Feb 14, 2023Liked by John Cook

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.

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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.

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