Rank: Gordon Gekko
By Douglas Johnson on
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February 14, 2020, 07:02 ET Post #2
Break on through to the other side.
Hi RVG, I had to re-read your message a couple of times but it’s now clear. I definitely understand the frustration for some members of Celsius that strongly believe in the project, as well as the CEL token and cannot earn in-CEL. While I’m sure that at some point new regulations will allow US citizens to earn in-CEL, there might be another way, like the one you refer to: transferring ownership of the fund to a trusted party in order to be able to earn in CEL.
Overall, I think it’s a solid idea. If I had to list the items to think about, I’d say, on the top of my head:
- Ensuring the trusted party is really a trusted party! Obviously the most critical aspect. You wouldn’t want to send your fund to someone and then that person disappearing or not wanting to send back the fund.
- Should the two parties be legally binding? I’d strongly recommend putting the details on paper, Sheldon Cooper’s style (for those who watch The Big Bang Theory)! That character creates contracts for everything, such as the roommate agreement (sic! 😃) or the relationship agreement! Lool In this case, I’d easily imagine a Fund Transfer Agreement between the two stakeholders.
- What happens in case of the death (*knocks on wood*) of one of the two members? Imagine two friends having this agreement and suddenly one passing away in an tragic accident for instance. I would ensure this is put on paper too.
- What is the incentive for the member who temporarily takes care of the fund?
- If the person earning in CEL already has a Celsius account, then it would mean that both funds would be within the same app. That would make things slightly difficult to calculate, even more if you think about compound interest, bonuses, rates constantly changing and CEL and the other coins having a different price all the time. If I was doing it myself, I think I would simply ask my girlfriend to open an account and would put the funds here. But then it makes things even more complex. 😊
Long story short, I think this is not a bad idea for someone who really strongly believes in CEL and wants to benefit from earning in CEL. I’m sure if I couldn’t earn in CEL, I’d definitely try to look for such opportunity. Knowing me, I probably would already have done it lol.
But to go through all this hassle, I’d strongly recommend to do it with at least $10k or more. Otherwise I would see this exercise as a bit pointless.