Would you stake stablecoins now? - page 4.

sana54210

legendary

Activity: 3276

Merit: 1128

Quote from: erep on September 15, 2022, 05:46:08 PM

I think it doesn't matter if the UST coin gives high APY because its value is unstable and the price is very low, other than that UST coin is not worth staking unless you are willing to accept the high risk of losing your investment, so it's better to stake BUSD even though the APY is not high but at least much more safer than the coins associated with Luna. However, your suggestion to save or invest in a bank is not an alternative option because the impact of inflation in many currencies has decreased, except for the option of holding USD rather than other currencies.

I think the high risk that it gives doesn't justify the small amount of reward that it is offering. I mean if I wanted to find something with high risk then I could have simply invested into some of the brand new pre-sale stuff and stake that and make like 1000%+ return a day, which we all know will tank very quickly, all of them do, and only maybe one or two could continue longer, and that risk is useless to me and foolish as well.

So, I am not staking UST, and I am not staking anything that is as risky. I am going to start staking ETH though, I do not have enough so I will use pools but I do believe that it would be a trustworthy coin with a good return and added bonus as staking.

Ultegra134

hero member

Activity: 1680

Merit: 845

Quote from: ?? on ??

Quote from: Ultegra134 on September 18, 2022, 01:24:50 AM

~snipped~

If you feel Beefy is safe and better than binance then you can switch to Beefy. It is normal for APY to adapt to the situation. Do you want to be like UST?. APY is high but at some point it is not enough to pay interest causing mass collapse that cost us everything. I would still stay with binance, even though APY let me down a bit, but in return I feel safe in binance.

It's perfectly understandable for APY to fluctuate. There was no guarantee that it would be stable forever. However, even locked-interest plans have been severely affected. They guaranteed a 13.3% APY a couple of months ago and were always unavailable and/or had a very limited available quota. Now it's down to 4.7%, while flexible savings is actually less than 5% APY for anything over $1,000, which is close to nothing.

While I prefer Binance's safety, I'm going to try and diversify my money by starting to deposit some of the allocated funds on Beefy. The current APY is too insignificant to bother.

Iyeman

sr. member

Activity: 1183

Merit: 251

Quote from: Kadal Ijo on September 18, 2022, 10:07:16 AM

At the moment I stake with a stable coin in several Exchanges spots, I get apy that varies from 6% to tens of percent, I think stabilized coins are better and safer because they are not afraid that prices will drop.

Small apy looks better for stable token. Remember that even if that was so small but there's guarantee for your money will not be affected by the volatility in the market unlike another token which is offering very big APY but these tokens become scam token a month after release.
I think that if we must also aware about this too. Im still staking my stable token for now. It sounds like that if we will be getting stable income and that's far better

ololajulo

sr. member

Activity: 2240

Merit: 270

SOL.BIOKRIPT.COM

Quote from: ?? on ??

I don't think staking in stablecoins is worth it anymore, about 1 month ago I withdraw all my investment in stablecoin binance-usdt. not without reason, in my opinion with 10%-15% APY offered but with a fairly large initial fund, I think it is more to be used for other investments that can take bigger profits.

maybe this is not good advice but maybe it can be considered.

Lets be sincere with ourselves with the current market, which cryptocurrency investment is safer? Not any of the volatile coin are capable of defending the risk of investing.10-15% APY for a stable coin is a smart decision and if we still expect a leg down in bitcoin, we can make the profit from our less risk stable coin to take a position then. More also your money is not safer in the bank, so consider your options very well

Kadal Ijo

full member

Activity: 1162

Merit: 106

At the moment I stake with a stable coin in several Exchanges spots, I get apy that varies from 6% to tens of percent, I think stabilized coins are better and safer because they are not afraid that prices will drop.

OcTradism

hero member

Activity: 1722

Merit: 801

Quote from: Ultegra134 on September 18, 2022, 01:24:50 AM

Yesterday I logged into Binance and noticed that I had received less interest than expected, but I was too sleepy to bother and didn't think much of it. I just went on savings and Binance has decreased the APY once again, but in a sneaky way that my sleepy brain didn't notice yesterday. 8% APY now applies only up to $1.000, instead of $2.000.

If lower APY can give you a safer option, it should be the better. Hunting for higher APY contains more risk for your capital. You can trust or distrust Binance but what I am discussing here is very general. I don't support the sudden change (lowering) in APY from Binance but I think they did see something and want to go first to reduce risk for their platform as well as investors.

Quote from: ?? on ??

That is really disappointing, anyone who has been in that position will think it was a joke offering and the Binance just allowed it, or the exchange itself changing the course.

You can not trust that centralized platforms will not change their terms of service. They can make announcements and give you a window time to leave or decide to stay if you agree with their new terms.

Ultegra134

hero member

Activity: 1680

Merit: 845

I'm officially pissed off right now. Yesterday I logged into Binance and noticed that I had received less interest than expected, but I was too sleepy to bother and didn't think much of it. I just went on savings and Binance has decreased the APY once again, but in a sneaky way that my sleepy brain didn't notice yesterday. 8% APY now applies only up to $1.000, instead of $2.000. My profits are currently cut right in half, and I'm not going to tolerate another reduction. I'd rather find a vault on Beefy.

erep

hero member

Activity: 2282

Merit: 589

Quote from: Oneandpure on September 15, 2022, 03:33:36 PM

UST problem drop drastically maybe APY reward given for staking more around 15% until 20% different with other stable coins like BUSD just given under 10% only, have hype method when giving higher APY reward actually bad thing happen later. Usually we saw with many shit altcoin kinds, early launching given crazy APY more than 1000% but few days later price drop drastically. I think not really safety when staking assets in several altcoin kinds, better try with another alternative like investment or hold in the bank although have inflation values but keep guarantee with our money until several years later.

I think it doesn't matter if the UST coin gives high APY because its value is unstable and the price is very low, other than that UST coin is not worth staking unless you are willing to accept the high risk of losing your investment, so it's better to stake BUSD even though the APY is not high but at least much more safer than the coins associated with Luna. However, your suggestion to save or invest in a bank is not an alternative option because the impact of inflation in many currencies has decreased, except for the option of holding USD rather than other currencies.

Ultegra134

hero member

Activity: 1680

Merit: 845

Quote from: GreatArkansas on September 14, 2022, 08:53:36 PM

Quote from: Hypnosis00 on September 14, 2022, 06:57:49 PM

Staking decision is certainly based on its market performance. I know that still there are stablecoins that are worth trusting and profitable.
(.....)

Include the platform where you will stake your stablecoins and the asset you chose. One of the examples here is the UST before with huge APY on Anchor. The APY before was around 20% and when the disaster started to happen to UST, the value of UST is dropping and the drop could reach -20% in just a few hours or a day. It's not worth it, even if you stake to some centralized exchange, you still can't guaranteed how safe they are.

I was actually planning to use one of the following:
https://app.beefy.com/vault/velodrome-usdc-dola
or
https://app.beefy.com/vault/spell-mim-crv

Second one looks a little more safe.

Honestly, when UST was offering 20%, it didn't seem too exaggerated because you could easily find other vaults at 15%–18%. The one I had my money on consisted of BUSD and UST. If I am not mistaken, it was achieving an average of 15%. Due to being made of two coins, it severely minimized my losses when UST crashed. If I were to chase the 5% more in APY, I'd be screwed.

Quote from: Jawhead999 on September 15, 2022, 06:58:02 AM

Did you refer to Binance? Their assurance only work if the hacker didn't steal the whole Binance money. If the hacker can get the whole money Binance have, their assurance are useless since they need to recover their operational first, not their customers.

Binance sounds safe enough, I highly doubt that something like this could ever happen. Even if it did, they would be forced to reimburse their users.

Quote from: dansus021 on September 14, 2022, 09:09:37 PM

yeah the TVL(total value locked) can be indicator as well how much people that deposit into that vault.

I actually have try beefy for several time and it work pretty fine to me and after I checked the link that you give above that beefy give two insurance for the vault the insurace.io and nexus mutual i think its safe. but if the APY don't have huge different between Cex you can choose CEX since they regulated by government

UST at the first place was algorithmic that pegged with their native coin LUNA. we should aware of this and try to move to other stablecoin and i think we also need to diversified to other dollar-pegged stablecoin not just focused in one.

Thus, it's best to look for a vault with a high TVL, since it's showing that it's trusted by investors, right?

CEX looks interesting but offers very limited options, some altcoins and their savings sections are yet to be activated.

Oneandpure

sr. member

Activity: 2100

Merit: 309

Quote from: GreatArkansas on September 14, 2022, 08:53:36 PM

Include the platform where you will stake your stablecoins and the asset you chose. One of the examples here is the UST before with huge APY on Anchor. The APY before was around 20% and when the disaster started to happen to UST, the value of UST is dropping and the drop could reach -20% in just a few hours or a day. It's not worth it, even if you stake to some centralized exchange, you still can't guaranteed how safe they are.

UST problem drop drastically maybe APY reward given for staking more around 15% until 20% different with other stable coins like BUSD just given under 10% only, have hype method when giving higher APY reward actually bad thing happen later. Usually we saw with many shit altcoin kinds, early launching given crazy APY more than 1000% but few days later price drop drastically. I think not really safety when staking assets in several altcoin kinds, better try with another alternative like investment or hold in the bank although have inflation values but keep guarantee with our money until several years later.

icalical

sr. member

Activity: 1400

Merit: 268

Fully Regulated Crypto Casino

Actually my first choice to stake was BUSD in Binance, I think staking is the only way we can use Stablecoin as investment, since the price is stable, but also because the price is stable so it's less worrying than staking other crypto. However, there are still some risk like what happened to Terra, but I think something like that is unlikely happened to Binance.

Kelvinid

sr. member

Activity: 2828

Merit: 344

win lambo...

Quote from: fvb on September 15, 2022, 07:16:30 AM

Quote from: Ultegra134 on August 28, 2022, 07:52:50 AM

snipped...

To be honest, I do not know what to advise you in this case. Yes, and I do not like to advise, as well as listen to other people's advice. But in this case, I support investments with Binance because I myself use this option. I consider it reliable because of the reputation of the exchange.

Well, that was because all of us have different market approaches. Some people will think that staking is a great opportunity to earn and yes, it was indeed profiting but not that much compared to trading. And the reason why some people couldn't make themselves confident of what to say for they have not even done this in real life or have less experience with this.
yes, I was using Binance as my staking platform and it was safe there. Choosing a reputable exchange really matter as we handed over them our money, our coins to stake.

fvb

member

Activity: 1470

Merit: 13

Quote from: Ultegra134 on August 28, 2022, 07:52:50 AM

Before the Terra-Luna incident, with UST crashing, I was into staking stablecoins on Beefy for an average of 12-15% APY, which isn't that bad. However, the whole incident took a toll on me and quickly withdraw from DeFi altogether and temporarily put my money on Binance Savings, for 10% APY, with interest distributed on a daily basis.

Certainly, it wasn't the best move, but at that point, it was the safest option, at least till things stabilize. According to Beefy's discord server, the past few months it's struggling to make ends meet and had to go through changes regarding their fees and BiFi's yield. Ideally, I'd move my funds from Binance to somewhere decentralized again, but after UST dropped to zero, I was skeptical. I'm currently browsing on Beefy and see some interesting options, such as USDC-BUSD, linked below. It's offering 16% APY but the TVL is relatively low, should I be worried about it? Any suggestions or what to look for?

https://app.beefy.finance/vault/cone-usdc-busd

To be honest, I do not know what to advise you in this case. Yes, and I do not like to advise, as well as listen to other people's advice. But in this case, I support investments with Binance because I myself use this option. I consider it reliable because of the reputation of the exchange.

bossofbetting

member

Activity: 124

Merit: 10

iOS Dev

Staking is too risky. I don't think that lock my stablecoins for 12 or 6 month to get 10-20% of ROI is a good idea (with high risk of project scam). Much better is buy the dip of BTC or good Altcoins and get much more.

Jawhead999

legendary

Activity: 1708

Merit: 1187

DGbet.fun - Crypto Sportsbook

Quote from: Ultegra134 on September 14, 2022, 06:50:18 PM

Since when do banks offer 5-10% interest rate? The most you can get here on timed deposits is 0.03% to 0.10%. I'd rather invest my money on some random coin than deposit it in a bank.

In my country, but if your country only offer 0.03% to 0.10% then it's really suck to invest in banks since you're not earn anything as the value will always decrease due to inflation. I don't think it's good to invest in random coins since the risk is higher than staking stablecoin or invest in Bitcoin.

Quote from: ?? on ??

It is very important to know the credibility of the exchanger we use in order to have some assurance.

Did you refer to Binance? Their assurance only work if the hacker didn't steal the whole Binance money. If the hacker can get the whole money Binance have, their assurance are useless since they need to recover their operational first, not their customers.

yhiaali3

legendary

Activity: 1820

Merit: 1950

Fully Regulated Crypto Casino

The crash of Luna and its stablecoin has already caused a loss of confidence for many, but this should not make you lose faith in the rest of the strong stablecoins that have been stable for a long time such as USDT, USDS, BUSD These stablecoins are still in good condition and high reliability, there are There are also decentralized stablecoins, but in general I prefer staking when investing large amounts of reliable strong coins like Bitcoin and Ethereum.

gunhell16

hero member

Activity: 1666

Merit: 453

Quote from: Ultegra134 on August 28, 2022, 07:52:50 AM

Before the Terra-Luna incident, with UST crashing, I was into staking stablecoins on Beefy for an average of 12-15% APY, which isn't that bad. However, the whole incident took a toll on me and quickly withdraw from DeFi altogether and temporarily put my money on Binance Savings, for 10% APY, with interest distributed on a daily basis.

Certainly, it wasn't the best move, but at that point, it was the safest option, at least till things stabilize. According to Beefy's discord server, the past few months it's struggling to make ends meet and had to go through changes regarding their fees and BiFi's yield. Ideally, I'd move my funds from Binance to somewhere decentralized again, but after UST dropped to zero, I was skeptical. I'm currently browsing on Beefy and see some interesting options, such as USDC-BUSD, linked below. It's offering 16% APY but the TVL is relatively low, should I be worried about it? Any suggestions or what to look for?

https://app.beefy.finance/vault/cone-usdc-busd

If you have a large holding of Bitcoin, and you think that bitcoin will fall below 15k$, you can use stablecoins, so that its value will not be lost or changed, because at least in this case you will not be affected by the fall of bitcoin price. But this is just an example that if bitcoin is first converted to stablecoin and the second thing you can do is put the stablecoins, if, for example, it is BUSD, in staking like what is in balance, at least while it is stored on the platform at least it's still growing, not as much, but it's still better than putting it in the bank, which is only 1% per annum.

This is just advice which in my opinion is not a bad thing and a good thing to do if you are sure that bitcoin is going to crash hard.

pieppiep

hero member

Activity: 1596

Merit: 502

Quote from: posi on September 14, 2022, 10:03:49 AM

Quote from: pieppiep on September 14, 2022, 07:46:11 AM

I've been staking stablecoins on Binance and even though the rewards aren't much, they're passive income for me. There is no problem with the reward. I'm sure it will get bigger later because I do auto staking, where when I get the reward from staking, it will stake together in the next staking (correct me if I'm wrong). On Binance, there are several stablecoins you can use to generate more stablecoins and so far, I haven't had any issues.

If you compare the returns from staking and investing you will find that the profit earned is much lower than the return on investment, but if it is compared to the bank's interest rate you will see that it is not a small sum of money. In addition, investing is sometimes risky, not always profitable in the short term. If you have some idle money and do not want to risk investing it, then placing a stake may not be a bad idea for you.

That's true. But even if the return on staking is small, at the very least, it's money that we can collect and let grow. And even though later, the results are not too big compared to the investment, it is the profit money we get from staking. While in investment, you need to hold your coin in your wallet without using it for anything. And yes, investment has risks, so you need to understand them before you start.

Xampeuu

full member

Activity: 1442

Merit: 116

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: fuguebtc on September 14, 2022, 11:08:01 PM

Quote from: MiF on September 14, 2022, 10:53:17 PM

I think there is no harm on staking if we stake in reliable platform, the only problem if we stake in the platform that made by scammer and our asset will soon be loss. If we are going to stake we need to be careful and do it in a trusted stakes platform because in this case we give them an access to our asset while we put it in thier platform that was very risky in our part so we need to be careful always.

Along with we are in a bear market, looking for profit as well as risk when investing in very big coins, staking stable coins is also a solution to generate income Good passive in the moment. As long as we use the leading platforms in the market there is nothing to worry about, don't be too greedy to join the platforms that offer high APY, they can crash at any time.

If you choose to stake I recommend binance. Whether we trade or stake, Binance is the exchange that gives me the most peace of mind.

right. Staking on stable coins is an option, this means a guaranteed passive income. than staking on coins that do not necessarily develop will certainly be more risky. binance is the best exchange right now, so it would be safer to do so. I think this is an alternative option other than trading for income. especially if we are still in the stage of learning to trade, of course the allocation for staking is greater than for trading, this is related to money management

fuguebtc

hero member

Activity: 1820

Merit: 526

Leading Crypto Sports Betting & Casino Platform

Quote from: MiF on September 14, 2022, 10:53:17 PM

I think there is no harm on staking if we stake in reliable platform, the only problem if we stake in the platform that made by scammer and our asset will soon be loss. If we are going to stake we need to be careful and do it in a trusted stakes platform because in this case we give them an access to our asset while we put it in thier platform that was very risky in our part so we need to be careful always.

Along with we are in a bear market, looking for profit as well as risk when investing in very big coins, staking stable coins is also a solution to generate income Good passive in the moment. As long as we use the leading platforms in the market there is nothing to worry about, don't be too greedy to join the platforms that offer high APY, they can crash at any time.

If you choose to stake I recommend binance. Whether we trade or stake, Binance is the exchange that gives me the most peace of mind.

Topic: Would you stake stablecoins now? - page 4. (Read 1110 times)