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Topic: New to staking - is this worth it? - page 3. (Read 703 times)

legendary
Activity: 2268
Merit: 1655
To the Moon
July 08, 2022, 03:45:52 AM
#47
Have just bought £100 worth of Verasity (VRA) which got me 24500 total...

The profit received from staking will be noticeable only if you place a large amount of money. To buy and then hold coins for 2 years in order to get a profit of 37% in VRA coins may turn out to be unprofitable, since the value of the coin may decrease several times. Thus, the profit received from staking may be less than the amount of losses received from the depreciation of the VRA.
hero member
Activity: 2576
Merit: 666
I don't take loans, ask for sig if I ever do.
July 08, 2022, 01:33:35 AM
#46
Don't stake if it wants you to do it on an exchange or if the amount you staking is rather low. It'd be better to stake if you have a huge amount of that certain coin and then stake them if you're not particularly doing anything (shorting) with it. Also the APY being 18% seems kinda doubtful. You're free to stake it but make sure you can immediately withdraw whenever you want so that you can avoid getting taken advantage of so you can still leave/sell at a profit if needed.
hero member
Activity: 2268
Merit: 579
Leading Crypto Sports Betting & Casino Platform
July 07, 2022, 11:29:05 PM
#45

do not stake inside an exchange you will not be able to take it out any time.
Staking or placing money on centralized exchanges is risky

staking is wroth  if you have a ton to invest on the coin. I have no idea with VRA but there are many tokens that is worth staking. Cardano seem to be worth it because right now there are many developers moving there and mostly doesn't need investing but ISPO.
This is one more risk we see and I believe OP researched all of the above to decide to enter staking on this VRA token. As long as the OP has done his own research and accepts the risks he may take with his decision, he can invest wherever he chooses. ADA looks like a good coin but I bet he wouldn't choose it over VRA.
sr. member
Activity: 2366
Merit: 366
July 07, 2022, 09:27:03 PM
#44
I am not a fan of staking. Others may have a favorable experience with staking, but I don't think it is worth the risk. Especially in the past weeks when the news are full of stories about custodial services which include staking products that failed. There are also hacks and rug pulls.

The risk is not worth taking. I would rather keep my coins with me. I prefer hodling even if its doesn't give me annual yield. With staking, anything could happen to your coins because they're not under your control.
legendary
Activity: 3178
Merit: 1054
July 07, 2022, 08:50:00 PM
#43

do not stake inside an exchange you will not be able to take it out any time.

staking is wroth  if you have a ton to invest on the coin. I have no idea with VRA but there are many tokens that is worth staking. Cardano seem to be worth it because right now there are many developers moving there and mostly doesn't need investing but ISPO.
hero member
Activity: 2044
Merit: 784
Leading Crypto Sports Betting & Casino Platform
July 07, 2022, 08:37:13 PM
#42
I wouldn't trust in such interest rates being guaranteed. 5%-6% annually is usually what most investments can return, now imagine 18,5%. There is something catchy between the lines... Don't expect 18,5% profit, because when the interest is too high, it means the currency is going to lose a lot of value as the time goes by, so the interest received compensate the devaluation of the token. Similar to countries paying high interest on saving accounts annually, but with high inflation rates at same time. They give with one hand and take away with the other.

If besides the interest rate there is nothing else this cryptocurrency offers to you, I think it's better to not invest.
Honestly, 18.5% is very attractive, and greedy people will think I'll be earning huge if I invest and staked. But, they never think about the risk of such an idea, as it was likely impossible for the company to offer such huge rewards to the holder which in fact, they are just about to start, unless if they are a well-established company.
Yes, it's very attractive, and that is the main reason why people should be thinking about the risks with even more attention and suspicion, because 'there is no such thing as a free lunch', as people usually say. But as you said, invsetors get greedy and think they can easily turn small sums of money into millions by investing on these hyips, as they don't have patience to go through realistic methods, or due to they thinking there isn't enough lifetime anymore to invest in projects and platforms which offer inferior interest rates, since it will take too long until making considerable profit, so they can enjoy it.
hero member
Activity: 2072
Merit: 656
PredX - AI-Powered Prediction Market
July 07, 2022, 08:04:53 PM
#41
The APY for staking this crypto is 18.25% - is this worth doing or due to the fee am I just better off holding?
I plan to hold for 18-24 months.
In my opinion, there are some factors that you must consider before staking your tokens (Verasity (VRA)).
- Is the staking platform trusted and reputable? You need to check and analyze the platform to minimize the risks of scams or even closed platforms because you are going to stake for long term
- Is the token (Verasity (VRA)) exactly worthy of holding? I mean are you sure that this token has a high chance to rise up again in the next bullish era (maybe 2 years ago)? because if the token cannot survive during this bearish market era and cannot rise up in the next bullish era, this may mean that you may lose your funds after the time you are ended of staking
- Commonly, if you are staking the token in a certain period, you will not be able to withdraw them before the period of staking ends, right? Have you considered about this?
If you have understood about this and you are readyw itha ll the risks, just go for it.
sr. member
Activity: 1162
Merit: 260
July 07, 2022, 07:47:28 PM
#40
18% return feels also a bit like the too good to be true story…
that's for yearly return and that's still make sense compared when you are seeing a project that was offering 18% return in monthly basis. In my opinion if 18% for a year is still make sense from the various aspects. I meant you must also try to look at the fact. In my opinion if this can be seen from the various aspects. it was offering less than 1,8 percent return for a month which is still low compared when you are seeing farming on BSC or pancake.
hero member
Activity: 2814
Merit: 518
July 07, 2022, 07:43:10 PM
#39
You have to be careful with this quick rich scheme OP. You can't just disclose the idea and scam tricks that have been commonly used by scammers. It was best to invest and just hold your funds in this situation in that way, you can assure that your money is safe.

I wouldn't trust in such interest rates being guaranteed. 5%-6% annually is usually what most investments can return, now imagine 18,5%. There is something catchy between the lines... Don't expect 18,5% profit, because when the interest is too high, it means the currency is going to lose a lot of value as the time goes by, so the interest received compensate the devaluation of the token. Similar to countries paying high interest on saving accounts annually, but with high inflation rates at same time. They give with one hand and take away with the other.

If besides the interest rate there is nothing else this cryptocurrency offers to you, I think it's better to not invest.
Honestly, 18.5% is very attractive, and greedy people will think I'll be earning huge if I invest and staked. But, they never think about the risk of such an idea, as it was likely impossible for the company to offer such huge rewards to the holder which in fact, they are just about to start, unless if they are a well-established company.
hero member
Activity: 2044
Merit: 784
Leading Crypto Sports Betting & Casino Platform
July 07, 2022, 07:10:46 PM
#38
I wouldn't trust in such interest rates being guaranteed. 5%-6% annually is usually what most investments can return, now imagine 18,5%. There is something catchy between the lines... Don't expect 18,5% profit, because when the interest is too high, it means the currency is going to lose a lot of value as the time goes by, so the interest received compensate the devaluation of the token. Similar to countries paying high interest on saving accounts annually, but with high inflation rates at same time. They give with one hand and take away with the other.

If besides the interest rate there is nothing else this cryptocurrency offers to you, I think it's better to not invest.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
July 07, 2022, 01:47:19 AM
#37
I think staking is still worth it try but you need to search for the right coin or token. I do not know how about VRA but you should search for more information to know if that is worth it. It is better if staking VRA is not locked so you can sell it if the price increases, but if the coin is locked, you can not do anything if the term is not yet. And if Binance has VRA staking, you can use Binance to stake as I guess that is worth it.
Staking is really a good option for the current market, if you are holding tokens and don't have time to sell high instead of holding, you can stake to increase that number of tokens. I am not familiar with the coin that the OP is staking on, but it would be nice if it was on Binance. VRA is on Binance, so it is definitely a coin worth a look.
Yes, you are right. But we should accept that from the staking reward, we can not get a big amount if we only stake a small amount but that is still worth doing. If that is Binance, I will try it and so far, I have already staked some BNB and the coin are still working to give me a nice reward. Although VRA is on Binance, we should search for more details if VRA is really worth staking because not all staking coins or tokens are worth staking. It is better to stake a coin or token that has the potential to increase in the future.
sr. member
Activity: 1498
Merit: 326
SecureShift.io | Crypto-Exchange
July 06, 2022, 10:15:39 PM
#36
I think staking is still worth it try but you need to search for the right coin or token. I do not know how about VRA but you should search for more information to know if that is worth it. It is better if staking VRA is not locked so you can sell it if the price increases, but if the coin is locked, you can not do anything if the term is not yet. And if Binance has VRA staking, you can use Binance to stake as I guess that is worth it.
Staking is really a good option for the current market, if you are holding tokens and don't have time to sell high instead of holding, you can stake to increase that number of tokens. I am not familiar with the coin that the OP is staking on, but it would be nice if it was on Binance. VRA is on Binance, so it is definitely a coin worth a look.
copper member
Activity: 2968
Merit: 575
www.Crypto.Games: Multiple coins, multiple games
July 06, 2022, 09:08:29 PM
#35
Hi,

Have just bought £100 worth of Verasity (VRA) which got me 24500 total.

I have just gone to withdraw this to stake elsewhere but noticed there is a fee of 1500 VRA.

The APY for staking this crypto is 18.25% - is this worth doing or due to the fee am I just better off holding?

I plan to hold for 18-24 months.

If anyone could advise on the above or on staking in general if it is worth it.

Thanks
Why don't you do the math and check for yourself if it is worth paying the withdrawal fee to stake it  in your wallet or not. If you are willing to hold for 18 to 24 months, you will be receiving around around 4,000 to 4,500 verasity which is very much more than the withdrawal fee. So yeah, withdraw and then stake it.

Even if the rewards might be small, it is still worth it moving the coins from the exchange to your wallet. Much safer, more control.
sr. member
Activity: 1722
Merit: 309
July 06, 2022, 06:57:36 PM
#34
Hi,

Have just bought £100 worth of Verasity (VRA) which got me 24500 total.

I have just gone to withdraw this to stake elsewhere but noticed there is a fee of 1500 VRA.

The APY for staking this crypto is 18.25% - is this worth doing or due to the fee am I just better off holding?

I plan to hold for 18-24 months.

If anyone could advise on the above or on staking in general if it is worth it.

Thanks
These that you to consider upon staking, 

1. The exchange you use - must be reputed
2. Term and condition - just choose short-term so you can withdraw immediately if you need  or there is something happen with the exchange
3. Riks - you are handling over your coins to them (exchange) that is why you have to check their reputation prior to deposit
4. Never expect passive rewards - well, 18.25% is big enough compared to bank deposit

But if you can manage trading or having a knowledge about it, I suggest not to stake.
full member
Activity: 197
Merit: 102
July 06, 2022, 06:09:15 PM
#33
I have to say its not the "ideal" situation to have staking as "inflation" causer to be honest. Mining and staking are the two methods where you create more coins and tokens, I never truly understood why we needed that. I get that we need to securely transfer money from one address to another, and mining and staking makes sure its a safe and secure transfer. But couldn't we find a better way? Why we print more into the market in order to that? It is dropping the value of it. In any case, shitty coins will have shitty staking returns, good ones will have good returns.
hero member
Activity: 1876
Merit: 524
July 06, 2022, 05:54:44 PM
#32
Staking operations are a very troublesome situation in this period. The reason I say this is because there are restrictions. Because when things go wrong, you can't withdraw your money before the day is up, as staking is based on locking logic on many platforms. As a matter of fact, when things go wrong for that project, you can suffer serious losses. But if there are no locks or restrictions, it might make sense. I suggest you do your staking with these in mind. In addition to this, you can also look at evmos transactions. While many cryptocurrencies are experiencing serious decreases, evmos is currently standing upright like a castle. The daily return is also very good.
hero member
Activity: 1652
Merit: 566
Leading Crypto Sports Betting & Casino Platform
July 06, 2022, 05:40:57 PM
#31
In Vesting for multiple stages of withdrawals and futures only about 30% of the generated amount is really not a good solution for staking. If I were you, it's better not to use a party that doesn't guarantee you can withdraw the entire balance you bet. Plus it's a clear bear market for altcoins that will be hit even harder and you'll only lose more. Don't let the bear market force you to hold altcoins long term.
member
Activity: 770
Merit: 30
July 06, 2022, 05:25:23 PM
#30
I am damn sure that if you are not confident about the token you are staking itself, then it would be a hard situation. Yes, you can calculate it like that today, but are you 100% sure that in 18 months it is going to be like that?

For example, if you invest and stake a token that goes down so much that it turns out it was a scam and becomes zero, or happens to be like Luna, what are you going to do? This is why we should always be picking the coin itself, and not the mathematical calculation of what looks profitable. I have seen memecoisn with 5000% returns, do you really think that it would actually give me 5000% returns? Of course not, that is why pick the project, not the return.

If it goes to zero then i only lose the amount of money I put in to begin with and because I am getting in now at these very low prices, it is not much I am risking.

If however it does a 20-50x from current price by 2024 which is possible, then I will be in the money if I stake for a while.

The more I think about it the more staking sounds like it is worth the risk.
donator
Activity: 4760
Merit: 4323
Leading Crypto Sports Betting & Casino Platform
July 06, 2022, 05:11:52 PM
#29
I read somewhere to make sure you know where the funds come from to pay you for staking.  If you don't know where the funds come from to pay investors, then chances are that they're coming from people like you making the investment.

Staking is tempting because everyone wants passive income, but if the staking is just diluting your investment then it isn't going to be a positive thing for you.

In short, do your research, know where the profits are coming from that you're counting on when making your investment.  That being said, I have recently staked mSAND in the Sandbox and really like what they're building over there.
hero member
Activity: 3080
Merit: 603
July 06, 2022, 05:08:49 PM
#28
Yes, the calculation you've got is correct. If you're satisfied with that return for that token, then you let it stake there and just take your profits afterward. But, the thing in staking is despite the percentage for your return, the value of that token might go lower or higher. So that's the pros and cons that you have to take before doing it, lucky if the value goes higher.

18% return feels also a bit like the too good to be true story…
On mycointainer.com, they've got a few assets that are higher than 18%. And for other platforms, like pancakeswap, they've got assets for staking that are actually more than 18% APY and can reach more than 100+%.

We are in a bear market, yes prices will fall lower then they currently are but in the longer term they will rise so its good time to stake now no?

With this crypto for example, their all time high is £0.06 and the price I bought at was £0.004. So to get back to all time high, which I think it will and more, i will 15x my investment.

I am still 50/50 if I should stake as I read there is also a withdrawal fee when unstaking so sounds like a lot of fees to me, for now I am just holding.
Do what you think is favorable to you. Honestly, I've never thought of staking since 2018. If I've done that and just kept all of those profits there being continued in a stake, I'd probably have more than during the last bull run.
It's a good choice if you know what you are up to and what you think is the right strategy for you to handle during this bear market. You choose what is best for you at this current time.
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