[ANN] Nexo - The World's First Instant Crypto-backed Loans

[Mrpumperitis]

Hello 

I  did a bit of googling and found a few things....

https://www.investopedia.com/ask/answers/120315/are-personal-loans-considered-income.asp


https://www.nytimes.com/2012/02/08/opinion/the-zuckerberg-tax.html
But how much income tax will Mr. Zuckerberg pay on the rest of his stock that he won’t immediately sell? He need not pay any. Instead, he can simply use his stock as collateral to borrow against his tremendous wealth and avoid all tax. That’s what Lawrence J. Ellison, the chief executive of Oracle, did. He reportedly borrowed more than a billion dollars against his Oracle shares and bought one of the most expensive yachts in the world.



https://www.forbes.com/sites/robertwood/2016/02/16/kanye-wests-tax-free-1-billion-from-mark-zuckerberg/#75f8dc741647
If Mr. Zuckerberg hands Kanye West $1 billion as a loan, is it taxable income?

Nope, loan proceeds aren't income, provided that it’s a real loan. That’s a key distinction that lands many taxpayers in trouble with the IRS. The $1 billion in loan proceeds would not be income to Kanye, and he should be able to deduct the interest payments. Mr. Zuckerberg just would report the interest as income.

[Raja_MBZ]

I've been following the updates and announcements of Nexo for a while, but I've got a feeling that Nexo will eventually go completely bankrupt:

Nexo provides mostly upto 50% fiat-value of the deposited crypto; imagine the worth of deposited crypto goes down by 50% - that'll leave Nexo with a loss. Imagine that this continues for a while, Nexo will eventually be left with no cent in their bank and get bankrupt. Risky.

Hi  

Ok i also thought the same when first looking at Nexo. 50% drop in crypto price = loss

Thing is the drop has to be 50% from today and sustained for over a year on all top coins and at the same time no one pays back any loans with interest.
This is a very unlikely scenario imo crypto has to die for Nexo to fail.

(different coins have a LTV loan to value ratio)


On the plus side, what if crypto do not go much lower but crypto goes up in value, Nexo will become a big hitter, top 10 coin very quickly.
Also Credissimo have been doing similar loans for over a decade, they know how this market works.

Well, Nexo might not be in loss right now because back in December/January, taking a loan wasn't this easy. Imagine if they had crazily provided loans at the rate of $10,000 per bitcoin deposited when bitcoin (nearly) touched $20,000, Nexo would have been in a good loss by now.

IMO, crypto is still pretty young and can become extremely volatile again in the future; Nexo needs to be very careful with their maximum collateral coverage ratio.

[estenity]

Hello  

I  did a bit of googling and found a few things....

https://www.investopedia.com/ask/answers/120315/are-personal-loans-considered-income.asp


https://www.nytimes.com/2012/02/08/opinion/the-zuckerberg-tax.html
But how much income tax will Mr. Zuckerberg pay on the rest of his stock that he won’t immediately sell? He need not pay any. Instead, he can simply use his stock as collateral to borrow against his tremendous wealth and avoid all tax. That’s what Lawrence J. Ellison, the chief executive of Oracle, did. He reportedly borrowed more than a billion dollars against his Oracle shares and bought one of the most expensive yachts in the world.



https://www.forbes.com/sites/robertwood/2016/02/16/kanye-wests-tax-free-1-billion-from-mark-zuckerberg/#75f8dc741647
If Mr. Zuckerberg hands Kanye West $1 billion as a loan, is it taxable income?

Nope, loan proceeds aren't income, provided that it’s a real loan. That’s a key distinction that lands many taxpayers in trouble with the IRS. The $1 billion in loan proceeds would not be income to Kanye, and he should be able to deduct the interest payments. Mr. Zuckerberg just would report the interest as income.

Ok, thank you, very interesting;it has the advantage of transparence.

however there you deposit the cryptos outside in a private firm, with its own risks ?

also there is a cost (16 %), and back payments, maybe not the principal argument.

[Mrpumperitis]

I've been following the updates and announcements of Nexo for a while, but I've got a feeling that Nexo will eventually go completely bankrupt:

Nexo provides mostly upto 50% fiat-value of the deposited crypto; imagine the worth of deposited crypto goes down by 50% - that'll leave Nexo with a loss. Imagine that this continues for a while, Nexo will eventually be left with no cent in their bank and get bankrupt. Risky.

Hi  

Ok i also thought the same when first looking at Nexo. 50% drop in crypto price = loss

Thing is the drop has to be 50% from today and sustained for over a year on all top coins and at the same time no one pays back any loans with interest.
This is a very unlikely scenario imo crypto has to die for Nexo to fail.

(different coins have a LTV loan to value ratio)


On the plus side, what if crypto do not go much lower but crypto goes up in value, Nexo will become a big hitter, top 10 coin very quickly.
Also Credissimo have been doing similar loans for over a decade, they know how this market works.

Well, Nexo might not be in loss right now because back in December/January, taking a loan wasn't this easy. Imagine if they had crazily provided loans at the rate of $10,000 per bitcoin deposited when bitcoin (nearly) touched $20,000, Nexo would have been in a good loss by now.

IMO, crypto is still pretty young and can become extremely volatile again in the future; Nexo needs to be very careful with their maximum collateral coverage ratio.

Its something new and  everyone is watching and learning, good time to be involved, (when its early days)
STO will be huge, this is why Coinbase and others have applied for STO & ETO licenses and some have been approved.

[Mrpumperitis]

Hello  

I  did a bit of googling and found a few things....

https://www.investopedia.com/ask/answers/120315/are-personal-loans-considered-income.asp


https://www.nytimes.com/2012/02/08/opinion/the-zuckerberg-tax.html
But how much income tax will Mr. Zuckerberg pay on the rest of his stock that he won’t immediately sell? He need not pay any. Instead, he can simply use his stock as collateral to borrow against his tremendous wealth and avoid all tax. That’s what Lawrence J. Ellison, the chief executive of Oracle, did. He reportedly borrowed more than a billion dollars against his Oracle shares and bought one of the most expensive yachts in the world.



https://www.forbes.com/sites/robertwood/2016/02/16/kanye-wests-tax-free-1-billion-from-mark-zuckerberg/#75f8dc741647
If Mr. Zuckerberg hands Kanye West $1 billion as a loan, is it taxable income?

Nope, loan proceeds aren't income, provided that it’s a real loan. That’s a key distinction that lands many taxpayers in trouble with the IRS. The $1 billion in loan proceeds would not be income to Kanye, and he should be able to deduct the interest payments. Mr. Zuckerberg just would report the interest as income.

Ok, thank you, very interesting;it has the advantage of transparence.

however there you deposit the cryptos outside in a private firm, with its own risks ?

also there is a cost (16 %), and back payments, maybe not the principal argument.

Yea there is risks if  you deposit the cryptos in a private firm, suppose it all comes down to trust, same when people leave funds on an exchange.

The 16% can be lowered in many ways, use Nexo token for repayments and save around 50% or pay back loan within first 30days at a much lower rate or do both lol.
Its all about why you have taken the loan imo,
some will take the loan to pay lower tax using the Z tax method.
Again this is new and we are all learning, exciting times ahead 

[Countach]

"Discounts for repaying with NEXO and using NEXO as collateral cannot be combined."

Regarding the IRS, is spending crypto to pay back the loan considered a taxable event?  Is the collateral unlocked for withdrawal once the loan is paid back?

[Mrpumperitis]

So many positive developments in past week for NEXO ....WOW

 
2 More loan buttons on huge websites,  
gain 6.5% interest on your stablecoins  
Tusd added
A couple more exchanges listed NEXO
+ alot more

WELL DONE NEXO TEAM  

[Mrpumperitis]

Sweet orders filled under 280  



Starting soon we will begin to see new types of exchanges...
 fully regulated cryptocurrency exchanges, that will bring institutional interest and more...

If you want to make the big huge gains now, start looking at these STO type coins asap...

These exchanges will be listing STO type of coins....
They are here to stay and will keep growing...

The new exchanges are accumulating these coins at rock bottom prices right now and wont sell cheap...
Dont fall for the whale games and sell your coins cheap....



Start accumulating them and hodl...
I see a repeat of my times with ETH,XRP and other coins, BUY EARLY to make the best gains...
As these new exchanges open and list the coins, they will be worth far more than you could imagine...

[Mrpumperitis]

Nice pump on other coins led to good profits.....  

Those profits are going into NEXO....

<----Buying, accumulating and hodling...... NEXO
 

4 weeks left till dividends,
$1 = 1 Nexo before then...and if dividends work as planned,
Then Nexo will go nuts, world of financial media will go Nexo crazy...
 $2-$5 or higher before next dividend date...so excited  

[Raja_MBZ]

2 More loan buttons on huge websites, 
gain 6.5% interest on your stablecoins 
Tusd added

That's interesting, have they launched the support for TUSD along with USDT? If so, that's very good!

Nexo should actually consider adding other "good" stable coins as well, and particularly the ones having a good company-backed background (like Gemini Dollar, Paxos Standard Token and Circle's USDC). Right now, if for any reason, the Tether crashes, then it'll be disastrous for Nexo as they've provided people with the loan ratio of 1 USD:1 USDT, and in return, if later on the Tether loses its parity, the people will give Nexo back <1 USD:1 USDT, which would be a pure loss for Nexo!

[Mrpumperitis]

2 More loan buttons on huge websites,  
gain 6.5% interest on your stablecoins  
Tusd added

That's interesting, have they launched the support for TUSD along with USDT? If so, that's very good!

Nexo should actually consider adding other "good" stable coins as well, and particularly the ones having a good company-backed background (like Gemini Dollar, Paxos Standard Token and Circle's USDC). Right now, if for any reason, the Tether crashes, then it'll be disastrous for Nexo as they've provided people with the loan ratio of 1 USD:1 USDT, and in return, if later on the Tether loses its parity, the people will give Nexo back <1 USD:1 USDT, which would be a pure loss for Nexo!

https://news.bitcoin.com/the-daily-nexo-to-pay-interest-on-stablecoins-startups-launch-bank-services/

 Nexo Announces 6.5 Percent Interest Rate on Stablecoin Holdings

Nexo, a cryptocurrency loans service, said this week that it’s going to offer interest payments on several leading stablecoins.
When stored on the platform,
trueusd (TUSD), gemini dollar (GUSD), paxos standard (PAX), Circle’s usdcoin (USDC), and Maker’s dai (DAI) will generate a 6.5 percent interest rate for those holding the currencies.

(Nexo hodlers walk   )

[Cy2]

I have both NEXO and ETH deposited for collateral. Only after I took my first loan from Nexo did this thought occur to me and I posed it to Nexo support: How do I know which collateral my loan is based on? Can I specify my NEXO tokens to be the primary source of collateral?  

Here is their reply: At the moment you cannot specify that. We are having some updates planned regarding that will be done in the future. At the moment the more NEXO you deposit, the more discount you will get on the interest rate. If you end up with having only NEXO tokens as collateral - you will get 8% APR.

Hope this helps anyone wondering the same thing.

[Mrpumperitis]

I have both NEXO and ETH deposited for collateral. Only after I took my first loan from Nexo did this thought occur to me and I posed it to Nexo support: How do I know which collateral my loan is based on? Can I specify my NEXO tokens to be the primary source of collateral?  

Here is their reply: At the moment you cannot specify that. We are having some updates planned regarding that will be done in the future. At the moment the more NEXO you deposit, the more discount you will get on the interest rate. If you end up with having only NEXO tokens as collateral - you will get 8% APR.

Hope this helps anyone wondering the same thing.

Nice one m8....





Lets go and get more Nexo 

[Mrpumperitis]

Starting soon we will begin to see new types of exchanges...
 fully regulated cryptocurrency exchanges, that will bring institutional interest and more...

These exchanges will be listing STO type of coins....
They are here to stay and will keep growing...

  Its Happening  


https://www.coindesk.com/bithumb-seriesone-to-launch-security-token-exchange-in-the-us/


South Korean crypto exchange Bithumb has teamed up with crowdfunding platform seriesOne to launch a compliant security token exchange in the U.S.

The joint venture was revealed in a press release from seriesOne shared with CoinDesk on Thursday, which adds that the exchange launch is still subject to regulatory approvals from the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

SeriesOne already offers an SEC-regulated platform that supports projects launching initial token offerings, as well as traditional equities and debt offerings.

Nexo is now listed on Bithumb DEX  





(oh btw dont fear the sell walls...they are fake, there to keep price low while whales accumulate more)

[Mrpumperitis]

https://www.reddit.com/r/Nexo/comments/9vcauv/nexo_loan_button_now_on_whattomine/ 

[Cy2]

NEXO is on sale! The buy button on my Bancor page almost clicked itself!

[Mrpumperitis]

NEXO is on sale! The buy button on my Bancor page almost clicked itself!

My auto pilot grabbed some more too.

 

[Mrpumperitis]

https://www.forbes.com/sites/davidpetersson/2018/11/07/cryptocurrencies-are-falling-but-there-is-a-smart-way-of-using-them/amp/



Crypto lending
While banks are starting to engage with cryptocurrencies, there is still a long way to go. According to Antoni Trenchev, cofounder of Nexo, “banks are if not hostile, then at least suspicious of cryptocurrencies.”


He explains: “Early on Bitcoin has been associated with the dark web and all sort of dodgy activities. But nowadays these illicit transactions are a single percentage of the overall transactions volume. The number one currency for criminals and money-launderers still is the USD and no one would fantom to remove fiat currencies. KYC and AML for crypto are harder and are expensive for the banks, hence a lot of the banking institutions shy away from it.”

This explains why banks have traditionally been reluctant to accept crypto as collateral. This has forced crypto holders to sell their cryptocurrencies for fiat before they can use it in any bank-related activities. But many who believe that the price of their investments will rise are reluctant to do so. Here is where crypto lending projects come in.

By accepting crypto as collateral, these projects allow people to hold on to their tokens while being able to make use of their wealth. According to Trenchev, “We have had people borrow for all sorts of purposes from buying a car and going on a vacation to purchasing a new home, which are pretty significant events in people’s lives.” The same people banks turned down.

Nexo, which is backed by TechCrunch founder Michael Arrington, has introduced several initiatives over the past few months and recently became the first project to accept XRP as collateral. The company, which functions as a bridge between the crypto world and the financial world, has also offered the only protection on the market for stablecoins by guaranteeing a 1-to-1 conversion for any stablecoin that is registered on its platform.




Recently, Nexo ranked as the coin with the highest ROI since this October.  (Nexo hasnt even warmed up yet  )
 It is unlikely this was the result of a pump and dump scheme as there was no peeks nor sharp drops.
 But whether the steady increase continues remains to be seen.
 For now, it shows that while cryptocurrencies have slumped, there are still huge opportunities when it comes to investing in cryptocurrencies.

[Mrpumperitis]

Feeling strained with the hashwars?...
Lost money buying moar futures svhitcoin?
Needing fiat to get by todays huge crypto dump?...
Want to buy a coin thats already sec complaint and not controlled by a lying psycho?...
As a crypto holder do you need help?.... 

If yes....then dont worry....

Thank fk we got.....
A proper STO providing a real service, working today. 
NEXO...   
one of the only coins designed to go up during crypto downtrends (check charts )

[irwanjabryg]

The volume will increase but it’s just a cycle. The NEXO Oracle will be selling into the buyers who will be paying off and the cycle repeats. It will help with liquidity but will not be a benefit for us holders. We benefit when more people join us in holding NEXO on the platform and not trading. Otherwise there are a billion NEXO that will be floating around in 4 years.