crypto startup is offering 8.6% interest on savings accounts

[CoachCB]

[FONT=&quot]Thoughts on this? Obviously there's a risk as it's not FDIC insured, but.... I'm thinking of dumping $25K into it.[/FONT]
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[FONT=&quot]This crypto startup is offering 8.6% interest on savings accounts — 123 times the national average[/FONT]
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[FONT=&quot]https://finance.yahoo.com/news/this-crypto-startup-is-offering-86-interest-on-savings-accounts-123-x-the-national-average-132050019.html[/FONT]

 

[halekulani]

https://blockfi.com/rates/

crypto rule #1: not your keys, not your coins. if they're going to hold your coins, the risk of losing everything (ie. mt gox) is on you.

 

[SmallDaddy]

Feels like a bad idea.

If cryptos crash, how are they gonna pay you back???

I would say its a variation on the Ponzi scheme.

As long as cryptos soaring you are ok, but once it declines you are screwed

 

[AmirPelavin]

It is kind of interesrting to know that there is already an 8.6 interest on savings account. However, it is also weird to know since it is almost similar to having a saving account but only crypto. I personally think that it defies the reason why it is decentralized. Seems like something is really sketchy about this. You still need to be careful with investing all of you aasets to cryptocurrencies because it is highly volatile. It is still better to spread your investment. got the facts over at learncrypto. You guys might want to check it out, it offers the basic know how regarding cryptocurrency and the general market.

Reference: https://learncrypto.com/knowledge-base/cryptocurrency/bitcoin

 

[CoachCB]

I put about $6000 in this. It's earning 8.6% and I'm using blockfi as my BTC account. So far, so good. I also earn interest on the BTC that they hold. I'll probably add a few hundred $$ per month and keep buying any big dips in BTC through this account.