@rodbarc can u elaborate a bit on insurances that you entitled earlier on defi and mstables?
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- JaiKor
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You purchase insurance for smart contract bugs and hacks. Audit helps but it’s not infallible. Best option for this is Nexus Mutual.
Rod
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- itemsale2003
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Can I by this on crypto.com using the similar process that rod has explained in this thread?bryceton wrote: ↑ im not sure how much bump in value this will provide, but i thought id mention that electroneum is going to be featured in multiple news networks over the next couple weeks (Bloomberg, Fox Business, KRON,cox news as well as Crypto Cake youtube channel...
For thouse who are unfamiliar with electroneum they are a reliable crypto alt currency that value hasnt really taken off. However they have made major improvement in recent months, Allowing users to pay there cell phone bills (even in canada) and hydro bills via etn, Anytask marketplace website to earn and use etn. Its easy to send etn, fast and little fees
Now the market that etn is trying for is the third world countries that don't have bank accounts usually or credit cards.
If these news sagments are well received it could definitely improve the value... but certainly could be seen as a riskier investment
- Bull Dog
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No, to buy electronium you'd have to buy either bitcoin or etherium and swap it for electroneum at a centralized exchange like Kucoin or Huobi Global. So if you wanted to use crypto.com buy BTC or ETH there, then make an account at Kucoin or Huobi Global and send it there. Then swap there, and keep it there if it's a small amount, or if it's a larger amount that you want to own the keys, send it to an electronium wallet you created ahead of time on a web browser, or on your mobile phone.
A lot of work for a new user.
A lot of work for a new user.
- deger
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- rodbarc
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Only if the exchange offers insurance. On crypto.com’a case, and Nexo, and BlockFi, they all are insured.
For more info:
https://crypto.com/en/security.html
https://support.nexo.io/hc/en-us/articl ... -Insurance
https://blockfi.com/securely-stored-assets/
Celsius have insurance, but not when assets are lended to earn interest. The others do (collateral of each loan is subject to custodial insurance).
Rod
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- bryceton
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Correct but also note if someone does do this check electroneum facebook page for promos.. right now till – 2020/08/18, 24:00 (GMT +8) if you buy via biki exchanger you get a share of 1 million etn https://www.biki.com/en_US/noticeInfo/3 ... Wq_J-XelUMBull Dog wrote: ↑ No, to buy electronium you'd have to buy either bitcoin or etherium and swap it for electroneum at a centralized exchange like Kucoin or Huobi Global. So if you wanted to use crypto.com buy BTC or ETH there, then make an account at Kucoin or Huobi Global and send it there. Then swap there, and keep it there if it's a small amount, or if it's a larger amount that you want to own the keys, send it to an electronium wallet you created ahead of time on a web browser, or on your mobile phone.
A lot of work for a new user.
Note: biki requires you to validate your account with id to get the promo if you sign up In first name bracket list your first name and middle name if its on your id.
Simpleswap also has a promo but ends today i believe.
I suppose biki does allow you to buy fiat directly, in canadian funds and using a credit card! however there is 2 fees (any cash advance fee from your credit card and a 3.5% fee (as long as you purchase atleast $400+ otherwise the fee percentage is higher..)
If you get credit card rewards it might mitigate some of the fee..
never used it myself however.
- deger
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What is the best literature today on how to value crypto currency that is not pegged to fiat currency?
I am looking at CRO staking requirements and trying to determine when to stake or if its worth staking at all. I see the perk as buffer for the volatility of the currency. So for example the Green/Purple visa card requiring 10,000 CRO staked for 6 month will give
- 8% interest over 6 month
- 1% additional interest on USDT over 6 month
- Credit card benefits once it in Canada assuming 6 month from now the benefit haven't changed.
So CRO drops by more then above interest earned over 6 month then at least I'll break even. It's not a huge buffer given the volatility the currency.
I am looking at CRO staking requirements and trying to determine when to stake or if its worth staking at all. I see the perk as buffer for the volatility of the currency. So for example the Green/Purple visa card requiring 10,000 CRO staked for 6 month will give
- 8% interest over 6 month
- 1% additional interest on USDT over 6 month
- Credit card benefits once it in Canada assuming 6 month from now the benefit haven't changed.
So CRO drops by more then above interest earned over 6 month then at least I'll break even. It's not a huge buffer given the volatility the currency.
- Bull Dog
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Investing in CRO is a bit risky at this stage, since it's gone up 147% in value in last 3 months. It might continue to go up, it might not, no one knows. I personally won't upgrade to jade/indigo card unless CRO goes down from 0.23 CAD now to much lower. You have a lot of disgruntled people who had previously bought MCO who were forced to convert to CRO at a fairly low fixed rate. Once they are allowed to unstake their CRO they will probably jump ship, unless CRO has climbed enough to erase their previous losses.deger wrote: ↑ What is the best literature today on how to value crypto currency that is not pegged to fiat currency?
I am looking at CRO staking requirements and trying to determine when to stake or if its worth staking at all. I see the perk as buffer for the volatility of the currency. So for example the Green/Purple visa card requiring 10,000 CRO staked for 6 month will give
- 8% interest over 6 month
- 1% additional interest on USDT over 6 month
- Credit card benefits once it in Canada assuming 6 month from now the benefit haven't changed.
So CRO drops by more then above interest earned over 6 month then at least I'll break even. It's not a huge buffer given the volatility the currency.
- rodbarc
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You Re forgetting 16% interest in CRO as part of your staking.deger wrote: ↑ What is the best literature today on how to value crypto currency that is not pegged to fiat currency?
I am looking at CRO staking requirements and trying to determine when to stake or if its worth staking at all. I see the perk as buffer for the volatility of the currency. So for example the Green/Purple visa card requiring 10,000 CRO staked for 6 month will give
- 8% interest over 6 month
- 1% additional interest on USDT over 6 month
- Credit card benefits once it in Canada assuming 6 month from now the benefit haven't changed.
So CRO drops by more then above interest earned over 6 month then at least I'll break even. It's not a huge buffer given the volatility the currency.
I view CRO (previously MCO, when I started) as the fee to get access to card perks and high interest rates. Part of my calculation included the high interest paying for my initial capital. Based on what I have invested earning high interest + interest from what is staked + card benefits (when shipped) + cashback from gift cards that I buy frequently (amazon.ca for groceries), I would make my money back in a year. So mco could go to zero, I’d break even in a year. Now it’s even easier, because cro interest is higher and I didn’t even get to capitalize on card benefits (3% cashback everywhere + free Spotify + free Netflix).
You invest in cro / partner with the project because you are aligned with their vision, mission and product, on the team, on deliverables get done on time, on innovation constantly getting released, and have a long time horizon to allow that to materialize.
Temperament is also paramount. Prolonged and deep bear markets like 2014 or 2018/2019 are not fun, and only allows you to earn interest on stablecoins (or shorting crypto if you know how to trade) but staying put in a bear market, while monitoring progress of the projects that you are invested on gives you an edge when markets rebound.
I view cro like bnb. So I will continue to ride it. I will actually love for cro to tank really bad, as I could upgrade it to Icy or even Obsidian card. 4% ot 5% cashback on every Visa purchase + free Amazon Prime really adds up. Not to mention other perks like high interest on stablecoins and crypto + high interest on staked coins + lower exchange fees + syndicates for instant 1.5% to 3% ROI weekly.
Cro appreciated a lot in value recently, and while is difficult to find the right fair value price to it, I think the better question is if you think it’s worth today’s price in 3 or 5 years from now. I think it will be worth more. So I would start today if I wasn’t invested already.
The more you consider your stake as an investment on the project (not just a coin), the easier is to handle market fluctuations and keep a long term vision on what is yet to be built and attract demand further.
Rod
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I have some BTC and XRP that I want to hold onto.
From what I’m seeing you should take your crypto off an exchange and store it on a wallet.
Does anyone have a crypto wallet they would suggest?
I only have a couple hundred dollar, I just started buying this month.
From what I’m seeing you should take your crypto off an exchange and store it on a wallet.
Does anyone have a crypto wallet they would suggest?
I only have a couple hundred dollar, I just started buying this month.
- Bull Dog
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I think it'd be better to stake it on an exchange and earn interest. It should be safer earning interest than it would just sitting on the exchange since it's in a smart contract. eg. Blockfi
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- rodbarc
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No, shakepay and coinberry don’t pay interest. Lend your coins somewhere that pays you interest OR put in a wallet that you have custody.
Start with a mobile wallet or software wallet, until your investment justify a hardware wallet, which is the safest option. For software wallet (your custody, not earning interest), check Guarda, Atomic Wallet or Trust Wallet. To lend your coins for interest, do it on BlockFi (6% interest on BTC) and Celsius for 3% interest on XRP.
Rod
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- Bull Dog
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Agree with everything you said. Some other good software wallets include Coinomi and Exodus. Not the best time to be using a software wallet at the moment with high gas costs if you don't have a huge investment since you'll have to pay to move coin to and from the wallet, especially since you can earn money by staking.rodbarc wrote: ↑ No, shakepay and coinberry don’t pay interest. Lend your coins somewhere that pays you interest OR put in a wallet that you have custody.
Start with a mobile wallet or software wallet, until your investment justify a hardware wallet, which is the safest option. For software wallet (your custody, not earning interest), check Guarda, Atomic Wallet or Trust Wallet. To lend your coins for interest, do it on BlockFi (6% interest on BTC) and Celsius for 3% interest on XRP.
Rod
With so many to choose from, do you have a preference for soft wallets? I know you can stake with Trust Wallet, but the interest rates aren't that great.
How safe do you think new Defi staking by Binance paying 12% on DAI?
Binance DeFi Staking
I would assume it's not as safe as central exchange staking like Blockfi.
- rodbarc
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Btc and xrp network fees are low. For ETH, use Dharma, they are paying for gas including to swap with uniswap on their native interface. Dharma is a great wallet, but it’s ETH coin and tokens only.Bull Dog wrote: ↑ Agree with everything you said. Some other good software wallets include Coinomi and Exodus. Not the best time to be using a software wallet at the moment with high gas costs if you don't have a huge investment since you'll have to pay to move coin to and from the wallet, especially since you can earn money by staking.
With so many to choose from, do you have a preference for soft wallets? I know you can stake with Trust Wallet, but the interest rates aren't that great.
How safe do you think new Defi staking by Binance paying 12% on DAI?
Binance DeFi Staking
I would assume it's not as safe as central exchange staking like Blockfi.
If you don’t have much to invest, then the highest interest rates are with CeFi. But if you have more than $2k to invest, then DeFi on liquidity providers pays a lot more. Do it between 4pm and 6pm EST, which is the time that gas is the lowest. Understand the different risks on different projects, insurance helps to mitigate them.
Binance offers 12% on DAI because DeFi pays much more than this. You can have over 100% interest on Curve now and 54% interest on yVault. It’s not expensive to use yVault. But you need over $2k on Curve to have a low cost % in gas fee.
Binance says DeFi staking with them to sound cool, but in the end it’s a CeFi if you stake with them. Like BlockFi, they have a reputation to be honest, but you have zero recourse if they close doors tomorrow. Unlikely, but not impossible.
Rod
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So if I move them to a wallet I have to pay fees and may end not being worth the transfer?
I’m assume that what’s referring to as gas?
I’m assume that what’s referring to as gas?
- Bull Dog
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Correct- when you move from one exchange to another exchange they take off some of the coin you are moving as the " gas " fee. But when you are moving from your wallet to a decentralized exchange such as uniswap, you have to pay the "gas" fee by having at least 0.01 eth in your wallet. Dharma is one decentralized exchange that pays the gas fees, Argent used to. Rod is saying that if you move xrp ( ripple ) coins there are much lower fees since it doesn't move through the etherum network.
- Easto
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For someone like myself who is still learningBull Dog wrote: ↑ Correct- when you move from one exchange to another exchange they take off some of the coin you are moving as the " gas " fee. But when you are moving from your wallet to a decentralized exchange such as uniswap, you have to pay the "gas" fee by having at least 0.01 eth in your wallet. Dharma is one decentralized exchange that pays the gas fees, Argent used to. Rod is saying that if you move xrp ( ripple ) coins there are much lower fees since it doesn't move through the etherum network.
What should I do with:
BTC: 0.0201 on Shaepay
BTC: 0.00620 on Coinberry
XRP: 408.46 on Coinberry
Yes, this is very little but I just started $100/wk
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