fillippone
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March 08, 2019, 07:26:14 AM
Merited by JayJuanGee (1)

https://bitcoinist.com/gemini-backed-bitcoin-interest-account/

6.2% annual interest for a Bitcoin account sounds appealing. The idea is good and may attract many investors. But what if BlockFi turns out to be the new Bitconnect? Who cares that it is backed by Gemini?Any thoughts on this?
There's no way they can sustain 6.2% annual Bitcoin interest unless they pay it in fiat or virtually nobody deposits/stays deposited.

Sounds sketchy but some might take the risk (not me).



Will they offer the same rate when Bitcoin is well above $100k?

Lending out just 2 coins will net you $10k every singel month...this sounds too good to be true.

BTCjam 2.0.
It is too gods to be true, because it is not true.
With bitcoin at 100k USD , lending 2 coins would give you 12,400 USD annually, with monthly payments.
6.2% annual interest means you get 6.2% of your capital...annually.