Staking-as-a-service, Opinions? - page 2.

tenakha

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Quote from: Papa_Bitcoin on November 04, 2019, 06:07:14 AM

Hey guys I am not very familiar with the topic of staking and staking-as-a-service. But I just saw yesterday evening that SMART VALOR a Swiss crypto exchange started their staking campaign where you can either stake Dash or their native token VALOR.

They state that revenues are up to 6.9% for Dash and 15% for VALOR. Here is the link for their announcement:
https://news.smartvalor.com/staking-dash-available-on-smart-valor-platform/

What do you guys think about it? I think it could be good alternative for earning some passive income (if I understand the concept correctly) like interest back in the days bank used to pay some Grin

I have never been interested in such passive income earning projects, and I would not recommend it to others. The amount you send will remain in their cold wallet for 1 year and you do not know what will happen at the end. It is even more important than reliability of exchange. To me, the coin is yours as long as it is in your wallet, but if it is elsewhere, you should be nervous until you get.

Bonwin

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Quote from: Mighty_crypt on November 04, 2019, 11:23:54 AM

Its not safe to stake coins on exchanges, its better to find coins that allow staking in your very own wallet and get the reward paid to your wallet without moving your coins or tokens out, one more warning, if the project is a new staking one then be careful cos they are mostly scam

There are exchanges that do "staking", but they are most times done to their indigenous tokens or coins. For instance, Kucoin does that through KCS, which is the token inherent to that exchange. However, I will not advise staking on just any exchange and no matter how the exchange can be trusted, mind the amount you stake, because you never can tell, the security of the exchange might a get compromised someday.

Javi_Anibarro

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Quote from: Papa_Bitcoin on November 04, 2019, 06:38:28 AM

Quote from: Javi_Anibarro on November 04, 2019, 06:25:48 AM

Staking service or staking pool has happened from many years ago until today, only PoS based project can do that.
If I can afford to hold it by myself, I would rather stake it on my own VPS other than giving it to the exchange.
But if you do not know how to do it or do not want to keep maintain it, giving it to the service provider is fine too.

This is not interest buy staking the coin to get a new coin because of proof of stake consensus.

Hey Javi_Anibarro thank you for your answer. Okay I have never heard of it before, thought this is something new. You are right about your two last points but your missing a big one which is the most important in my case. For staking Dash yourself one must host a masternode which requires 1000 Dash which is currently nearly 72`000.- USD, I don’t have so much cash available Roll Eyes

so with using the service of SMART VALOR, if I understand it correctly, I can profit from the 6.9% rewards without needing to invest 72k USD.

Have you ever heard something called shared masternode before? it works the same as staking pool, shared masternode helps you to run 1 masternode even though you do not have a full coin to run 1 masternode. With shared masternode, you and other people together collecting 1000 Dash to run 1 masternode. That is exactly what the exchange is trying to provide. I was talking about it before, the staking pool and shared masternode are technically the same.

Mighty_crypt

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Its not safe to stake coins on exchanges, its better to find coins that allow staking in your very own wallet and get the reward paid to your wallet without moving your coins or tokens out, one more warning, if the project is a new staking one then be careful cos they are mostly scam

Pearls Before Swine

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Quote from: Papa_Bitcoin on November 04, 2019, 06:38:28 AM

For staking Dash yourself one must host a masternode which requires 1000 Dash which is currently nearly 72`000.- USD, I don’t have so much cash available

Neither do I, and I wish I did. There are masternode hosts which seem pretty cheap to me on a per month basis. I checked the earnings calculator the other day for how much you can earn with a Dash masternode, and it isn't a really large amount given what Dash is currently trading at. It was something like 5 Dash/month for 1000 Dash as collateral.

Dash isn't a staking coin, by the way but I think you know that. I'm not sure I'd participate in a masternode pool if those exist. It would be much more profitable (I think) to just stake another coin like Neo, Navcoin, or pivx. At the very least you're in control of the staking and your coins.

Papa_Bitcoin

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Quote from: danherbias07 on November 04, 2019, 07:32:45 AM

Quote from: Papa_Bitcoin on November 04, 2019, 07:15:56 AM

Thank you Rodeo02. Yes this is exactly my point I don’t have the 72k USD to participate. This is why I am considering using their service because so I can profit from the rewards without investing so much money. I dont think/hope this is a problem with SMART VALOR their team is public and they operate out of Switzerland no shady place compared to the locations of many other crypto companies Grin

So what is their deal? Can you somehow stretch it here?

Staking needs some coins. This means you will still invest something to them. Example is you will have a share instead buying the whole 1000 DASH.
I hope I am understanding it right.
If not, please enlighten me more about this.
Will they run a pool for different users until they fill up the whole pool for the staking process? I guess that is what is happening here.

Yes in the Dash example you would need 1000 Dash to host a masternode to get the rewards. The staking-as-a-service from SMART VALOR offers you to participate without having 1000 Dash, 1 is enough.

No not a pool, since SMART VALOR is also an exchnage they anyways need to hold larger amount of Dash for liquidity. On their website they stated that as soon as you stake your coins with them staking begins.

Rodeo02

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Quote from: danherbias07 on November 04, 2019, 07:32:45 AM

So what is their deal? Can you somehow stretch it here?

Staking needs some coins. This means you will still invest something to them. Example is you will have a share instead buying the whole 1000 DASH.
I hope I am understanding it right.
If not, please enlighten me more about this.
Will they run a pool for different users until they fill up the whole pool for the staking process? I guess that is what is happening here.

As i understand you just need to buy dash in that platform or send it there and you are able to stake your dash coin and earn 6.9% anually using that platform.

Quote from: Papa_Bitcoin on November 04, 2019, 07:15:56 AM

Thank you Rodeo02. Yes this is exactly my point I don’t have the 72k USD to participate. This is why I am considering using their service because so I can profit from the rewards without investing so much money. I dont think/hope this is a problem with SMART VALOR their team is public and they operate out of Switzerland no shady place compared to the locations of many other crypto companies Grin

if you already know where the company located at and know the risk involve investing you can start investing now.

danherbias07

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Quote from: Papa_Bitcoin on November 04, 2019, 07:15:56 AM

Thank you Rodeo02. Yes this is exactly my point I don’t have the 72k USD to participate. This is why I am considering using their service because so I can profit from the rewards without investing so much money. I dont think/hope this is a problem with SMART VALOR their team is public and they operate out of Switzerland no shady place compared to the locations of many other crypto companies Grin

So what is their deal? Can you somehow stretch it here?

Staking needs some coins. This means you will still invest something to them. Example is you will have a share instead buying the whole 1000 DASH.
I hope I am understanding it right.
If not, please enlighten me more about this.
Will they run a pool for different users until they fill up the whole pool for the staking process? I guess that is what is happening here.

ivan1975

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There are many platforms that allow you to receive passive income, including staking.
A list of these platforms, as well as annual income, can be found here:
https://interest.coinmarketcap.com/currencies

Papa_Bitcoin

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Quote from: Rodeo02 on November 04, 2019, 06:41:03 AM

Quote from: Javi_Anibarro on November 04, 2019, 06:25:48 AM

Staking service or staking pool has happened from many years ago until today, only PoS based project can do that.
If I can afford to hold it by myself, I would rather stake it on my own VPS other than giving it to the exchange.
But if you do not know how to do it or do not want to keep maintain it, giving it to the service provider is fine too.

This is not interest buy staking the coin to get a new coin because of proof of stake consensus.

As i remember DASH required 1000 DASH coin to start a masternode and staking it t ,you can earn around 7% anually.its impossible for lower budget traders to have that amount unless you have a large fund willing to invest.

The problem of giving it to 3rd party is the risk that you will lost what you invest for staking since you dont have full control of your balance.

Thank you Rodeo02. Yes this is exactly my point I don’t have the 72k USD to participate. This is why I am considering using their service because so I can profit from the rewards without investing so much money. I dont think/hope this is a problem with SMART VALOR their team is public and they operate out of Switzerland no shady place compared to the locations of many other crypto companies Grin

Rodeo02

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Activity: 1302

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avatar and signature space for rent !!!

Quote from: Javi_Anibarro on November 04, 2019, 06:25:48 AM

Staking service or staking pool has happened from many years ago until today, only PoS based project can do that.
If I can afford to hold it by myself, I would rather stake it on my own VPS other than giving it to the exchange.
But if you do not know how to do it or do not want to keep maintain it, giving it to the service provider is fine too.

This is not interest buy staking the coin to get a new coin because of proof of stake consensus.

As i remember DASH required 1000 DASH coin to start a masternode and staking it t ,you can earn around 7% anually.its impossible for lower budget traders to have that amount unless you have a large fund willing to invest.

The problem of giving it to 3rd party is the risk that you will lost what you invest for staking since you dont have full control of your balance.

Papa_Bitcoin

newbie

Activity: 13

Merit: 0

Quote from: Javi_Anibarro on November 04, 2019, 06:25:48 AM

Staking service or staking pool has happened from many years ago until today, only PoS based project can do that.
If I can afford to hold it by myself, I would rather stake it on my own VPS other than giving it to the exchange.
But if you do not know how to do it or do not want to keep maintain it, giving it to the service provider is fine too.

This is not interest buy staking the coin to get a new coin because of proof of stake consensus.

Hey Javi_Anibarro thank you for your answer. Okay I have never heard of it before, thought this is something new. You are right about your two last points but your missing a big one which is the most important in my case. For staking Dash yourself one must host a masternode which requires 1000 Dash which is currently nearly 72`000.- USD, I don’t have so much cash available Roll Eyes

so with using the service of SMART VALOR, if I understand it correctly, I can profit from the 6.9% rewards without needing to invest 72k USD.

Javi_Anibarro

sr. member

Activity: 1540

Merit: 282

tBTC - https://dapp.tbtc.network/

Staking service or staking pool has happened from many years ago until today, only PoS based project can do that.
If I can afford to hold it by myself, I would rather stake it on my own VPS other than giving it to the exchange.
But if you do not know how to do it or do not want to keep maintain it, giving it to the service provider is fine too.

This is not interest buy staking the coin to get a new coin because of proof of stake consensus.

Papa_Bitcoin

newbie

Activity: 13

Merit: 0

Hey guys I am not very familiar with the topic of staking and staking-as-a-service. But I just saw yesterday evening that SMART VALOR a Swiss crypto exchange started their staking campaign where you can either stake Dash or their native token VALOR.

They state that revenues are up to 6.9% for Dash and 15% for VALOR. Here is the link for their announcement:
https://news.smartvalor.com/staking-dash-available-on-smart-valor-platform/

What do you guys think about it? I think it could be good alternative for earning some passive income (if I understand the concept correctly) like interest back in the days bank used to pay some Grin

Topic: Staking-as-a-service, Opinions? - page 2. (Read 282 times)