Want to earn 3.05% by loaning you #Bitcoin to Gemini's friends? I think fucking not! Their complete lack of liability in this agreement makes me wonder who in their right mind would lend them their Bitcoin.
@lizard Was slightly excited about this program. Read into the fine print and immediately noped out. Not even worth a $20 risk.
0 liability on their part. 100% liability to the user. 3% gains. Who knows how much they are making lending the coins out, maybe 8%+.
Keep the asset thats appretitating 200% per year and sit on it.
Agree. When I saw the BlockFi stuff a while back it sounded interesting, extra #Bitcoin for nothing but really for taking huge risk. As @alphaazeta explains in the linked thread your coins are likely being lent to short sellers and if there is a strong move to the upside they could be liquidated leaving the lender shit out of luck!
There are many temptations that can cause you to lose your coins. Keep it simple, stack and Hodl!
@lizard @alphaazeta That's just it. I don't know another reason that coins would be lent out other than to short. 6% in Blockfi isn't worth the risk. I don't even think 50% would be worth the risk. This of course completely ignores the counterparty risk of exchange hacks or exit scams. I know the market has matured but when you give someone else your money they tend to keep it.
This server was setup as a means to decentralize the Bitcoin social networking community in a small way. I came from bitcoinhackers.org. The administrator there felt that the users should create their own Mastodon instances to keep the community decentralized so I created this instance.