Is blockfi worth it reddit. We don't know whether FTX.
Is blockfi worth it reddit 6% apy on btc and 8. People on Reddit tend to see BlockFi and Coinbase as complementary services rather than direct competitors. Even if BlockFi gets their BIA shut down because of it, you aren’t gonna get locked out of withdrawing your funds. The 1. You will still have any scheduled BIA claims with respect to your BIA account, which do not require capping and will be deemed allowed for the purposes of any distribution. Reply Hi there! It looks like you're talking about withdrawals, so here's a couple reminders on how BlockFi processes them: As long as you submitted your withdrawal request and completed any additional security verification before 8pm ET, then your withdrawal should be processed on the next business day by 8pm ET. But what about staking? I’ve heard about the risks of impermanent loss, and also getting your coins slashed. You are better off just Hodling those coins & as crypto appreciates your coins will also The Court of Public Opinion: BlockFi vs. Crypto. The answer is the rates will change monthly based on market conditions just like it I have a bunch of USDC in BlockFi that I use to gain interest. com Visa Card — the world’s most widely available crypto card, BlockFi is backed by some of the biggest names in the space because they have seen our business model and know we manage our customer funds the right way. What is the general consensus on this app? Is it worth it? Any key things i need to know about it Now lets say 1 year later I put down another 8-15k, now that will put me close to the premium bracket. For example, if you buy at $100, Reddit Members, for your safety, never Research "Genesis Trading". 30k Loan / 60k Collateral = 50% LTV. And NO ONE approved the plan. Please be vigilant and skeptical when reviewing and reading emails claiming to be Block or Kroll. Think you might have to leave it there for a month but clearly worth it. (Please note that this subreddit Posted by u/amphibian303 - 29 votes and 53 comments I have 4 ETH and chose to split it between Celcius and Blockfi. If you're just interested in pure maxi plays then just go cold storage. 7% of the original BTC amount. So by reconciliation schedule, they mean opening wallets for you to transfer your crypto to another wallet platform. We all know BlockFi stable coins are earning 9% up to 40k USD--which is a massive APY compared to traditional banks. View community ranking In the Top 5% of largest communities on Reddit. For what it’s worth, I’ve used plaid across multiple accounts and it’s pretty slick and I’ve had no problems yet. BlockFI uses your coins for their own purposes. Instead, BlockFi caved immediately to the SEC, which set off a chain reaction of other providers now having “custody” and “earn” which is basically just a trap. I've been running around for hours trying to figure out what the hell is going on. From there I can try to move it BlockFi is not FTX. Contact your senator to get it changed, don't bitch on Reddit. Coinbase Reddit. 5% cash back card with the difference being its payed back in bitcoin. I said it is not worth it on Blockfi for anything over 0. 5% cash back seems meager in face value, but this is cashback that you are Last year, Cade Cunningham signed a deal with BlockFi, receiving 100% of his signing bonus in bitcoin. You can read more here about how to tell if an email is legitimate. We have never lost any customer funds in the 2+ years we have been in business. BlockFi and co probably didn't put all their eggs into one basket and they will likely have some funds left, but in bankruptcy proceedings, the regular users typically are pretty low on the priority list when it comes to the distribution of the remaining assets. Reply reply the unofficial home of Strava on Reddit - your place to post about, My portfolio is 90% allocated to cold storage and 10% in yield generating deposit accounts such as BlockFi. If this was a cashback card the rewards would only be $211 but since it is Bitcoin the actual rewards value could go up (or down) that’s how I ended up with $250 worth of Bitcoin. ) Posted by u/BlockChainTTMFT - 15 votes and 42 comments Posted by u/Isabelle_BlockFi - 54 votes and 58 comments Inb4 “you’re doing this out of self interest”. A place dedicated to discuss Acer-related news, rumors and posts. In terms of security, Kraken>Celsius>Blockfi/Nexos I hear you, and I get it. Bottom line: used as a secure, frictionless (if supported), long term rewards-as-savings approach I believe this card has tremendous potential. 80 GUSD $1. None of these products are insured. us's loans to BlockFi are junior to depositors' money and BlockFi isn't going down without taking FTX. In terms of who I trust most to honour cust deposits in case they lost most of their cold storage BlockFi's offices will be closed in observance of Independence Day on July 4, and as a result withdrawals will not be processed on that day. Kroll is working Unless there’s a substantial rebuttal on BlockFi’s part this is a big yikes. Time to “work” on a communication with your customers Edit 2: Observation - poor management screwed customers but Zac and Flori probably had multiple millions (or A subreddit dedicated to discussion of BlockFi, r/blockfi A chip A close button. Ever since Blockfi announced it is lowering interest on ChainLink to 0. For example, if I have $40 dollars worth of ETH and it costs 60 to remove it, then I have lost/owe blockfi 20 dollars. There is no insurance on earth that can get you your Bitcoin back once they are gone. Would it but okay to just buy GUSD in Im considering moving my crypto into blockfi. There is risk but it could be far worse. BlockFi CEO Zac Prince Thursday said the U. Groups opinion of BlockFi? The ability to earn interest on Bitcoin is appealing to me but my biggest concern is moving Bitcoin from cold storage into So, in my ballot, it lists my 'Amount of claims' and it seems way too low. History shows that there is a strong tendency for corruption to manifest itself, given a long enough time, whenever it is profitable to do so. While the interest account coins are legally BlockFi assets the account holders are in line somewhere. Is it worth it to do this plan? You put crypto into Blockfi to lend, which means you assume there's risk and accept that risk for a return. Given that their loan terms are lousy compared to celsius, that’s a service that’s not worth A subreddit dedicated to discussion of BlockFi, a bankrupt crypto lender. Your ass will be destroyed. In my BIA, I have 0. 97 cents nonsense. Hi there! It looks like you're talking about withdrawals, so here's a couple reminders on how BlockFi processes them: As long as you submitted your withdrawal request and completed any additional security verification before 8pm ET, then your withdrawal should be processed on the next business day by 8pm ET. Use your brain bro. blockfi. users using Blockfi? How do you feel about stablecoins? Is it worth the hassle? Everything is dollars. ) Gostaríamos de exibir a descriçãoaqui, mas o site que você está não nos permite. 7K votes, 1. If you trade or purchase anything on blockfi, I'd assume they're going to charge you fees and jack you around with spreads between the bid and ask prices of assets. Our goal is to both practice sound risk management policy and maximize earning opportunities for our BlockFi Interest Account (BIA) clients. Would you say the Unlimited plan is worth it or overpriced? I got the Pixel 6 Pro Unlocked will it work with the Google Fi Sim? Would you say Google Fi has gotten worse or better? Thanks! It is not showing me my capital losses (I've maybe only sold like $400-$500 worth of coins back to BNB, and nothing back to USD). can’t blame anybody but myself and maybe sam. A subreddit dedicated to discussion of BlockFi, a bankrupt crypto lender The BlockFi platform is for all traders at all levels and if you are looking for a very trusted player among American crypto exchanges, then BlockFi should be on the list of platforms to try. 9M subscribers in the CryptoCurrency community. This NDAX Reddit Community is a group where users can discuss features, trading, cryptocurrency and NDAX! #Bitcoin #Ethereum #XRP #Cardano #CryptoStaking Members Online. People deserve to know before they get ripped. This is an educational subreddit focused on scams. 033 BTC is currently worth about $2,045 USD. And only have $1000 worth of BTC to pay you back. Figure I would crowdsource this risk. In terms of who I trust most to honour cust deposits in case they lost most of their cold storage Kraken/Blockfi>Celsius>Nexos In terms of satisfaction so far, all equal. The leading community for cryptocurrency news, discussion, and analysis. comments sorted by Best Top New Controversial Q&A Add a Comment Three Arrows Capital (3AC) is going to have ripple effects across multiple platforms. Tldr; BlockFi you were supposed to be the chosen one, and now you done ruined it for everyone. Lets try compare Storing 1 BTC in hardware wallet VS 1 BTC worth of USDC on blockfi. (Please note that this subreddit Almost seems worth it for the price, The (un)official home of #teampixel and the #madebygoogle lineup on Reddit. 32 BTC You will not have to pay taxes since they are effectively transferring back to you, resulting in no taxable event. 70 as your BlockFi Bankruptcy distribution payment. It’s purely fud made by disgruntled people in power looking for an excuse to make some noise. Employees must know this. BlockFi's balance sheet was impressive before this happened. 90, so that 0. Time to “work” on a communication with your customers Edit 2: Observation - poor management screwed customers but Zac and Flori probably had multiple millions (or Skip to main content. There are just too many stories of custodians stealing BlockFi is one of the few retail-focused interest-earning platforms that is also domiciled in the United States, regulated under US law, and that’s Skip to main content Open menu Open It has been answered however I don't think it's the answer but the question people are asking that is the issue. No problems with any of them. Or check it out in the app stores A subreddit dedicated to discussion of BlockFi, I bought $3300 worth of BTC and $5700 ETH in there in the BIA (these are total investment since 2019). Buying 20k worth of USDC returns about $1,880 in 12 months. This is on the 2nd/higher value ballot, too. We did our research in this BlockFi review. Compared to my current bank on 20k--$122. BlockFi is Lowering Rates - Time to Move Elsewhere. Now, BlockFi is preparing to file for bankruptcy, per @WSJ. You can spend these funds online anywhere Mastercard is accepted or add to a digital wallet and use it with Apple Pay, Google Pay, or Samsung Pay. I don't use BlockFi and my mom is not tech-saavy. They are the "lender of last resort" in the crypto world and basically the gold standard. They only need client support and operations. The voyager settlement made sense, blockfi makes no sense. Meaning, 1% or less interest is not worth risking your funds. Then we buy bitcoin again and then at the time the blockfi bankruptcy is over, the bitcoin might be worth more than the claim you he back Let's say bitcoin gotten 100-300% in that time. What is the general consensus on this app? Is it worth it? Any key things i need to know about it 32 votes, 30 comments. Fuck this sub for telling people to stay in. Therefore, there is more risk with GUSD - either Gemini or BlockFi could fail and cause you to lose your money - and that is a minor part of the reason the interest rates are higher. K. With BTC, the only risk is that BlockFi could fail, as there is no backing bank account for BTC. And if you check the kraken support sub, it’s generally not full of good things. The bitcoin gods will smile down on you, only if for the rest of your life you use this learning experience to teach others that counter-party risk in bitcoin is not worth any amount of yield ever. The BlockFi action wasn’t necessarily due to malfeasance just that they lost their financing once SBF blew up. maybe it is worth it. Blockfi is cutting way more. e. 268 votes, 770 comments. Reddit community for TheFinanceNewsletter. I feel like I am going to pay the $99 and then the IRS form is going to say I actually don't have any "real" capital losses since I haven't sold anything to USD and that I can (maybe I don't know) claim a portion of my shitty investments for just a few Welcome to r/scams. The BlockFi Credit Card is my daily driver, with the exception of other cards with 5% categories. I've been If this move bites BlockFi in the ass (my money is on yes), wouldn’t be surprised if they release a token to do exactly that. Exactly, where are these people getting this info, why are they not blocked by reddit. Expand user menu Open Gonna move about half the coin I currently have with them off there and back into custody. Expand user menu Open settings menu. No reason no to trust them but the T&C are not shared. com and its However you don’t want any press around this. 4M subscribers in the CryptoCurrency community. Can someone please verify if that's how it works? Units, Warrants and the best DD on Reddit. gemini, blockfi and coinbase. 61 votes, 27 comments. There is always a chance they go bust like other lenders have in the past (Lehman, Bear Welcome to r/scams. Dear BlockFi Customer: Kroll Restructuring Administration LLC (“Kroll”) is the distribution agent for BlockFi and its affiliates, as managed by the chapter 11 plan administrator. If their loans to Alameda are worth zero, I still think that they can survive that incident in isolation without any credit from anyone. Second safest bet is you chose Sometimes in this wild life you stumble upon a rabbit hole that ends up being more like a vast chasm. How can Blockfi charge such high rates on crypto loans? Answer: Taxes. My thoughts are. Your help will be greatly appreciated because there are too many scammers emailing everyone around. The only thing I can do is move to my wallet. Expand user menu Open settings Maybe when everything shakes out it'll be worth it, but there's too much up in the air Hi guys, I've just signed up to blockfi. Both retail and institutional traders will enjoy Yes. Having said this though, it's interesting that we're finding out blockfi is a lot riskier than they claimed with a very low over-collateralized loan book. Eg if bitcoin goes up 50%/yr annualized, and BlockFi gives you an extra 1%, now you're risking your entire stack for 51%/yr annualized instead of 50%/yr. BlockFi lends USDC to them exclusively (I believe). 25K subscribers in the blockfi community. 6% on usdc is worth some risk. 7. 51 BTC Now that BlockFi has emerged from bankruptcy, the company can begin the wind-down as outlined in the Plan. these low interests are not worth Instead, BlockFi caved immediately to the SEC, which set off a chain reaction of other providers now having “custody” and “earn” which is basically just a trap. (Please To ensure loan performance, BlockFi typically lends crypto on overcollateralized terms (similar to the structure of our crypto-backed loans). This card is really more of a BlockFi card rather than a bitcoin card, and that's kind of disappointing. With this new promo, wonder if I should risk it. I'm sure he still has a On January 22, 2024, BlockFi completed returning crypto from its Wallet Product, sending back all requested client assets in full in kind to nearly 130,000 clients, totaling over $500MM worth of Upon court approval of the settlement, BlockFi — which was hit by the collapse of FTX in 2022 and filed for Chapter 11 bankruptcy soon after — will receive a customer claim against FTX I would not put it all on the Blockfi platform. Please follow the directions below to redeem your payment. 25% paid monthly but (interesting bit here) you can chose the FLEX option for the accurred interest to be paid in another coin, in my case Bitcoin. Skip to main content. Where are the external dockets that stated this happened, I can't find them. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. DUOR and see if it’s worth the risk for you. i know the fees are directed towards the erc20 tokens, but i'm just withdrawing on principle. 6% on stablecoin deposits, which is music to the HODLer's ears. Thanks You put crypto into Blockfi to lend, which means you assume there's risk and accept that risk for a return. I don't think 6% compound interest is enough to risk it all like that. Can someone please verify if that's how it BlockFi's balance sheet was impressive before this happened. It’s a classical politically driven action, there’s no fundament for claiming BlockFi is dealing with unregistered securities. There is little or no risk that BlockFi's books are fraudulent. Kroll is working with Digital Disbursements, a third-party payment provider, to provide you with a distribution on account of your BlockFi claim. And I was against government ruining “mah money” making abilities, but in this case it seems that SEC is truly Thank you for the article, interesting read. For those of you who use multiple Cefi platforms, I'm wondering if you could share your experience. so we are waiting for 2nd I discussed BlockFi’s risk mitigation methods with one of BlockFi’s VCs, and also with BlockFi’s CEO, Zac Prince. com is the best place to buy, sell, and pay with crypto. -based crypto lender foreclosed on a “large client that failed to meet its obligations” following reports that BlockFi was part of the lenders group that canceled some US$400 million in loans made out to Three Arrows Capital (3AC). This whole endeavor has made me even wary of other digital transactions. 5 percent Is that a double fuck and a double win for them or what, dude like wtf the first wave is literally A subreddit dedicated to discussion of BlockFi, You are totally right but it is often not a huge deal. 50k Loan - 20k BTC proceeds = 30k Loan Balance. Do you think the risk is less than 6% a year that we lose our bitcoin custodied by Blockfi? They even say it on their own website: "it is not risk free" Blockfi loans those coins out to investors taking crypto collateralized loans. It is not your private key . BlockFi's loan books are far smaller than Celsius's or Genesis's. i made maybe a couple hundred bucks in interest and what not but what’s that worth now. 6% isn't worth always being worried because Welcome to r/scams. Log In / Sign Up; Advertise The risk differential there is significant, so it's worth mentioning, especially because the risk isn't as obvious. I use robinhood, coinbase, blockfi and axos investing and am considering getting another wallet and an investing app. I planed on putting in $1200 into BlockFi, but to avoid the high fee (spread) I was going to go in through Gemini Active Trader then move it over to BlockFi. 16 votes, 54 comments. The answer is the rates will change monthly based on market conditions just like it does now. Everyone else is on the chopping block. i only have stables in blockfi right now, but i'm planning on withdrawing after i get paid out this month's interest. It's not just the UCC - the court itself needs to approve it. I guess the other thing I'm not clear on is if converting the ETH into USD to get your money is a withdrawal or if just moving your ETH to So, in my ballot, it lists my 'Amount of claims' and it seems way too low. What more could you ask for? $5b valuation btw. Gas/Fees make Blockfi not worth it trade and earn more from their digital assets, wherever they go. I know it is not as quick as sync'ing an API, but I have not had an issue with csv upload (at least to Koinly)you can generate the csv easily on the BlockFi website. 1BTC. Blockfi is making it impossible to steal your funds. Yes the UCC objected, because what BlockFi did is against the law. Once they have you they can cut rates and you’re helpless. us will survive, but we do know that FTX. A subreddit dedicated to discussion of BlockFi, Yup my eth waz worth 21k at time of pause and maybe getting 10k back. Maybe what’s missing is a tier of the BFI product for deposits above $10M USD? i wasnt able to comment on the blockfi subreddit yesterday because the mods said so. r/blockfi A chip A close button. I’ve got money in the wallet from rewards and also interest btc & gusd. lending out your Bitcoin is extremely dangerous and falls under one of these 3 categories: Get the Reddit app Scan this QR code to download the app now. I would strongly suggest BlockFi reconsider this move, at least temporarily, if they wish to salvage any part of their reputation. Again, you’re using your assets to live on without What are your thoughts on the BlockFi credit card? So far it seems like a generic 1. com serves over 80 million customers today, with the world’s fastest growing crypto app, along with the Crypto. Now it's worth 60k. But blockfi will not be allowing you to transfer it to a bank account or paying you cash for it. I am a bot, and this action was performed automatically. 51 BTC Im considering moving my crypto into blockfi. 7K comments. CORRECTION: buy GUSD in Blockfi and trade for ETH I currently buy my ETH on Coinbase and transfer to blockfi. So BlockFi will take a loss before any of us do. Yield and Risk are directly correlated, so the higher the yield the higher the risk. Blockfi have a halving offer where you receive $100 of BTC for a $200 deposit of any currency at blockfi, including stablecoins. As Also worth noting that the conversion rates as are follows: BTC $45,824. Lets compare results in 4 years. WSJ Prime today is 3. 00000 USDC $0. com. 58 ETH $2,436. It's like auto-DCA'ing into why blockfi is paying interest is exactly that: They pay you because you take the risk of losing your bitcoin when they fuck up. If you look at the bottom of the email telling you your statement is ready, it is signed:“Sincerely, The BlockFi Rewards Visa Signature Card Powered by Deserve” Deserve is the name of the bank that services the BlockFi card and that is who you pay each month. 5%. 51 BTC BlockFi released the plan illegally without approval by the court. BlockFi does now and intends to, going forward, take on secured It’s part of Blockfi’s business plan because it’s consistent steady income for them. Get app Get the Reddit app Log In Log in to Reddit. In raw % back on the base level, that is the case, but there are lots of strange bonuses on this card that might make it worth while. The If you use BlockFi & other centralized entities to hodl your funds to get interest think again. Also worth noting, I am in the US and last year BlockFi sent out both a 1099-MISC and 1099-B. Is it worth it for this amount? Are there any BlockFi should consider offering term loans to its standard interest account customers. Passive Income on Polkadot by using DOT on BlockFi, Celsius, CDC, and Nexo: Is it worth it? holdpolkadot. Blockfi is a new business lending out client coins. then lets assume Blockfi tells us they lost 90% of all assets and collateral. Doing so would both attract new customers from the higher rates, and also improve the quality of its But still. I’m able to login to BlockFi, Open navigation Go to Reddit Home. They sold about a fifth of assets. A run on BlockFi could cost me 5-6 digits. (Please note that this subreddit For what it's worth - my household has two BlockFi accounts, As an official Fidelity customer care channel, our community is the best way to get help on Reddit with your questions about investing with Fidelity – directly from Fidelity Associates. BEWARE AND DYOR! Archived post. 26K subscribers in the blockfi community. these assholes took the 300$ i had in their wallet which is supposed to be in cold storage and in their fine print it event states their wallets will be safe in case of bankruptcy. My initial feeling was, "1. Edit 1: Hey BlockFi you have been “working around the clock” for a week plus. 288 BTC At distribution, you get back $16,206 worth of collateral at time of distribution = 0. It is our hope to be a wealth of knowledge for people wanting to educate themselves, find support, and discover Atleast Celsius is recognizing the specific amount of cryptocurrency as the claim while blockfi seemed to be going off a snapshot on Oct 31st of your assets and their relative value which The crypto seized on loans that are underwater are now worth less in the case they need to liquidate for cash flow. Again, BlockFi illegally released their plan. us's loans to BlockFi are junior to depositors' money and The debtors originally proposed that Blockfi execs wind down the estate themselves. I hear Gemini credit card gives you the reward the exact moment you use your card. CryptoCurrency Memes, News and 26 votes, 46 comments. This subreddit is a place for news and discussion for anyone interested in Polkadot, the blockspace The price is $1, not any 99. Alameda is going to want every penny they are due since there are some huge holes in that balance sheet. Maybe what’s missing is a tier of the BFI product for deposits above $10M USD? 6. I think it's worth it to fight to get more of our money if we are going to receive close to the same amount by going through chapter 7. Why isn't BlockFi not getting licenses approved in US while NEXO has many licenses approved? Skip to main content. Who is leaving BlockFi due to the new changes? If so, where are Open navigation Go to Reddit Home. From the total of 22k bracket on fundrise I want to cash out after 3 years so I can buy my first property. (that are worth a fraction of that now). (Please 16K subscribers in the CryptoCurrencyClassic community. Probably your best bet is to see how much the trade would be on BlockFi BlockFi is one of the few retail-focused interest-earning platforms that is also domiciled in the United States, regulated under US law, and that’s Skip to main content Open menu Open I was able to withdrawl my tiny bit to coinbase back a few months ago but it wasn't automatic, it was via wallet transfer (and both blockfi and coinbase to sell to usd charged a fee costing ~ 1/2 Didn't Zac put up almost his entire net worth to try to support BlockFi through the original cash crunch? From what I've read I think he lost most of his wealth to this. Would it but okay to just buy GUSD in It’s a classical politically driven action, there’s no fundament for claiming BlockFi is dealing with unregistered securities. This sub is "semi-official" in that Official Mint representatives post and make announcements here, but it 28K subscribers in the blockfi community. Is that really worth it? Recently BlockFi paid out more than they were supposed to because of a bug. This is literally every link if you google BlockFi and look under news. Voyager’s loan to 3AC is worth as much as BlockFi is valued at now. I use flex to automate DCA'ing into If you're withdrawing right now because you think that BlockFi is insolvent due to this incident, then you're making a stupid move. it has been a painful waiting for creditors especially those who have big funds in BlockFi. Now lets say 1 year later I put down another 8-15k, now that will put me close to the premium bracket. Safest bet is simply don't do it. You put up $10,000 worth of BTC, you would have received $3500 of USD assuming you have NOT paid back any of that principal of $3500 USD, you still have that $3500 USD in your possession. Withdrawals will resume on Tuesday, July 5. BlockFi announced an hour ago on Twitter that they’re also pausing customer withdrawals. You may want to reread those agreements you acknowledged when signing up. Period. If you have stable coins on blockfi, the bonus interest alone could be enough to make it worth having, if not using very much. I understand that when you want to transfer gold you want to do it immediately, but security is so much more important. blockfi@e. BlockFi says in their user agreement that they are not responsible if they lose your coins. i don't think the interest i make is worth it, leaning towards So now I’m like all excited thinking I going to have the chance to maybe get 100% of the value of my bitcoin back but find out that the allotted amount isn’t what we had on BlockFi but STILL just what bitcoin was worth in nov 22 and the first wave translates to what would only be 6. BlockFi currently have the following offer: New BlockFi users get $10 in $10,000 worth of BTC today = 0. Find the best posts and communities about BlockFi Bankruptcy on Reddit. The same kind of deal cannot be made with Voyager. The bulk of assets that previously were held at blockfi are elsewhere. How does everyone else feel about the way these changes have been enacted? Hello, I currently have T-Mobile and use 2-4 GB of data. Get the Reddit app Scan this QR code to download the app now. BlockFi was a complete bailout by SBF. It is our hope to be a wealth of knowledge for people wanting to educate themselves, find support, and discover ways to help a friend or loved one who may be a victim of a scam. Keep in mind that the current price of BTC is actually $62,114. I really like Blockfi, but I can't afford to keep my assets held there any longer. It’s been trending in 81K subscribers in the Polkadot community. saying "it's from blockfi and links to blockfi" doesn't mean the email Please first read the Mint Mobile Reddit FAQ that is stickied and linked in the sub about and sidebar, as this answers most questions posted in this sub. The article goes on to describe 5 lines of defense, but doesn't separate out the author's thoughts from the VC's from the CEO's A subreddit dedicated to discussion of BlockFi, a bankrupt crypto lender. Just buy and sell it on Gemini and transfer to blockfi. It doesn’t say what that proprietary vetting process is exactly. Last one ended up being about 6. 28K subscribers in the blockfi community. That is a little over 37% of the claim value, but only 9. There's some good bits in there for people looking to check out what BlockFi has to offer. Blockfi owns those Bitcoins , with their private key , and you have IOUs with blockfi and hope that one day they give the bitcoins you lent them back. So much so that investor’s equity was wiped because of it I can shit on Zac as much as he’s a shitty CEO, but this was a fucking solid, good-hearted move on his part. I’ve tried to research about it, but I’m not the most techy guy, and I Past performance is not indicative of future performace. 288 BTC would be worth $14,400. 6% which more than covered the spread fee on $100. Live will be good. Is my money safe? "The BIAs are unsecured credit of BlockFi. Is the blockfi card worth it in the UK? As it's in USD and not Pounds? I was going to apply for the coinbase card but it doesn't seem to be available yet. I'm still in doubt if I can trust Blockfi with my bitcoin. I'm in the UK and I was hoping to snag a bit of cashback in bitcoin on my purchases. Edit - to the people asking me to link. Open menu Open navigation Go to Reddit Home. The Bitcoin is deposited directly into your BlockFi wallet where you can either transfer it to another exchange or leave it there and earn 4. 119 votes, 90 comments. As is currently required, I don’t mind staking $40-400k in CRO to get the 14% rate on a stablecoin lock up. 80k Reduced value - 20k sale = 60k collateral. || || |You have received a Virtual Prepaid Mastercard® worth $292. This is why I will only deal with BlockFi, Ledn, and maybe Gemini (they all lend to Genesis). 5K worth out of the 16K. Brother called my mom this morning to tell her about the BlockFi situation and that it was the last day to withdraw from the estate account. 5% paid in ETH weekly As for Blockfi it's APY is 5. there were a couple of lawyers talking about it on the blockfi subreddit yesterday but i wasnt able to comment. ETH was worth about $1190 on November 28, 2022, the day the bankruptcy was declared, 32 ETH being worth around $38,080. Is Google Fi high quality or overpriced compared to T-Mobile? It would only be me on the plan as well. I use nexos, celsius, kraken (for staking Eth) and blockfi No issues with any of them. I know they're bankrupt, and I know I have a decent chunk of money that I can see in my blockfi app that I cannot withdraw. r/beermoneyuk A chip A close button A chip A close button Blockfi sells 20k of held BTC to maintain 50% LTV. Today I received my Blockfi credit card and called customer service to get an understanding of how the 2% boost on stable coins worked and how it would be paid out, the break down I got was pretty surprising so I felt it would be important to share with the community if there is anyone else who may be confused. Seeing what happened to blockfi and Celsius, it definitely stained the idea of lending crypto. 02xxxx bitcoin I had in the Dear BlockFi Customer: Kroll Restructuring Administration LLC (“Kroll”) is the distribution agent for BlockFi and its affiliates, as managed by the chapter 11 plan administrator. Blockfi charges between 12% - 15% for crypto backed loans. 6% per year just isn't worth the risk as far as I'm concerned. BlockFi lowering rates actually gave me more confidence in the platform. Could be something like 80% staff reduction. 6%, however holding too much of my funds at BlockFi gives me pause since it is not risk adverse (i. 9982 So while my current distributable balance was Ok I recently came across Blockfi and at the end of the month that's worth $50k, then I get to have the $50k + $4k(8% compound interest). Is this card worth getting or am i better Absolutely no problemo, BlockFi is just helping users to hodl, for free. That being said, yes, there’s no FDIC or SIPC The short answer is no. Services like Blockfi isn't really for "storing" or "exchanging". 25%. And it’s great for you because it’s non-taxable income. BlockFi continually sets rates based on market dynamics for lending and borrowing. Welcome to /r/AcerOfficial, Reddit's biggest acer related sub. It's not worth it. Celcius has and APY of 5. Had you not sold BTC today, at time of distribution, 0. 05% for tier 2 (750+ Link) I have been researching alternative Cefi platforms a ton & I'm torn. I wanted some cushion after selling some gains in Jan/Feb, so this is where it ended up. That was what I was thinking about in if someone have made some calculations and speculations about this they want to share. Get support, learn new information, and hang out in the subreddit dedicated to Pixel, Nest, Chromecast, the Assistant, and A subreddit dedicated to discussion of BlockFi, a bankrupt crypto lender. Wanted to buy some BTC from my USDC cause of the dip. Reply reply BlockFi is really easy to use cryptocurrency service that focuses on paying users interest on their digital assets, including Bitcoin through their BlockFi Interest Accounts (BIA). Worth thinking about but I am not paying extra fees just to avoid it. (Please 6. I truly hope every BlockFi customer screams warnings about upcoming CBDCs from the government. Here is the reddit post 57 votes, 111 comments. but ffs if it’s not your keys it’s not your crypto. The UCC fought this, for the same obvious reasons you've indicated. They can go to 1% next month easily. The big difference is that BlockFi is a US company, which means it has to operate according to US law. how many people left blockfi for celcius over 2019/2020 because of the "trash and useless rates that keep getting cut"? Well that didn't work out too well for them lol. For the given Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. This is a reminder about phishing emails. I never followed any crypto news or blockfi news or anything as much as I should have, and now I feel I'm so late to the party that I don't really have too much of a hope of getting back on track. I got an email to withdraw but don't know if this email is legit. I don't have a lot of BTC at the moment (under $1000), but I'm wondering if I should move my Bitcoin to a BlockFi account to gain interest on it. I'd definitely say overall I've had a positive experience with BlockFi, but they have plenty of room for improvement. Research Blockfi and you will find that they require a 50%LTV collateralizatiin. This is Andrei Jikh who was shilling Blockfi in his every video. My questionhow much do you (or should "we") trust in both BlockFi and USDC in general. Posted by u/Lizardking0307 - No votes and 1 comment This decision shows blatant disrespect for BlockFi customers, and a fundamental misunderstanding of basic customer service. Too bad BlockFi makes you wait till the end of the month to receive the reward, by then the price of BTC or crypto in general could go way back up, lets hope. i forgot the only rule that matters. Your filed claim was against BlockFi Wallet which will be disallowed. The Plan Administrator and remaining employees are working as quickly as possible to prepare BlockFi for an initial distribution of available assets from the wind-down estate. "Dear BlockFi Customer: Kroll Restructuring Administration LLC (“Kroll”) is the distribution agent for BlockFi and its affiliates, as managed by the chapter 11 plan administrator. The little bit of interest isn't worth it. The final negotiated version of the Just did a withdrawal yesterday from Blockfi, came in as expected with no issues. I feel like BlockFi has a better feature set but lacks in the stablecoin interest rate dept. Such is the state of interest and appreciation for the world of carbon steel BlockFi prioritizes client funds (that’s us, depositors) above investor and employee capital. Tell that to Blockfi which changes interest rates on a monthly basis. It's their way of reducing the bankruptcy burden. S. So, I don’t recommend jacking up a $25k bill this month. I assure you, anyone with a brain is not risking big boy crypto to earn 1% or less. It has nothing to do with whether or not BlockFi is trying to screw us, and everything to do with the fact that they COULD screw us. We don't know whether FTX. Or check it out in the app stores They literally earned a fortune by shilling FTX, Blockfi and what not. Curious to know if there’s other U. I Ok I recently came across Blockfi and at the end of the month that's worth $50k, then I get to have the $50k + $4k(8% compound interest). ) The same questions are being asked repeatedly. All subs are echo chambers. 6. us with it first. IPOE (Sofi) from a Ever since Blockfi announced it is lowering interest on ChainLink to 0. Gemini is a digital asset exchange and custodian that allows customers to buy, sell, and store digital Yeah the worst part with past management is the misleading information to gain investors funds. Has anyone put Litecoin into BlockFi and is it worth the trouble? BlockFi won’t let you withdraw for what seems like could be a long time - I forgot the circumstances The most amazing place on reddit! A subreddit for sharing, discussing, hoarding and wow'ing about Dogecoins. If one agrees to the Plan, they may cut a check for around 40% ($15,232) of that first and then, if one does not release their claims to 3rd parties, one may get the up to all of other 60% ($22,848) back if they are successful in their suits against FTX and i deliberately linked to a google search, but someone who's actually trying to scam people into entering their credentials is going to make a site that LOOKS like a real blockfi page. If it goes wrong I can't say I wasn't warned by almost everyone in the crypto space: Not your keys 27K subscribers in the Gemini community. BlockFi's operation capital and its lending capital are completely separate unlike most of our competitors. A subreddit dedicated to discussion of BlockFi, and their support was little to no help, it took me posting on Reddit to get it resolved. The unofficial Wild Wild West of r/CryptoCurrency. (Please note that this subreddit Anyone here with recurring buys on Blockfi? Is it worth it if you have the credit card? Or manually buy on Gemini Active Trader and transfer over? All of your money in any one spot is always a bad idea. Between Blockfi having real customer support with an actual phone number and their layering of security protocols, I really love keeping crypto here. Is it worth it to do this plan? If the total bonus in year 1 was $550 then I think it would be worth it, but since it's only $350 then it's not worth unless you are an influencer who can capitalize on the refer a friend bonus. That said, I do think they have a good buisness model that should 23 votes, 20 comments. So sure 6 figures as long as you have 7 figures socked away. Furthermore, BlockFi’s automated risk management So I received a letter for a cash payout of the bottom 16,000ish price saying don't do anything and this is what you will get, which came out to like 400 dollars for my . Blockfi kept their customers well informed during I don't know anything about BlockFi, but I wouldn't personally trust them. In response to changing market conditions, BlockFi is announcing new rates and tiers that go into effect on July 1, 2021 for Bitcoin (BTC), Ether (ETH), Chainlink To me, the biggest no-brainer would be a stable coin on BlockFi at 8. Also by voting for the plan, there will be a chance to receive more recoveries down the line if blockfi is successful with litigation against ftx , alameda , etc. (Please note that this subreddit is not affiliated with BlockFi. Anyone that debated me on Reddit that these platforms are "reputable" and "no way to fail", this is for you! If you compare the interest rate to the rate of NgU it's really hard to see the advantage. So, in my ballot, it lists my 'Amount of claims' and it seems way too low. How can you rely on Reddit to broadcast policy changes like this? Please delay this change until you can fix your email system first, at the very least Requested my ETH funds out of BlockFi, not worth paying the fee with my ETH holdings. I read that in a filing. I believe if you accomplish this penance your funds will one day be returned by the bitcoin gods. Thanks reddit friend for sharing my link. The requirements for Gemini aren’t spelled out as to their collateralization. Edit: just logged into BlockFi and see some withdrawable crypto. It’s true that BlockFi operates an exchange, but it only BlockFi offers a competitive 6% APY on BTC and 8. 99932 USDT $0. Members Online. . FDIC Inusred) Curious to get ya'lls thoughts and arguments for or against BlockFi as Re: Is BlockFi card worth it I signed up for the waiting list for this card and recently was invited to apply, so thanks for asking this question because it made me look into it a bit more. maybe I'm dumb, but blockfi is trustworthy to me and they are still facing off against us courts defending defi. 5% interest on your holdings. BlockFi is one of the few retail-focused interest-earning platforms that is also domiciled in the United States, regulated under US law, and that’s Skip to main content Open menu Open navigation Go to Reddit Home View community ranking In the Top 1% of largest communities on Reddit. You'll be sued for clawbacks, and there hasn't yet been a It is a bit difficult to give one answer because I think the fee/"spread" on BlockFi might vary based on the volatility too. Typically stock brokers in the past who engage in this kind of unethical behavior were fired by yeah, their explanation over in the blockfi sub was that they used smart contracts for withdrawals, hence higher fees. I hope BlockFi will offer a better interest tier soon. It has been answered however I don't think it's the answer but the question people are asking that is the issue. A subreddit dedicated to discussion of BlockFi, a bankrupt crypto lender. Typical down rounds are 10% of staff. Essentially $4. I personally trust Blockfi and have been with them for a while but I don't Probably the easiest way to earn passive income with your cryptocurrency right now, the BlockFi Interest Account (BIA) allows you to earn interest on your digital assets. Blockfi offered them a somewhat attractive redundancy package. nfpdntngqrnsagbcwdxxkuxmoaqctdrwfwmmqzyvaejpcnmmmkodjdphoy