Luno assures that Saving account deposits are safe - Genesis well-hedged

Tman*

Tman*

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SilverCode

SilverCode

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saor said:
The risk / reward ratio for 1.5% hardy seems worth it. Why would anyone even bother?
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I read up on this a bit when it launched because my BTC just sits idle in my Luno wallet and I thought "hey, maybe I can get something out of it". Then I read that there is no security and you could lose your "saved" coin if things go belly up. I noped out, but thought it must have decent returns if you are taking that sort of risk.

I guess not, it is all just risk.

I mean, I get something like 4.85% for a Money Maximiser account with FNB, and I know the chances of that money going *poof* are fairly low. People would be much wiser to cash out their btc and put the money in a normal interest generating account.
 
SauRoNZA

SauRoNZA

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saor said:
The risk / reward ratio for 1.5% hardy seems worth it. Why would anyone even bother?
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It was double that at one point if I recall correctly.

And ultimately If you are a HODL’r and not trading then it’s just about eeking out that little bit more in the long game.
 
saor

saor

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SauRoNZA said:
It was double that at one point if I recall correctly.

And ultimately If you are a HODL’r and not trading then it’s just about eeking out that little bit more in the long game.
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Ja, I just don't see most HODLers handing over their crypto to a third party for a measly 1.5%. Private wallets & ownership of their own keys. I'm not seeing the benefit at all considering the risk.
 
SauRoNZA

SauRoNZA

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saor said:
Ja, I just don't see most HODLers handing over their crypto to a third party for a measly 1.5%. Private wallets & ownership of their own keys. I'm not seeing the benefit at all considering the risk.
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Meh I find the private wallets and ownership of own keys generally far more risky.

Way more horror stories of people losing their own crypto than someone else doing it for them.
 
H

hj007

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Hmm, why keep your coins on an exchange at all. Seems risky to me.
 
SauRoNZA

SauRoNZA

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Tman* said:
https://twitter.com/i/web/status/1592867269469958144

If you reading this, its time to take all your money out of luno.... And all other exchanges for that matter
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Genesis is only relevant to the Savings account portion and even then Luno changed that up some weeks ago taking the responsibility directly on themselves.

Also stop the panic, they (Genesis) informed customers of this well in advance so it's not like they are pulling a fast one here and rather preserving customer assets like any publicly listed company would do during a **** show like this.

Grayscale & Genesis are virtually one and the same thing under DCG and the largest single holder of Bitcoin so if they **** the bed EVERYONE shits the bed, no matter where you kept you crypto.
 
Tman*

Tman*

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Every single crypto exchange to date has assured their customers that their funds are safe...up to the point when it wasn't. :laugh:
 
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