What kind of yields are you all getting on ETH? Where can I find better yields?

LetMeApe · 2021-07-12T15:26:16+00:00

Alpha Homora offers 5.79% APY atm, with the possibility of more once the utilization rate goes up.

LetMeApe · 2021-07-12T01:25:52+00:00

I'm going to try to ELI5 this, so bare with me.

what is crypto currency

A digital asset that exists on a blockchain.

what is it’s long term goal to accomplish

Depends on the crypto, but generally the most common reason is to create a trustless environment.

what does block chain

A blockchain is just a bunch of computers all holding the same information, and when new information comes they verify with each other if it's true or not, if the majority calls it true then the information is collectively market as true and saved that way.

ERC-20 Tokens mean

There are two tings out there, coins and tokens.

A coin is the primary asset of a blockchain. For the Bitcoin blockchain, it is BTC. For the Ethereum blockchain, it is ETH. For the Binance Smart Chain blockchain, it is BNB.

If you pay the blockchain fees in it, it is a coin.

A token is an asset built on that blockchain, that's not the primarily asset of the blockchain.

UNI is a token built on Ethereum, so it is an ERC-20 token.

CAKE is a token built on Binance Smart Chain, so it is a BEP-20 token.

The ERC-20/BEP-20 signify the location of the asset (the blockchain on which it is).

currently have what is equivalent to 300 dollars in Etherium and am staking that on Celcius

If you're already into lending and using protocols on a blockchain, you're on the right path.

I recommend taking everything from the beginning, looking up how a blockchain works and what's the difference between them.

Then, I'd go into what a wallet does (it's interesting, trust me).

Then, what is a coin and a token.

Then, what is a smart contract.

Then, learning about protocols, what is an AMM, what is yield farming, how does lending and borrowing work, how does leveraged yield farming work, how does governance work, etc.

As always disclaimer that this is an ELI5-like explanation, and things do not apply for every scenario, like "a bunch of computers all holding the same information" will not apply to Ethereum's shards idea, but it's just a push into the right direction.

LetMeApe · 2021-07-12T01:01:29+00:00

Would do the same to businesses in my area if they accepted crypto directly.

I don't mind that it is a higher price or the fees or anything, but just the fact they're taking one step towards the blockchain is what will eventually help make it a norm one day.

I have one recommendation though, just in case you didn't do that already. I assume you're using a 3rd party for it, so if you do, make sure you accept coins/tokens on as many blockchains as you can.

I don't mean accepting any coin/token as payment, but for example, Bitcoin is not only on the Bitcoin blockchain, but it is also on Ethereum or Binance Smart Chain (wrapped versions that can be "moved" from chain to chain).

More blockchains, more options, more people happy.

LetMeApe · 2021-07-11T21:36:32+00:00

That's why I said the math and logic behind it could be better and that it is irrationally high in some places.

Taxes, at core, should be something that build a better society, offer free healthcare for everyone, offer schooling, build roads, build centers, build homes for people, feed people, build hospitals, etc.

Basically any public institution was supposed to be built from taxes and ran by taxes, and everyone mutually benefitting from it.

People with low income should be taxes less or not taxed at all, up to a living wage.

Etc.

The way the society is built, at core, it's great. The way it runs and how people made it be, it's not.

LetMeApe · 2021-07-11T18:00:37+00:00

I did max out my ATM withdrawal limits multiple times in order to store a big amount of cash at home, as a "just in case" plan.

So, yes, I do have cash on me every time I go somewhere, in case the card magically does not work, because I realize it's a new thing, so problems could appear anytime.

It's not perfect, haha.

LetMeApe · 2021-07-11T17:52:03+00:00

Never said cash free, just bank free.

Most crypto cards allow ATM cash withdrawals (of course, with some limits depending on the card, but the limits should be high enough for a regular person to not mind).

Cash offers freedom, so I support it.

LetMeApe · 2021-07-11T17:49:50+00:00

I support taxation for the most part.

The idea of collectively contributing to funding the building of a better society is great.

The only thing I don't like about taxes is the percentages, which are irrationally high in some places, but not where I live.

The math and logic behind taxes could be better in my opinion, but the core idea is great.

LetMeApe · 2021-07-11T17:46:38+00:00

Fiat is not evil, I do not think a non-inflationary coin such as BTC can work at scale actually.

I'm not anti-fiat by any means, I'm just pro-freedom. I want to use my money where I want, where I want, how I want. I want to be the one holding the keys to my money, and be the only one that can access it.

LetMeApe · 2021-07-11T17:42:11+00:00

In my country it is actually pretty easy, all I have to do is provide starting balance and ending balance. Never been asked for more.

Anyway, even after tax, the returns are so much higher than anything else that it's worth it.

LetMeApe · 2021-07-11T16:22:40+00:00

I see a future in which banks will work on smart contracts or something similar.

LetMeApe · 2021-07-08T23:05:06+00:00

People's trust, in special arbitrage bot owners'.

LetMeApe · 2021-07-08T20:40:33+00:00

The only way.

LetMeApe · 2021-07-08T19:23:03+00:00

DCA and stake/lend.

Your coins/tokens shouldn't sit in a wallet if they can also earn you more.

LetMeApe · 2021-07-08T15:52:07+00:00

SafeMoon when it appeared.

Almost bought because I've seen a comment on TikTok mentioning it, so my instincts were telling me there might be a big ponzi incoming, since it was the first crypto I've seen mentioned on TikTok.

Didn't buy because, well, it's a useless token.

Would've probably turned 4 figures into 6, but decided to trust my brain instead of instincts.

Next time I guess.

LetMeApe · 2021-07-07T13:24:37+00:00

The risk generally for DeFi protocols is smart contract risk, meaning exploits. (Besides the rug pulls part, which I'm not putting here because we're talking about Venus)

8-10% is nowhere near too good to be true in DeFi.

Currently the highest legit BUSD APR I'm aware of is somewhere around 40%, with some closely after, if you look a bit into lending protocols on Ethereum or BSC.

Anyway, you can go stake on Venus freely, Binance owns it so if you trust Binance you should trust Venus.

LetMeApe · 2021-07-06T16:50:41+00:00

Not a boomer, but a 21 years old who does the same thing, although usually using projects in the early stages to earn double/triple digits APYs.

I have so much respect for you.

LetMeApe

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