Amazing. Crypto is the future.
We love to see it don't we folks. Still more than I have in my bank account though.
Have legit seen some takes like that saying "Good thing I have Coinbase AMIRITE?"
I'd expect the defi guys to take the opportunity to gloat, but what's the argument that Coinbase is safer than any other centralized crypto bookie?
No clue. Crypto bros don't seem like the type to really think these things through as long as it justifies their use of crypto.
It's very large, publicly traded (so, regular reputable audits), and based in NY which has the strictest crypto laws. Their business model makes sense, and they don't offer leverage (IIRC). In my eyes it is about as trustworthy as a normal company. I wouldn't recommend anybody keep their money in a CEX, but USDC seems like the most trustworthy stable to me.
If you put your son's college fund into the best high-yield FDIC insured bank account making 3% (current Marcus rate) you're fucking him over. At least put it in an index fund. If number stops going up he won't have to worry about paying for college because American capitalism will finally have been destroyed.
lmao 5% would be positively restrained. these frauds never promise less than 20% guaranteed. they're determined to make Bernie Madoff look conservative.
Actually, BlockFi, Celsius, etc. promised like 9-13%. Higher returns are available but are more up-front about the risk, these products pitched themselves as being safe as checking accounts which is obviously not true. I like this site but it frustrates me when it intersects with stuff I know a lot about.
nah, I got a good feeling about this horse, baby! she's gonna win us back the farm!
No. Cash should be a tiny fraction of your portfolio, because (1) opportunity cost of not getting any return at all (2) it's actively melting away from inflation. High-yield savings accounts are nice but don't beat inflation.
USDC is worth evaluating because many risky investments are denominated in USDC.
Cash should be a tiny fraction of your portfolio
Liquidity has its own value, particularly when prices are falling. And the projections for the next year's worth of stock performance is pretty grim. Idk if I'd be rushing out to buy in right now, given the uncertainty and the rising Fed interest rates. Also... rising rates mean savings accounts actually aren't the worst place to stash your money atm.
USDC is worth evaluating
Consider investing in ASAB: All stablecoins are bad.
It sucks to have to sell investments during a downturn, but they're still liquid. It's not sound advice to keep more cash than is necessary for operational reasons. At least buy some bonds or something if you're bearish.
High-yield savings accounts are nice but don’t beat inflation.
rising rates mean savings accounts actually aren’t the worst place to stash your money atm.
They're better than like, a checking account or a mattress. Marcus is 3% rn, which seems great until you remember that inflation is way higher than that.
All stable-coins are scams. Pretty much baked into the premise of the product.
Do you have any reasons why USDC is a scam compared to other stables? If it's just "crypto/stables are scams" you're not wrong but it's tough to make money off that without taking on crypto price risk, which I don't do.
Oh yeah, they're doing great right now. Just off 85% of their market value from the IPO. And they've definitely got a bunch of cash reserves to back up all their bitcoin debts. I'm extremely confident of that :this-is-fine:
He'd be a fool if he didn't. He would've had to actually believe in FTX to not do that.
Somehow in 6 years he'll still be on the news talking about how poor he is in a brand new Patagonia jacket.
He’d be a fool if he didn’t.
He borrowed money from his ponzi scheme to gamble it. all evidence points to him being very stupid and bad at running scams
To be fair, you've just described exactly how our fractional reserve banking system works. It's scams all the way down.
Worst case scenario is he gets a couple years in prison and owes more money than he can ever pay back, which sends him working under the table (except probably doing shady capitalist bullshit instead of landscaping)
So, basically what happens in the south if you get caught with a dime bag.
Even if this is 100% true, this just proves once again that the "risk" that capitalists take on is the risk of becoming a (rich, well connected) worker
would be pretty funny if this were actually true (it isn't) and he had to be represented by a public defender at his trial, some poor overworked bastard who only has thirty seconds to prepare
most people have a net worth of -$20 so you know, i'd say he's sitting pretty well assuming he isn't lying off his ass (i mean come on, why wouldn't he)
Well my bank account only has ~$5,000 but the company that was incorporated a few days before this crash with my myself as a member of the board (only member if you must know) has $26million of liquidity.
If he somehow avoids jail, then, crypto markets being what they are, he's probably less than three years away from being a paper billionaire again. :blob-no-thoughts:
I mean, this sounds like shit you'd say to wave off your creditors. "The $3B I yanked off the ledgers months ago? I... uh... I think my dog ate it. Yeah, I'm basically broke now. No meat on this bone. Totally not worth your time to pursue. Please let me vanish into obscurity now, kthxbi!"
