When you want to stake, keep the basic token of the blockchain for a medium period, and before an important upgrade occurs, for example, Eth 2.0 Staking on Binance, because with the increase in demand, the price will rise, and the upgrade (if success) means more tokens and thus increased demand.
Staking tokens for a long time is losing investment because you are the party that will bear the loss, and the behavior of most tokens are to rise and fall in the long term.
Topic: Has anyone else had a bit of 'mare when it comes to staking? (Read 273 times)
Maybe the trick is to have a solid pre plan before staking your crypto anywhere.... but, for me, despite the boom and hype all the way through to the now pretty universal idea of staking your crypto I've found I've slipped up multiple times. It's to the point where I believe staking has caused me more headaches, when its supposed to be doing the opposite.
There's high gas fees and there's also the requirement of being early unless your whale enough. But my main gripe is with lock-up periods, excessively high ones. I, in a very basic fashion, understand the economics behind having lock-up periods as it decreases sell pressure, but I've come to the conclusion that excessively long lock-ups can almost never give the customer a return worth the risk for 99% of altcoins.
I've got two experiences that burned me, one with a stake of elrond on crypto.com app, where by the end of 100 days or so they had created a new coin, elrond gold, to which I could swap my unlocked tokens for, the only coin I could swap them for, and the exchange rate I was given meant the dollar value decreased 60% or so. I hear its doing well these days but anyway, crypto.com were no help, but completely fair in their response that, that's all part of the risk.
Another burn I feel is the bloody 90 days it takes to unstake nexus mutual, alright I'm ranting now I mean I did agree to these contracts, the issue is though! That the rewards stopped accruing pretty much 2weeks into my stake... so that I had to watch my asset do nothing for 3 months. It didn't end there either but you get my points.
So at the end of the day, unless for a reasonably short time I for one prefer to hold my tokens. Learning that the hard way..
Do yall feel this way, or has anyone had very successful staking ventures?
There's high gas fees and there's also the requirement of being early unless your whale enough. But my main gripe is with lock-up periods, excessively high ones. I, in a very basic fashion, understand the economics behind having lock-up periods as it decreases sell pressure, but I've come to the conclusion that excessively long lock-ups can almost never give the customer a return worth the risk for 99% of altcoins.
I've got two experiences that burned me, one with a stake of elrond on crypto.com app, where by the end of 100 days or so they had created a new coin, elrond gold, to which I could swap my unlocked tokens for, the only coin I could swap them for, and the exchange rate I was given meant the dollar value decreased 60% or so. I hear its doing well these days but anyway, crypto.com were no help, but completely fair in their response that, that's all part of the risk.
Another burn I feel is the bloody 90 days it takes to unstake nexus mutual, alright I'm ranting now I mean I did agree to these contracts, the issue is though! That the rewards stopped accruing pretty much 2weeks into my stake... so that I had to watch my asset do nothing for 3 months. It didn't end there either but you get my points.
So at the end of the day, unless for a reasonably short time I for one prefer to hold my tokens. Learning that the hard way..
Do yall feel this way, or has anyone had very successful staking ventures?
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