Crypto - BTC & Alts

TimSynths

Scottex99 said:

I've staked it on Sovryn as SOV. (RSK)

Sovryn

I also had a dabble with staking on Delta

DELTA Financial

but I couldn't get it to work and after burning through about £100 ETH in gas fees I gave up. A valuable lesson learnt that one.

I don't plan on swapping or trading anything at the moment, I've made my bed....

Might have some more funds in December so will have another look then. For now i'm Hodl.

Had a look at Sovryn in the past but couldn't be bothered with yet another blockchain or BTC derivative to keep track of. Rates look god though.

As another option for staking I like Swissborg. Has been my preferred on-ramp for fiat for a good while and yield vaults are easy to use. Rates are nothing special but still a little bit of passive earning

I now have a Swissborg account. Thanks.

startrim

I had a small amount of Matic on a hardware wallet that I wanted to sell, so I sent them to an exchange. The fee was high (about 3% of the value)  ETH was used to cover that fee.
I understand that Matic are an ERC 20 token.
Are fees always around this level?
Was there another way I could have used to sell the Matic without such high fees?

thegentleway

I find it useful to distinguish between investing in shares/bonds and speculating on crypto/gold/currencies. Especially for crypto where speculators tend to be seeking abnormally high returns... Most people who try to beat the markets lose their shirt.

deejaybee

Been involved a few months now,about 20% ahead when i checked a couple of days ago.

Hodling BTC, TEZOS, COSMOS, ALGO on Coinbase, getting between 4 and 5% APY staking on the latter 3.

Currently have about £500 sitting in there un-invested, pondering what to get involved in next,  whether to add to exisying coins or diversify. Some of the coins i had been keeping an eye on like SOL, ENJIN, have gone up a lot lately, which made me nervous of getting stuck in.

will_b

deejaybee said:

Hodling BTC, TEZOS, COSMOS, ALGO on Coinbase, getting between 4 and 5% APY staking on the latter 3.

For the Algo you'll get a better APY if you transfer it out to the official Algorand Wallet.  Currently it's giving 5.62%.  It will increase further in October when Algorand starts their decentralized governance program.  Rewards for that will be between 7% and 33% APY, on top of the 5.62% you currently get just for holding in your own account (i.e. not in an exchange like Coinbase).  The actual APY from governance will depend on how many Algo holders participate in governance - the less that participate the higher the APY.

Specific details of the governance program are due to be announced some time in September, but, as I understand it, you'll need to have Algo in the official wallet before the end of September to be able to participate for the first quarter (it runs quarter by quarter).

Aside from the rewards, I'm excited about the future of Algorand, as I think technologically it's a very capable blockchain system - superior in many ways to other smart-contract blockchains with much larger market caps such as Ethereum, Cardano, and Solana - so it has a lot of potential for price growth

For all the crypto naysayers here, I'll just add that I was very sceptical of crypto myself until earlier this year when I spent a few months learning more about blockchains, cryptocurrencies, DeFi etc.  I'm a software developer so I probably find it easier than most to wrap my head around some aspects of the ecosystem, but, although I have learnt a lot, I still have a heck of a lot to learn.  Although blockchains and cryptocurrencies have been around for a good few years now, I think it's still quite Wild Wild West.  It has many serious projects with a lot of potential, but it also has many scams and shitcoins that can lose unsavvy investors a lot of money.  It's highly volatile, largely unregulated, and risky in many ways, so of course savvy investors can lose a lot of money too.  But nonetheless I have come to see it as a space that has a lot of potential, and is likely to keep growing, both in price and impact on the world.  I think it is only really just getting started, a bit like the internet in 2000.

startrim

deejaybee said:

Been involved a few months now,about 20% ahead when i checked a couple of days ago.

Hodling BTC, TEZOS, COSMOS, ALGO on Coinbase, getting between 4 and 5% APY staking on the latter.

Are you staking on Coinbase or Coinbase Pro?

Scottex99

startrim said:

I had a small amount of Matic on a hardware wallet that I wanted to sell, so I sent them to an exchange. The fee was high (about 3% of the value)  ETH was used to cover that fee.
I understand that Matic are an ERC 20 token.
Are fees always around this level?
Was there another way I could have used to sell the Matic without such high fees?

Gas is through the roof right now, mainly because of the NFT boom. But it fluctuates completely independently of the amount you're transferring. i.e whether you moved 3 MATIC or 3000 MATIC, you'd have paid the same for the transfer.

When gas is high it and you're trying to move small amounts of crypto, it can make sense to revisit it when the network is less congested.

startrim

Scottex99 said:

startrim said:

I had a small amount of Matic on a hardware wallet that I wanted to sell, so I sent them to an exchange. The fee was high (about 3% of the value)  ETH was used to cover that fee.
I understand that Matic are an ERC 20 token.
Are fees always around this level?
Was there another way I could have used to sell the Matic without such high fees?

Gas is through the roof right now, mainly because of the NFT boom. But it fluctuates completely independently of the amount you're transferring. i.e whether you moved 3 MATIC or 3000 MATIC, you'd have paid the same for the transfer.

When gas is high it and you're trying to move small amounts of crypto, it can make sense to revisit it when the network is less congested.

Thanks.

I see, so it is either sell it when you want for the fee at that moment or wait and hope the fee drops.
I did make 28% but after deducting the buy and sell fees is was 22%. I am not complaining as that was from 3 1/2 months but I just wondered if that is the usual fee cost.. I moved it into DOT this morning.

I noticed when sending BTC to a hard wallet the fees were low, between 24 and 42p. ETH was way more expensive, I expect that will be the same when sending it back to an exchange.

deejaybee

will_b - Thanks for the info re ALGO staking (  and the positivity on the project )

How easy is it to transfer from Coinbase to the official Algo wallet ?

startrim -  I am still on "beginners"  Coinbase.

<<edit>>  Dont usually watch it, but clocked the Tezos logo on one of the cars when watching Formula 1 with Father-in-law the other day, so i explained what i knew ( not a lot as i am still a novice in crypto ) He was interested, i did warn him its not for widows and orphans.....

TimSynths

deejaybee said:

will_b - Thanks for the info re ALGO staking (  and the positivity on the project )

How easy is it to transfer from Coinbase to the official Algo wallet ?

startrim -  I am still on "beginners"  Coinbase.

<<edit>>  Dont usually watch it, but clocked the Tezos logo on one of the cars when watching Formula 1 with Father-in-law the other day, so i explained what i knew ( not a lot as i am still a novice in crypto ) He was interested, i did warn him its not for widows and orphans.....

Pierre Gasly from Scuderia AlphaTauri is sponsored by Fantom.

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