tech

Crypto lending world sways under risk and turmoil

4 Comments
By Thomas URBAIN

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© 2022 AFP

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charging just 0.1 percent for loans, but paying more than 18 percent on deposits.

What is that old adage....

If something looks too good to be true.......

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Crypto was always promoted as high risk high returns type of investment, so as the article says the companies dealing with this trade should have prepared for the inevitable dip. The problem is that crypto was also promoted as unregulated, so apparently nobody was going to be forced to put some security measures that would have also limited the losses.

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A fool and his/her money are soon parted. Old as the hills.

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I don't think our taxes should be spent 'protecting' people who are able and willing to hand over sacks of cash but incapable of due diligence. Instead spend the cash protecting people who don't have enough cash to buy food.

Not that the 'protection' would amount to much. Every week there is news of people having lost their cash to some sort of dodgy investment scheme, all supposedly watched over by government regulators.

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