Staking Crypto - Best platform

12 posts were split to a new topic: Self-custody of cryptocurrencies

Genesis rekt.
Gemini Earn rekt because they used Genesis.

(That’s why I mentionned Kraken and Coinbase in the trustful ones and not Gemini)

Looks like we should rename this thread like this:

Staking Crypto - Worst platform

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Well, to be fair one should have known that it is not possible to pay a stable interest on crypto without causing inflation. This means every platform who offers stable returns does is in a shady way.

Also, my reasoning why i stay away from those services (even stable coin lending). If a company manages to create a return of 6% with no risk, why are they offering that to us poor suckers? They could just live off interest and live a happy life.
Just like all the crypto or financial gurus on youtube, if they could make money with trading and their investments they would not need to sell you a course.

Who is the product here?

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Nice one - A Post-Mortem for a Crypto Exchange: Is FTX worse than Bernie Madoff? – Early Retirement Now

I like her articles, by the way.

I just would like to trigger a discussion regarding the business case of the following topic…

There were few threads and several articles online highlighting/advising how important is to transfer our crypto assets to a hardware ledger in order to protect ourselves from crypto exchanges bankruptcy, crypto stealing attacks, Binance or crypto.com crash etc…

I get the point in case you hold for example 1 btc or 1-2 eth and just and only that in your crypto portfolio it will probably worth the hassle, investment and effort to transfer your crypto assets directly to a ledger…

But in case for example you hold a very diversified portfolio of assets (20 different cryptocoins, some of them less that 1k of investment, mainly via Binance but also through 2-3 other different platforms, not a big portion of the portfolio in the top 5 crypto, few could be shitcoins and just crash) and currently the whole crypto portfolio value due to the current market conditions worths total less than 5k would it make sense -the effort and hassle- to transfer all your assets through various platforms to the ledger? (plus maybe some cryptos could not even be supported from the ledger).

How complicated is the process to transfer assets to a ledger and again back to an exchange?

In anycase - the triggering point for this discussion was that - if Binance for example crashes probably would be the “first big end” of all cryptos, so even if few cryptos remain and survive after that would practically worth nothing so even if you have them stored in your ledger wouldn’t make any sense (again except maybe if you just hold BTC or ETH).
Plus in case you just hold crypto in your ledger practically you can never liquidate them to FIAT money, correct?

-please kindly correct me if my assumptions/logic/statements above are not correct, I don’t want to get in debate with anyone guys just to openly discuss and learn a bit more

So for all of you who are holding your assets in ledgers what would be your plans to do with your assets in the future in case everything crashes in the crypto sphere?

My opinion, take with as much salt as you like:

A prerequisite for dabbling in crypto should be understanding how it works, including how to transfer the coins to your own wallet and knowing that it will be secure. Crypto is absolutely not like normal finance – it’s OK to not understand the details of how ETFs work but still invest in them, because there are protections in place to help such consumers. Crypto on the other hand is a wild west – the likelihood of naive players getting scammed or ripped off is extremely high, because the incentives for nefarious actors to do this are extremely strong.

forgive my ignorance as I don’t know much about the altcoin universe, but isn’t the whole point that you expect most of these coins to stay close to zero but one or two might 100x or 1000x? Then you expect your <5k portfolio to be worth a lot more in the future, and so you should secure it as such. You need to do this with all the different coins, because you don’t know which will blow up.

To answer your questions with my limited knowledge:

For BTC, I know that the transfer is extremely easy. The hard part is setting up your own wallet and securing it etc. I would assume the same is true for other coins too.

you can just transfer it back to an exchange in the future to liquidate them

I don’t know, I’m personally not holding crypto but I find it fascinating. Exchanges going bust is not something new and crypto has survived this already, see e.g. MTGOX in 2014. Since now access to purchasing crypto for speculative purposes is quite widespread, I think whether crypto continues to take off depends a lot on whether a practical non-speculative use case emerges.

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You may have given away the answer yourself:

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Lol, point taken. I really have no strong opinion here, but just to play devil’s advocate: a compelling use case for crypto could emerge for sophisticated players. Or systems for managing wallets could be created that has strong security guarantees but are easier for lay people to use. (But yeah, I think the more likely situation is that these don’t happen.)

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Quack, very well said or better well written :grinning:

Actually my point is that at this stage we are already at about 80-95% down for most of the coins (considering ATH…and for people got in 2020/2021 in Crypto)….

If Binance and other big exchanges collapse too we are going to be about 95-99.9% down for most of the crypto instantly for sure… How many chances would you have at this stage then for making a 1000x in an altcoin…:

I truly believe that the ones which would really have a use case are going to survive and thrive but in the end in such a scenario how many would be in this category and in which time horizon are we talking about…

In a nutshell maybe to try to rephrase slightly my previous post… Would it make sense at this stage to spend even more time (and maybe money) at crypto space (trying to optimize or protect somehow you portfolio further no matter what) or you just leave it as it is and just accept the risk whatever happens happens…

I might sound to be very pessimistic but when you are about 80% down in your portfolio and the market outlook is not very promising you don’t have many options….

Yes.

It’s a necessary but not sufficient condition I guess :sweat_smile:

It’s not always black & white…

People doesn’t need the same level of understanding to decide to invest into something, people doesn’t have the same risk Appetite…(also people nowadays they don’t have time to spend on all those topics and analysis that might be required before deciding for something)

…and it’s perfectly okay to be like that as soon as it’s calculated risk and it doesn’t affect of course anyone else or blaming anyone else

If it was like that nobody should ever played in the casino and nobody should have ever invested in crypto

Admittedly, the quote was too good a prompt to miss and not comment on it. :wink:

There are services and apps that make it easy and - relatively- safe to dabble in crypto currencies, no doubt.

But I think there’s little denying of how even educated, well-versed people in the crypto space are failing to keep their assets safe and secure - all too often. And the (supposedly) trustworthy and professionally run crypto services, exchanges, lenders etc. operated by such people, too.

Given the safekeeping risks, your mention of casinos may be more fitting than portraying it as an „investable“ asset class for retail investors.

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Agree.

You may categorise crypto as whatever class you like hands off - even like casinos -

Just what’s wrong if someone decides to play on the casino?

What’s wrong if someone plays with Crypto - without having stored it’s Crypto in a hardware wallet?

To put it simple what I don’t understand why are people attacking to other people about why they invest into crypto without knowledge and being so dummy to not see the risks, to not see the collapse coming, to not have wallets etc…

…and there are too many post-facts prophets out there just ready for criticism

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Nothing wrong with that at all.
I’ve been doing it myself.

I am not attacking people to do so. But I will object when people paint a picture of cryptocurrencies as the future of money, the monetary system and pass it off as an investment-grade investment for ordinary people.

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Yes sorry I didn’t meant you of course… it was more general :sweat_smile:

Totally agree

2 posts were split to a new topic: Staking Crypto - Best platform [2023]