Is it safe to park money in BlockFi (in GUSD) ?
Stock market feels like a big fat ugly bubble right now. Thinking to park some solid money (around 250K) aside. Turns out BlockFi is giving 8.6% interest on cash deposited GUSD (stable coin), thinking to use it to park my money, but I know it's not FDIC insured. Has anyone used it ? Is it safe for parking or there are chances of fraud/hacking ?
Uber retaardd Feb 11, 2021
It’s a collateralized debt position marketplace. There is risk. eg if the assets used for collateral go bust faster than they can be liquidated. hacking too If you’re interested in crypto collateralized debt positions why not choose defi? better yields and similar risk
Morgan Stanley abathur Feb 11, 2021
🤔
Pony.ai ponypnypny Feb 11, 2021
Check out Celsius or Nexo. It's not as easy as Blockfi but they say they're insured.
I use it for bitcoin yeah there’s a chance of hacking but that comes with any platform. I wish it was insured tho