[tombert]

I fell for GUSD with Gemini Earn years ago. It wasn't so stable for me, considering I wasn't able to get my funds for almost two years.

At this point I'm pretty sure that stable coins really shouldn't exist. I mean, I'm not sure any crypto should exist but I think stablecoins like DAI are just a bad idea.

[latchkey]

The problem wasn't stablecoins, it was that you gave your coins to someone else to manage and they did a poor job at that. That high rate of interest you thought you were getting also came with a high rate of risk. The education around that was intentionally deceiving, which cast a poor light on crypto as a whole, which is unfortunate, at best.

[tombert]

Yeah, they kind of made it seem like GUSD was backed by FDIC. I should have been more skeptical of that, certainly, but I feel that the marketing was misleading.

That said, I still think they're probably a bad idea.

[arccy]

if you use a real stablecoin like USDC where they don't promise magic yield rates, then you'd be safe. otherwise you're just lending money to some questionable people.