Has anyone used compound.finance?

[SiverSurfer]

This website can exit on you at any freaking time, I couldn't even trust binance and Kucoin that's why I don't stake on them, hackers can hack those websites anytime and if you are unfortunately them won't be able to reimburse your money

Yes, that is the biggest risk factor tbh.

[SiverSurfer]

OK, I am experimenting it before going into the plunge. Here goes the screenshot, for record keeping ;-)



PS: It has dropped from 20+ % to 11.46% in two days, probably due to the heavy liquidation that happened, though I am still wrapping my head around the causation aka "does interest rate go up with BTC price goes down?"

I believe the interest rate goes up with the demand.
People have alot of money in compound DAI, and now that the market is down, people are borrowing DAI to invest in cheap BTC/ETH.
By doing so, the demand grows, and i believe, with it the interest %.

Just like Uber, if there's a shortage of free drivers, the price goes up.

I am actually thinking of converting some of my USDT to DAI to play with it. I am fully invested mentally into crypto and the point of lending is to learn, the best way to learn is to do it (and hopefully not get burnt LOL)

[Kvalentine]

I see that compound.finance has a GitHub home, who is able to confirm if they are legit and not stolen GitHub contents? Honestly if anything happens your money is a goner, the website has no team link, not even any popular partnerships

[Paxon]

There are not so much information about compound. Where are they stated at, which county?

[Byakuga]

Do not be surprised if the website stop working at any time, I still prefer binance or huobi over this unknown website, anything can easily go wrong with the platform

[Destroyeroff98]

I am thinking of putting my DAI into compound.finance due to the high interest rates now, at about 20%. The interest rates fluctuate but it is not locked and I can withdraw my DAI out easily.

Has anyone tried it?

In fact, now you can put cryptocurrency at a percentage. As the market fell cryptocurrency very much.
I think that even more cryptocurrency can not fall.

[el kaka22]

I am thinking of putting my DAI into compound.finance due to the high interest rates now, at about 20%. The interest rates fluctuate but it is not locked and I can withdraw my DAI out easily.

Has anyone tried it?

I still do not really get the whole idea of the website. You give them a collateral and they give you a loan, in real life collateral is usually a car or a house or your business, so something you have already paid for and own and use yourself, I do not give them my house for the duration of the loan right? I still live in it.

It means normally when I take out a loan from any bank I do not actually give them anything, they do have legal rights to take it from me if I don't pay them but I do not give it to them when I am taking out the loan. Here you give them some deposit and get credited and then you can take out a loan. If I have that kind of money I already have that kind of money, why the hell would I pay interest rate on something I already have? It doesn't make any sense.