Hahahaahaahahaahaha

Decay said:

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Got my BlockFi BTC-back card today. Anyone else get one or did I win?

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I met a guy last week with one, seems like a sweet deal.

ETH holders, are you staking all of yours, not doing it at all, or just a little bit? Trying to decide if I want to make the jump. Are there any disadvantages to doing it through Lido?

Champ Bailey said:

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ETH holders, are you staking all of yours, not doing it at all, or just a little bit? Trying to decide if I want to make the jump. Are there any disadvantages to doing it through Lido?

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If you're trying to trade then I'd imagine staking prevents that. For me I just want to hold my ETH so staking is a no brainer since I'm getting a return.

I am not familiar with Lido, however.

How secure is staking? Have always heard not to trust exchanges and use a hard wallet. Is staking just as risky as trusting that exchange with your coins?

Don't know much about Lido, but Celsius is prob the safest place to stake. I stake some alt coins on that platform.

p-townag said:

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How secure is staking? Have always heard not to trust exchanges and use a hard wallet. Is staking just as risky as trusting that exchange with your coins?

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One of the defining characteristics of crypto is that you can secure it, to damn near 100% certainty, on a hard wallet and never have to worry about hacks, phone stolen, etc.

As the industry grows, staking and such is getting safer but there's two caveats there. One, even large modern organizations get hacked. If you trust Wells Fargo then you can probably trust staking but if you have life-changing money in coins... would you really trust Wells Fargo either?

Second, staking usually has some monetary risk as well. Check the details and see if "staking" is actually a coin-based feature or if you're actually "earning" or "lending". You'll get better rewards for the heightened risk but you get what you pay for.

Admin errors will tell you to Trust No One and get it off exchanges and into your hard wallet. I'm not there yet, but I've also never lost a big investment to an exchange going down and he has. At a minimum, get familiar with a hard wallet so if you do find yourself in a situation where you want your crypto secure, you have a place to do so. But of course... that's just my opinion!

So I'm staked on yoroi. Can I somehow take it a step further with a hard wallet? I'm looking for best way to secure ada.

Great advice. Thank y'all.

Decay and admin errors covered good points. One other thing to include in your decision is the return. For me, the average annual growth for bitcoin was not worth the risk of keeping a decent amount on BlockFi for a small %. Dollar cost averaging the amount I received in interest was a better decision for me.

Ledger let's you stake select alts directly on their respective mainnets while retaining custody of the seed key.

I do this with ADA, SOL, LUNA, DOT, KSM, and ONE.

Thanks. Where do I find ledger? Newb yo backing up.

It's a hardware wallet.

https://shop.ledger.com/pages/ledger-nano-x

Only buy direct from the vendor no matter the wallet and never enter you seed words onto a webpage on the internet. Ledger's customer info was hacked and they have done some sophisticated targeted stuff. It's to the point now where if someone I know needs a device I order it for them so I can obfuscate them from any phishing or other social engineering.

Learn about Opsec. Doesn't have to be perfect but learn what operation security means for your hard wallet. There's a learning curve starting early will make life easier.

I just ordered one. Will watch the video tomorrow and learn about it. I have too much tied up in Ada not to have more security. Thanks.

Write down the seed key they give you during setup. Make multiple copies and securely store them away from each other for redundancy. That seed key is only way for you to get access to your crypto on the wallet if you lose access for whatever reason and anyone else who has it can gain access to your crypto.

Google "how to stake Ada with ledger" and there should be a few tutorials.

I can't stress enough how important it is to secure that key. Some folks have it cut into metal for instance.

Multiple ****coins nearing new ath at the moment

LUNA and SOL are tempting me to sell despite still being in short term cap gain territory

Any downside to staking your ETH on Coinbase besides the fact that you can't sell it?

mrmill3218 said:

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Any downside to staking your ETH on Coinbase besides the fact that you can't sell it?

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Why can't you sell it?

They lock ETH when staking for now.

I think the APR is pretty low and also the standard downside is "you are using Coinbase". Aka all the issues a big centralized exchange brings, and they're one of the biggest.

But if you're comfortable using Coinbase already and the APR is fine to you, there's no catch or anything. I'm staking like, $100 there just to see how it all works. Really my complaint is that you don't see anything until staking is done unlike their other coins that accumulate and deposit back into your account on regular (daily, weekly, etc) intervals.

Decay said:

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They lock ETH when staking for now.

I think the APR is pretty low and also the standard downside is "you are using Coinbase". Aka all the issues a big centralized exchange brings, and they're one of the biggest.

But if you're comfortable using Coinbase already and the APR is fine to you, there's no catch or anything. I'm staking like, $100 there just to see how it all works. Really my complaint is that you don't see anything until staking is done unlike their other coins that accumulate and deposit back into your account on regular (daily, weekly, etc) intervals.

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With the language tossed around by congress, recently, I'd strongly encourage all of you to pull funds off exchange into hard wallets asap, or at least a significant amount of the funds. Sorry to keep beating the dead horse

I'm sorry I may have missed this but can I get a summary of how the new legislation affects holding coins on places like Coinbase? I personally have gotten comfortable with leaving my coins there even though I know there are better alternatives. I just like being able to trade them quickly if needed.

Gensler made comments about exchanges and that they sell securities disguised as cryptocurrencies.

What's a good hardware wallet for a newbie?

Ledger Nano S or Ledger Nano X

Trezor


I am transferring most of mine to my Trezor. I have the Nano X too.

Any good tutorials on how it works?

Right now I just use Crypto.com and Coinbase apps on my iphone.

mrmill3218 said:

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Any good tutorials on how it works?

Right now I just use Crypto.com and Coinbase apps on my iphone.

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I just played around with The Ledger Nano S this weekend. There are a bunch of tutorial videos for it, but I would assume that it would be different based on which wallet you plan on purchasing.

Glad someone posted the link on how to convert ADA on it above, I was having issues with that.

I think I'm going to get the Trezor and then just youtube some tutorials on it.

administrative errors said:

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Decay said:

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They lock ETH when staking for now.

I think the APR is pretty low and also the standard downside is "you are using Coinbase". Aka all the issues a big centralized exchange brings, and they're one of the biggest.

But if you're comfortable using Coinbase already and the APR is fine to you, there's no catch or anything. I'm staking like, $100 there just to see how it all works. Really my complaint is that you don't see anything until staking is done unlike their other coins that accumulate and deposit back into your account on regular (daily, weekly, etc) intervals.

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With the language tossed around by congress, recently, I'd strongly encourage all of you to pull funds off exchange into hard wallets asap, or at least a significant amount of the funds. Sorry to keep beating the dead horse

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I'm thinking that's the best path forward. Play money only in exchanges, get it somewhere safe now.

administrative errors said:

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Decay said:

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They lock ETH when staking for now.

I think the APR is pretty low and also the standard downside is "you are using Coinbase". Aka all the issues a big centralized exchange brings, and they're one of the biggest.

But if you're comfortable using Coinbase already and the APR is fine to you, there's no catch or anything. I'm staking like, $100 there just to see how it all works. Really my complaint is that you don't see anything until staking is done unlike their other coins that accumulate and deposit back into your account on regular (daily, weekly, etc) intervals.

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With the language tossed around by congress, recently, I'd strongly encourage all of you to pull funds off exchange into hard wallets asap, or at least a significant amount of the funds. Sorry to keep beating the dead horse

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How would you rate a wallet like copay? I keep some of my stuff there just bc I assume it's better than keeping it on an exchange and is still very easy to transfer back and forth if I ever want to sell or trade, which I rarely do. I'm guessing that a wallet like copay would be better than an exchange but not as good as a hard wallet in your opinion?

I've been investing in crypto for a few years and here's a few of the precautions I take:

1) Keep your coins on exchanges to the greatest extent possible. The exchanges are protected by security and the internet, whereas you could lose a hardware wallet.

2) If you must get a hardware wallet, steer clear of the Trezor/Ledger types. There's plenty of discount wallets available to save you $10-15.

3) Your seed key isn't THAT important. Just jot it down and file it away. Assume you'll be able to find it quickly if you ever need it.

/hope the sarcasm was obvious ;-)

mavsfan4ever said:

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administrative errors said:

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Decay said:

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They lock ETH when staking for now.

I think the APR is pretty low and also the standard downside is "you are using Coinbase". Aka all the issues a big centralized exchange brings, and they're one of the biggest.

But if you're comfortable using Coinbase already and the APR is fine to you, there's no catch or anything. I'm staking like, $100 there just to see how it all works. Really my complaint is that you don't see anything until staking is done unlike their other coins that accumulate and deposit back into your account on regular (daily, weekly, etc) intervals.

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With the language tossed around by congress, recently, I'd strongly encourage all of you to pull funds off exchange into hard wallets asap, or at least a significant amount of the funds. Sorry to keep beating the dead horse

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How would you rate a wallet like copay? I keep some of my stuff there just bc I assume it's better than keeping it on an exchange and is still very easy to transfer back and forth if I ever want to sell or trade, which I rarely do. I'm guessing that a wallet like copay would be better than an exchange but not as good as a hard wallet in your opinion?

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IIRC copay is a multisig wallet?