Cryptocurrency trading platform BlockFi has announced a referral program. When you refer a friend and they deposit $500 or more into their account you’ll receive $50 in bitcoin and they will receive $20 in bitcoin. Currently the referral program is running from now until August 14th. The $500 deposit must be maintained until September 14th, 2020. It’s unclear if the referral program will be extended beyond this.
Previously we’ve seen a bonus of $100 when you deposit $200 for new users. Or $50 when you trade $1,000+. Currently you can get a bonus of $50-$1,000 when you trade $1,000-$100,000. It’s a shame that the referral bonus isn’t reversed (e.g with the person being referred getting $50) because if it was then I could see this being worth doing. Because it’s only $20 for the person signing up I don’t think it’s worth doing, unless you’re referring a family member/loved one and splitting the money. Because of that we are kindly asking you not to share your referrals below.
Hat tip to readers BlissfulApathy & Steve
https://blockfi.com/?ref=a83dbdf5
Thank you for using my referral link!
https://blockfi.com/?ref=b373c8a8
thank you
https://blockfi.com/?ref=b72443ad
Thank you to all who use my referral!!!
https://blockfi.com/?ref=1d41237f
Thank you for using my referral link.
https://blockfi.com/?ref=8942f454
Here is my referral link in case you want to try out Blockfi with some referral reward: https://blockfi.com/?ref=50c37666. Thanks for using my referral link.
Earning interest on crypto is awesome~
Here is my referral if you need it: https://blockfi.com/?ref=77785da3
Just sign up for the account – the UI looks nice. Here is my referral code if anyone is interested in signing up: https://blockfi.com/?ref=48490e98
I’d really like to put more bitcoin into BlockFi for that awesome interest rate but I cannot risk it. If they lose your bitcoin it is not insured and you are completely hosed. It is only a matter of time before they get hacked (again) and people lose money.
Now, if BlockFi offered some kind of non-custodial or multi-sig interest-bearing account, yeah I think that’d be useful. But as it stands? Nah…. I’ve seen way too many crypto hacks over the years to trust any centralized service. Sheeeeeiit, BlockFi doesn’t even offer hardware 2FA!
Both of you make good points. Obviously there’s no SIPC/FIDC insurance on these accounts so if they fail you really go bust. Reading into it though, I like how they have 90% of their funds custodied by Gemini and those accounts in turn are insured by AON. They have a pretty stellar group of VC’s that are on board and although I’m pretty sure they’re loss-leading right now with all of these promos, they seem to be in good financial shape to prevent any solvency risk.
Default risk also seems much lower with crypto prices going up and existing collateral for loans having more favorable LTV for Blockfi. Hopefully, the minor data breach they suffered a few months ago makes them extra vigilant moving forward.
I see a deposit in the 8.6% stablecoin account as similar to a high yield corporate bond (which I also selectively invest in) with added benefit of potentially outsized cap gains: will take the interest proceeds in ETH hopefully ride up the dividends on the Defi wave. Risk/reward seems manageable to me.
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