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Last post Author Topic: Earning More with Cryptocurrency  (Read 3978 times)

4wd

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Re: Earning More with Cryptocurrency
« Reply #25 on: July 22, 2021, 09:00 AM »
If you can't find any information about "the two sides" of the upcoming fork, then my guess is that the fork is more akin to a protocol upgrade with no real split/duplication of the currency.

Well...shit. That's the answer I was afraid of. But it is an answer none-the-less.

Ethereum London Fork

Two of the largest mining pools are on opposite sides, the larger wants no change because it will reduce their transaction derived income by a rather dramatic amount, (they're saying ~50%).

The next larger thinks that it will be good for ETH in the long term and so are for it.

Deozaan

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Re: Earning More with Cryptocurrency
« Reply #26 on: July 22, 2021, 01:05 PM »
Assuming your intention is to sell one or both coins after the fork, the other thing to keep in mind is that you also need to find exchanges or people who are willing to buy the coin(s) you want to sell.

If the largest miner is the only one who values the old coin/fork, or if none of the major exchanges are going to continue supporting the old fork, then the miner is probably not interested in buying it, and they're going to have a hard time selling it.

My point is basically a reminder that cryptocurrency only has value because people agree it has value. If you can't find someone who values what you're trying to sell, then what you are trying to sell is, by definition, essentially worthless.

Stoic Joker

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Re: Earning More with Cryptocurrency
« Reply #27 on: July 27, 2021, 05:48 AM »
My point is basically a reminder that cryptocurrency only has value because people agree it has value. If you can't find someone who values what you're trying to sell, then what you are trying to sell is, by definition, essentially worthless.

Yes, hence my question … I wasn't sure if I should position to dive in, or just sit back where I'm at and watch the show.

Me thinks I'll just sit on the staked Cosmos I got now and watch the show from the cheap seats...

dantheman

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Re: Earning More with Cryptocurrency
« Reply #28 on: August 01, 2021, 09:01 AM »
Listened to one of McAfee's last interviews yesterday and found him really pitiful.  :(
For a guy with so much wealth and so little thought of helping the less fortunate...
At least, he didn't mention any people or charitable entities and deeds he did or would have liked to have done.
Just a dead brain by drugs...
https://www.youtube....m/watch?v=KGh8UV8TDq

But on the crypto side of things, his mentioning of Monero might be worth looking into.
https://www.getmonero.org

Deozaan

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Re: Earning More with Cryptocurrency
« Reply #29 on: August 20, 2021, 01:43 PM »
Celsius Network

I've been using the Celsius Network to earn 10.51% APY on USDC. They make payments every Monday. I've earned over half as much in 3 weeks using Celsius as I earned from my bank in all of 2020, even though I had 2-3 times as much money in my savings account than what I've put into Celsius. It's nice! I'm not getting rich quick, but at least I'm earning something! And they have options for non-USA residents to earn even higher interest rates.

If this interests you enough to sign up, you can also create an account using my referral link and we'll both gain $30 worth of BTC after you make your first transfer of $200 or more. https://celsiusnetwork.app.link/1176188774

I just wanted to follow up on this now that it has been almost 6 months since I posted about it.

As things stand now, I still have more money in my savings account than I have in Celsius (for now). And Celsius lowered the rate from 10.51% APY on USDC to 8.88% some months ago. But I'm still earning about as much per week in interest from Celsius as I've earned on my savings account for the entirety of 2021 YTD.

A few years ago, I was taking a "general life skills" class and one of the sections of the class was personal finances, and we had to research the various interest rate offerings from our bank and build excel spreadsheets about growing wealth over time, etc. All the examples in the learning material were "really old" and showed things like 2-4% interest rates. Meanwhile the rest of us in class shared the results from our research with each other, and among my group, my bank had the highest interest rate, at 0.75% for the savings account, and something like 1.3% on a 5-year CD. I remember at the time looking at the past year's performance of bitcoin and mentioning to my classmates that it was over 100% and half-jokingly told them we should put our money into bitcoin. But I was still new enough to crypto to think it was too risky to put too much money into it, so I didn't take my own advice.

But the point is, interest rates from the banks have only gotten worse since then. And, at least in my mind, crypto has only become even more of a sure thing.

This experience pretty much cements my opinion that traditional finance is dead. DeFi (decentralized finance) is where it's at! With DeFi you can cut out the bank as middleman, and pool your crypto with others into a smart contract that others can borrow against (fully collateralized, and therefore very low-risk) and repay with interest. And you keep most, if not all, of your share of the interest. Contrast that with the bank keeping >80% of it, or in some cases, charging you for loaning them money (i.e., negative interest rates)!
« Last Edit: August 20, 2021, 01:49 PM by Deozaan »