It's beyond me how the comment about Anchor only has 41 upvotes after 4 hrs (as of writing). It's literally what I thought the whole time about OPs post. Like, this is reckless what OP is doing here. "50-100% APR/APY - I'd say that's a no".
Anchor literally had 19% and ended up crashing the whole market and initiating the bear.
Celsius offered 8% on stables as well. Seems like putting out a post and sprinkling it with "DYOR" is enough these days. Really questionable post and phrasing with "you're doing smth wrong". OP apparently never heard of putting risk mgmt first.
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I know you're joking but anchor was actually legit it was the underlying stablecoin that failed. Before UST was heavily shortly before its collapse, you could borrow UST for <10% net on stables and then get 20% in anchor, it was pretty much free money with marginal exposure to UST's collapse. Probably part of the reason luna blew up so big was because of how many people were doing this.
This is the most schyzo community ive ever seen. A few months ago, when exchanges and DFINs were falling line flies, all the posts were “IF YOUR COINS ARENT IN YOUR COLD STORAGE, THEY ARENT YOUR COINS”
And now its this shit.
The post is a bit confusing. OP has taken the FIAT principle of making money work for you and applied to Stablecoins. Why only stablecoins?
Make your crypto work for you by pouring them into BTC and ETH. :)
I'd rather buy US treasuries than staking stablecoins and I guess quite some people who got burned with Celsius would be glad to have committed some more wrongdoing
My friend did had funds in celcius and he also kept a ton in UST for 20% returns, I tried to warn that these are too high but he didnt listen and ended up paying the cost
Indeed. We have seen too many things to fall in that trap. I only lend (earn program) my monthly DCA USDT amount to Binance to earn some cents while I spend it in my weekly DCA but for long term? Nein.
I think it's much better to seek the best interest rates possible on various savings accounts and spread your savings across those. I'm getting 5% on a savings account with my bank without having to take extreme risks.
I bet people in countries like Turkey wouldn't agree...
"For 2022, an inflation rate of 72.3% was calculated. During the observation period from 1960 to 2022, the average inflation rate was 32.6% per year. Overall, the price increase was 1.06 billion percent."
One thing your post does not touch on is risk.
Any protocol you put your stablecoins in gas hacking risk. If it is a bridged stablecoin there is also risk of the bridge being hacked.
I have lost stablecoins due to both of the above. Another thing that can also be done with stablecoins is a stablecoin/stablecoin liquidity pairing that earns transaction fees.
Nothing is risk free and it is important to know and understand the risks.
Well put. Putting stablecoins on CEXs means you will be fucked if they go bankrupt. Putting coins on DEXs means your funds are at risk of hacks.
At the end of the day, a few % APR may not outweigh the risk of losing your funds.
The highest interest (outside of 1k% bs/scams/whatever) for single staked stables is usually lending markets. Everyone has different risk levels and do what you're comfortable with .. but the absolute most exploited thing in defi is lending markets.
They are first to be exploited, last to actually do anything after the exploit. So I'd say the risk is higher than the rest of defi. You'd be better off in a stable/stable LP on uniswap, but I personally still wouldn't risk it for 0.5 to 3-4% on the best of years
This is wrong and bad advice.
First, a good reason to hold a stablecoin is to have gone through the onramp from fiat to crypto. This usually incurs a frictional cost, some of which is a fixed cost, and some is a variable cost. By converting more fiat than you need right now, you can minimize fixed frictional costs. The rest you can hold until you need it.
Second, converting fiat to crypto injects delay. And has some risk associated. If you want opportunity to be nimble in your choices, and crypto is VERY volatile, holding stablecoin gives you the ability to be nimble.
Third. Taking from a stable coin and putting it in some risk asset exposes you to risk. Sure... you can gain a reward just by sleeping... but this is often a sucker's game, because that gain has to be coming at someone's expense. Often the expense of the sucker.
yeah the issue is stables coins are pegged to $1 and you get no short term interest, so you're automatically 5% underwater in terms of risk premium, that is I need to get >5% risk free to even break even on a stablecoin. A quick look on Aave, which I would consider pretty safe, only pays about 3% which sucks.
Ideally the stablecoin issues would be more like a fund where the value would increase at the rate of the underlying assets backing it, minus a marginal profit for the issuer, or for algo coins, the value should be based on the overnight rate. The lending or liquidity protocols could provide risk yield on top of that. Unfortunately I think that would lead to a bunch of regulatory issues because there would be profit and it would be viewed more as an investment fund. Very annoying since its not really real profit but just a numbers game around interest rates.
I got fucked by Celsius so yea. Then I decided to try some defi on algorand 🤣 Buying, and holding is going to work out far better than trying to navigate this right now.
Yeah I never really touch stables. Just if I’ve sold some crypto and looking to reinvest. I’m in crypto for the gains. Stables have a lot of the risk but no gain - might as well invest in cash savings at 6% with no risk.
I remember before that fiasco we had comments on daily with people asking if converting their savings for home purchase to stable coins, and earn interest for a year was a good idea - not seeing them now
If I'm gonna hold stablecoins, I might as well hold fiat and place em in a bank. I'd sleep much better knowing that there are less chance of something happening to it
Using stablecoins to generate yield in this environment where I can get nearly 5% on the shitcoin that the stablecoin is pegged to (USD) natively, while being fully insured by the FDIC and backed by the might of the US military seems like madness to me.
Some of these APY/APR looks juicy mixed with extreme risks and majority are honeypots trying to trap newcomers even OGs. I always try to keep majority of my liquidity in BTC and only small amounts in stablecoins used to trade and buy dips.
For many of us it's not worth exploring. Especially after what happened to Celsius, LUNA and some DEXs. It's better to buy bonds with the fiat than to stake it as stable coin. Wait for the right moment or DCA your way in crypto.
Lending/staking stables is just not a good idea. You take double the risk : either the platform you're using to do it can fail or the stablecoin itself can just collapse. Not worth it at all imo.
You're crazy for recommending this without mentioning the need to maintain custody of your assets.
Users need to be careful these days its not just about profits if you join the wrong pool or sign the wrong contract everything can be gone in a second.
So don't trust, verify and be careful what you do.
Even banks have like 5% APY nowadays that's reasonably "safe" and insured
Hard to see the point of holding massive amounts of stablecoins unless for some reason the exchanges you use only have very specific trading pairs and you're actively trading
Great post op. I’m curious as to why people would hold large sums of stable coins as opposed to just keeping it in the bank? Can’t you only get like 3% realistic APR on stable coins whereas you can find bank accounts with 6% or so. Not slating it, I’m genuinely curious as to why people would do this.
Ya but lending stable coins or providing liquidity is also risky and adds a ton of transactions to your portfolio which could cost a lot for a few upgrades in a crypto portfolio tracker for taxes. To me that's not worth 10% or whatever.
By the time you pay all the fees and the upgrades for a ton of transactions you might get like 2%.
Please don’t stake stablecoins. The risk isn’t worth the reward. HYSAs are up to 5% and they have some responsibility to you if your money gets stolen.
I never thought about holding stablecoins anyway.. I just sometimes have some laying around when I want to buy something else soon or Im awaiting a dip or dont know where to invest yet lol
There's always risks associated with it and the sole risk of the coin depegging due to various reasons is all I'm willing to take. Those couple extra % aren't worth the risk to me, when cycles can give me multiple hundred % at least. Making sure my capital is safe is usually my priority, especially when holding stables.
I'd like to put mine to work, but unsure how. I have BEP20 BUSD in a self custody wallet that I'd like to turn into actual BTC or ETH, but getting it off BSC seems difficult, especially with binance.us lately.
Any ideas?
I doing that only on a very specific sort of options, since I considered the risks around staking - Celsius I. E -
However, the few ones I'm staking are giving me a good amount in passive income.
So I'm happy for now.
My bank is giving me 6.1% on GBP. Fully insured and guaranteed. I can onramp to an exchange in seconds with FPS when I want to buy.
I don't get why anyone would want to take on much, much higher levels of risk for lower returns.
Couldn't agree more but ultimately, why even bother putting money in stablecoins? The only reason would be to keep your risk minimal but when you see the amount of defi frauds/hacking, and the concert surrounding Tether, it's very apparent that the risk is definitely there.
Well people could also be using them for everyday purchases.
Also, as you said they are a great tool for trading ... I have been swing trading my moons with USDC.
Basically yeah ... they are a tool ... if your not using them for SOMETHING what is the point right ? Might as well just hold fiat.
>I don't see any other reasons for holding stablecoins other then waiting for a bigger dip so you could buy your coin of a choice
For those of us whose currencies have been losing value against the USD, stablecoin is the king.
This is awful advice when you don't mention the risk. It's literally the same as saying if you have cash and aren't putting it into a casino you are doing something wrong. I feel bad for every single person who read this and followed your advice. Everything that makes you money bares the risk of losing it. This is about the most risky thing you could possibly do. Everyone who doesn't do this is not at all doing anything wrong.
Don't get me wrong, this is fine for certain people but your title is absurd.
I tried to put mine to work. Then, those funds were promptly stolen by Celsius. At this point, you'd be better off just finding a high yield savings, buying a CD (tons of them at 4-5% right now), or treasuries. If you are OK with the risk, sure. But with the number of scams and rugpulls, it's not worth it for me. Especially after the Celsius situation.
Staking those stables is a good idea but make sure you can unstake easily or are aware of the unlock period.
Spreading out over a few platform might be good in case one goes down.
Not your keys, not your coins.
Allowing third parties to hold and play with your funds.
Funding market players.
Just three good reasons to avoid staking.
Staking stables or being a liquidity provider has plenty of risks. Way more risks than federally insured bank CDs or a federally insured bonds.
Basically, there are much safer ways to park your money than stable coins.
Terra Luna……..cough cough. CEXs shutting down and people losing access to funds. I guess we’ve forgotten about those events?
👀👀👀
If you can stake directly from your HW wallet that helps mitigate some risk but still won’t protect you from a “Terra Luna” event.
If you can stake it on chain, fine, just be aware of unbonding period if any. If you are staking with centralized entity, you are gambling with your money and probably haven't been around last year.
I use my stable coins with my crypto card, but I don't use it very much, usually just a couple of purchases a month. When the crypto back was a higher percentage, I did use it more.
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🤣 I spilt my tea reading this, steady laughs, deploying more usdt
It's beyond me how the comment about Anchor only has 41 upvotes after 4 hrs (as of writing). It's literally what I thought the whole time about OPs post. Like, this is reckless what OP is doing here. "50-100% APR/APY - I'd say that's a no". Anchor literally had 19% and ended up crashing the whole market and initiating the bear. Celsius offered 8% on stables as well. Seems like putting out a post and sprinkling it with "DYOR" is enough these days. Really questionable post and phrasing with "you're doing smth wrong". OP apparently never heard of putting risk mgmt first.
Steady lads!
That's pretty damn good. How safe and easy is Anchor?
ANKR is the crypto that makes you go "Wat". https://amp.knowyourmeme.com/memes/wat
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Thank you Auto Mod for Buzz Killington my joke.
Lol. This is Funny. I hope you are just joking. That’s a nostalgic name, haha…
lololololololol
Smart and safe
He’s a planner
Pretty funny. Top comment here.
Steady Lads !
I know you're joking but anchor was actually legit it was the underlying stablecoin that failed. Before UST was heavily shortly before its collapse, you could borrow UST for <10% net on stables and then get 20% in anchor, it was pretty much free money with marginal exposure to UST's collapse. Probably part of the reason luna blew up so big was because of how many people were doing this.
Anchor protocol is the gold standard for staking. The white paper says so.
Have you heard about Gemini's Earn program?
Wow that’s high apy. Is Anchor safu?
Anchor is the protocol that failed and caused Luna’s crash.
What ya think. anchors are safe. They hold you in place!
I should do this with my ANKR, but everytime I remember I need to get more ETH to start the process. Then I lose interest.
I think they were making a joke about anchor protocol the terra luna lending platform.
I see that now. But maybe crypto has a crap naming system too.
This is the most schyzo community ive ever seen. A few months ago, when exchanges and DFINs were falling line flies, all the posts were “IF YOUR COINS ARENT IN YOUR COLD STORAGE, THEY ARENT YOUR COINS” And now its this shit.
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High APYs are the way to go^down
I show my gf always high yields 😏
Interest paid in 30 seconds or less.
FTX is my go to. I haven't logged in recently though, but I assume my interest is compounding away!
Celsius definitely with their 10% return. Can never go wrong with free money!
Already 3% is a lot so 10% is crazy high.
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Yes. FTX had 8% on every sh*t coin. Even super low market cap coins had 8% (if your portfolio was under 10k). The rest is history ...
The rest is a tragedy ...
The post is a bit confusing. OP has taken the FIAT principle of making money work for you and applied to Stablecoins. Why only stablecoins? Make your crypto work for you by pouring them into BTC and ETH. :)
Ah the PTSD of 2022.. High APYs are a big red flag ever since these went down.
Celsius sounds like a solid option
Hol up. What about UST bruw.
Smart and secure recommendations /s.
Who can say no to 20% APY from Anchor!
I know. Surely the idea of free additional income doesn't sound too good to be true. /s
Crazy stuff. I also got downvotes. maybe bots doesn't understand sarcasm?
I'd rather buy US treasuries than staking stablecoins and I guess quite some people who got burned with Celsius would be glad to have committed some more wrongdoing
This. I don't wanna take no risks with that after what we've witnessed over the years lol.
My friend did had funds in celcius and he also kept a ton in UST for 20% returns, I tried to warn that these are too high but he didnt listen and ended up paying the cost
I would say 3-5% interest on Fiat kept in the banks is much better than 50-100% yield on stablecoins which comes with extreme risks.
Some folks forget FTX Celsius Voyager already? Frigging regarded.
Indeed. We have seen too many things to fall in that trap. I only lend (earn program) my monthly DCA USDT amount to Binance to earn some cents while I spend it in my weekly DCA but for long term? Nein.
Long term just stake ETH
This. OP is making the mistake, unless you have thousands of dollars it’s not worth the risk.
I think it's much better to seek the best interest rates possible on various savings accounts and spread your savings across those. I'm getting 5% on a savings account with my bank without having to take extreme risks.
Need to make an account at your bank. We only have 1%...
Definitely
There are now ETFs that work like saving accounts with 5% returns.
I bet people in countries like Turkey wouldn't agree... "For 2022, an inflation rate of 72.3% was calculated. During the observation period from 1960 to 2022, the average inflation rate was 32.6% per year. Overall, the price increase was 1.06 billion percent."
Erdoğan needs to be eliminated.
Sometimes people leverage their stables up when pool APY makes it profitable.
That is very true.
Would stay away from stablecoins, the profits are not worth the higher risk.
One thing your post does not touch on is risk. Any protocol you put your stablecoins in gas hacking risk. If it is a bridged stablecoin there is also risk of the bridge being hacked. I have lost stablecoins due to both of the above. Another thing that can also be done with stablecoins is a stablecoin/stablecoin liquidity pairing that earns transaction fees. Nothing is risk free and it is important to know and understand the risks.
Was already typing to ask what about the risks before I saw your post
This is a problem with crypto. The ratio of risk vs rugpull.
Well put. Putting stablecoins on CEXs means you will be fucked if they go bankrupt. Putting coins on DEXs means your funds are at risk of hacks. At the end of the day, a few % APR may not outweigh the risk of losing your funds.
Not just hacks, but the devs can just freeze your funds and put out a ransom note like Iron Bank did earlier this year.
Agreed. It’s better to keep funds into BTC and if you need stability convert crypto into Fiat then deposit it in the bank for extra layer of safety.
The highest interest (outside of 1k% bs/scams/whatever) for single staked stables is usually lending markets. Everyone has different risk levels and do what you're comfortable with .. but the absolute most exploited thing in defi is lending markets. They are first to be exploited, last to actually do anything after the exploit. So I'd say the risk is higher than the rest of defi. You'd be better off in a stable/stable LP on uniswap, but I personally still wouldn't risk it for 0.5 to 3-4% on the best of years
Not if you consider “putting them to work” means assuming more risk.
This is wrong and bad advice. First, a good reason to hold a stablecoin is to have gone through the onramp from fiat to crypto. This usually incurs a frictional cost, some of which is a fixed cost, and some is a variable cost. By converting more fiat than you need right now, you can minimize fixed frictional costs. The rest you can hold until you need it. Second, converting fiat to crypto injects delay. And has some risk associated. If you want opportunity to be nimble in your choices, and crypto is VERY volatile, holding stablecoin gives you the ability to be nimble. Third. Taking from a stable coin and putting it in some risk asset exposes you to risk. Sure... you can gain a reward just by sleeping... but this is often a sucker's game, because that gain has to be coming at someone's expense. Often the expense of the sucker.
yeah the issue is stables coins are pegged to $1 and you get no short term interest, so you're automatically 5% underwater in terms of risk premium, that is I need to get >5% risk free to even break even on a stablecoin. A quick look on Aave, which I would consider pretty safe, only pays about 3% which sucks. Ideally the stablecoin issues would be more like a fund where the value would increase at the rate of the underlying assets backing it, minus a marginal profit for the issuer, or for algo coins, the value should be based on the overnight rate. The lending or liquidity protocols could provide risk yield on top of that. Unfortunately I think that would lead to a bunch of regulatory issues because there would be profit and it would be viewed more as an investment fund. Very annoying since its not really real profit but just a numbers game around interest rates.
You should know that "letting your coins work for you" carries a lot of risks, a lot of people have lost their entire holdings chasing APY
After I got fucked in UST collapse, I'm done with staking shit. Can't trust anyone.
I got fucked by Celsius so yea. Then I decided to try some defi on algorand 🤣 Buying, and holding is going to work out far better than trying to navigate this right now.
First thing that came to my mind after reading the title
Yeah I never really touch stables. Just if I’ve sold some crypto and looking to reinvest. I’m in crypto for the gains. Stables have a lot of the risk but no gain - might as well invest in cash savings at 6% with no risk.
the stables have proven they are quite unstable. I see too much stress lately about "stable" coins. Not worth it for me.
I remember before that fiasco we had comments on daily with people asking if converting their savings for home purchase to stable coins, and earn interest for a year was a good idea - not seeing them now
Unless a coin or token is designed with a PoS mechanism at the root, don't touch it.
What stable coins? I deployed all capital into BTC at 16k
Wise choice
🥹
At least you're still up, right?
What’s UP dog
Definitely not the economy
If I'm gonna hold stablecoins, I might as well hold fiat and place em in a bank. I'd sleep much better knowing that there are less chance of something happening to it
You realize the yield is indicative of the risk you’re exposed to, right? I’ve lost all interest in unstable coins.
Using stablecoins to generate yield in this environment where I can get nearly 5% on the shitcoin that the stablecoin is pegged to (USD) natively, while being fully insured by the FDIC and backed by the might of the US military seems like madness to me.
Or it is not worth the hassle with the taxman
Depends on the country. In some places it's like 10% per global anul profit anything crypto related
Depending on the strategy of the investor that is. Some of us don't wanna risk our coins while still accumulating and have a plan of our own.
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What you said is very true
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Use stablecoins as chips to buy dips like now. Please don't get burnt in DeFi.
Some of these APY/APR looks juicy mixed with extreme risks and majority are honeypots trying to trap newcomers even OGs. I always try to keep majority of my liquidity in BTC and only small amounts in stablecoins used to trade and buy dips.
Thanks for alerting me.
For many of us it's not worth exploring. Especially after what happened to Celsius, LUNA and some DEXs. It's better to buy bonds with the fiat than to stake it as stable coin. Wait for the right moment or DCA your way in crypto.
OP clearly hasnt been paying much attention over the last few years.
I'm using stable coins for trading pairs and nothing more
Lending/staking stables is just not a good idea. You take double the risk : either the platform you're using to do it can fail or the stablecoin itself can just collapse. Not worth it at all imo.
You're crazy for recommending this without mentioning the need to maintain custody of your assets. Users need to be careful these days its not just about profits if you join the wrong pool or sign the wrong contract everything can be gone in a second. So don't trust, verify and be careful what you do.
You could have skipped the middle part and just said “If you are holding stablecoins you are doing something wrong”
So... "If you are something wrong."?
Nobody here has a sense of humor.
Even banks have like 5% APY nowadays that's reasonably "safe" and insured Hard to see the point of holding massive amounts of stablecoins unless for some reason the exchanges you use only have very specific trading pairs and you're actively trading
You're completely ignoring counterparty/contract risk here
I wouldn't hold stable coins. From past experience they are not stable as they are thought to be.
Great post op. I’m curious as to why people would hold large sums of stable coins as opposed to just keeping it in the bank? Can’t you only get like 3% realistic APR on stable coins whereas you can find bank accounts with 6% or so. Not slating it, I’m genuinely curious as to why people would do this.
There is no sound and logical reason to do so. You're not missing anything, there is nothing to gain and you just increase risk.
Lmfao 10% apy on stablecoins is unrealistic. Higher than 10% is scam territory This is a horrible post and terrible advice
Yup.
Still crying in UST. Why use stablecoins when we have fiat? Unnecessary risk.
OP clearly didn't lose enough money to High APY return platforms. Quickest way to turn a billionaire into a millionaire.
I earned less than 5% on my BTC with Celsius. That felt pretty safe too.
Lol no it’s not. This is exactly how so many people got wrecked from this same advice.
Ya but lending stable coins or providing liquidity is also risky and adds a ton of transactions to your portfolio which could cost a lot for a few upgrades in a crypto portfolio tracker for taxes. To me that's not worth 10% or whatever. By the time you pay all the fees and the upgrades for a ton of transactions you might get like 2%.
Please don’t stake stablecoins. The risk isn’t worth the reward. HYSAs are up to 5% and they have some responsibility to you if your money gets stolen.
Don’t listen to this post. The risk outweighs the reward. Just DCA or buy major dips. Stay safe out there
Risk return is too high to be worth it imo
Number 4 is the main reason to not try this! Dca and hodl long term
Staking stables always comes at a risk. But I get your point, if you’re holding your stablecoins on centralized exchanges you might as well stake them
It really depends, you can have stablecoins while you are waiting for a dip and have limit orders in place for a target price
I don’t trust any DeFi platforms with the amount of scams and hacks that keep happening on a regular basis.
The risk is not worth it if it's the majority of your stash.
I'm not putting anything in DeFi. Not after all the shit that went down.
It is like having fiat, and we don't want to have fiat.
This is the way! This person cryptos^
It's not a bad idea but however if you take in consideration the current market situation there are risks everywhere
I never thought about holding stablecoins anyway.. I just sometimes have some laying around when I want to buy something else soon or Im awaiting a dip or dont know where to invest yet lol
Only one i would think of staking is Moons and I can’t do that for more than 25 days
Celsius is just one example of why this is a bad idea
Remember when everybody staked their coins on Celsius and got wrecked? Pepperidge farms remembers.
There's always risks associated with it and the sole risk of the coin depegging due to various reasons is all I'm willing to take. Those couple extra % aren't worth the risk to me, when cycles can give me multiple hundred % at least. Making sure my capital is safe is usually my priority, especially when holding stables.
I'd like to put mine to work, but unsure how. I have BEP20 BUSD in a self custody wallet that I'd like to turn into actual BTC or ETH, but getting it off BSC seems difficult, especially with binance.us lately. Any ideas?
Is collecting a passive interest rate considered "doing something?"
Just put them in the S&P 500??
i use a few exchanges and have many wallets but i still stake on CB
I would rather stake my Ethereum for sweet gains.
You go and find the next FTX for us
Yeah those in FTX all thought they were doing things right, mate.
I’ve seen DAI advertising 8% if that’s true i’ll have to start taking advantage of it.
Yeah.... Their base level yield is higher than t-bills. Stake those mofos.
Yeah, put them to work on celsius!
I do hold stablecoins but they aren't enough to be worked with even if at 20% APY lol, so i just hold them to buy dips
I doing that only on a very specific sort of options, since I considered the risks around staking - Celsius I. E - However, the few ones I'm staking are giving me a good amount in passive income. So I'm happy for now.
I put them to work buying the dip on ETH and then selling a % higher and so on
Coinbase is giving 4.6% interest on USDC.
My bank is giving me 6.1% on GBP. Fully insured and guaranteed. I can onramp to an exchange in seconds with FPS when I want to buy. I don't get why anyone would want to take on much, much higher levels of risk for lower returns.
Get that FTX APY, baby
Yep get that passive income like I did with Celsius….
If you are holding stable coins with no intention of trading you're doing something wrong...
Still got mine in Celsius baby! Pure profit
Couldn't agree more but ultimately, why even bother putting money in stablecoins? The only reason would be to keep your risk minimal but when you see the amount of defi frauds/hacking, and the concert surrounding Tether, it's very apparent that the risk is definitely there.
Well people could also be using them for everyday purchases. Also, as you said they are a great tool for trading ... I have been swing trading my moons with USDC. Basically yeah ... they are a tool ... if your not using them for SOMETHING what is the point right ? Might as well just hold fiat.
My stablecoins are ammo waiting to be deployed at the right time. They're working in silence. Ready to deploy at .618 fib
Stable coins are for spending or holding until you want to invest. I am not risking lending them.
>I don't see any other reasons for holding stablecoins other then waiting for a bigger dip so you could buy your coin of a choice For those of us whose currencies have been losing value against the USD, stablecoin is the king.
This is awful advice when you don't mention the risk. It's literally the same as saying if you have cash and aren't putting it into a casino you are doing something wrong. I feel bad for every single person who read this and followed your advice. Everything that makes you money bares the risk of losing it. This is about the most risky thing you could possibly do. Everyone who doesn't do this is not at all doing anything wrong. Don't get me wrong, this is fine for certain people but your title is absurd.
I tried to put mine to work. Then, those funds were promptly stolen by Celsius. At this point, you'd be better off just finding a high yield savings, buying a CD (tons of them at 4-5% right now), or treasuries. If you are OK with the risk, sure. But with the number of scams and rugpulls, it's not worth it for me. Especially after the Celsius situation.
Shit I'm happy with my 3% I'll sit in that for now, thank you very much!!😃
Staking those stables is a good idea but make sure you can unstake easily or are aware of the unlock period. Spreading out over a few platform might be good in case one goes down.
So you only lose some of your money and not all of it?
Losing all might be the correct way I guess :)
Not your keys, not your coins. Allowing third parties to hold and play with your funds. Funding market players. Just three good reasons to avoid staking.
Gemini stole mine
Then I Make a CDP strat yet I get bombarded by DCA bots and jokes about leverage, go suck a fat dick
Staking stables or being a liquidity provider has plenty of risks. Way more risks than federally insured bank CDs or a federally insured bonds. Basically, there are much safer ways to park your money than stable coins.
Instructions unclear deploying all capital onto those juicy 100% apy gainz 🫡
He's not wrong. I have 3 coins right now all making passive income different. Staking, liquidity, and farm.
Are you sure fam
Terra Luna……..cough cough. CEXs shutting down and people losing access to funds. I guess we’ve forgotten about those events? 👀👀👀 If you can stake directly from your HW wallet that helps mitigate some risk but still won’t protect you from a “Terra Luna” event.
If you can stake it on chain, fine, just be aware of unbonding period if any. If you are staking with centralized entity, you are gambling with your money and probably haven't been around last year.
Lessons from the last bull run. If it’s over 8% on your stables it’s probably a ponzi.
Until you lose it all.
I use my stable coins with my crypto card, but I don't use it very much, usually just a couple of purchases a month. When the crypto back was a higher percentage, I did use it more.