Good night guys and bots.
nice move towards improvements in inclusivity, for sure.
Just like lending on Bitfinex, it's all about how much risk you want to take that the platform itself doesn't go under.
You can make somewhere around 1% or so per year on your BTC lending to shorts. But if Bitfinex goes the way of many of the exchanges, then you lose all of your money.
I was listening to an episode of "What Bitcoin Did" while out running the other day and noted that BlockFi is one of its sponsors (they offer fiat loans to borrowers with btc as collateral and also interest-bearing bitcoin accounts). I thought there had been some discussion on these hallowed pages about BlockFi in the past, or perhaps it was something similar, but a quick search came up with only the above discussion. Which led me to have a few questions...
1. keeping in mind the obvious mantra of 'not your keys, not your coins' and considering the risk of such DeFi groups going under, I was wondering what WOers think of putting a small percentage of your coins into such an interest bearing account?
2. does Elwar think BlockFi or similar entities are now more reliable now that three years have passed?
3. wtf happened to Rosewater Foundation?
I'm far from convinced but it would be nice to get my coins working for me (in terms of increasing their number) instead of just sitting there looking good (and increasing in fiat terms but not in number). But the thought of not having my coins' keys sends me into a cold sweat....
Don't worry about it Strawbs.
Bitcoin is designed to pump forever, so you do not need to get lured into interest bearing nonsense.;.. and the vast majority of them both pay crap and they could well end up tricking you out of your coins because you failed to understand the terms of whatever bullshit contract to which you agreed.
Sure, if you just put a very small amount of your coins into such an instrument for funzies and to learn more, then probably no problem with that, but don't fool yourself into the desperate talking point that you need your bitcoin to earn interest because their appreciation is already built in...
Fuck they have appreciated way more than the 6% per year that I anticipated in 2013.. I should not have to go back and calculate, but I will if you believe that more discussion is needed... because it seems to me that you are actually seriously considering such nonsense and hopefully you are neither that desperate or you cannot figure out ways to engage in your own ongoing BTC accumulation if you feel you need more BTC beyond the overall ongoing BTC price appreciation that has historically occurred and likely to continue to happen to sufficient levels in order to be able to count on at least 12% per year (if not more) especially if you zoom out.. and none of those services are going to pay you 12% per year..
so they can fuck off.. except if you just are playing with them for funzies and you are o.k. with losing those coins. Note that personally, I am surely not against participating in various aspects of the Bitcoin ecosystem which is part of my rationale for participating in several exchanges for the 7.5 years that I have in bitcoin.. and I have close to 10% of my stash on various exchanges and playing around with various third parties.. but consider the risks of losing those coins too.. and my coins in cold storage are way more than I need for my richie status anyhow (referring to the near 0.21BTC stash that I may be getting close to having)..
....
3. wtf happened to Rosewater Foundation?
.....
Always wondered that myself actually. I miss the mayor's colorful posts.
All my favorite wo bros seem to have gone bye bye.
Time marches on.
Damn I'm getting old.....
https://www.youtube.com/watch?v=Ciq0wlhwUVwThe puggie nerdy looking singer in that video kind of looks like what I would have imagined RF/Mayor to look like, for whatever that's worth?