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re: Official CryptoTalk Thread
Posted on 5/13/21 at 7:37 am to JayDeerTay84
Posted on 5/13/21 at 7:37 am to JayDeerTay84
quote:
Well, you wont earn 12% on BTC. More like 6%.
The catch is liquidity of these platforms. They are loaning/using the BTC you have there and can lose it. That is the risk...
Oh so they use your BTC to buy/sell? So if you go to withdraw they may not have it?
1
Posted on 5/13/21 at 7:38 am to Tiger1242
quote:
Oh so they use your BTC to buy/sell? So if you go to withdraw they may not have it?
As long as they are stable you should be fine. I am saying that if you had a worst case scenario and everyone pulled out of their app, someone is going to lose and it could be you. Or, they could be hacked etc.
Edit, in theory its no different than a bank loaning out your money. They are just FDIC insured. These apps have insurance, but its not exactly like the FDIC insurance.
This post was edited on 5/13/21 at 7:40 am
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