Very interesting. Still trying to understand how all of this works.
I think I understand now
They are ditching the annual fee and the overall buy and sell of bitcoin to unlock ACH rewards and want Bitcoiners to hold a cash balance with them to unlock rewards tiers. Make sense now. They are making some sort of spread on the deposit. This could be successful if they can get FDIC insurance and allow bitcoin to be part of the reserve.
I must say having no spread on Bitcoin buys and sells might make Fold’s reserve product worth it. This is the first time I actually got true market exchange pricing!!
Ahh so they are using reserve to buy bitcoin very interesting. So as you sit in fiat they capture the bitcoin upside?
They have no support for Canada anymore. Sad.
Hopefully some day they will allow me to transfer my sats to another fold user since I can't withdraw. Not that it's a lot but I would rather send them to another stacker than have Fold keep them.
I got a direct line to the CEO let me see if I can help
Ah man you got a direct line to Will?! Sweet!
Haha when he responds
Well I currently have 27,142 sats in fold so they are all yours if they let me transfer them to you.
They belong to the stackers not me
Will got back to me. Wants you fold ref link or the ticket number and he will look into it
They are getting killed on X over this product!
I will be buying more shares on Monday 😂
Can you tell if they're rolling existing bitcoin balances into this reserve automatically or if we'll need to do something?
I like that they're simplifying it. My rewards tier always maxed out around the same time I hit the eligible spend.
It doesn’t say in particular. In a few weeks we should be able to add to the reserve but it only looks like dollar deposits from outside sources. I couldn’t even move internal fold cash into the reserve.
With fold having a thin balance sheet if they screw this up your “reserve” could be rugged!
I didn't even finish opening my reserve because it seemed like I had to choose an amount and I didn't want it to just pull money from somewhere.
Too. Freakin'. Complicated.
Why do financial services always have these intricate, magic shenanigans: do this, third Sunday of the month, next tier, rewards cashback, subject to moonlight.
It's almost as if they're trying to confuse you.
Got more deets
Literally too long, didn't read
Finance slop