BlockFi & Fractional Reserve ~ Bitcoin Reading Group

In the last couple of weeks there has been an explosion of conversation about BlockFi, a new financial services firm that seeks to create “access to basic financial products in the blockchain ecosystem.” This commotion is largely centered around their new Crypto Interest Account product, which differs from their Crypto Backed Loans product.

BlockFi’s initial foray into the Bitcoin market last year offered a valuable consumer service with minimal additional risk over established custodian services. That product is Crypto Backed Loans through which clients can take out fiat currency loans against their Bitcoin, rather than having to sell it. As collateral, the Bitcoin being held was still the sole property of the depositor. The “not your keys, not your Bitcoin” warning applies here, but if you found yourself needing to liquidate your holdings and it’s within your risk appetite to hand your private keys to a custodian, it served well as a calculated risk to free up some capital without triggering a taxable event.
https://zanepocock.com/blockfi-and-the-mystery-of-finance-e8a3a8ae90ee

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