No I meant transferring your bitcoin/ethereum from BlockFi to your own wallet (e.g. Metamask, or an offline wallet). The downside is that outside of BlockFi, you don't earn interest on your balance. But...... on the flip side it means you have 100% control over your crypto, because you hold the private key. If BlockFi or your wallet provider (e.g. Metamask) were to go under you'd be fine.Gadget wrote: ↑Sun Feb 28, 2021 6:48 am What do you mean transfer it out for upside. You mean put your crypto in Blockfi to earn interest, then take a loan out? That seems even riskier to me... The most likely scenario of Blockfi going under involves crypto prices crashing hard. In that scenario, you'd have a loan you couldn't pay back with your crypto, and you'd be out all your crypto at Blockfi.
The motto is "Not Your Keys, Not Your Coins". See here a good summary of why that is the case.