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/biz/ - Business & Finance

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28734840 No.28734840 [Reply] [Original]

convinced my dad to put 1 million in BlockFi GUSD (Gemini stablecoin) for 8% APY

this shit won't exit scam right? I don't think he'd forgive me if that happened. Gemini/BlockFi seems legit but would the company survive a 90% correction in crypto or major hack?

>> No.28734984

>>28734840
Just purchase insurance if you’re worried though pretty sure your funds are insured on Gemini

Triple check that but I think you’ll be fine if shit goes south

>> No.28735022

Guess ur outta the loop.

Read about what just happened to CREAM

G.G

>> No.28735049

>>28734840
haha holy shit i would not
defi could very well be tested in the coming weeks lol

>> No.28735077

Sir you have done the needful, you have fed my village. I thank you from bottom of my heart. I am sorry that your father will lose all of his money sir, but do not worry, I will buy many goats.

>> No.28735081

>>28735022
this isn't some jeet smart contract. it's through a KYC centralized company based in New York.

>> No.28735142

>>28734840
Honestly just as somebody who doesn't know about Gemini but manages their own portfolio--
why not just put it in several high-yielding coins, perhaps split across 2-3 exchanges? Too much effort to put forth for a million dollars, yeah I get it, relatable.

>> No.28735298

>>28734840
>1 million
More like 1 thousand.

>> No.28735397

>>28735142
he doesn't want anything to do with shitcoins or staking shitcoins.
shitcoins can go down in value, GUSD cannot.
lending GUSD on BlockFi gives an insane return compared to CDs.

>> No.28735759

>>28734840

I would do Gemini and Celsius probably just in case. Celsius seems just as reputable to me as Chainlink has a lot of their reserves in Celsius. 10% APR on USDC if I remember correctly.

>> No.28735963

thank you sir

>> No.28736195

>>28735759
12.5% now

>> No.28736237

>>28735081
pretty damn safe on CEXes. make sure its someone too big to fail.

>> No.28736266

>>28735081
which makes it worse

If I was you I'd split it in 10x100k and put it into various companies but also defi protocols to split your risk

>> No.28736297
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28736297

>>28735077
Based pajeet

>> No.28736336

>>28736195

Is that paid out in USDC or if its paid out in CEL?

>> No.28736388
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28736388

>>28735759
celsius is legit. they only hire the best

>> No.28736437

>>28735397
Anything that is a company can flop like Bitconnect and then the creditors have dibs, before customers

Tell you retard dad to buy USDC and split it across multiple platforms Binance, AAVE, BNT, Blockfi whatever

>> No.28736519

>>28736297
Thank you good sir, I will use the million us dollars that op's father has given my village to buy the GRT, I will be billionaire soon and rule over all of the india

>> No.28736705

>>28736266
DeFi is vulnerable to Black Thursday like events. I use it myself but I can't recommend it for someone else. Lots of defi stakers got liquidated on Black Thursday right before the bullrun. Every few weeks some shitty code gets exploited and people lose money.

>> No.28736902

>>28736705
sounds like your dad should buy MSFT and forget about it

>> No.28736930

>>28736388

To be fair, she no longer works there. I'm pretty sure the majority of the team is IDF/Israeli military background.

>> No.28737057

>>28736930
it doesnt trouble you that a shoe designer made it to head of institutional lending in 1 or 2 years? how did she get the job? this is deeply concerning how decisions are made and by whom

>> No.28737366

>>28737057

She obviously fucked her way there or was just attractive. I'm sure she was quite persuasive in client acquisition the money that comes with them. What is weird is that she used her real name for the GDP video. You aren't asking the right questions. Honestly most of the business world at that level is networking and human relations especially when it revolves around monopoly money and the finance industry.

>> No.28737582

>>28737057
Yeah this is exactly why I don't use Celsius. I could be getting APY on my UNI with them but I seriously question their management's decision making for hiring her in the first place.
I use Blockfi and Nexo for everything else.

>> No.28737769

>>28737366
>why real name
stupid whore whoring through life not having any thoughts
>networking
ofc its important but thats not how she got the job. not even a good network makes you head, only giving heads make you head and she must be really into it

>> No.28737913

>>28734840
I would be careful with holding stablecoins. SEC can do to them same thing they did with ripple.

And Gemini is only one of investors in BlockFi. They are not insured by them. Gemini wont give a shit if BlockFi loses money.

>> No.28738618

>>28737913
stablecoins aren't promising to return anything to investors though. it's not a security like Ripple.

>And Gemini is only one of investors in BlockFi. They are not insured by them. Gemini wont give a shit if BlockFi loses money
good to know
they have a lot of big name investors but who knows if they would back them up in a liquidity crisis.
the fact that the APY is only 8% is a good sign to me though. they are probably making money.

>> No.28738913

>>28738618
I've heard blockfi makes their money through a variety of means, like arbitrage, and not just liquidity lending. The fact that they give more realistic returns and don't shill their own coin for bonus APY is why I trust them more over the others.