How does a 9.3% savings account sound?

[jacoavlu]

I’m putting all my money into crypto-pets.com instead. I think they’ve developed a winning formula this time around.

My virtual cat, got virtual cat diabetes, and now I need virtual cat diabetes insulin or she’s finished, plus their virtual cat litter is really cheap. They’ve basically cornered the market. It will be years before the competition catches up.

better yet buy the domain, it’s available

[Tim]

better yet buy the domain, it’s available

Do they sell pet insurance for my Pet Rock? It is getting up there in age.

[jfoxcpacfp]

Do they sell pet insurance for my Pet Rock? It is getting up there in age.

Guessing you must be, too (like me)!

[Panscan]

fair point re too good to be true

though I really don’t think this is a scam or fraud. BlockFI is only one of many “crypto banks” doing the same. It seems to be like securities lending.

I just don’t understand how there’s a market for securities lending of $1 stablecoins.

I don't understand why you want in on this if you say you don't understand how it works. If something is too good to be true it usually is.

I also don't understand where they are going to make the money to justify this.

[Tim]

Not a gambler. The thrill of the game keeps the interest up.

https://www.google.com/amp/s/www.cnbc.com/amp/2021/01/16/mega-millions-and-powerball-jackpots-worth-combined-1point-5-billion.html

Might buy a ticket or two. Mostly to provide incentive for financial planning, just in case.

[jacoavlu]

I don't understand why you want in on this if you say you don't understand how it works. If something is too good to be true it usually is.

I also don't understand where they are going to make the money to justify this.

well the why is clearly the ~9% interest on cash

[Lordosis]

well the why is clearly the ~9% interest on cash

Can you really call it cash?

[East coast]

well the why is clearly the ~9% interest on cash

I haven’t read this whole thread cuz it’s silly, but I have to say that the fact you think this is ‘cash’ is something - not even sure of the right word -but go for it and report back.

edit- and after type realize that lordosis beat me to it...

[jacoavlu]

you guys are reading too much into a word

ive talked about risk, I’ve talked about the fact I don’t understand how they can pay that much

I should have said “crypto cash”

[billy]

Will you allow yourself be interviewed if this becomes an American Greed episode?

[jacoavlu]

Will you allow yourself be interviewed if this becomes an American Greed episode?

I doubt that my story would be very compelling

[twodocs]

Didn't seem too interested at 8.6%

https://forum.whitecoatinvestor.com/personal-finance-and-budgeting/243678-blockfi-8-6-apy

[jacoavlu]

Didn't seem too interested at 8.6%
https://forum.whitecoatinvestor.com/...lockfi-8-6-apy

the (incorrect) point I was trying to make there was that you couldn't get the interest on USD savings but had to deposit crypto

I think what you were getting at, which I didn't understand, was the interest on stablecoins

I think we're on the same page, you were two steps ahead of me.

so are you taking advantage of it?

[twodocs]

the (incorrect) point I was trying to make there was that you couldn't get the interest on USD savings but had to deposit crypto

I think what you were getting at, which I didn't understand, was the interest on stablecoins

I think we're on the same page, you were two steps ahead of me.

so are you taking advantage of it?

No.

[Panscan]

you guys are reading too much into a word

ive talked about risk, I’ve talked about the fact I don’t understand how they can pay that much

I should have said “crypto cash”

like I said before if you say you don’t know how they can do what they claim they’re gonna do, why you would do it . Yea I understand the 9% interest sounds nice but you’re basically saying it seems too good to be true but the allure is too much for you to resist?

I would have to think they are being very aggressive with your money to justify giving you almost 10% with it which obviously is risky in the event the market goes south, completely excluding the lack of federal backing