and put in here at 4.01% p.a and enjoy 2 months piddly bonus..hey at-least on the app you can see the 0.000xxx numbers increasing all the time :)
Cant assess whether its a deal without knowing about the risks, cant find much on the Finder website about the risks (aside from that it is at risk).
This looks way more like a scammy ponzi scheme than a deal
The finder financial services guide (AFAIK that's required by law) is just 4 blank pages of pdf.
Based on other comments out there, signing up provides full access to your credit file and other info, which they can then sell on.
I'm gonna have to say no dawg
It's all good, in Crypto this is called a White Paper 👌
thanks for that, I just saw that too, my 6.01% p.a. bonus rate activated in my app too.
Can you buy TAUD with AUD 1:1? Or do you need to sell other crypto/coin to buy TAUD?
only need to deposit cash then convert it to TAUD with AUD 1:1
Careful, TAUD is crypto… You have an additional layer of risk. As Pandabargain said, you can get a much better rate "investing" directly with crypto.com.
After the cro coin drop lol
their rates changing in june bro
Gotta read up before you shill a product……
Crypto.com (profanity) their customers and don't care.
Thanks OP, put my mother's entire retirement funds in. She will be stoked when she hears 6%.
lol
So just to see if I understand.
This is basically providing an unsecured loan to Finder for a return of 6%. They then use the money to trade crypto and hopefully for them they make money. If they decide to close up shop and run off with all of the cash then you will be at the bottom of the unsecured creditors list awaiting a court proceeding that may never happen, where they will be ordered to return everyone's money but they dont have any money left so too bad for you.Is that the basic gist of it?
Exactly right.
Anchor Protocol rate is still 18%
how do i obtain this?
whats that?
If you search up 'anchor finance' on youtube there are heaps of tutorials.
Additionally you can use coindix.com to find the best APY for your coins on each network
aged like cheese
Oh please make this phony Crypto crap go away….
Not a chance.
https://www.afr.com/companies/financial-services/bragg-backs…
Bragg backs Aussie fundies to win crypto ETF race
Aleks Vickovich Wealth editor May 4, 2022 – 6.24pmLiberal senator Andrew Bragg has intervened in the heated race to list the nation’s first cryptocurrency exchange-traded fund, calling on the corporate regulator to expedite applications from local investment managers ahead of foreign firms poised to become first movers in this new market.
The senator’s appeal to ASIC comes as part of his push to make Australia a global financial and technology centre, including a thriving market for digital assets. The taskforce he chaired last year made a dozen recommendations for reform, most of which were accepted by Treasurer Josh Frydenberg.
In December, Mr Bragg launched a report by accounting giant EY which projected the size of cryptocurrency-related economic activity in Australia to grow from $2.1 billion to $68.4 billion by 2030.
I'm current invested with them at the lower rate of 4%
So far so good and I only invested a small amount. Might put some more in with this new rate. Also doing the same at crypto.com who had a better rate before but now also at 6%Will TAUD follows what happened to Luna and TerraUSD? Anchor collapsed because the yield offered is unsustainable. I'm not sure if other stablecoins will follow.
best to stay away from the dumpster fire for a while
no. not to say it's risk free but TAUD isn't an algorithmic based stable coin, instead its escrow backed with real money. Can be audited here
Celcius was offering 7% on taud, now only around 2.5%
I wonder how long 4% rate gonna last
So I can presumably deposit $1,000,000 and earn 6.01%. I could borrow that amount off the bank and my interest rate is a lot lower. = profit. What is the catch here?