Anyone doing any staking? I'm staking XTZ on Coinbase at 4.63% and DOT at 12% on Kraken.

I hold some SNX, which I know you can use to mint sUSD, but I'm confused at how it works and what I'd actually do with the sUSD. Anyone staking SNX around here?

https://synthetix.community/docs/staking-strategies

I especially like the Hyper-Aggressive strategy at the bottom. Stake SNX, mint sUSD and use the minted sUSD to buy more SNX. Use the SNX you just purchased to mint more sUSD.

Talk about leverage. I'd be scared out of my brain doing something like that with mine!

I stake DOT and ADA. Recently left XTZ for those others. Better returns and products imo. ETH 2.0 scares me to stake.

These last two months have been wild! Today especially too!

Just for fun here’s a screen shot of some crypto 2/8/2021

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One I like is GRT. There is a really well done video if you're interested in how it works and / or what function it serves.

As for ETH 2.0 staking, I think you have to have 32ETH to become a full validator. You can do less, but your ETH is locked until new protocols are deployed, which could be tomorrow or never.

That's not for me.

OP you should add Bitcoin right after cryptocurrency in the title.

I've been watching crypto for a few months now. I wanted to understand it better before jumping in, but now I feel like I missed the boat, and don't want to jump in while everything is so hyped. For someone new, its hard to know if now is a good time to buy, or if I should be waiting for a pullback. Kudos to all of you that have been in the crypto game for a while now, its nice to see you guys getting rewarded for your belief in crypto.
The two I have been watching the most have been Bitcoin and Cardano/Ada. As much as I want to join the party, I will likely stay on the sidelines for now. Its hard to buy when things were so much cheaper just a few months ago. For example, Ada was .02 a coin 6months ago, then .10 in January, and now its .69 today.

Then start small like $100 in each.

I had a similar discussion with a friend last summer. Bitcoin was at 9k for months, he kept saying that he should buy it. Then it jumped to 11k, he said “ah I missed the boat, I’ll probably never buy” He recently bought some at 33k and at this point it wouldn’t have mattered if he got in at 9 or 11.

I’m still buying Bitcoin almost every week.
Just slowly shoveling it in.

Nothing in life is a guarantee.

Well, I did it. I bought into Ada. I only bought about 1/5 of what I would like to spend, so if it dips down I can buy as it goes.

Great thread, I will be following!!!

Yeah baby steps, I do the same. I also like the Mara and Riot and Voyager. Presently holding Mara and Voyager. I started buying Riot when it was .79 cents. I was getting cute with it buying and selling and missed some of the upside but still very happy.

Good luck everyone and added to favorites.

I was fortunate to buy a chunk at .42. I don't have a ton in crypto right now but even the money I do have in crypto, I didnt put all my eggs into one basket. Diversify, be it crypto or stocks is always the way to go. But ADA is doing great for me. I bought XLM over the weekend in a small chunk too, I think it's another one that a lot of people are loading up right now in the .37 range. Primed to pop in the near future is my guess. But it's crypto, maybe it'll tank lol. We shall see.

To note, I don't buy crypto just to buy it. I like to research any that I'm interested to see if there is any meat to the currency - what's the purpose, what is their future plan for use, what niche of crypto problems does it solve, etc.

Nice! I started watching it closely at .35, and just kept hoping for a pullback. Eventually I realized it’s upward pattern was very strong, so I simply bought in a bit at this point, and will buy more if it does dip. Cardano has a lot of exciting things coming in the next few months, so I’m excited to see where this project goes. I bought it more for that than to just be a storage of funds.

Oh for sure, I read up a lot about cardano when it started to breakout and thought it might be worth holding for quite a while if things pan out!

One thing I wanted to ask here, right now I am keeping all of my crpto on the exchanges I use (upload - though I'm getting my stuff transferred out of upload asap) (coinbase is now my main exchange). I understand long term that's probably not wise. What offline wallets are you all using? Or anyone using a cold wallet?

I use a Trezor for most of mine. I also have some steel plates with my 24 word mnemonic phrase on them in case of fire or something.

With that said, I’ve been slacking off lately and have more than I’m comfortable with sitting on Coinbase, Kraken and Coinbase Pro. I’ve been wanting to make some moves off exchange but gas fees are through the roof right now.

What exchange are you all buying Cardano on?

Interested to follow this thread. Don't understand staking entirely, but looking forward to learning more about it. Agree with others that a big part of the fun is learning about the different cryptos and trying to decide what's useful, what's bunk, what could be valuable, etc. Reminds me constantly that there are a lot of very exciting, high-level things going on that we all should be trying to get our heads around - makes me feel like a part of the future to be involved.

One of the arguments against crypto, oddly enough often from people that collect gold, is that you can't really buy anything with Bitcoin. Now you can tell them, sure you can, a new Tesla!

https://thehill.com/business-a-lobbying/business-a-lobbying/537843-tesla-purchases-15-billion-in-bitcoin-announces-plans

Right now I bought Cardano/ADA on Upload. But they have "hidden" fees - quite large ones, every time you buy or sell. (3-5%) So as soon as my binance US account is approved for USD I'll be transferring my ADA to there. Or I might just buy a hardware wallet and transfer it to there.

Trezor is my cold wallet too, no complaints. Ledger has had a few data leaks which isn’t good, no one lost anything but their info was leaked.

I’m buying ADA on Kraken, haven’t link a bank to Kraken so I’m trading bitcoins for ADA and moving it to Yoroi to stake. The process is confusing the first time but after the first epoch it’s easy. Picked a local staking pool but if anyone here has one here I’d gladly move if numbers are similar.

I think ADA has a lot of potential, betting coinbase will adapt it soon and manage all the staking pools in house for you.

ADA is interesting and I’ve been following it for awhile. It’s really come under the spotlight lately because ETH is just so clogged with all the DeFi transactions that people are starting to look elsewhere.

I’m not sure how many DApps are running on ADA compared to Etherium, but it’s probably not even a comparison. There are also 45 Billion tokens which is a lot.

If you look at the Coinbase Custody list, ADA isn’t even supported there, so it makes me think they lack the infrastructure currently. So it might not be as easy for them to “flip a switch” and support trading and staking.

It’s doubled in the last week or so, so I’ll probably sit that one out for now. I’d also need to move assets to either Binance or Kraken to grab some.

I'm currently buying Ada on NDAX Inc. its a Canadian company out of Alberta. I mostly chose it as my cousin has been using it for years, and he helped me get setup. it also allows me to etransfer money to them, then use that cash for the transactions. So I don't have to worry about them having all my banking info, or me having to have btc to buy ada. I will likely buy through there for this month, and then move my ada as one big chunk to my ledger (my friend had a few on order, so I just bought one from him, to save time). I like the idea of staking ada, so I might try that in the future, but right now this is my current plan.

my major crypto holdings that I purchased last summer are

BTC
ETH
ATOM

and a few other very small holdings that coinbase gave out for free

AT THIS POINT, I WOULD ONLY BUY CRYPTO WITH MONEY YOU CAN AFFORD TO LOSE.

I've been slowly feeling out the BTC and ETH markets for maybe 6 months starting with a lot of reading and viewing of spammy YouTube videos proclaiming insane multiples of value. So far, 6 months later, they look like brilliant prognosticators. The difference is lack of baseless pumping we've seen in GME and AMC, it's been based on "what if we went from 0.01% of people understanding it to just 1% adoption". In that time the catalyst has been institutional adoption, which is what the crypto bulls have been hoping for years to see. The latest institution is Tesla, whose stock price has blown away even Bitcoin's rise based on some far future state of perfect execution into markets beyond cars. So let's be honest, anyone who justifies Tesla's value today while proclaiming Crypto is snake oil is a bit of a hypocrite, particularly when our fiat currency has been actively devalued throughout 2020-2021.

Anyway, one way to more play crypto is to throw in some play money at buying or trading it, and if you can ride up value and pull out your initial investment, you are in a zero risk situation from there forward, but sets you up for potential multipliers of value in the future. What no one knows for sure is which crypto currency will become the standards of the future, so the right pick will net you substantial gains. All we do know is that Bitcoin is nearly a decade old, and rather than fading off into the distance, it's adoption is still climbing. It's pretty good story.

I'm surprised no one has mentioned that Tesla (the company) bought 1.5 billion worth of Bitcoin this morning.

I did link to an article about it about 8-10 posts up. It sure made BTC jump today and all the rest of the bigger coins got a nice bump.

Bitcoin is angry...almost 46000 now

I really wished I owned more than a fraction of one.

So say we all! Beyond my existing Coinbase account, I ended up buying $2,100 of BTC and ETH in December when Paypal was offering free transactions for a week or two to kick off their crypto service. As of today it's up to $3,888, I'm expecting it will fully double within a week or two. I'm trying to decide if at that point I pull out my initial investment and ride for free or to just leave it all there.

I'm with you on that. I have been mostly in Bit miners and you can get some pretty good leverage that way. Example BTC was up 14% and Marathon was up 42% for the day. BTC is up 4% after hours and Mara is up 15% Mara is my largest holding but there's many alternative Miners.

The IMF’s plan to replace Bitcoin/gold/dollar with the SDF digital currency. This is interesting if they can do it.

Buy Doge it's going to the moon

I don’t really understand why doge is up so much. I have some cheap enough that I hope it does go to the moon. But why is my question I guess

Doge seems like nothing more than a pump and dump to me. Various celebrities tweet about it, it climbs, and then settles.

I think a lot of the current price is because Musk has tweeted about it or mentioned it here and there. His recent purchase of BTC and general quirkiness has presumably held doge up around that .08 mark. Who knows... if he invests in it, it might just blow up. As far as I can tell, there's really no tangible reason why it should be climbing at all, which makes its climb that much more precarious. I got in on it for a minute and made a quick $50, I consider that dumb luck.

I sure do regret selling 2 million doge a few years ago, but who am I kidding I definitely would have sold it when it hit a penny. It's crazy how high it's going though, 8 cents absolutely insane.

Doge
Infinite supply
14.4 million daily new coins
No decay
Massive supply in OG wallets

Versus

Memes

Doge is 100% pump-n-dump. Just don't get caught on the wrong side of that equation. There is no cap on doge...there will be trillions of them if people keep mining...no limit. Think about what that means for its future value. It has no future.

It could replace fiat. It can't replace Bitcoin, and I doubt it would replace gold either.

Are you saying that the limit is +5bil every year for every year it’s running?

Because that’s not limited in my opinion. Limits need an end number like 21mil or 150bil etc.

There is a Toyota dealer near my that will take payment in Bitcoin.

How much of Elon's mention of Doge was a market test for BTC? It would almost seem as though he was testing the market and how it would reply to his support before jumping in on his actual target of BTC. He made what, close to 20% just by putting his money into it? Does he have any obligation to announce that he's sold his position (could he just take the money and run)?

Doge was literally created as a joke. There is not a chance it goes anywhere other than occasionally being pumped as a joke. I was super into it when it launched and mined a bunch because it was funny. I even contributed a million Doge to the fund to put the Doge on that Nascar.

I was thinking about that yesterday too. It's not like the stock market, so I don't think there are any regulations around buying and selling crypto? If you're a memelord like him you could totally buy a ton of crypto, tweet it, then dump it once it jumps.

My understanding is that Tesla purchased BTC back in January and his DOGE tweets coincided with or were after the SEC filing.

EDIT -> Yup, here it is;

https://www.sec.gov/ix?doc=/Archives/edgar/data/1318605/000156459021004599/tsla-10k_20201231.htm

"In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, we may invest a portion of such cash in certain specified alternative reserve assets. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt. Digital assets are considered indefinite-lived intangible assets under applicable accounting rules. Accordingly, any decrease in their fair values below our carrying values for such assets at any time subsequent to their acquisition will require us to recognize impairment charges, whereas we may make no upward revisions for any market price increases until a sale. As we currently intend to hold these assets long-term, these charges may negatively impact our profitability in the periods in which such impairments occur even if the overall market values of these assets increase."

Has anyone else verified themselves on Binance.US? I wanted to deposit some fiat, but they want all that KYC / AML crap.

I did it on Coinbase, but I'm always hesitant to hand out that kind of information.

Joke or not, it's pumped up my litecoin pool to a 175% payout rate. Works for me.

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Are you mining LTC I assume?

The Binance verification is way backed up- check out their Twitter feed, and you’ll see some peeps have waited 3+ weeks so far for verification. I just use Coinbase. No you can’t get doge there, but I’m not really interested in it...

I was eyeing SUSHI and MATIC, neither of which are on Coinbase. So I'd need to buy ETH and pay fees. Send the ETH to Binance and pay fees. Have Binance transfer it from my wallet to their wallet and pay fees and then finally be able to make my trade.

I'd seriously be paying fees 3 different times.