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Author Topic: Does staking even make any sense  (Read 8400 times)
tbterryboy
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September 08, 2022, 02:22:51 PM
 #381

It is best that we keep our own coins in our hard wallets. But there is no wrong when people are staking even on decentralized platforms like Binance for example. There are risks but if people knew that then it is fine. If it is extra money then a thousand dollars earning $95 for a year is very good enough. We're talking about returns in contrast with banks very low yearly interests on our savings.

Instead of bashing people that staked their coins, why not share to us better ways to earn more?
I don't trust exchanges with my money. I only stake on DeFi platforms like Alchemix or in wallet using POS cryptos like ICP and Celo.
You mean centralized exchange? Because a crypto exchange has a two type. One is centralized and the other is decentralized but I think defi platforms (decentralized) are very risky compared to a well known centralized exchange. Often times we can hear a news that this and that defi platforms are getting hacked and millions or billions of money are getting stolen just like that.

Although there are hack events too that are happening in a centralized platform but I think they aren't that often as defi's. That's because they hold more users so they have the funds to develop a better security system which can't be easily accessed by any hackers.
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September 12, 2022, 07:53:16 AM
 #382

How do people even enjoy staking their coins and tokens? I'm confused, yesterday I tried to stake some amount of stable coin aka USDT on Binance Exchange and it is worth 1000$ but the return on this in a year is 95$ lol, I laughed so hard that I almost flipped my laptop, why the heck people doing this?.
why choose Stable coin when there are other coins that is having a good staking offering for Binance? Am not sure what is your plans and Ideas but i found it not even when  stable coin specially USDT is not worth staking for.

and why not locked the amount for much longer time than just a year? because if that funds is just for long term and willing to risk then there is no issue in waiting more.

It's true that stable coins like USDT are not a good choice for staking, I prefer staking other coins that can provide greater profits. But if we really want
to staking on stablecoins, we should not choose to staking on Binance, look for other platforms that offer higher interest rates. But we have to be careful
if staking on other platforms, make sure the platforms have a good reputation, so we won't lose our money. It must be admitted that it is very rare
for a trusted platform to offer high interest rates for staking, so if we feel that the profit generated from staking is unsatisfactory, it means that
staking is not something we should do. There are many other ways to make a profit in the crypto world, we just need to find information. What is
certain is that if there is a way that produces large profits, the risk is usually very high, very different from staking usually has a low risk.
actually I am not for very much profit mate but I am for safer investment mate , and I don't trust USDT or Stable coin for that and this is the reason  why I only use more movable coins than this coins.
I will never choose that kind of currency for my long term staking as I have already for some other sites and coins.
Yes that's true that there is a shadowness on Tether(USDT) . But if you want a stable fund  which will increase with  some apr then Binance savings is perfect solution here usdt,Busd(10%apr) ,Usdc(5%apr). On the others hand price movable coins has a high volatilities that's also a risk when you urgently needed . So I don't see any danger on Binance savings staking

nah , Am not sure if Stable coin is really a good idea mate either BUSD or USDT because look at this , why need to hold or use those coin when there isa Fiat that is more functional and safe?
what I mean is that there are lots of currency to keep and use for staking , that will assure us bigger return than stable coins.
Most of the Staking programs that provide great income are carried out by new Projects.and I often do this Staking.because Staking in my opinion is an effective and easy way to earn income without having to do anything. So this is what attracted me.
New project only promise bigger profit but the legitimacy ? are you safer?

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September 12, 2022, 10:39:42 AM
 #383

We will see some projects in which if we invest then there is a chance to get a lot of profit from here in the future but for that we need to invest in good projects and if we invest then we will have a lot of loss and face many hurdles so we are good.  It is better to think and invest



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September 12, 2022, 11:31:47 AM
 #384

add your money in staking it will definitely be higher. do you not understand staking? Yes, I know that each platform has a different presentation but Binance has higher trust and security. It's only natural that the percentage is smaller than other platforms because it is more secure.

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September 12, 2022, 02:50:31 PM
 #385

staking is a good one, it just depends on the APY, and the project you are invest in
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September 13, 2022, 06:53:57 AM
 #386

It is best that we keep our own coins in our hard wallets. But there is no wrong when people are staking even on decentralized platforms like Binance for example. There are risks but if people knew that then it is fine. If it is extra money then a thousand dollars earning $95 for a year is very good enough. We're talking about returns in contrast with banks very low yearly interests on our savings.

Instead of bashing people that staked their coins, why not share to us better ways to earn more?
I don't trust exchanges with my money. I only stake on DeFi platforms like Alchemix or in wallet using POS cryptos like ICP and Celo.
You mean centralized exchange? Because a crypto exchange has a two type. One is centralized and the other is decentralized but I think defi platforms (decentralized) are very risky compared to a well known centralized exchange. Often times we can hear a news that this and that defi platforms are getting hacked and millions or billions of money are getting stolen just like that.

Although there are hack events too that are happening in a centralized platform but I think they aren't that often as defi's. That's because they hold more users so they have the funds to develop a better security system which can't be easily accessed by any hackers.

It is important to lean and understand the platform first before you engage and start investing your money, both services have their own risk and advantages, with knowledge upon, you can pick which one is best suited for your money, investing wisely with a potential passive profits can be executed when you already know what and how to sort and pick the best venue for investment.

Keep in mind that the actual concept of investment is to ear and to continue to grow with your financial capabilities.

Not all investors and traders are doing their research they are just following other successful investors, then failed.

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September 13, 2022, 08:30:30 PM
 #387

How do people even enjoy staking their coins and tokens? I'm confused, yesterday I tried to stake some amount of stable coin aka USDT on Binance Exchange and it is worth 1000$ but the return on this in a year is 95$ lol, I laughed so hard that I almost flipped my laptop, why the heck people doing this?.

In bearish market we have right now, staking is the best to earn while holding up your tokens or coins in exchange of little effort or even doing nothing at all. If you don't have plans to sell these times, then you might wanna stake your tokens/coins to earn more from it. It all depends the APR you wanna stake into and also depends on what coins or tokens.

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September 29, 2022, 01:10:22 AM
 #388

It is important to lean and understand the platform first before you engage and start investing your money, both services have their own risk and advantages, with knowledge upon, you can pick which one is best suited for your money, investing wisely with a potential passive profits can be executed when you already know what and how to sort and pick the best venue for investment.

Keep in mind that the actual concept of investment is to ear and to continue to grow with your financial capabilities.

Not all investors and traders are doing their research they are just following other successful investors, then failed.

Most investors only pour money into PoS coins hoping they'll become rich in an instant. But that's not the way it works. Most PoS coins with high stake rates, become worthless over time due to high selling pressure. In other words, the higher the rewards, the higher the inflation rate will be. Coins with lower stake rates are proven to retain their value over time. But there's always the risk of loss because of the volatile nature of the crypto market.

You should only stake if you have money you can afford to lose. Otherwise, you'll risk yourself of losing everything in an instant. I think you're better off cashing out your crypto to Fiat or a stablecoin of your choice just to be safe. Just my thoughts Grin

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November 03, 2022, 08:07:14 AM
 #389

Yes it does, think of staking as gaining extra from what you have and leaves you better than you were when you started. For example if you keep a $100 bill in your safe don't expect to find anything extra in it, but if you kept it in a fixed deposit account with a bank you gain an interest on it... which is the same concept staking is based on, only that it's mearnt for crypto.

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