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25463776 No.25463776 [Reply] [Original]

what can go wrong if I take out all money from my bank and put it into a DEFI like compound? the APYs look tasty

>> No.25463828

>>25463776
Have fun paying $300 to withdraw $5k of your shit off the platform.

>> No.25463870

>>25463828
or just wait till the gas fees calm down

>> No.25463955
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25463955

>>25463828
Still lower than yearly bank fees

>> No.25464188
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25464188

I have over 10k in USDC and earn around 15% for it right now

>> No.25464614
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25464614

>>25464188
why not tether? the APY is much better

>> No.25464667
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25464667

>>25464614
>why not tether

>> No.25464714

>>25464667
>muh money printing scheme

>> No.25464993

>>25463776
I don't see a problem with it other than the rare chance of a hack. But that's what I'm planning on doing from now on as a poorfag so I can afford to lose everything. You can just use your btc/eth as collateral to take out cash without having to sell, and you'll never get liquidated since btc and eth will never crash again apparently, especially if you don't use the max LTV. It'll be nice too in like a year when btc is 300k and eth 30k and there's the usdc visa card + probably more cards like that where you can just borrow stablecoins using your crypto without ever having to sell.

>> No.25465346

>>25464188
Checked
On blockfi?

>> No.25465390

>>25464993
how can a hack work if you use a hardware wallet? As far as I know you keep the access to your coins and you have a smart contract with the platform, they can hack the c-Tokens, but they don´t get the access to the underlying coins?

>> No.25465471

>>25465346
compound, but the rates decreased, it´s around 8 % right now

you can check out lending rates here:
https://defirate.com/lend/

>> No.25465481

>>25464614
>why not tether?
Because it is a much riskier hold than USDC or BUSD or DAI.
You risk Tether collapsing and become worth $0, and it can happen overnight.