Ethereum

1 readers

1 users here now

Resources

founded 11 months ago

MODERATORS

communick@blockchained.world

Staking options for a non tech savvy person, asking for a friend. (alien.top)

submitted 10 months ago by KingofFractions@alien.top to c/ethereum@blockchained.world

39 comments fedilink hide all child comments

I currently have a couple ETH on Coinbase. Would like to move them off and enter the world of staking as I have no desire to ever sell them. Any suggestions for my non tech savvy “ friend” ? I have read many posts here and haven’t had any luck finding a place where I meet the minimum ETH needed to stake there. Thanks for insights. I maybe better off just keeping it at CB and getting 3.26% APY but I feel like I’m getting taken advantage of AND possibly at risk since the coins reside there and not w me.

you are viewing a single comment's thread
view the rest of the comments

[–] croholdr@alien.top 1 points 10 months ago

Understand how APY works. For a quick and dirty its

Lot size * (APY in decimal format) / 365 = Daily earnings

People who tell you 'oh you can make that in a few trades' or you could lose that 'in a few trades.'

You have options; each requires knowledge for each option. You probably won't obtain that knowledge if you try to do without knowing the first time. You'll obtain a lot of stress. Work with the wrong contract, or dapp and poof! Magic its gone.

If your friend can't figure out reddit to make this post, maybe they should gain basic technology literacy skills before entering the world of defi. The basis of which is creating, and storing strong unique passwords properly. Can't do that, then you won't know what to do with your seed phrases and you could leave it laying around, backed up to your documents folder on your windows pc that is already compromised from all of the 'free remote tech support' you are recieving each time your computer acts up (and its basically twice a month, every month)

-Speaking for a friend.