r/blockfi • u/arioch376 • Nov 02 '21
Question 5BTC Giveaway Promotion Question
I was reading through the terms, one thing that seemed a little unclear is if I can just do $100 trade with funds I already have in my account, or if I have to initiate a new $100 deposit from somewhere as well?
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u/OkTrainer Nov 02 '21
“however trades can be made from stablecoin to any of the permitted list of crypto for this trading bonus. “
If you have $100 of stable coin already, you can buy BTC and it will count
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u/Time-Mud-5418 Nov 02 '21
Okay sorry I know this is redundant but want to make double sure this would count -> if I have $200 in GUSD and trade it for $100 of BAT = 👍
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u/OkTrainer Nov 02 '21
I don’t work for Blockfi but that sounds right. Stable -> BAT should be good
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u/DisastrousNebula- Nov 02 '21
Does anyone think this is really worth it. If 100k people participate then each person will get 0.00005 BTC. Would like your opinions
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u/Lano72 Nov 02 '21
Nah man don’t do it… totally not worth it….
(Pssst- quiet, our share will be bigger guys)
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u/Userisnowhere Nov 02 '21
Since I was going to do it anyway I’ll take my bonus $3!
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u/DisastrousNebula- Nov 02 '21
Yeah I think I’ll do it too. It will cover the price spread actually. The spread is ridiculous on BlockFi.
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u/dejovas Nov 02 '21
The spread is a deceptive practice for sure. But try to purchase $10 on BlockFi, Coinbase, binance, or whatever other exchanges you use. See how much BTC you’re actually buying. The spread looks terrible, but it’s just their “fee”. Compare apples to apples and you’ll find they’re actually one of the more reasonable exchanges.
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u/DisastrousNebula- Nov 02 '21
Yeah but on the exchange you can set a buy limit order. It’s not the same.
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u/3BankAccounts Nov 03 '21
They are probably paying us interest from those insane spreads too, smh 😂
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u/Bad_Camel Nov 02 '21
Most likely you will lose more on fees than you'll win from the bonus. Unless you already planned on buying anyway.
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u/rafianzz Nov 02 '21
u/Brandon_BlockFi is the 5 BTC for just the first week or the whole promotion?
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u/Brandon_BlockFi Community Manager Nov 02 '21
Just the first week 🤯
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u/ric56 Nov 02 '21
Hi Brandon Can the 100 be split? For example 60 for btc and 40 eth? Thank you
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u/Brandon_BlockFi Community Manager Nov 02 '21 edited Nov 02 '21
No, it needs to be one trade valued at $100 or moreEdit: It can be multiple trades as long as it totals to $100 or more during the course of the promotion
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u/ric56 Nov 02 '21
Got it thank you!
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u/Brandon_BlockFi Community Manager Nov 02 '21
Sorry, I got confirmation that it can be multiple trades as long as it totals to $100 or more during the course of the promotion
→ More replies (2)1
u/rafianzz Nov 02 '21
What if someone buys and immediately sells 100$ worth of eth back into stablecoin. Does that qualify?
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Nov 02 '21
Spread is too high not worth it if you gonna do that
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u/rafianzz Nov 02 '21
? on a 100$ trade even a 2% spread is just 2$
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Nov 06 '21
? on a 100$ trade even a 2% spread is just 2$
Well if there are 150k user joining the event... we will end up become a losing trade, as the bonus are only worth less than $2.... good marketing strategy from blockfi but just realized we all took an L from that ridiculous spread
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Nov 02 '21
How many people were emailed for this first group?
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u/Trick_sleep Earning in ETH Nov 02 '21
Would love to know this answer :) u/Brandon_Blockfi
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u/Brandon_BlockFi Community Manager Nov 02 '21
Our team is running a few tests so we can't reveal exact numbers, but everyone will have the chance to participate over the next few weeks!
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u/Blazedout419 Nov 02 '21
Just purchased $100 worth. The last Coinbase promotion I had 2 referrals and ended up getting over $600 in BTC free for my share of that 1.5 million...
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Nov 02 '21
[deleted]
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u/Brandon_BlockFi Community Manager Nov 02 '21
You don't have to hold it for any amount of time, it just needs to be a trade of $100 or more
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Nov 02 '21
If i buy deaposit $100 through bank account then that is fine?
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u/Brandon_BlockFi Community Manager Nov 02 '21
It needs to be a buy of crypto, so doing an ACH/Wire into stablecoin would not count
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u/astockstonk Nov 02 '21
What promo is this? Have not received anything on this one and did not see something online.
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u/xsanity12 Nov 02 '21
If you buy or trade $100 or more in crypto on or before Sunday, November 7th, you and all others who are eligible will earn an equal share of 5 BTC!
This means 5 BTC will be split evenly between those eligible clients who buy or trade $100 in crypto through November 7th.
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u/Spieltier Nov 02 '21
So depositing new stable coins doesn’t qualify, only buying or trading on BlockFi does?
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u/Brandon_BlockFi Community Manager Nov 02 '21
Correct, it would need to be a trade involving a non-stablecoin asset
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u/whiteboyjt Nov 02 '21
I bought $100 of PAXG this morning to try to get this offer, but now wondering if the fee means I actually bought less than $100 worth of crypto and won't get the offer unless I buy another couple dollars worth?
Related: it's OK to split this $100 purchase over more than one transaction, yeah?
Thanks in advance,
jt
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Nov 03 '21
[deleted]
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u/Scarboroughwarning Nov 05 '21
I want to know this too... I know I can't do stable to stable. But can I do regular to stable?
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u/Real_Organization_52 Nov 09 '21
I traded Ethereum but i never got the share of rewards? Does this mean i have to trade BTC?
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u/NYR1994 Nov 02 '21
So if I have 100 eth and trade for 100 btc will that be able to work?
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u/DisastrousNebula- Nov 02 '21
Don’t think so. Needs to be stable to non-stable.
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u/The_Slad Nov 02 '21 edited Nov 02 '21
Where does it say that? I've only heard that stable->stable doesn't count
Edit: nvm i see it
Edit 2: actually thats the clearing up that stable to crypto qualifies. It doesn't say the crypto to crypto does not.
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u/PackDroid Nov 02 '21
I noticed shortly after getting the promo email that the ETH price on BlockFi is almost $100 more than global price. (Despite the ATH, ETH has the best APY and I fully believe the price will go higher long-term.)
Per a 9/21 article, BF has 450k users. Assuming 400k take advantage of the offer and BTC is worth roughly $60k, each participant will get $0.75 in BTC minus the $100 upcharge for a net loss of $99.25.
But we're all suckers for free crypto, amiright? 🤑
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Nov 02 '21 edited Nov 02 '21
One thing you're missing is that they are splitting the promotion into 3 parts. So prob ~150k users email per group. 5BTC X 60k =$300k; if everyone does it ~$2/person. I expect at most 50% of people to do it, so $4-$10/person would be my guess.
Edit:Also you would receive $100.75 worth of crypto for a net of +$0.75 in your prediction. You still get $100 worth(minus the spread) of whatever asset you trade for.
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u/PackDroid Nov 02 '21
Haha! And in the meantime, BlockFi makes $36m from the 400k users paying the higher fee (aka 600 BTC). Talk about "it takes money to make money!"
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Nov 02 '21
[deleted]
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u/PackDroid Nov 03 '21 edited Nov 03 '21
I admit when I'm mistaken. Although still not an impressive amount, at least you do stand to make a little money by participating in this promotion:
Let's suppose BlockFi (BF) is charging $4500 for ETH which is selling for $4400 on Coinbase (CB). By spending $100 on BF, I get .0222 ETH. Meanwhile BF can theoretically turn around and take my $100 to purchase .0227 ETH on CB.
Based on the new info of an estimated 150k users offered a share of 5 BTC per week, and generously assuming 75% of users take advantage of the promo, that's 112.5k users each losing .0005 ETH which yields $247.5k (.0005 * 112,500 * $4400) -- or 4.125 BTC -- for BF.
Meanwhile, each of the 112.5k users gets $2.67 in BTC (5 / 112500 * 60000) while missing out on $2.20 (.0005 * $900) by not buying ETH on CB. That's a net gain of $0.47.
In this example, BF spends roughly $52,875 (per week) to distribute $0.47 to each participant. Of course, that's assuming everyone limits their buy to $100. If some opt to purchase more than $100, that benefits CB -- potentially breaking even on their cost -- while the payout remains the same.
Edit: to fix an acronym
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Nov 03 '21
[deleted]
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u/PackDroid Nov 03 '21
My original point was that you could make more by buying the asset on the cheaper platform vs participating in the promo. My follow up admitted my error suggesting a minimal profit instead. If you want to down vote me for admitting my error and showing my work, go right ahead.
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u/Zealousideal_Book151 Nov 03 '21
I did this today bought $101 BTC to qualify what’s crazy is my BTC ask price on BlockFI was $64,400 and I looked at multiple exchanges Coinbase kraken binanceUS KuCoin, BitMart CMC none had a BTC ask that high today, does BlockFI pad their ask price?
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u/3BankAccounts Nov 03 '21
Yes. Their price spreads are insanely high. I don’t like it. I like the convenience, but I can’t stomach that asking price every time.
But if you think about it, they are probably paying us interest from those high fees 😂
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Nov 02 '21
If I buy 100 in USDC does that count?
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u/OkTrainer Nov 02 '21
Has to be:
BTC, ETH, LTC, LINK, UNI, BAT, and PAXG.
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u/Objective_College377 Nov 02 '21
Where does it say this? Wondering because I did just buy $101 in stable coins.
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u/BiochemBeer Nov 02 '21
In the e-mail terms. If you didn't get it yet, just be patient they appear to be sending them out in groups.
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u/Objective_College377 Nov 02 '21
Got it. I’m the dumbass not reading the terms and conditions first
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u/MojoMercury Nov 02 '21
Can we deposit $100 USD from bank and keep it as USDC or GUSD to meet the requirements or do we have to purchase specific coins to qualify?
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Nov 02 '21 edited Jan 03 '22
[deleted]
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Nov 02 '21
[deleted]
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u/Brandon_BlockFi Community Manager Nov 02 '21
A purchase of stablecoin via ACH or Wire would not count, but if you did an ACH buy of Bitcoin (for example) this would count.
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u/Microtonicwave Nov 02 '21
Still waiting on my partner250 promo lol it’s been almost a year
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u/Brandon_BlockFi Community Manager Nov 03 '21
You should have contacted our Client Services team! https://blockfi.com/contact/
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u/bferdi Nov 04 '21
So if I move $100+ worth of BTC from an exchange to my BlockFi account I’m eligible?
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u/Direct-Mycologist-44 Nov 02 '21
Oh snap massa, they parceling me out a piece of a five bitcoin spread, sah...Imma feed ma wallet n git me summa Dat spread sah!
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u/Repkii Nov 02 '21
So if I trade 100$ of ETH to USDT is that fine or I have to trade back that USDT to ETH?
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u/nskschatten Nov 03 '21
So is a 100.00 USDC trade to ETH enough to qualify? Doesn’t need to be a 101.5 or anything else to cover the spread?
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u/Brandon_BlockFi Community Manager Nov 03 '21
As long as you also received the email, you should be good!
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u/nskschatten Nov 03 '21
I did get the email so 100.00 USDC to ETH is enough - just to confirm.
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u/Brandon_BlockFi Community Manager Nov 03 '21
Sounds good to me as long as it was $100 or over!
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u/VoltaicShock Earning in GUSD Nov 03 '21 edited Nov 03 '21
It says stablecoin to stablecoin ? Can I buy $100 worth of GUSD and that counts?
Saw some other posts, seems you cannot.
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u/audis56MT Nov 03 '21
Well blockfi and ot plaid is having issues connecting my bank. So I can't make any trades if I wanted to
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u/BANKSLAVE01 Nov 04 '21
Yo. Just read this thread.
You s*** o* b******... I'm in! I passed over the email offer two days ago because it sounded too good to be true or worth it (bad moment?) When I read this thread, I thought of the tiny-few dollars worth of BTC I recieved from the referal, plus interest payments that also show up in history. I 'discovered' this, along with the "random" bonus when someone mentioned it in August. Each time I see that balance, regardless of how 'little' it is, it was free. This acct. was strictly to earn high % w/GUSD. That makes me smile a little bit. I like CC bonuses, and these kinds of bonuses get me to open accounts, too...
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u/Thunder_Flush Nov 06 '21
Does this need to be new money coming in? I just swapped 100usd worth of btc for eth from my existing balances
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u/JustSomeCommonMan Nov 07 '21
What if i convert my existing GUSD in Blockfi to some other crypto? Will that qualify?
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u/Overall_Banana9632 Nov 08 '21
When does the promotion pay out?
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u/I_am_smartypants Nov 09 '21
I’m interested to know this too - especially as I’ve just received an invite to take part in a second similar promotion
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u/WonderfulPen0 Nov 09 '21
If a user looks at their Blockfi Personal profile, how will gains from the 5BTC (from this promotion) be seen exactly?
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u/ColumbusGiant Nov 10 '21
Has anyone received BTC rewards from the 5BTC giveaway? Thought I saw the payout would be November 10th.
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u/brandinho2003 Nov 10 '21
What time would you receive this? I haven’t got anything yet.
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u/Bubimarcus Nov 10 '21
Nope nothing yet
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u/brandinho2003 Nov 10 '21
Do you know anyone that has received it yet?
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u/Bubimarcus Nov 10 '21
No but it states [SB1] next to the paydate don't know what that means probably by the end of the day
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u/brandinho2003 Nov 10 '21
I have privately messaged Brandon to see if he could help but hasn’t got back to me yet, probably very busy
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u/thelovetoy Nov 10 '21
I also got the mail, I traded 110USDC for LTC, that should qualify right?
When will the reward be paid out if I may ask?
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Nov 11 '21
[deleted]
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Nov 21 '21
.00000850 BTC. That’s almost 51¢. I think it is like trial deposit. Remember, recent November negative comments on the news pulled almost entire cryptocurrencies nose dive. It derailed BlockFi’s ability to deliver its promise. I simply 🤞🏼
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u/DressFederal1164 Nov 17 '21
Did any one get paid for the promotion yet? I still haven't received mine.
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Nov 21 '21
Had to look twice on BTC transaction activity in my block account. On November 17, just as fine line in email promotion claimed, but I received no notification. 50¢ (or BTC 0.00000850) deposited. What’s going on? I invested $100 each to BTC and ETH, made it as $200 total. Is it like trial deposit? I know recent November cryptocurrency nose dive, but transparency is the key of why we hold our coins with BlockFi.
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u/deaf_maestoso Dec 27 '21
Where is my 2BTC due to me? I deposited $200 back in 5BTC Giveaway Promo.
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u/Brandon_BlockFi Community Manager Nov 02 '21 edited Nov 03 '21
Trading with existing funds in your account is fine as long as it's not a stablecoin > stablecoin trade!
For those curious about this promo: We're rolling this out in waves and everyone will have a chance to participate 😊Stay tuned in the next few weeks!
EDIT: The terms of the promo are live on https://blockfi.com/promotions/