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>Did they fail to make interest payments as promised? Did they advertise an interest rate the they didn't fulfill? You could say more or less the same thing ab
by matthewdgreen 5y ago
>Did they fail to make interest payments as promised? Did they advertise an interest rate the they didn't fulfill?
You could say more or less the same thing about Bernie Madoff's fund, at least right up until the end. I'm not saying that BlockFi is doing anything wrong here, but simply having good results for a while in a bull market doesn't make everything magically ok.
- Animats 5y agoExactly. Ponzi schemes deliver high interest rates, paid for by later investors. Until they don't, because the invested capital is gone. There's are too many of those in the crypto space.
- babyshake 5y agoBlockFi and apps offering 7-8% interest on stablecoins aren't themselves likely to be ponzi schemes. If these "USDT isn't backed by anything" predictions come to pass, then they are part of a ponzi scheme. FWIW I think it is very unlikely that this prediction is true.