Topic: Staking advice needed - page 5. (Read 642 times)

Your decision to stake a coin must be because you understand the project, you see it has a project with a great future for growth and the risk associated with staking. Staking is the new word for the masternodes hype we had in 2017, I would have been made if I had bought Dash at $2 and stake them in Masternodes till the bull market came, the price went to $2k in 2017 bull market that is 1000X ROI. The risk with staking is the future dilution, if the APR reward does not compensate for this then it does not worth it to stake your tokens. It is also easy to stake your tokens in a bear market because the price has already bottomed and can only go up than to be stupid to stake at the top of the bull market, so be careful

I don't know what altcoin will give me long term profit. You can only increase the number of altcoins from staking but you will not know what the future of the altcoin will be.

If you want to hold coins for a long time, I think bitcoin is the best choice because we already know the potential benefits we can get from bitcoin. So maybe I think altcoins are only for the short and medium term, and after you get profit from altcoins, you can leave them for a while.

Holding your coin where you have 100% control over it is what's highly recommended and is the safest. 
My Bitcoin holdings and in wallet which I have control over it. 
I also buy specific coins or tokens for specific purposes. Their are coins that I bought, not because I just want to hold them, but because I want to stake them. I know it's actually not the safest, but it's just a risk I'm willing to take.
I purchased a few BNB, of which I left some on my Binance exchange, and during any project launchpad that I find interesting, I use it to participate and get the token as a reward. Why few which I kept in my trust wallet I stake it their just to be making some few % which sometimes I see that's the earning is not even worth the risk.  But at the same time, I prefer it there over some staking platform that might wake up one day and start giving me excuses.

 
Any exchange offering BTC staking is just telling you to give them your coin for them to use and do business, and at the end of the agreed-upon period they will pay you back with interest. That looks like lending to me. 

I don't agree with this their statement. They always believe nothing will happen to users' funds, which is why they always take security seriously, but I don't agree that they will refund any users' funds that are stolen on their platform. This their statement sounds valid till we experience a similar FTX situation, which we don't pray for, then you will know that we can't take centralized exchanges' promises. 

Bitcoin cannot be "staked" per se, Bitcoin operates using the POW algorithm, and technically coins that can be staked are POS coins. If you want to earn ROI on your Bitcoins, then you'd have to hodl it yourself in your non custodial wallet and be patient enough to wait for the long term.
Are you sure about that? AfAIK Binance and other centralized exchanges do not take responsibility if their users funds are stolen or lost, it is even written in black and white in their terms of use:

I think the only cryptocurrencies worth staking with no worries are Bitcoin and Ethereum, the APY will always be smaller compared to some altcoins, I don't like staking altcoins because, after staking the price might surge and you won't be able to take profit if the altcoin project has a stop staking button it will come with some penalties,

Some altcoins have ridiculous staking rewards, like a gaming project that offers 69% APY, a very small project and the trading volume isn't even up to 20,000$, These types of projects are very risky, they can die at any time before the staking period even ready for claiming.

If its a must for you to stake.

1. Pick top coins like Bitcoin, Ethereum or BNB.

2. You can choose to stake on Binance exchange, if anything goes wrong they will pay you back, Binance exchange takes responsibility for any users funds that get lost or stolen, using damage funds.

I have never been for staking coins. The mode of operation seems flawed to me if one can get extra coins from the amount of coins they lock up.
In the short term, it has some economic profits by taking away coins from circulation and looking them up, reducing supply against demand, but long term it centralizes the coin as those with higher number of coins keep getting more. It also inflated the supply in the long term, which would eventually catch up with and possibly supercede demand.

Dont chase unreal profit from staking.

Read
Reminder: Do not store your bitcoin in online accounts

To stake, you must send your coins or tokens to staking pools that are centralized definitely and owned by staking companies, exchanges. Later you will have to claim it to get profit.

What if they go bankrupted and you won't be able to claim?
Examples: Terra, Voyager, Celcius, FTX.

Another risk is Impermanent loss.

What is impermanent loss?

---

'Stake' your bitcoins in your non custodial wallet is best and safest.

Safest way is to hold it on a noncustodial wallet and just keep it. But if you are wondering about staking feature which is almost the same with holding but youll earn something then you should be aware of some restriction like what act said, staking have risk to lock your fund for certain time. But if you arent conservative there are features like on binance earn that are flexible to give you rewards but dont expect the rate to be higher than staking with locked on either dex or cex since its very flexible. But still higher than bank rates of course.

The potential risk might be would be the price declination. But thats normal, but if you are holding the token or coin for long term, you shouldnt mind that.

First of all, you have to know that after you unstake a coin, you have to wait for certain days which may be up to 14 to 30 days before you can be able to have control over the coin. While staking the coin, you should be notified about the days you have to wait before you unstake the coin and before you can be able to send the coin.

You have long term goal, you want to hold for maybe months or years, it would be better to stake the coin if that is the coin you want to hold.

But you should be careful of many coins that you can stake, it is better to go for a coin that you can not stake but that have the potential to increase in price more than expected than to stake a shit coin that its price may continue to fall or remain almost stagnant at some prices without moving up higher.

You could easily earn a good percentage in staking compared to investing in banks that only give a low percentage annually. But the only problem is because these are centralized exchange or custodial wallets that offer this kind of staking bonuses, Most wallets crumble down when the market is down and probably will go bankrupt then you lose all of your stakes, even on other projects staking reward wasn't worth it, especially on the long term. I've lost a lot of money staking on many projects mostly it's better to profit quickly than invest it on staking since it's a scheme so that the platform will always have liquidity.

Would probably trust Binance for staking since it offers a good reward for staking, it's a big exchange and probably the best cryptocurrency exchange out there to trade, but still, there is a possibility. It is still your decision if you're going to risk it but I do not recommend a centralized wallet or exchange for long-term investment.

For a long term holder / investor, what are the risks available with staking coins and tokens that you plan to hold for a long period of time? I want to know if its safe to keep your coins in staking instead of just holding them in a wallet when your ultimate plan is to hold for long term.