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How does a 9.3% savings account sound?

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  • #31
    Originally posted by Jaqen Haghar MD View Post
    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

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    • #32
      Originally posted by jacoavlu View Post

      better yet buy the domain, it’s available
      Do they sell pet insurance for my Pet Rock? It is getting up there in age.

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      • #33
        Originally posted by Tim View Post

        Do they sell pet insurance for my Pet Rock? It is getting up there in age.
        Guessing you must be, too (like me)!
        Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #34
          Originally posted by jacoavlu View Post

          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.

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          • #35
            Not a gambler. The thrill of the game keeps the interest up.
            https://www.google.com/amp/s/www.cnb...5-billion.html

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

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            • #36
              Originally posted by Panscan View Post

              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

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              • #37
                Originally posted by jacoavlu View Post

                well the why is clearly the ~9% interest on cash
                Can you really call it cash?

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                • #38
                  Originally posted by jacoavlu View Post

                  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...

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                  • #39
                    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”

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                    • #40
                      Will you allow yourself be interviewed if this becomes an American Greed episode?

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                      • #41
                        Originally posted by billy View Post
                        Will you allow yourself be interviewed if this becomes an American Greed episode?
                        I doubt that my story would be very compelling

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                        • #42
                          Didn't seem too interested at 8.6%
                          https://forum.whitecoatinvestor.com/...lockfi-8-6-apy

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                          • #43
                            Originally posted by twodocs View Post
                            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?

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                            • #44
                              Originally posted by jacoavlu View Post

                              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.

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                              • #45
                                Originally posted by jacoavlu View Post
                                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

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