Topic: Why would you host a ETH 2.0 validator node instead of going with Binance? - page 2. (Read 276 times)
December 05, 2020, 03:17:14 PM
I am sure most people that would stake eth with be doing that on third party trusted platforms like binance etc because official staking requires technical knowledge and work of node setup and maintenance which is not for everyone secondly i think the minimum requirement of 32 eth for official staking contract deposit is very big for common people.
December 05, 2020, 03:14:22 PM
Although Binance exchange is also a large and reputable business, they are indirectly doing services that are not their own. This will make investors concerned about the legitimacy of this new idea.
Although ETH 2.0 requires a lot of money from people who want a slot to node, they are sure of profit and credibility, because this is the product they officially created and the ERC - 20 platform already has a reputation. credit from before to now.
This is the reason why most people are skeptical about Binance's new service and they do not seem to trust it very much. It would be better for them to spend a lot of money to get a slot node in Ethereum 2.0's PoS rather than take risks with their money at Binance. This is also the common psychology of current investors, i think.
Although ETH 2.0 requires a lot of money from people who want a slot to node, they are sure of profit and credibility, because this is the product they officially created and the ERC - 20 platform already has a reputation. credit from before to now.
This is the reason why most people are skeptical about Binance's new service and they do not seem to trust it very much. It would be better for them to spend a lot of money to get a slot node in Ethereum 2.0's PoS rather than take risks with their money at Binance. This is also the common psychology of current investors, i think.
December 05, 2020, 02:33:51 PM
Let's admit that the best is to run your own node by yourself without the need of a third part entity to do the task for a considerable fee.
There are a lot of Eth holders who had been waiting for the Eth2.0 release to benefit from staking, i am sure they will be able to maintain the Network until more stakers join and without the need for a whale (binance) to take the biggest share.
Binance knows that not all Eth holders have the technical ability to run a node, and this is why it takes the chance to generate extra income from this. I know that binance is one of the trust companies in the market, but personally i don't suggest anybody to hold his funds in big quantity within it, it's still risky.
There are a lot of Eth holders who had been waiting for the Eth2.0 release to benefit from staking, i am sure they will be able to maintain the Network until more stakers join and without the need for a whale (binance) to take the biggest share.
Binance knows that not all Eth holders have the technical ability to run a node, and this is why it takes the chance to generate extra income from this. I know that binance is one of the trust companies in the market, but personally i don't suggest anybody to hold his funds in big quantity within it, it's still risky.
I know that hosting a node by ourselves is the best solution but it is not just easy like saying a few words. I have a ETH2.0 testnet node running and I know it. Binance only came into the picture as it is not charging any fees. At least, I couldn't find its fee structure from their announcement. Besides, Binance has not just become a name, they also care about your funds parked there. That having said, they are capable of compensating users if funds are stolen or lost by their mistake.
December 05, 2020, 11:20:03 AM
Let's admit that the best is to run your own node by yourself without the need of a third part entity to do the task for a considerable fee.
There are a lot of Eth holders who had been waiting for the Eth2.0 release to benefit from staking, i am sure they will be able to maintain the Network until more stakers join and without the need for a whale (binance) to take the biggest share.
Binance knows that not all Eth holders have the technical ability to run a node, and this is why it takes the chance to generate extra income from this. I know that binance is one of the trust companies in the market, but personally i don't suggest anybody to hold his funds in big quantity within it, it's still risky.
There are a lot of Eth holders who had been waiting for the Eth2.0 release to benefit from staking, i am sure they will be able to maintain the Network until more stakers join and without the need for a whale (binance) to take the biggest share.
Binance knows that not all Eth holders have the technical ability to run a node, and this is why it takes the chance to generate extra income from this. I know that binance is one of the trust companies in the market, but personally i don't suggest anybody to hold his funds in big quantity within it, it's still risky.
December 05, 2020, 11:02:39 AM
have begin with ETH 2.0 but still not show how expectation from many investors by seeing eth raise above $1k, now eth have raise higher price but still lower how expectation from many investor with new way by eth upgrade to 2.0. Just drama by vitalik to get many investor and then he sells with lower price, and when price is dumping he make good news again and many investor will buy on higher price. I think this repeat way always happen with some coin because many investor always trust with developer opinion and they think true, but always have mistake when coin is not raise up although few days after announcement for eth upgrade.
December 05, 2020, 10:27:11 AM
Ethereum is stacking has some constraints restricting people from participating in beaconchain node validation. These are pretty solid:
1. 32 Ether as a minimum requirement
2. Technical and practical difficulties in hosting a node
At first, people don't have 32 ETH to take part. Now, people who are holding that much of Ether, they lack technical skills in hosting and maintaining validator node alive. Letting third-parties stake your 32 Ether on behalf of you has some trust issues and there will be a certain charge out of your APR. But Binance's ETH2.0 stacking service seems promising. First, we won't have any trust issues as most of us are using Binance on a primary basis. On the other hand, Binance is not charging fees as per their announcement for their service. (I am still trying to figure out the reason behind this) On top of that, Binance will bear the risk of on-chain penalties and credit stacking reward daily in terms of BETH. The double reward seems also good for early stackers,
So, can you guys let me know that why would you fall into a mess of creating and maintaining a node to get stacking reward instead of just letting Binance do this for you? Let's discuss.
1. 32 Ether as a minimum requirement
2. Technical and practical difficulties in hosting a node
At first, people don't have 32 ETH to take part. Now, people who are holding that much of Ether, they lack technical skills in hosting and maintaining validator node alive. Letting third-parties stake your 32 Ether on behalf of you has some trust issues and there will be a certain charge out of your APR. But Binance's ETH2.0 stacking service seems promising. First, we won't have any trust issues as most of us are using Binance on a primary basis. On the other hand, Binance is not charging fees as per their announcement for their service. (I am still trying to figure out the reason behind this) On top of that, Binance will bear the risk of on-chain penalties and credit stacking reward daily in terms of BETH. The double reward seems also good for early stackers,
So, can you guys let me know that why would you fall into a mess of creating and maintaining a node to get stacking reward instead of just letting Binance do this for you? Let's discuss.
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