How to be your own cryptobank, earn interest, and cash out anonymously

[happypsyduck]

Medium Article:
https://medium.com/@happy_psyduck/how-to-be-your-own-bank-with-fiatdex-and-the-dai-stablecoin-6f53d930e950?sk=ea7e4f75888862eb9e847c8f82c58d45

This article describes how to setup your own stablecoin (DAI) based cryptobank using a decentralized peer to peer fiat gateway called FiatDex and decentralized lending protocols that earn interest.

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[cryptoaddictchie]

Thanks for sharing this is a nice piece of information about learning simple step on stablecoin however I suggest you move this thread to Altcoin Discussion which is suited best.
Moving it is on the lower left of the forum page beside move topic. Thank again.

[Charles-Tim]

From the link

Code:

Additionally, by being your own bank with DAI stablecoin, you can participate in decentralized lending pools to earn anywhere between 1–10% interest on your DAI per year, significantly more than a typical bank account.

People will be thinking of earning 10%, but what is the chance that you will not earn as low as 1%, and this is annually/yearly. This is not profitable for my likely at all, Dai is a stable coin and no means of it to even increase like bitcoin.

Instead, I will wait carefully for bitcoin price to decrease and invest on bitcoin instead of believing in such annual unprofitable for professionals that will seem profitable for novices.

[Aveatrex]

What is the chance that you will not earn 1% but people will be thinking to earn 10%, and this is annually/yearly. This is not profitable for my likely at all, Dai is a stable coin and no means of it to even increase like bitcoin.

Instead, I will wait carefully for bitcoin price to decrease and invest on bitcoin instead of believing in such annual unprofitable for professionals that will seem profitable for novices.

People freeze their money in a traditional bank for 1%-3% yearly. I guess this mean of earning interest is for those who don't want to take any risks trading volatile coins like Bitcoin since DAI is a stable coin AND would have frozen their money in their bank for interests anyways. For people that fit this category being their "own" cryptobank is more convenient because the money can be withdrawn any time unlike a bank.

[btc_angela]

Yeah, another DAI or Defi hype again, and we have been hearing this for money months now in this community that I think it's becoming the next hype after ICO/IEO from top trading exchanges. To be your own bank, you just simply buy coins like bitcoin hold on it, take care of your private keys and HODL and then wait for years and see how your investment grows.

[batang_bitcoin]

This is not profitable for my likely at all, Dai is a stable coin and no means of it to even increase like bitcoin.

Yes, that's it but being the crypto bank, you'll earn from the interest. But I don't like this kind of idea or will ever invest into it. I like the idea somehow but I'm more fond of holding the fund in bitcoin form and earn with volatility rather than earning through interest rates with DAI.
There could be some people that can prove that it's profitable but I'll not depend with those comments. Holding your money in bitcoin won't be safe in volatility but it's better than any defi or cryptobank IMO.

[IamAltcoinfan]

It is good concept but there is exchange like Kucoin and Binance even other platform giving option of lending most of the coins . I kept some of ethereum in Kucoin getting nice interest not much but fairly good . As i dont have intention of selling . As well as cardano ( ADA) i kept it in binance in saving and also i am earning some interest . IBecause we are holding this coin for future also giving some returns by holding this coins .

[Kotone]

Not new anymore some market are offering the same with their stabelcoin products. Maybe this one is more focus on dai, but I better not base on this earning style which give you a very small profit. Better yet to do trading, or any lending platform with conservative and much more higher interest.

Binance doing this and they also have saver program well you literally hold your coin and even stablecoin of usdt and you earn passively. For me its better cause it is trusted than this.

[FanEagle]

There is absolutely no way that I would use something like that. One bad mistake in the system would mean all of our money gone. You want to trust someone? Trust freebitco.in for example, they get over 150 bitcoins wagered on them every single day and on 5% house edge they have that means just from the dice game they have 7.5 bitcoin on average revenue, that is just the single part. They are giving out 4% interest rate to anyone who has money on their website deposited.

So, you would be doing something a lot more trustworthy, I would trust most websites than something like this, selling out a system that allows people to have their money there is always scary and always risky. However if people want to try it or just simply test it for a while, they are more than free to do that with small amounts and bring back results.

[kindbtc]

Medium Article:
https://medium.com/@happy_psyduck/how-to-be-your-own-bank-with-fiatdex-and-the-dai-stablecoin-6f53d930e950?sk=ea7e4f75888862eb9e847c8f82c58d45

This article describes how to setup your own stablecoin (DAI) based cryptobank using a decentralized peer to peer fiat gateway called FiatDex and decentralized lending protocols that earn interest.

Market for these dexes and decentralized finance based projects is massively growing and also we are seeing new projects popping up, i like this one as the project involves dai stablecoin but i think we have to be careful as many scammers follow the trend like we saw in ICOs
so now there may be scammers in disguise in form of new defi projects, just be vigilant.

[happypsyduck]

The idea of using the DAI stablecoin is specifically because it has low volatility. This allows you to have peace of mind knowing the value of the coin will be similar 1 week from now as it is today. This is similar to what fiat tries to do. In addition, you can earn more or less guaranteed interest without worrying if your coin's value will drop suddenly.

Not new anymore some market are offering the same with their stabelcoin products. Maybe this one is more focus on dai, but I better not base on this earning style which give you a very small profit. Better yet to do trading, or any lending platform with conservative and much more higher interest.

Binance doing this and they also have saver program well you literally hold your coin and even stablecoin of usdt and you earn passively. For me its better cause it is trusted than this.

The reason I suggest avoiding such solutions is that you do not have custody over your funds, Binance does. As the saying goes, not your keys, not your coins. Therefore you are not your own cryptobank but rather you switched from one bank to another.

[bitcoin-shark]

the dai offers multiple earning possibilities, as well as being able to set a node it can be staked in its tokenized forms on the various lending and defi sites is one of the best stable coins...

[irixo10]

Be your own crypto bank and earn interest etc, with all processes taking place on a decentralized peer to peer system; well that's really or could really be a nice idea and also an attractive one because nowadays in the midst of this pandemic, people are always looking for ways to earn and maybe this will offer them a good alternative. Nevertheless, I would need to read more on this to know all I can possibly know because fraudsters are never taking a break.