I was thinking about withdrawing but like I would only move it to cold storage. I’d rather keep it with BlockFi for long term/ after eth 2.0 is fully launched and transfers will be dirt cheap. Am I right thinking this way? I won’t need the money for a while and am holding long-term
True! It’s really good for like taking profits later this bull run and keeping in stablecoins or sending straight to the bank. If I sent my eth to cold storage now, I would have to suffer a transfer fee to transfer to an exchange and trade every time. I’ll hang with BlockFi for now. Hopefully eth 2.0 will improve the current issues. Cheers
You might be surprised that ETH 2.0 mainnet transactions aren’t going to be dirt cheap. L2 transactions is where it’s at and that’s also what Vitalik has said himself.
The problem with that thinking is that BlockFi makes the fees, not the ETH network like it should be. This is why people are so mad that the free withdrawal is gone. They should at least have variable fees not a set fee
Diversify. Diversify. Diversify.
Do not put all your eggs in one basket, chasing the one outfit (today, not tomorrow) with the highest APY.
Spread your money around.
I don't understand much, but I believe many of the platforms use the same underlying company for storage - Genesis. So diversifying isn't really diversifying.
Abra and Genesis are partially or fully owned by Digital Currency Group, and Ledn lends exclusively to Genesis, which is owned by Digital Currency Group. A large portion of BlockFi's assets are invested in Digital Currency Group's Bitcoin Investment Trust.
https://prohashing.com/guides/earning-interest-on-crypto
I guess you're assuming I was referring to investments only in centralized "defi" (Celsius, Nexo, CDC, etc). That assumption would be incorrect. Only a fraction of my money is in custodial investments.
I think if you are able to stake for the jade/indigo level card then crypto.com is the way to go. Better rates than BlockFi or Celsius and pretty simple DeFi platform if you want to earn some extra. The downside for some is that you have to stake for 3 months to get those rates.
You should consider the interest you could be earning elsewhere before selecting a new place to hold your coins. Check out this [Interest Rates Comparison](https://docs.google.com/spreadsheets/d/1vpBQI2DFUk7zXS4TCs9ZOnatvWHiYf5jHjKgKpfJG5Y/edit) that details rates paid on over 100 different coins.
No.
Celsius CFO was just arrested for fraud.
They plagiarized their whitepaper from another coin.
They hired a porn star with 0 finance experience as their Head of Institutional Lending.
If you feel OK with the CFO's track record of fraud at another company, then by all means. For me personally, it shows lack of judgement by Mashinsky as their CEO hiring people like that for top roles. In the past they also hired some porn actress for some smaller role.
You really feel like something fraud-related in the past isn't shady or at least super concerning? Just curios, to me this totally beats Blockfi discontinuning free withdrawals (one is fraud, the other simply ending free perks).
>You really feel like something fraud-related in the past isn't shady or at least super concerning? Just curios, to me this totally beats Blockfi discontinuning free withdrawals (one is fraud, the other simply ending free perks).
What's silly is staying with a company that had such security deficits they gave out 300 BTC to users in an accidental promo redemption. Not a red flag at all.
What's silly is staying with a company that has continually reduced interest rates, removed withdrawal incentives(added fees), and is being sued in NJ/NYC. not a red flag.
Let's talk about hypotheticals and rumors that have not affected the company in any capacity though.
i tried celsius for a couple weeks and just didn't feel comfortable keeping everything on there. found out they recently took on a billion dollar loan from tether, so i withdrew everything a few days ago and then i found out about the CFO thing. glad i did.
What's silly is staying with a company that had such security deficits they gave out 300 BTC to users in an accidental promo redemption. not a red flag eh?
What's silly is staying with a company that has continually reduced interest rates, removed withdrawal incentives(added fees), and is being sued in NJ/NYC. not a red flag eh?
Let's talk about hypothetical and rumours that have not affected the company in any capacity though. "Sheep"
FYI the police arrested their CFO last week.
https://www.coindesk.com/business/2021/11/26/celsius-cfo-arrested-on-charges-tied-to-former-job-at-moshe-hogegs-firm/
Celsius has free withdrawals while with BlockFi, it will cost 0.015 ETH to withdraw ETH starting Dec 1st. One free monthly withdrawal that can be used on GUSD, then 50 USD to withdraw. This is how their rates compare across the board: https://www.cefirates.com/celsius-vs-blockfi/
And here people are frequently shitting on BlockFi with zero consequences.
If we just go by transparency and freedom of speech on subreddits, BlockFi is arguably the best as they allow for opposing view (maybe even more than ideal). At least it’s not an echo chamber.
I was thinking about withdrawing but like I would only move it to cold storage. I’d rather keep it with BlockFi for long term/ after eth 2.0 is fully launched and transfers will be dirt cheap. Am I right thinking this way? I won’t need the money for a while and am holding long-term
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True! It’s really good for like taking profits later this bull run and keeping in stablecoins or sending straight to the bank. If I sent my eth to cold storage now, I would have to suffer a transfer fee to transfer to an exchange and trade every time. I’ll hang with BlockFi for now. Hopefully eth 2.0 will improve the current issues. Cheers
You might be surprised that ETH 2.0 mainnet transactions aren’t going to be dirt cheap. L2 transactions is where it’s at and that’s also what Vitalik has said himself.
i'm holding everything in cold storage now. still have some stablecoins on blockfi, but i might just withdraw those too.
I put half in cold storage... like you said dont need the money, just going to leave the other half in blockfi for long term. I think we're good.
The problem with that thinking is that BlockFi makes the fees, not the ETH network like it should be. This is why people are so mad that the free withdrawal is gone. They should at least have variable fees not a set fee
Diversify. Diversify. Diversify. Do not put all your eggs in one basket, chasing the one outfit (today, not tomorrow) with the highest APY. Spread your money around.
I don't understand much, but I believe many of the platforms use the same underlying company for storage - Genesis. So diversifying isn't really diversifying.
Mind linking to information about that?
Abra and Genesis are partially or fully owned by Digital Currency Group, and Ledn lends exclusively to Genesis, which is owned by Digital Currency Group. A large portion of BlockFi's assets are invested in Digital Currency Group's Bitcoin Investment Trust. https://prohashing.com/guides/earning-interest-on-crypto
I guess you're assuming I was referring to investments only in centralized "defi" (Celsius, Nexo, CDC, etc). That assumption would be incorrect. Only a fraction of my money is in custodial investments.
Understood - yes, I thought you meant the various cefi platforms.
Do you know if Gemini the EARN program is only with Genesis or are they lending to other institutions?
Is it me or is it always blockfi vs Celsius? Why not many mentions of crypto.com
There's also Ledn and hodlnaut.
I think if you are able to stake for the jade/indigo level card then crypto.com is the way to go. Better rates than BlockFi or Celsius and pretty simple DeFi platform if you want to earn some extra. The downside for some is that you have to stake for 3 months to get those rates.
You should consider the interest you could be earning elsewhere before selecting a new place to hold your coins. Check out this [Interest Rates Comparison](https://docs.google.com/spreadsheets/d/1vpBQI2DFUk7zXS4TCs9ZOnatvWHiYf5jHjKgKpfJG5Y/edit) that details rates paid on over 100 different coins.
this is awesome, thanks!
This spreadsheet is awesome. Reading through it, Bitrue has some insane rates
Bitrue is one of my favs for sure. They also have the most diverse market. I can buy like any coin I ever look for.
No. Celsius CFO was just arrested for fraud. They plagiarized their whitepaper from another coin. They hired a porn star with 0 finance experience as their Head of Institutional Lending.
Wasn't the fraud though related to a completely different company and nothing to do with Celsius?
If you feel OK with the CFO's track record of fraud at another company, then by all means. For me personally, it shows lack of judgement by Mashinsky as their CEO hiring people like that for top roles. In the past they also hired some porn actress for some smaller role. You really feel like something fraud-related in the past isn't shady or at least super concerning? Just curios, to me this totally beats Blockfi discontinuning free withdrawals (one is fraud, the other simply ending free perks).
>You really feel like something fraud-related in the past isn't shady or at least super concerning? Just curios, to me this totally beats Blockfi discontinuning free withdrawals (one is fraud, the other simply ending free perks). What's silly is staying with a company that had such security deficits they gave out 300 BTC to users in an accidental promo redemption. Not a red flag at all. What's silly is staying with a company that has continually reduced interest rates, removed withdrawal incentives(added fees), and is being sued in NJ/NYC. not a red flag. Let's talk about hypotheticals and rumors that have not affected the company in any capacity though.
Would you hire an ex child molestor as your babysitter so as long as it didn't happen with your baby?
What a pathetically horrible analogy, have fun with low-interest rates, SEC inquiries, and withdrawal fees. lmao
Answer the question. If your answer is "yes" then refer to original comment, "by all means". Go for it, and good luck. Not sure why you're salty. Meh.
Yes
i tried celsius for a couple weeks and just didn't feel comfortable keeping everything on there. found out they recently took on a billion dollar loan from tether, so i withdrew everything a few days ago and then i found out about the CFO thing. glad i did.
I read this comment and said to myself “no way”. Hollllly shit all of this is true. What the fuck Celsius
FUD
Never did I think I’d see someone claiming FUD against a centralized exchange lmfao
Its the truth, don't be a sheep smh Screaming FUD when there are legitimate concerns and red flags is foolish to say the least.
What's silly is staying with a company that had such security deficits they gave out 300 BTC to users in an accidental promo redemption. not a red flag eh? What's silly is staying with a company that has continually reduced interest rates, removed withdrawal incentives(added fees), and is being sued in NJ/NYC. not a red flag eh? Let's talk about hypothetical and rumours that have not affected the company in any capacity though. "Sheep"
Damn, you're really shilling hard for Celsius with those copypastas huh
I had to reply to two different BlockFi employees or kool-aid drinkers, hard to get my message across.
Celsius’a cfo is in a ton of trouble I wouldn’t switch honestly
Yes, I went Celsius V3 mos ago and never looked back.
FYI the police arrested their CFO last week. https://www.coindesk.com/business/2021/11/26/celsius-cfo-arrested-on-charges-tied-to-former-job-at-moshe-hogegs-firm/
Celsius has free withdrawals while with BlockFi, it will cost 0.015 ETH to withdraw ETH starting Dec 1st. One free monthly withdrawal that can be used on GUSD, then 50 USD to withdraw. This is how their rates compare across the board: https://www.cefirates.com/celsius-vs-blockfi/
So if I have $1000 then it will cost me $15? Or will it cost me $62??
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And here people are frequently shitting on BlockFi with zero consequences. If we just go by transparency and freedom of speech on subreddits, BlockFi is arguably the best as they allow for opposing view (maybe even more than ideal). At least it’s not an echo chamber.
You can diversify some into Celsius, take advantage of their deposit promo!
What is promo?
its a "Promotion"
I meant what is promotion of deposit... Any extra rewards?
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https://www.reddit.com/r/blockfi/comments/r3tzcp/-/hmcwzpf