Part 2 of Untangling Digital Currency Group | We review claims of Grayscale misconduct, lack of accountability & conflicts of interest with parent company DCG
When I see these bitcoin "unregulated banks" promising 7% guaranteed interest or more, that should be a tipoff to anyone with knowledge of Finance 101 that it's a scam. If you're promising a guaranteed rate of return higher than the Treasury rate, it's impossible to do that legally.
Spot on FSK. Whats even more disappointing is the marketing, UI, user experience are all engineered to convey a bank-like experience to crypto users, but diving into the terms of service these same "crypto banks" have pages and pages of language absolving themselves of any/all responsibility.
They become simple "agents" of the depositor, "acting on their behalf". Complete insanity. There is no doubt plenty of blame to go around.
When I see these bitcoin "unregulated banks" promising 7% guaranteed interest or more, that should be a tipoff to anyone with knowledge of Finance 101 that it's a scam. If you're promising a guaranteed rate of return higher than the Treasury rate, it's impossible to do that legally.
Spot on FSK. Whats even more disappointing is the marketing, UI, user experience are all engineered to convey a bank-like experience to crypto users, but diving into the terms of service these same "crypto banks" have pages and pages of language absolving themselves of any/all responsibility.
They become simple "agents" of the depositor, "acting on their behalf". Complete insanity. There is no doubt plenty of blame to go around.