Jump to content
bitillions

Here's A Way To Protect Your Earnings This Bull Run

Recommended Posts

Have you guys heard of MakerDAO/Dai?

Basically, it's an Ethereum stablecoin that is issued by people locking up Ether. You don't have to lock up to Ether to get it, you can just buy it. It's a stablecoin... but there's high fees in moving it around.

Anyway, the point of this post is to tell you how you can secure some of your earnings during this bull run. What you can do is buy some Dai with BTC or Eth or anything, and then you can lock it up in Compound.finance -- earn guaranteed interest! It's not a high-risk product - you still control the Dai in the smart contract. It's a legit way to earn some small interest. People borrow the Dai against their own things like other Dai or BAT or other tokens on the platform. There's a whole faq at the site. So basically, if you want to secure some earnings, this is a way to do it without selling. Like when BTC gets to $15000 again, if you set aside one this way, you'll earn interest. Then when it drops again, you can cash out (with interest -- every Ethereum block), and then buy more BTC, or whatever you like, without having to get out of crypto first.

Soon, MakerDAO CDP's will allow for other types of assets besides Ethereum, including BTC and other stablecoins. This is the most intersting part to me. I wrote about it here:

https://www.ccn.com/security-tokens-not-bitcoin-is-makerdaos-most-exciting-new-feature

If you find this post interesting or profitable, feel free to tip me on PD. I'm mainly just interested in making sure my fellow gamblers know they have a true "vault" option out there -- that pays interest. I've earned rates between 3.25% and 4.6% so far. I just keep adding to the Dai, since I read the FAQ and know how to ensure I actually do control it even though it's locked in the smart contract.

:)

Share this post


Link to post
Share on other sites

I am not a fan of stablecoins first. They are nothing different from giving your money to the banks and allowing them to "grow" it - yup 6.25% PA interest rate while you sleep. Although the problem tackled by stablecoins about flux in bitcoin price is a good one but the approach in not practical. Why would someone trust the DAO with their money? A third party involved in the circle brings in more chances of scam and fraud. You would not want your money out of your hands just because they money has a fluctuation price. That justification is dumb and illogical in my opinion.

Share this post


Link to post
Share on other sites
3 hours ago, UltraChief said:

I am not a fan of stablecoins first. They are nothing different from giving your money to the banks and allowing them to "grow" it - yup 6.25% PA interest rate while you sleep. Although the problem tackled by stablecoins about flux in bitcoin price is a good one but the approach in not practical. Why would someone trust the DAO with their money? A third party involved in the circle brings in more chances of scam and fraud. You would not want your money out of your hands just because they money has a fluctuation price. That justification is dumb and illogical in my opinion.

So basically they offer no benefit over simply holding my money as fiat? 

Share this post


Link to post
Share on other sites

What's stopping you from exchanging the coin into real money and just walk away, instead of using stablecoin? And you said it all they charge high fees to move it area. I would rather exchange to real money

Share this post


Link to post
Share on other sites
8 hours ago, Dboyeric said:

What's stopping you from exchanging the coin into real money and just walk away, instead of using stablecoin? And you said it all they charge high fees to move it area. I would rather exchange to real money

Real money is stable where as bitcoin is not and if you are an investor then this is a feature for them but cant trust these business companies.

Share this post


Link to post
Share on other sites

I like real money, while crypto is too unstable and I don’t want to risk it. Maybe I will change the decision in the future.

Share this post


Link to post
Share on other sites

So what is the essence of crypto if you will just lock it somewhere and not use it for your own good. The essense of crypto is to do away with anything Bank. Crypto is volatile, we  love it like that. The way it can decrease is still the way it can increase to 300,000 dollars.

 

I think it is just a way to use people's cryptos for gains. They save it at 5000 dollars, it gets to 5,300 dollars and the 300 dollars is MarkerDAO's own. it is so creppy and bitcoin does't support that. I will rather bust in Primedice than save my BTC up.

Share this post


Link to post
Share on other sites

i will lose either way... if i go all in on stable coins the price of other crypto goes up... if i sell stable coins for other crypto, crypto drops

Share this post


Link to post
Share on other sites

I think it's better to exchange my coins for real money ... because it's more efficient. rather than buying and crediting at stable points ...

because sometimes third parties often make mistakes in calculations

Share this post


Link to post
Share on other sites

All I want is to keep my money myself. I don't want a third party to mess with it. 

Fuck the people saying "Oh why do you use Bitcoin, it's just virtual". Is the money on your bank account not virtual maybe? FIAT money is an illusion.

Share this post


Link to post
Share on other sites

I use several wallets for greater security. I can advise Binance or Bitfinek. I want to add on my own that this method of storing currencies is less risky since the risk of losing all the money is less. And there are no problems with transfers between wallets.

Share this post


Link to post
Share on other sites

This is a pretty good suggestion I've been looking into different apps and startups the best one I've found is actually called nexo that lets you get a credit line based on your crypto savings If anyones interested give it a google and take a look it's really well thought out.

 

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.

×