URGENT: THE END OF BLOCKFI (Interest Accounts) | What You Need To Know

[@adamventure]

What do you think about these changes to BlockFi's platform? Since those of us in the U.S. can't deposit funds anymore, where are you putting yours?

[@davn7723]

so what should i do , transfer its out somewhere? like where?

[@adamventure]

@@davn7723 it depends what you want to do! If it's already in the interest account and you want to keep earning then you can leave it. If it's in the wallet, I would move it out to something like Celsius, Hodlnaut, Voyager, or Ledn. BlockFi and Nexo are currently unavailable and some of the others may get taken down too just as a heads up

[@bspiderm]

@@adamventure why would Gemini be taken down when they are already registered in New York???

[@adamventure]

@@bspiderm if they do get taken down its because they will need to register Gemini Earn with the SEC and we don't know when that will happen. They also might not get taken down!

[@H20SOLUTIONS]

Nexo is no good either ?

[@Thereisalwaysmore]

BlockFi did send a message stating that they BIAs I was like wait I thought they aren’t allowed to open these accounts. Went to the website and it stated not available to US citizens etc., darn it still sucks.

[@adamventure]

If you want alternatives check this video out! kzbin.info/www/bejne/emOzpGBpndlgp5o

[@Thereisalwaysmore]

@@adamventure thank you I'll check it

[@tsukinifuin7233]

This is not happening for me and I have money in blockfi what am I doing wrong ?

[@adamventure]

Like you're not able to earn interest?

[@Trancer006]

Is staking the same thing as interest account? So can I stake coins using BlockFi in the US still?

[@adamventure]

No they are 2 totally different things. Staking is done on the network to secure it, while BlockFi does centralized lending like a bank. Although a lot of these platforms call their programs "staking" it's a misnomer - still just centralized lending. And even if you wanted to do it, BlockFi is shutdown in the US to new customers and funds. If you want alternatives check out this video: kzbin.info/www/bejne/emOzpGBpndlgp5o

[@Trancer006]

@@adamventure That really sucks, we always seem to get the short end of the stick here in the US... Do you know if BlockFI or Nexo requires KYC? Maybe I can use them with VPN?

[@adamventure]

@@Trancer006 yeah for real we don't get to use the fun stuff. Both those require KYC unfortunately, as many do now. Trust me I've tried with all sorts of tricks like VPN haha. It's not like Netflix where they just change what you can watch, there's serious tax and financial implications so makes sense they're more strict. I talk about all the other good options in the video I linked

[@OhadRaps]

Very concise video, thank you. Also the yields on blockfi became super duper low for btc and eth, which I have just now noticed.

[@adamventure]

You're welcome! And yeah they've just been getting lower and lower, which is 1 reason I had pulled out all my funds a while ago. I will be coming out with a video of alternatives very soon!

[@albertwesker828]

Great vid, concise and the most important points are included. Subbed

[@adamventure]

Thank you man I appreciate it! I always try to make these short sweet and to the point

[@teawithcrypto1089]

I haven’t been in my blockfi account in a hot minute.

[@adamventure]

Same until I made this video haha

[@RMBOYD81]

To answer your question about reward point destination, according to their fine print: Do credit card rewards post to my Wallet or my BlockFi Interest Account (BIA)? All credit card rewards are automatically posted to your Wallet every month. Published January 16, 2022 So you can pick the coin payout but they’re all non-interest. Pretty worthless card now.

[@adamventure]

Thank you for confirming! That's what I figured - really big bummer. The card was already subpar but now even fewer people will be able to justify using it

[@ericnavas7808]

@Adam Venture. Unfortunately Nexo is in a similar if not identical situation. Like Blockfi Nexo has also sent a letter regarding their crypto interest product

[@adamventure]

Hey Eric, good to hear from you and thank you for letting me know! Yeah I saw that as well, huge bummer. I figured a couple more might get shut down since the SEC is going after the whole industry. Once the dust settles (maybe in a week or 2?) I'm going to make a video about the best crypto interest accounts which will give everyone alternatives to BlockFi and Nexo

[@ericnavas7808]

@@adamventure Sounds good. Looking forward to it. Sidenote: some colleagues mentioned this crypto interest account Vauld that the APY is over 6%

[@adamventure]

@@ericnavas7808 ah yeah I’ve heard of that one but haven’t looked much into it. Might do that if they’re still standing!

[@kunjomani]

Can you use the blockfi credit card to start to increase US credit score?

[@adamventure]

Yes you can, it works like a regular credit card in that sense

[@markk4203]

You suggest leaving funds in if one wants tp keep earning interest. What are the chances of BlockFI going bust at this point?

[@adamventure]

It's really hard to say since we don't have an inside look into the business. All this stuff is pretty recent too so they might not even fully know. No one knows for sure, but I pulled all my funds out several months ago

[@vapeking466]

So have any companies already registered with the sec or no?

[@adamventure]

Not to my knowledge, this is still a very new decision and I doubt anyone has pulled all their things together quite yet

[@rowdyryangames]

Did you ever make a follow up alternatives video for us peeps? 😀 I have my money parked in blockfi now but have more to move around and curious about reputable alternatives

[@rowdyryangames]

Solid channel btw, got a sub from me

[@adamventure]

Not quite, I have it almost fully scripted to shoot! I wanted to let the dust settle before releasing it, and it seems like we're in the clear. Should be next week's video! EDIT: I appreciate the support, glad to have you on board!

[@Flotsam7jetsam]

Interest was their mainstay. There's really no reason whatsoever to use BlockFi if this feature has been removed.

[@Flotsam7jetsam]

AND I don't really trust the SEC to keep me safe anymore--they suck.

[@adamventure]

@@Flotsam7jetsam totally agree, its now just an expensive exchange and you have plenty of other options to use. Regulation is annoying for sure, but I'm hoping it'll lead to more adoption and demand

[@JustinHollandFitness]

Is there an alternative

[@adamventure]

There's a couple alternatives that are still standing like Celsius, Ledn, Hodlnaut, Voyager, and Crypto.com! I've reviewed the first 4 on this channel. I'm going to come out with an updated list of alternatives once the dust settles, so far BlockFi and Nexo are the main ones affected

[@YaBoyDC]

I need to know about the credi card rewards

[@adamventure]

You're in luck! I made a couple videos about it on the channel. The concise one is linked in the description. TLDW: they're not great

[@toddduda9630]

Can you still borrow against your blockfi interest account?

[@adamventure]

That’s a fantastic question, BlockFi hasn’t updated any of the docs yet so I’m contacting them to find out!

[@adamventure]

Just got an answer back - yes you can take a loan, but they will remove the collateral from your interest account and would stop earning interest permanently. At the end of the loan it will go into your wallet instead and you can never earn interest on it again

[@ramakrishnay12]

Hi Adam, after Celcius, what do you think about having Bitcoin in Blockfi wallet and interest account? Where would you transfer your bitcoin if you dont want to earn interest. Which wallet would be the safe place.

[@adamventure]

I personally don't hold any assets in BlockFi anymore, and definitely wouldn't not put any more in their wallet (unless for sign up bonus). Safest would be a hardware wallet like a Ledger, or some other wallet that you control

[@alexkane1]

So can you give an idea of what the interest rates are on other exchanges?? In terms of a stable coin, which exchange is the best bet? Thanks!

[@adamventure]

Great question! Typically you'll see between 8% and 10% on other platforms. Of the ones I've reviewed on the channel: Hodlnaut is 12.7%, Ledn is 9.25%, Celsius is 8.5%, Nexo is 8% base rate 10% platinum loyalty level, Voyager is 9%, Gemini is 8.05%. If you wanna try some DeFi, Anchor Protocol/UST is almost 20% (with a little more risk). I personally have a lot of my crypto in Celsius and Ledn with smaller amount in the rest

[@clutch2827]

@@adamventure they are going after Celsius next

[@adamventure]

@@clutch2827 yeah they're going after the whole industry - they've taken down Nexo as well. I'm going to let the dust settle and make a video about the best interest accounts (centralized or DeFi) that are left standing

[@markn1841]

Hi Adam, I crawled for 'mining' but couldn't find the 2/2 it found .... I send the mined btc to blockfi, does it still earn interest? Thank you, good Sir

[@adamventure]

Hey Mark no worries, if you sent it after the shutdown announcement (February 14th) then unfortunately no it does not earn interest any longer

[@markn1841]

@@adamventure Thank you, much, Adam; appreciated

[@adamventure]

@@markn1841 you got it!

[@kennyfit9877]

This is deeply concerning, and absolutely affects my investment strategies. Should I continue to find my Gemini interest account or do you forese them doing the same thing in the near future?

[@adamventure]

Yeah it's really unfortunate for those that were heavy in BlockFi. I would say Gemini is fairly safe but they generally do have lower APY. Even if they follow the path of BlockFi & Nexo, you'll probably get to keep earning on what you already have in the account. It seems like the dust is settling, and potentially have a finalized list (for now) of remaining interest account. I will be making a video on this!

[@dom6301]

Great info. Thx!!

[@adamventure]

You're welcome glad it was helpful!

[@RhettReisman]

The credit card rewards go into the blockfi wallet :)

[@adamventure]

Thanks for the info! The wallet or the interest account? If it’s wallet it won’t earn interest :( better than nothing I guess

[@RhettReisman]

@@adamventure Yeah the wallet, doesn't earn interest. IMO the credit card is still (while obviously flawed) the best bitcoin back card. Looks like Gemini card is finally getting out to people on the waitlist which is exciting but there's a spending cap on the Gemini 3%. I think the convenience of just converting to BTC automatically is worth the drop in %back vs something like citi double cash where you're probably not going to go through all the steps of actually converting that to BTC.

[@adamventure]

@@RhettReisman I agree it’s a solid card if you wanna fully automate your Bitcoin investing. Nothing wrong with that! Looking forward to the Gemini card as well, might as well get both lol

[@TheStrangeKage]

Anything happening with blockfi interest accounts? I have 1.21 btc and .5 etc locked up

[@adamventure]

For custody/wallet, yes the opened withdrawals. For Earn, nothing yet

[@kaylastarker85]

Thanks for breaking it down!

[@adamventure]

You're welcome I'm glad it helped!

[@Abemtric]

Appreciate your time and effort to make this video! You made everything very clear! I value that opinion you gave at the end too!

[@adamventure]

You're very welcome! I'm glad to hear this video was helpful and there will be more of these to come

[@chris1293]

Does these mean you can’t build compound interest anymore?

[@adamventure]

Great question! If you already had an account with funds in it, that will continue to earn interest and compound as normal. However, you can’t put any new funds into the interest account. Also no one (in the U.S.) can create a new interest account - just the wallet and credit card

[@himmad]

You don't think the card is still good to earn the 1.5% back in bitcoin and continue to transfer that out?

[@adamventure]

If you don't want to have to think about buying Bitcoin, I totally get that use case for it! But you'll be getting a lot less due to the lower cash back rate and trading fees. So in my opinion I would rather put in a little bit more work to get a lot more reward

[@nerdexproject]

Thank you for the update!

[@adamventure]

You're welcome I'm glad it was helpful!

[@blakehurley9176]

Hey Adam, great video!! I just made a blockfi account today 3-26-22 so I could make about 5% Apy On my ETH - BTC. I then saw a pop up saying they are no longer offering new interest accounts for USA users, which I then stumbled upon your video. Would you suggest moving over to Celsius right away or waiting it out to see what happens next.

[@adamventure]

Hey thank you Blake I appreciate it! That's a bummer, they don't make it obvious signing up but you could at least get the sign up bonus if you used a referral code. If you're not doing that, then yes I would move it somewhere else right away - Celsius, Hodlnaut, Voyager, and Crypto.com (in my order of preference) are still up and running. I don't think BlockFi and Nexo will be coming back any time soon and we don't even know what it will look like, so might as well start earning now. You could always switch later!

[@Joe-zs4xf]

SEC just killed earning interest as well for celsius. Something big is coming down and they’re going to kill all cefi interest earning for US users

[@adamventure]

@@Joe-zs4xf yeah I saw that earlier too, it's real bummer I'm not sure if any CeFi interest is going to last. Interestingly enough, exchanges with interest (Gemini, Voyager, etc.) have slid by. I will be cranking out more DeFi guides for sure!

[@MoFiTheMagnificent]

It's 10% about safety and 90% about taxes

[@adamventure]

Yup pretty much lol. Death and taxes

[@rayc3103]

KYC applies though. Why would taxes be an issue?

[@bspiderm]

Is Gemini registered with SEC??? Thanks

[@adamventure]

In regards to the new settlement, no platform is yet but Gemini Earn is still up and running!

[@bspiderm]

@@adamventure so why do they only target BlockFi first??? Thanks

[@adamventure]

@@bspiderm BlockFi was just the first to announce this, probably because they're arguably the highest profile for crypto interest accounts. Nexo followed a few days after and Ledn just shut theirs down yesterday

[@bspiderm]

@@adamventure so when Gemini? I thought they are registered with New York.

[@adamventure]

@@bspiderm we don't know yet since they haven't come out with any statements around it. I imagine they are working at it now!

[@blakesmith9039]

Does the credit card still pay interest?

[@adamventure]

No it does not anymore :( it goes to your wallet instead of your interest account

[@blakesmith9039]

@@adamventure appreciate you, man

[@adamventure]

@@blakesmith9039 I appreciate you too thanks for watching!

[@hochoonhiong]

hi Adam what is your opinion on FTX blockfolio since they offer 8percent interest for all cryptos?

[@adamventure]

Hey that's a great question, I have a FTX Blockfolio review on the to-do list! As an exchange they're very reputable (however average in functionality in the US at least) but that 8% APY is a really sweet deal. If I recall correctly, its a subsidized rate that won't last forever but take advantage of it while you can

[@hochoonhiong]

@@adamventure thanks :)

[@theech1co]

Idk if anyone as asked this but can I just use a vpn if I’m in the us and want to still have the block fi interest accounts?

[@adamventure]

Great question! Unfortunately no since it requires KYC, so even if you use a VPN to mask your IP they still know who your are

[@fazotakeiteasy]

Good info. Hopefully BlockFi gets the ball rolling on the yield accounts for all.

[@adamventure]

You're welcome, I'm glad this was helpful! I'm hoping they do too, along with the other platforms that got shut down

[@willhayes8215]

Thank you for this video, Adam! Helps fully understand the news headlines. Even though funds in the interest account can still earn interest and be grandfathered in when/if BlockFi Yield comes out, moving currency to a new exchange seems like the best idea. I hear Hodlnaut and Nexo are potential alternatives. Do you have any thoughts on which exchange to look towards next?

[@adamventure]

You’re welcome I’m glad this helped clear things up! Yeah it’s up to you, but I personally moved all my funds out a while ago which I made a video about. Hodlnaut and Nexo are both solid. I would also recommend checking out Celsius and Ledn. I’ve reviewed all 4 on the channel. For exchanges, I use Gemini for BTC and anything ETH/ERC-20 because they offer free transfers and I use Binance.US for most others since they support a lot of native networks. KuCoin for the more difficult to obtain ones - this is the only one I haven’t reviewed but it’s in the works. Hope this helps!

[@tinagionis]

@@adamventure but wouldn't the same regulations from the SEC apply to Nexo as well as Celsius?

[@adamventure]

@@tinagionis on paper, yes they would and actually since releasing this video Nexo Interest has done the same as BlockFi - existing customers get to keep theirs, but no new customer or new funds for existing customers. Celsius have not been shut down yet, although they might soon

[@956DTech]

What about my stablecoins?

[@adamventure]

This affects both stablecoins and regular crypto (BTC, ETH, etc,) in the same way unfortunately. If you have the account opened and funded you'll still keep it locked in at whatever its at. But no more new interest accounts or new funds into existing interest accounts

[@956DTech]

@@adamventure so i have like 100$ in bitcoin i cant transfer to gusd, if i do it wont earn interest

[@956DTech]

@@adamventure what about the rate it was paying at will it go lower or stay the same?

[@adamventure]

@@956DTech yes exactly, if you touch it in basically any way you will stop earning interest. As for the rate, I could definitely be wrong but from my understanding they had to freeze their product offering which would include interest rates

[@956DTech]

@@adamventure so the money is just gonna sit there till they Comply with the SEC

[@mrnmrn1628]

Hey Adam, as a canadian, is it advisable for me to open a BlockFi account to get the $250 Bitcoin advantage ? Would appreciate your answer as I only recently heard about this BlockFi account 1 day ago only.

[@adamventure]

Yeah I would still do it! These changes on affect the US and I believe the options are somewhat limited for Canadians

[@trigrrug]

Love your videos man. Great work.

[@adamventure]

Thank you Ray I appreciate that! Glad you're getting value out of them

[@hajiimpressions8113]

Thank you for the truth. I spoke with BlockFi, and the rep gave me total bullshit. I'm out of here 😅

[@adamventure]

You're welcome I'm glad it was helpful. Unfortunately its their job to respond a certain way so it't usually not the rep's fault - they have pre-written responses and can only send those. You can blame the leadership, since it seems they've let their platform slide

[@duggybuckets7763]

Is the money that is in my Bitcoin interest account gone???

[@adamventure]

Unfortunately yes since its locked up in the bankruptcy now. You'll have to wait and see what comes out of it - you might still get a portion of that money back but it's not looking good

[@duggybuckets7763]

@@adamventure gotcha thanks for the reply. Damn that’s really unfortunate I didn’t realize it got this bad until it was too late. I feel like all the Altcoins completely going bankrupt caused like a chain reaction.

[@adamventure]

@@duggybuckets7763 damn sorry to hear that, a lot of us got caught up in one of the bankruptcies. And that's exactly what happened, it started with LUNA going to 0, which caused a string of bankruptcies like dominos falling down

[@rayc3103]

I live in Canada. I do get to use Blockfi. My only concern is whether Blockfi will even remain solvent. If so, I will keep my money in the account.

[@adamventure]

Yeah I won't lie, that is a pretty big concern of mine as well. Between this and all the operational missteps they've experienced over the last year, I'm not as confident in the company anymore. This is why I pulled out everything several months ago

[@rayc3103]

@@adamventure Thanks for your input. What do you think about Celsius by comparison?

[@adamventure]

@@rayc3103 when I moved all my funds out, I send them straight to Celsius funny enough - I made a video about this: kzbin.info/www/bejne/fZasZnuhgtZ_jpo Celsius is a fantastic platform that has constantly been improving since I first joined them. I made a review that's a little old now but still is mostly relevant. I interviewed their CEO in a video and did a deep dive into their business. Full hour is here, but I also edited it down to 20 minutes on a separate video: kzbin.info/www/bejne/m4Crg4Wcra2WkJY

[@rayc3103]

@@adamventure Thank you for all the info. I'll move half my Blockfi assets to Celsius.

[@adamventure]

@@rayc3103 you got it! That's a good move in my opinion

[@DuffmanDreaddy]

Interest accounts were weak on block fi compared to many good projects on these blockchains. This is joke. Also that statement that there interest was there flagship made me chuckle.

[@adamventure]

I agree, which is why I pulled all my funds out a while ago! I made a whole video explaining why, but this recent news confirmed my suspicions from that video

[@lucian5304]

Oh man...I can still put all my coin on blockfi just no earnings....sounds like a great plan... Not!!!!.....all the govt is worried about is people making interest on stable coins..they don't like when the little guy gets ahead of their inflation

[@BlueBass2]

thanks for the video, still no update i presume?

[@adamventure]

Thank you! The update is they went bankrupt, I touched on this in my recent 2 videos about the FTX collapse

[@BlueBass2]

@@adamventure how did i miss that…so leave the platform, right?

[@adamventure]

@@BlueBass2 if you somehow can then yes, but they halted withdrawals a while ago

[@jiggybish]

So if you have funds in there already then they will continue to earn interest and nothing has changed? Because we've been grandfathered in?

[@everettnelson9277]

Yep, so you can let it sit and grow, withdraw it to a bank account, or transfer it to your wallet. Basically doing anything other than leaving it there will make the interest disappear

[@adamventure]

@@everettnelson9277 exactly, thanks for answering that! Basically your interest account is locked in with whatever is in there right now, and if you want to keep earning interest don't transfer anything out. Here's another comment I posted that should clarify things: "If you already had an account with funds in it, that will continue to earn interest and compound as normal. However, you can’t put any new funds into the interest account. Also no one (in the U.S.) can create a new interest account - just the wallet and credit card"

[@victorianovidalrecruiter]

It didn't take long to realize BlockFi was a rippoff. Here is what they do in simple words: They let you buy it at a higher cost and sell it at a lower, therefore, whatever alleged interest is nothing compared to what you lose in the initial cost and when exiting. I took every penny out today, :-)

[@adamventure]

That 1% spread adds up real quick especially since you can earn interest on your holdings anymore. I also moved all my crypto out a while ago for that plus other reasons

[@evanyeigh3620]

Do you think it would be safer to move my money to a different interest platform? If so what do you recommend?

[@adamventure]

I personally have barely any funds lefts in BlockFi for multiple reasons, which I talked about in my video about leaving BlockFi (and this news kind of confirmed my suspicions). Another person asked a similar question and these are my thoughts: "Typically you'll see between 8% and 10% on other platforms. Of the ones I've reviewed on the channel: Hodlnaut is 12.7%, Ledn is 9.25%, Celsius is 8.5%, Nexo is 8% base rate 10% platinum loyalty level, Voyager is 9%, Gemini is 8.05%. If you wanna try some DeFi, Anchor Protocol/UST is almost 20% (with a little more risk). I personally have a lot of my crypto in Celsius and Ledn with smaller amount in the rest"

[@MoFiTheMagnificent]

This is my first time wtaching your vid but do you always play minecraft music with trap drums? If so, that's hilarious and I'll watch simply because of that

[@adamventure]

Hell yeah I do haha. OSRSBeatz makes a bunch of great remixes on KZbin and I use those as background music

[@Netgifts323]

👆👆I follow his recommendation and he help me fix mine. Kindly contact him. He will help you..

[@VJ-ne6um]

Adam, I'm new in your channel and I found it very interesting. In your personal opinion, where would you invest if you only had $500 - $1,000 saved and don't have a large income (like myself)? Thank you.

[@adamventure]

Hey glad to have you on board! In my opinion I would put that towards an emergency fund that could last you 4-6 months - I'd put that in a high yield savings bank account. I know it's not the most exciting and might not be what you want to hear and, but having that peace of mind will help you invest comfortably when that time comes. Check out Current's Savings Pods that will get you a pretty solid 4% APY on your cash (and other nice features). This link can get your $50 if you are interested: adamventure.link/current. You could also look into something like Yotta if you want a little more excitement. It's still a savings account but with a lottery system - I've reviewed it on my channel. Honestly just put your emergency fund wherever is comfortable for you! Then start investing with something like a broad market index fund after that

[@VJ-ne6um]

@@adamventure Thank you brother!

[@adamventure]

@@VJ-ne6um you got it!

[@JettRSmith]

Thanks Adam, that was really helpful.

[@adamventure]

You're welcome I'm glad it was informative! Thank you for watching

[@spunky181]

And two years later bankrupt and I have crypto locked up in my interest account LOL

[@marineastro]

wait, so you won't be able to earn interest but you still have a sponsorship with blockfi for up to $200, which means you need to transfer a shit-ton of money to get all the $200 and then not get any money in interest, which is the whole point of blockfi. And seeing as you seem to have a North American accent, it's a good bet that the majority of your subscriber base is US-based, which means that they get no benefit from transferring their money to blockfi. Also, it would appear that there is a certain amount of risk in these crypto spaces considering that Celsius Network is not looking good. So, it seems like you should stop promoting these cryptocurrency companies as it seems ethically compromising.

[@gjolinares23]

This sucks 😔

[@adamventure]

I know its a big hit to the entire industry, BlockFi was just the first domino :(

[@bennyduran6960]

BlockFi won’t go anywhere this is nonsense bud

[@richiejr3834]

I'm being totally serious when I say, I SURE DO LOVE THE SEC! LIKE A WHOLE LOT!!

[@RobinApplewood]

Summary of this video: THE END OF BLOCKFI....excuse my dramatic title....USE THIS LINK TO JOIN BLOCKFI....BlockFI sucks

[@franklinovalles1198]

like seriously you don't need to send anyone your money before you can invest in Bitcoin. all you need is a guidance on how to start investing and earn good profit at the end of your investment.👆

[@eddier115]

Do a video on NovatechFX

[@franklinovalles1198]

TikTok 👆