Easy question to choise.com:
How safe are my/our funds in the app, and how safe are the investments made to pay for the yields offered.
Please provide a comprehensive written public answer and/or a video on this.
Please consider auditing parts of choise.com.
Use the results of this transparency for marketing purposes.
How safe are my funds in the bank if it gets robbed? How safe am I to cross the street without being wrapped in bubble wrap from head to toe? How safe am I to leave the house and not be a victim of criminal activity? Statistically, the restroom is the most dangerous place in the home. Should I have mine removed? This is what you sound like.
Well, Element115, if this is what I sound like to you, don’t pay too much attention to my rambling, would be my advice!
Otherwise, it’s a fact that crypto is a highly new and unregulated space which has seen the rise and fall of many pioneering projects in 2017 and recently the collapse of -among others- Terra/Luna and FTX.
The main reason FTX and Terra/Luna collapsed was the fact that they easily COULD meaning they were built on wrong assumptions (Terra) or intentions (FTX).
Danger can lurk everywhere. You’re right, but being robbed has to do with the intentions of another person in the end…
We give choise.com our trust, but its ways of handling money have not been audited.
And as such I suggest they should be a forerunner in embracing regulation -as CZ and the guy who made Etherium also advise-, prove themselves to be worthy of trust and marketing this thrustworthiness.
I would, but the “ramblings”, as you put it, are all over the dao. Are you an investor, or did you marry the project? Reminiscing of a nagging spouse.
After a period of supervised engagement, I got married, of course.
Really good point, interesting to speculate about. But as a business owner, I see the initial problem here as a clash of interests between the business and the client’s interests. The crypto market is getting closer and closer to the traditional market. Do we know how the money of BNP Paribas, Barclays or Deutsche Bank depositors is used? Hell, no. Of course, clients would like an absolutely transparent scheme on “what financial tools does a bank use to earn for paying the yield”, but not a single financial institution is transparent enough for reasons that we all understand. The CEO of Binance and this dude of the ETH are saying well, but we haven’t seen it actually implemented yet.
If we really see the implementation of some standards and a precedent from large companies, this will be a great signal for everyone to follow their example. But if the guys just decided to hype on the collapse of FTX, then it will remain just as a loud tweet and nothing else.
Good point, Jason, I get it.
Hmm… so what exactly do I mean…
I think I mean to say that with a normal European bank I know all my funds up to 100.000 euro are safe. They are guaranteed by the rules and regulation. Then ik know the banks are subject to rules by the ‘financial field’ and all kinds of laws that bring many responsibilities to these banks.
What I mean to say is that I know a lot of these issues are not in place in crypto. I know the risks. But therefor I feel an extra ‘need’ to know what ‘guides the management of choise.com’ on a level of ‘general strategy’.