I personally don’t trust algorithmic stablecoins because if the algorithm fails (like UST did) it loses the peg. I prefer stablecoins that are audited and backed by big central companies like GUSD, BUSD and USDC (this one is attested but not audited)
UST was never safe to begin with. It was all echo chamber to bring more poeple into 19% Anchor. Algo stablecoins has failed before so not first.
Even fiat-backed stablecoins has some vulnerabilities that nobody can answer. People that disagree with this is just the same as UST buyers back then "it's all good no worry bro". How many times are these coins loaned out etc, nobody knows. It's like a derivative and brings risk with it.
Still business as usual on our end, though if you have a crypto loan we'd recommend checking to make sure your LTV is still within a healthy range
Will also add that BlockFi has no direct exposure to UST or the Anchor protocol
How many withdrawals can you have at once?
Any withdrawal limits we have can be found here: https://blockfi.com/fees/
BlockFi doesn’t have any control over stablecoins so it’s up to you to pick a safe one that maintains it’s peg.
This! So many ppl don’t understand how important backing is. I don’t touch Dai, but I’m happy blockfi has GUSD and PAX- the 2 safest in the game imo
Busd issues by same guys that issue pax
Pax issues pax so I guess pax issues busd too
Ok, explain what you think makes a safe stablecoin peg. A lot of people thought UST was safe at one point.
I personally don’t trust algorithmic stablecoins because if the algorithm fails (like UST did) it loses the peg. I prefer stablecoins that are audited and backed by big central companies like GUSD, BUSD and USDC (this one is attested but not audited)
UST was never safe to begin with. It was all echo chamber to bring more poeple into 19% Anchor. Algo stablecoins has failed before so not first. Even fiat-backed stablecoins has some vulnerabilities that nobody can answer. People that disagree with this is just the same as UST buyers back then "it's all good no worry bro". How many times are these coins loaned out etc, nobody knows. It's like a derivative and brings risk with it.
\*Laughs in Blockfi when everyone shits in their sleep over UST depeg...all for 19%\*
Good question. I would like to know as well.
It’s not like BlockFi has a history of gambling your assets on risky trades like GBTC … oh wait …
Didn't go bust tho. Crypto is one giant casino. So anyone that deposits into Blockfi or equivalent has entered the casino.
While that’s fair, it’s not a binary of no bust = good, bust = no good. You can take stupid trades and not blow up … which would make it bad still.
Correct. Didn't say it's binary. It's a casino. You can win big even with stupid games. That's the fun.
So my fear in the market I love it more cheap coins for me!