How can we help Non-Earn-In-CEL Users?

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Forums > Crypto > Celsius Network
Rank: Carlos Matos
29 posts
Joined 2020-02-09
By RVG1503 on February 14, 2020, 01:02 ET Post #1

How can we help people who cant earn in CEL? Who can we trust and how can we be sure all parties are trustworthy?

I dont know about everyone else but I certainly cannot earn in CEL as I am an American. As hundreds of us cannot receive interest in CEL, I was thinking about a possible solution. It comes at a risk to the non Earn in CEL users but maybe we can figure something out together.

I was thinking of trusting one of you guys (DJ especially) with a portion of my funds so that user who can Earn in CEL can earn some CEL on the non Earn in CEL (NEiC) user's behalf. Maybe both parties can come to an agreement for how funds should be transferred and if the user who can EiC (Earn in CEL) will charge a fee.

Once the NEiC user has come to an agreement with the EiC user, both parties agree to all the terms and conditions, the pay back date and then the NEiC user can transfer funds over. Once the time agreed upon has expired, the EiC user has to transfer back the original NEiC user's funds plsu the interst earned in CEL minus possible fees.

What do y'all think? Disclaimer: I used DJ as an example. He has not agreed to do anything.

Douglas Johnson
Rank: Uncle Scrooge
292 posts
Joined 2019-01-02
By Douglas Johnson on February 14, 2020, 07:02 ET Post #2

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.

Makes sense?

Crypto lover
Rank: Carlos Matos
42 posts
Joined 2020-02-12
By CelsiusInvestor on February 14, 2020, 03:02 ET Post #3

you could actually do a DeFi Loan with Escrow and choose to get paid in CEL so it would be safe.

The world needs banking, but it does not need banks. #UnBankYourself
Douglas Johnson
Rank: Uncle Scrooge
292 posts
Joined 2019-01-02
By Douglas Johnson on February 14, 2020, 05:02 ET Post #4

CelsiusInvestor wrote:you could actually do a DeFi Loan with Escrow and choose to get paid in CEL so it would be safe.

Can you translate that for me please? lol

Crypto lover

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