Blockfi legit? Safe?

davids355 said:

Are they locking you in or is it just on a rolling basis? If the later then it’s not too bad but remember with an exchange you do have some risk of them going under so I would personally advise you not to keep your coins in one place but split them across a few exchanges and a few private self-custody wallets.

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yousefgreat said:

I wouldn't risk my crypto for peanut APRs going forward. (Especially in a bear market where all CeFis are illiquid and some are on the fringe of getting insolvent)

Not your keys, not your coins...

BlockFi is legit, and I used it for nearly two years, but two weeks ago withdrew all my money from it. I will be pretty cautious now after the fiasco with UST (Anchor Protocol) and Celsius.

For the record: I did lose six figures worth on UST (Anchor Protocol that gave 20% APY) and have another six figures worth of stablecoins stuck on Celsius (Which gave out 7.1% APY).

If you care for your crypto, store it on a hardware wallet! This is a lesson I learned the hard way despite always being super cautious with my investments + practicing some risk management.

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Scorpion Ghost said:

I have a few LTC I wanna put on Blokfi to earn interest. It's peanuts, according to their calculator it seems they offer just 1.2% returns. But fuck it, better than the LTC sitting there doing nothing.

Is Blockfi legit? You guys use it?

Also, considering the current situation in the market, and Celcius and all that, how likely is Blockfi to just go bust/bankrupt etc?

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