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Symmetrick

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Quote from: cryptoaddictchie on July 09, 2021, 12:49:30 AM

Bank maybe have small interest but its more scary to invest on a trust management services that offer hogh profit but only comes from the mouth and more often lose money in the end. There are some good investments on crypto related like axie infinity and some farming on pancakeswap that gives you a good profits. Im into trading too but Id rather risk it all alone than to entrust my money to someone doesnt seem reliable and only good on marketing when it comes to profit.

I have been involved in farming for a while and have been a liquidity provider. Still, this is the same risky business as trading, even as margin trading. It is better to gradually abandon risky earnings altogether. It is much more profitable and safer to invest. Although it is also relatively safe to be a liquidity provider if we are talking about verified pools, I do not completely trust smart contracts. Because any smart contract, even one that has passed ten security audits, is susceptible to attack. And there are many examples when fairly well-known protocols lost liquidity due to errors in algorithms or vulnerabilities in the code.

20kevin20

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To be honest, I would have fallen for the API keys scam as well. Congrats on this thread, it's very useful. I never understood the idea of giving my money to a stranger for them to play with it anyway. I don't understand even when people put their bucks in the trust management of some billionaire, because I wouldn't feel safe having some random guy I don't know make the moves they want, whenever they want.

At the end of the day, I think it's still best to make my own choices and decide where money goes by myself. But I'm the kind of person who heavily studies any domain before putting their life savings in it, which is something not many seem to do..

cryptoaddictchie

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Quote from: Symmetrick on July 09, 2021, 01:38:53 PM

I have been involved in farming for a while and have been a liquidity provider. Still, this is the same risky business as trading, even as margin trading. It is better to gradually abandon risky earnings altogether. It is much more profitable and safer to invest. Although it is also relatively safe to be a liquidity provider if we are talking about verified pools, I do not completely trust smart contracts.

Yes, both have same risk. Im also an LP on some farmimg on binance and fantom network and I am down by a lot since the price of the tokens Ive farm is down. Also the pairing of LP I have been affected huge that really drag my investment into sink. Now Im just lettint it go with the flow who knows it might go back to the price where it was still profitable to sell. But I will still pick this over those trust manager.

cryptoaddictchie

legendary

Activity: 2058

Merit: 1315

Bank maybe have small interest but its more scary to invest on a trust management services that offer hogh profit but only comes from the mouth and more often lose money in the end. There are some good investments on crypto related like axie infinity and some farming on pancakeswap that gives you a good profits. Im into trading too but Id rather risk it all alone than to entrust my money to someone doesnt seem reliable and only good on marketing when it comes to profit.

Upgrade00

legendary

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Professional Community manager

Such trust management schemes usually act like pyramid schemes, which attracts users at the beginning as the early depositors gets payment, and the next and maybe the next. This is done until the project has attracted a huge number of people who are then ripped off if their investment.
As a rule of thumb, treat all options as a scam until it is not, this way you always look for reasons to not invest in a project, helping you discove the holes in them.

Quote from: pawanjain on July 08, 2021, 12:17:10 PM

Whereas investing in a Fixed deposit would generate a better return. But that doesn't mean I like banks, in fact I hate banks as well.
The problem here is that nobody wants to put in the effort to learn and build wealth. Most of them just want to get rich quick.

Fiat and Bitcoin cannot always be interchangeable, and as an investment options, holding fiat does not generate much revenue, and factoring in inflation, the devaluation speeds up.

Coyster

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'Life's but a walking shadow'!

People invest their funds in trust management schemes cause they don't really understand the responsibility that comes with "being your own bank" and also that on the network you're to trust no other person than yourself, trusting such managers with your funds notwithstanding the outcome of the trade is a pretty bad choice to make, and even if it's profitable in the short term, things will prolly go south in the long period.

I think if more users appreciate the freedom and control of funds Inherent in the network then they'll not have to hand their funds over to a manager to handle trades for them, thus I believe the problem stems from inadequate understanding of the network, if people become more knowledgeable, then they'll learn how to control their funds all by themselves.

pawanjain

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Nothing lasts forever

This is where I feel that banks are better because it's quite obvious that investing in such trust funds will eventually lead to a loss of money.
Whereas investing in a Fixed deposit would generate a better return. But that doesn't mean I like banks, in fact I hate banks as well.
The problem here is that nobody wants to put in the effort to learn and build wealth. Most of them just want to get rich quick.
The 'want' of becoming rich quick is what leads them to such scam trust funds. If they were so wise why wouldn't they put in the time and effort to learn and build wealth.
There are literally so many options out there and if we give in the right amount of time then we could potentially develop the skills necessary to build wealth using those skills.
Unfortunately there's only a few people who have the patience to proceed in this way.

Symmetrick

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