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/biz/ - Business & Finance

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14051091 No.14051091 [Reply] [Original]

thoughts on Blockfi?
>pic related
>interview related
https://soundcloud.com/what-bitcoin-did/zac-prince-from-blockfi-answers-listener-questions

>> No.14051164

>>14051091
Redpill me on all these sites offering interest on crypto lately. Like they are all large finance companys raising 10s of millions. Is money safe with them? My only interest is promoting their referral program but wouldnt want to promote anything risky.

>> No.14051168
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14051168

>>14051091
backed by Gemini but technically not a savings account so no FDIC

>> No.14051189
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14051189

>>14051168
they require KYC and have reasonable interest rates for your holdings, I'm considering putting a portion in to test it out at first
also listen to the interview, there are questions answered regarding the terms and conditions including how they loan money and offer interest accounts for holdings as well
apparently they are working with fidelity and gemini

>> No.14051191

>>14051091
Why would anyone get a loan backed by something highly volatile like crypto when they can just get an unsecured personal loan from the bank at like 5%?

>> No.14051260
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14051260

>>14051191
you take a USD loan with crypto as the collateral on that loan
https://blockfi.com/crypto-loans/
or you can open an interest account and deposit your crypto to gain interest
https://blockfi.com/crypto-interest-account/

purpose of this thread is to ask others what they think and if they have used this before?
I know bitconnect was a scam, but this is not comparable, namely the interest they're claiming is 6.25%. That may be high, but not unheard of with respect to crypto, their team is doing interesting things to guarantee that rate

>> No.14051327

>>14051260
Yeah, why would anyone with a brain give them custody of their crypto for 6%? At that rate they are probably doing fractional reserve, and they aren't insured so you don't have a backstop like with a traditional bank. I don't see the upside at all when you can get a normal bank loan. You aren't skeptical of a company basically claiming it can pay out a guaranteed return of 6%, in the crypto currency market no less? Seems like this will end badly

>> No.14051380
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14051380

>>14051327
I'm skeptical as well, custody is something I don't think I can live without
Regardless I made an account and got verified, may use it one day. Will wait and see how they do

>> No.14051390

Crypto.com I think offers 6% as well, tho not available to US ppl.

>> No.14052070

>>14051390
anyone here been using these services for any significant time?
any minimum periods?
withdrawal fees
etc.?