Does decentralized staking really mean anything?

[Crypto Library]

What I mean by decentralized is that you own your fund and only you have the power to control it. Meanwhile, when you stake your fund on different platforms, will your fund be under your control? And if it is not under your control, how will it be decentralized staking?
I was actually preparing a decentralized stacking platform where a rate would be available but the platform would be trusted. I myself hold a large number of funds in bitcoin from my total fund and I know that bitcoin works according to proof-of-work (POW) and therefore bitcoin decentralized staking cannot be done directly. But I heard about RenBTC and WBTC, are they worthable at all?
I don't know is it the right board for creating this topic. :")

[Charles-Tim]

But I heard about RenBTC and WBTC, are they worthable at all?
I don't know is it the right board for creating this topic. :")

They are not bitcoin but altcoins that are having bitcoin price. If you can trust the coins developers, you can go for its staking but they are not as secure as bitcoin and they are centralized. I prefer to just hold bitcoin than to go for the altcoins with the low APR. Holding bitcoin at the right time will give you far more than the APR.

[Crypto Library]

They are not bitcoin but altcoins that are having bitcoin price. If you can trust the coins developers, you can go for its staking but they are not as secure as bitcoin and they are centralized. I prefer to just hold bitcoin than to go for the altcoins with the low APR. Holding bitcoin at the right time will give you far more than the APR.

I think my ultimate destination is going to be holding my bitcoin in a decentralized wallet. I was actually thinking in another prospective that if the APR on Bitcoin is only 0.34% then the profit at the end of the year will be 0.0034BTC which will cross 200$ according to the current market price. I was wondering where the amount would stand if I held bitcoins for 8 years. But what I am currently thinking is that if the platform is not secure, then it is better not to risk your funds with such a small amount of APR. And I want to avoid CEX, currently some BTC of my holding is in binance.

[muncuss]

I think my ultimate destination is going to be holding my bitcoin in a decentralized wallet. I was actually thinking in another prospective that if the APR on Bitcoin is only 0.34% then the profit at the end of the year will be 0.0034BTC which will cross 200$ according to the current market price. I was wondering where the amount would stand if I held bitcoins for 8 years. But what I am currently thinking is that if the platform is not secure, then it is better not to risk your funds with such a small amount of APR. And I want to avoid CEX, currently some BTC of my holding is in binance.

even thought staking those alt can give you staking profit besides price appreciation profit for me if the alternative is to directly hold btc then i'll choose it instead. It is centralized alt like that account say and if you plan to hold for years then what might happen is either your staking is good or somehow those alt disappear

[makishart]

What I mean by decentralized is that you own your fund and only you have the power to control it. Meanwhile, when you stake your fund on different platforms, will your fund be under your control? And if it is not under your control, how will it be decentralized staking?

Well, Not your keys. Not your money. Staking on a different platform means you handed your tokens to others, and this happens because you were not owning the key for the wallet to store your tokens for the staking purpose. In the end, decentralized staking is bullshit. 

I was actually preparing a decentralized stacking platform where a rate would be available but the platform would be trusted. I myself hold a large number of funds in bitcoin from my total fund and I know that bitcoin works according to proof-of-work (POW) and therefore bitcoin decentralized staking cannot be done directly. But I heard about RenBTC and WBTC, are they worthable at all?
I don't know is it the right board for creating this topic. :")

WBTC and RenBTC are not native coins; they work by collateralizing your native bitcoin to issue or wrap new WBTC, which you can then stake on lending platforms or defi, but I believe this increases the danger to your asset. As an exchange, staking your bitcoin provides a yield, although it is extremely small. 

It's not even worth it given the risks involved. 

[mindrust]

What I mean by decentralized is that you own your fund and only you have the power to control it. Meanwhile, when you stake your fund on different platforms, will your fund be under your control? And if it is not under your control, how will it be decentralized staking?

Obviously that’s not decentralized at all. Binance and some other big exchanges have “decentralized” exchange services too. However we all know they ain’t decentralized if binance can stop the services whenever they want. They are using that term to promote their shit. True decentralized services are unstoppable and can’t be shut down by anyone.

Staking itself is a flawed logic anyway. Many crypto people liked btc because it has limited supply. Staking creates inflation which pretty much what the central banks have been doing for decades. So why invest in pos coins?

[sunsilk]

What I mean by decentralized is that you own your fund and only you have the power to control it. Meanwhile, when you stake your fund on different platforms, will your fund be under your control? And if it is not under your control, how will it be decentralized staking?
I was actually preparing a decentralized stacking platform where a rate would be available but the platform would be trusted. I myself hold a large number of funds in bitcoin from my total fund and I know that bitcoin works according to proof-of-work (POW) and therefore bitcoin decentralized staking cannot be done directly. But I heard about RenBTC and WBTC, are they worthable at all?
I don't know is it the right board for creating this topic. :")

There's no way that you hold your coins while earning some percentage through staking. Whether it is a centralized or decentralized type of staking.

You will still need to entrust your fund to the platform which means you're depositing it to them.

And for that reason, you will no longer hold the coins that you own and they will do it for you. That's a condition for staking.

[X-ray]

Staking always require your money to be in custody in other word you have no control over it other than after locking period ends, the difference between decentralized staking and conventional staking by the CEX probably lies around the fact that decentralized staking requires you to deposit to a smart contract, so the activity is done in the blockchain not through some third party like CEX where entire process is under their privately owned system.

the thing that you mentioned like WBTC and RenBTC is just honestly an ERC20 pegged with the value of BTC usually 1:1 so that it can be used the in the blockchain that have capability of smart contract such as BSC or Ethereum while retaining the 1:1 value to bitcoin.
the advantage of having this wrapped Bitcoin token in other blockchain is that you can use it for various means such as providing LP, and restaking protocol which also offers yield.

However, the thing with depositing your coin into a contract vault is that it is also exposed to the risk of contract breach in which your money might vanish. So you really need to think about which one suited to your needs.

[Wexnident]

What I mean by decentralized is that you own your fund and only you have the power to control it. Meanwhile, when you stake your fund on different platforms, will your fund be under your control? And if it is not under your control, how will it be decentralized staking?
I was actually preparing a decentralized stacking platform where a rate would be available but the platform would be trusted. I myself hold a large number of funds in bitcoin from my total fund and I know that bitcoin works according to proof-of-work (POW) and therefore bitcoin decentralized staking cannot be done directly. But I heard about RenBTC and WBTC, are they worthable at all?
I don't know is it the right board for creating this topic. :")

Staking usually means the platform holds your coins, aka not yours. And well, the fact that you staked your coins means you already left the boundaries of decentralized so I don't think there's any purpose in defining that.

As for the coins, just hold Bitcoin. Never heard of the latter two and I'd say the value of Bitcoin would generally be a lot higher in a year compared to alts since they'd probably be higher in a couple of months, but in the long term Bitcoin usually always wins.

[o48o]

What I mean by decentralized is that you own your fund and only you have the power to control it. Meanwhile, when you stake your fund on different platforms, will your fund be under your control? And if it is not under your control, how will it be decentralized staking?
I was actually preparing a decentralized stacking platform where a rate would be available but the platform would be trusted. I myself hold a large number of funds in bitcoin from my total fund and I know that bitcoin works according to proof-of-work (POW) and therefore bitcoin decentralized staking cannot be done directly. But I heard about RenBTC and WBTC, are they worthable at all?
I don't know is it the right board for creating this topic. :")

Ok, there seems to be lots of confusion in this thread about staking. Holding your coins in some 3rd part CeX or what ever isn't staking even though they are calling it staking, and definitely has nothing to do with decentralization. Either that platform is staking those coins for you or are using them in some profitable way so that they can pay you for locking your coins.

Actual decentralized staking is securing the chain and often running your own node. It doesn't involve third parties and you are literally putting your coins as in "collateral" that can be slashed if you are trying to be a hostile node.

RenBTC and wBTC are wrapped tokens and they represent the value of original asset (that's btc). They use original bitcoin as collateral by locking that into smart contract and issue a token that's representing bitcoin in ethereum (or any other platorm, but ethereum in your case). Wrapped eth exist too and you can use that in L2 or other platforms, but i haven't looked into them, but i assume most smart contract platforms offer this.

If you don't grasp how they work, i would recommend avoiding them, as i don't know specifics, but i've heard that they had their controversies when it comes to security. Always prefer the real btc than a wrapped one.

[JeromeTash]

But I heard about RenBTC and WBTC, are they worthable at all?

You hand them your real Bitcoins, and they give you tokens RenBTC and WBTC. Not worth it in my opinion. The risk is way too huge for just something like 8% APY. I just hold my BTC in a cold wallet and wait for the price to go up

Staking in noncustodial wallet is only possible with mostly POS networks because their protocol is proof of stake anyway. On top of that, POS networks aren't as full decentralized as Bitcoin is.

[doomloop]

What I mean by decentralized is that you own your fund and only you have the power to control it. Meanwhile, when you stake your fund on different platforms, will your fund be under your control? And if it is not under your control, how will it be decentralized staking?

There is nothing such as decentralized staking because when you stake your coins or tokens, you get yield by a third-party that is using your coins or tokens for some purpose and giving you a percentage of the profits earned by it, so if the staking is decentralized which means there is no third-party involved, you won't get anything for your coins.

If you wish to hold your coins in a decentralized wallet, that will only keep your coins safe and you wouldn't get anything on top of them, only centralized and custodial wallets provide staking and earning options when you use them to store your cryptocurrencies and they are not safe.

I would say it is better if you just hold your Bitcoin somewhere safe and take profit when the price goes up instead of staking them.

[devil-soul]

I believe that at the moment keeping bitcoin in a decentralized wallet is the best strategy, however I also prefer dex to cex to stake secondary altcoins even if the bees are more or less the same there is much more privacy

[masyari]

I want to stake/lend every my alt but im afraid that smart contract/dex hack risk is never zero and it's hard to answer is 5% yearly apy worth risk of loosing 100% of my assets...

[Psalms23]

When you stake your funds on different platforms, the control you have over your funds can vary. In truly decentralized staking, you should retain control over your private keys. However, many platforms require you to transfer your funds to them, meaning you don't have direct control during the staking period. That's only my opinion though.

[AVE5]

What I mean by decentralized is that you own your fund and only you have the power to control it. Meanwhile, when you stake your fund on different platforms, will your fund be under your control? And if it is not under your control, how will it be decentralized staking?

Decentralized is simple as no authority is posed to regulate the system so when you have your assets stacked in the decentralized storage network it you're absolutely in control of your funds and doesn't matter the varieties of decentralizations which you spread them.
It goes out of your control only when you've them over to the centralized networks.
That's why bitcoin blockchain has been so much authentic for decentralized and self custodial storage.

[Dr.Bitcoin_Strange]

I prefer to just hold bitcoin than to go for the altcoins with the low APR. Holding bitcoin at the right time will give you far more than the APR.

@OP, I agree with what this user is saying, and I also read your second comment below the above that I quoted now. If you actually hold your Bitcoin in your self-custodial wallet for 8 years, your asset will be more secure, and you will earn more profit than the profit you would even make by risking your asset if you were to stake it for 8 years. 

Some years ago, I actually staked some coins via a dex like pancake swap, and since it was a cheap altcoin, the APY was about 15%, and I just took the risk because it was also not really a huge amount of asset I wanted to stake, but for you, you said you had a huge amount of Bitcoin, and I think you are taking a big risk if you stake that huge amount of Bitcoin. On a second thought, there's a saying, "No risk, no gain!". If you can actually handle the loss if anything goes wrong with the stake, you can go ahead, but if you can't deal with the loss, it's better to just store your coin in your custody. 

[oktana]

For you to stake from your wallet, you must have connected your wallet in a way that the third party platform has access to it. So, while it may still be carry the name of being decentralized, your funds is not just under your control but under someone else’s control. And if a hack or scam was to happen with that platform, because you connected your wallet and give the authority, you can lose all of your funds, those you staked and those you didn’t.

[Apocollapse]

Both RenBTC and WBTC are fake BTC on Ethereum network, Ethereum network is centralized. Converting your BTC to RenBTC or WBTC, you're already taking risk token failure.

Which decentralized staking platform you mean? remember that most of them are centralized platform that using word "decentralized". I think you mean the staking platform that you don't have to stake on website, instead you stake in smart contract.

In this case, you're taking two risk, whether RenBTC and WBTC will de-peg or the smart contract get hacked.

[rodskee]

What I mean by decentralized is that you own your fund and only you have the power to control it. Meanwhile, when you stake your fund on different platforms, will your fund be under your control? And if it is not under your control, how will it be decentralized staking?

technically it is still decentralized because you still have some sense of control over your own funds

you choose which protocol to stake on to and you have the decision when to stake or unstake your funds as it is your private key still but I guess it depends on which platform you are talking about...