Crypto firm BlockFi files for bankruptcy as FTX fallout spreads

Re:Crypto firm BlockFi files for bankruptcy as FTX fallout s... by postalrat on Monday November 28, 2022 @11:13AM (#33775398)

Then the end game would be to be something useful that people use in their daily lives.

I think that's what was meant when calling it digital currency.

But now it's heading down a different path.

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Re:Crypto firm BlockFi files for bankruptcy as FTX fallout s... by HashBasher on Monday November 28, 2022 @01:30PM (#33777488)

Having a savings account is not useful in daily life?

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Re:Crypto firm BlockFi files for bankruptcy as FTX fallout s... by JohnFen on Monday November 28, 2022 @03:25PM (#33779054)

Cryptocurrencies look to be a particularly bad substitute for a savings account to me. Or even just keeping cash in a shoebox under your bed.

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Re:Crypto firm BlockFi files for bankruptcy as FTX fallout s... by AlexandrB on Monday November 28, 2022 @04:19PM (#33779854)

A savings account is generally a no-risk or low-risk investment vehicle. This usually means that you could withdraw the balance on any given day and not suffer a realized loss. Even if you assume that Bitcoin's value will always recover long-term, having short term volatility in the 50% range might mean that the money in a Bitcoin "savings account" will not be available when you actually need it.

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