0xen 🎩
@0xen
how are people feeling about this? i think it’s a pretty good deal, especially if you hold a lot of usdc or trade a lot - pretty high premium to basically get equivalent of fdic insurance, think that could be bumped to 500k to justify it https://x.com/coinbase/status/1864433806192542124?s=46&t=Yy6048FIfLRlntFA3yXpnw
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matthewb.eth
@matthewb
unclear what spread they are charging, is it truly “zero trading fees”? seems too good to be true. if so that’s a very good deal to offramp, better than OTC desks. 250k coverage is also decent
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Gramajo
@gramajo.eth
I remember the spread was like 2% so the fees felt way more imo
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matthewb.eth
@matthewb
2% is brutal
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Gramajo
@gramajo.eth
Yeah I remember doing some math back when it came out. I remember this was for BTC pricing maybe the spread is better for other coins but you had to spend almost 10k a month on btc for it to make sense
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0xen 🎩
@0xen
depends on what the % bump is for holding usdc and how much you have.
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Gramajo
@gramajo.eth
Yeah I feel like if you game it like that then holistically it can work. But the house is going to win for most cases but it’s probably changed. For the debit card and increased assurances all that combined could be good
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0xen 🎩
@0xen
If you’re holding enough USDC to pull in a decent amount in interest the 250k insurance with a 3600 annual fee isn’t super great, given the risks. why I think the ‘insurance’ should extend to something like 500k
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