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Yeah, you can get up to 8% on GUSD on Gemini; and Celsius even pays more (12%?) on dai if you accept their shittoken as interest. It’s a trap. Your stablecoins

Yeah, you can get up to 8% on GUSD on Gemini; and Celsius even pays more (12%?) on dai if you accept their shittoken as interest. It’s a trap. Your stablecoins are leaking value every day. Crypto investors have no right to safely earn interest, no. They have one Satoshi given right — keep a private key confidential and use it to spend UTXOs. Everything else is bollocks and you will lose your coins.

P18g4rKns6Q 5y ago
I never said they had that right. Your belief that "Bitcoin makes banks obsolete" will not be true until there are safe alternatives for compound interest on investments. https://news.ycombinator.com/item?id=28835170 https://news.ycombinator.com/item?id=28835170 I read somewhere that "Every possible action you take in your life could be taken advantage by criminals. Do you want to let that restrict you ability to lead your life?" I don't, I'd like to have a safe place to store money that earns interest. https://news.ycombinator.com/item?id=28518389 https://news.ycombinator.com/item?id=28518389
- randomhodler84 5y ago
  The safest place to store money is self-custody, and we have that today. Nothing can possibly come close because it involves storing value with key escrow, trusting third parties. The very thing Satoshi invented this to avoid. Bitcoin does not yield any interest by itself, so it is not possible to earn interest risk free. It’s an incentive for third parties to take custody of your coins (where they will be stolen). I think I stand by my previous statements :-)
  - P18g4rKns6Q 5y ago
    Then "Bitcoin makes banks obsolete" is not true; banks provide safe, interest-yielding accounts. You're arguing that we should not keep coins on exchanges because they could be taken advantage by criminals who are "restrict[ing] your ability to lead your [interest-earning financial] life." This is in direct contrast to your previous statements.
    - randomhodler84 5y ago
      That comment was more referring to using and self-custody of monero, which may have some users who use it for crime, just like all money. It’s about not making blanket moral decisions about a thing you perceive as icky, to your own financial detriment. hold your coins close to your heart. You have no right to earn interest on Bitcoin. It’s not in its cryptoeconomic model, it is an overlay at best that introduces risk. Historically, interest was actually religiously banned. It was only corruption from the ProtoBankers that made you believe you were entitled to it.
      - P18g4rKns6Q 5y ago
        Thank you for walking your comments back, I never claimed to have a "right" to earn interest. > You have to weigh the risk of theft vs the financial losses Exchanges provide compound interest, but are vulnerable to hacks, in ways unlike self-custody. Every possible action you take in your life could be taken advantage by criminals. Do you want to let that restrict your ability to lead your life?

P18g4rKns6Q 5y ago

I never said they had that right. Your belief that "Bitcoin makes banks obsolete" will not be true until there are safe alternatives for compound interest on investments. https://news.ycombinator.com/item?id=28835170 https://news.ycombinator.com/item?id=28835170 I read somewhere that "Every possible action you take in your life could be taken advantage by criminals. Do you want to let that restrict you ability to lead your life?" I don't, I'd like to have a safe place to store money that earns interest. https://news.ycombinator.com/item?id=28518389 https://news.ycombinator.com/item?id=28518389

randomhodler84 5y ago
The safest place to store money is self-custody, and we have that today. Nothing can possibly come close because it involves storing value with key escrow, trusting third parties. The very thing Satoshi invented this to avoid. Bitcoin does not yield any interest by itself, so it is not possible to earn interest risk free. It’s an incentive for third parties to take custody of your coins (where they will be stolen). I think I stand by my previous statements :-)
- P18g4rKns6Q 5y ago
  Then "Bitcoin makes banks obsolete" is not true; banks provide safe, interest-yielding accounts. You're arguing that we should not keep coins on exchanges because they could be taken advantage by criminals who are "restrict[ing] your ability to lead your [interest-earning financial] life." This is in direct contrast to your previous statements.
  - randomhodler84 5y ago
    That comment was more referring to using and self-custody of monero, which may have some users who use it for crime, just like all money. It’s about not making blanket moral decisions about a thing you perceive as icky, to your own financial detriment. hold your coins close to your heart. You have no right to earn interest on Bitcoin. It’s not in its cryptoeconomic model, it is an overlay at best that introduces risk. Historically, interest was actually religiously banned. It was only corruption from the ProtoBankers that made you believe you were entitled to it.
    - P18g4rKns6Q 5y ago
      Thank you for walking your comments back, I never claimed to have a "right" to earn interest. > You have to weigh the risk of theft vs the financial losses Exchanges provide compound interest, but are vulnerable to hacks, in ways unlike self-custody. Every possible action you take in your life could be taken advantage by criminals. Do you want to let that restrict your ability to lead your life?