I noticed recently several countries adopting it as legal tender.
You can't peg a currency to Bitcoin...
Nothing can be pegged to Bitcoin. Even other cryptos cannot be pegged to Bitcoin. If there's one the thing Doge community go right it's that 1 Dogecoin = 1 Dogecoin.
You can't peg a currency to Bitcoin...
4) I was also reading that newer block chains are less complex, more flexible and easier to mine than the original bitcoin block chain.
Someone said that in order to see BC$1M, it would need to have a market cap of $27 TRILLION DOLLARS, which currently equals the entire balance of all retirement assets in the United States.
1) As more crypto currencies like DOGE and ETH take investor dollars, that means those same dollars will not be invested in BC.
2) The wider adoption of more cryptos as a form of payment means that people can own ANY widely held crypto, not just bitcon.
4) I was also reading that newer block chains are less complex, more flexible and easier to mine than the original bitcoin block chain.
The Muskening of Bitcoin continues...
Anyone planning to stake their ethereum?
I am currently with a small amount at Coinbase. They handle all the validator responsibilities, and in turn you get 6% return and your Eth is locked up until Ethereum 2.0 is ready. There are other options that take less of a cut than Coinbase does, the actual staking rewards are 8% so Coinbase is taking 25% of the rewards, but it seemed like an okay way to try it out with a small amount and see how it goes. I really can't think of any reason not to stake it, whether at Coinbase or otherwise if you are investing in Ethereum long term and have no intention of needing to liquidate it in the next couple of years. I guess other than maybe the taxes aspect, but I'm hoping with how large Coinbase is that they'll just send me a 1099 I can import into Turbotax that has it all laid out on there. Coinbase shows your staking rewards in realtime as a USD amount, but I'm guessing it's just showing total staking rewards multiplied by current eth price. Since the staking rewards don't actually pay out until Ethereum 2.0 is ready, maybe that doesn't trigger a taxable event until that time and would then lump sum as paid interest for taxes? I'm really not sure on that.Anyone planning to stake their ethereum?
I'm also not seeing a downside of staking if I was planning on holding those coins long-term. I bought some in 2018 and haven't used the coins at all. They've just been sitting in my wallet accruing value. Might as well put them to work, right?I am currently with a small amount at Coinbase. They handle all the validator responsibilities, and in turn you get 6% return and your Eth is locked up until Ethereum 2.0 is ready. There are other options that take less of a cut than Coinbase does, the actual staking rewards are 8% so Coinbase is taking 25% of the rewards, but it seemed like an okay way to try it out with a small amount and see how it goes. I really can't think of any reason not to stake it, whether at Coinbase or otherwise if you are investing in Ethereum long term and have no intention of needing to liquidate it in the next couple of years. I guess other than maybe the taxes aspect, but I'm hoping with how large Coinbase is that they'll just send me a 1099 I can import into Turbotax that has it all laid out on there. Coinbase shows your staking rewards in realtime as a USD amount, but I'm guessing it's just showing total staking rewards multiplied by current eth price. Since the staking rewards don't actually pay out until Ethereum 2.0 is ready, maybe that doesn't trigger a taxable event until that time and would then lump sum as paid interest for taxes? I'm really not sure on that.
@Roger Wilco when I signed up it was ready in < 2 weeks from what I recall, but I got on it fairly early I think.
That was my main reason for staking on Coinbase even though it's only 6%. I didn't want to end up in a staking pool that is a scam or gets hacked or something, and information on staking still seems somewhat hard to come by since it's so new. My thought process was 6% is better than nothing, and at least I know it's a legitimate company to deal with. I don't have anywhere near the 32 eth to run my own validator, but if I did I think that's the route I would go since it would be pretty interesting to me, and be higher staking rewards as well(higher than Coinbase at least)I'm also not seeing a downside of staking if I was planning on holding those coins long-term. I bought some in 2018 and haven't used the coins at all. They've just been sitting in my wallet accruing value. Might as well put them to work, right?
I am not up-to-date on my crypto exchanges, and I don't have 32 ETH to stake so I'd be staking in a pool. My one concern would be staking with a shady entity. I'd be fine doing it with some place like Coinbase though.
As far as i can tell it should be free and instant to transfer between them, but I don't have Coinbase Pro setup currently just regular Coinbase. If you have 32+ eth you could also look into running your own validator node if that interests you at all, once it's setup it's basically just leaving a PC running at all times connected to the internet. From what I've read there could be a period during/after the merge where the staking rewards are much higher than now, and it seems likely that Coinbase or whoever would leave it locked in at 6% or whatever it was when it was intiially staked. If you don't have 32+ eth, as far as I know the options are either a staking pool, or an exchange that will stake it for you such as Coinbase or Kraken.It looks like staking is not available on Coinbase Pro. So if I move the coins from Coinbase Pro to regular Coinbase, is there a fee I have to pay? Or is it free? It's kind of dumb Coinbase and Pro are separate.
I had posted about Eth staking on another forum, and somebody recommended https://nexo.io/earn-crypto as a place to earn interest on it without the funds being locked. It looks too good to be true to me, especially the interest rates on fiat, but I could never figure out what the 'gotcha' was that I was missing, so I've steered clear. 10% interest on USD(fiat, standard US currency not USDT or anything like that) especially seems like it has to be too good to be true - https://nexo.io/earn-fiat Gemini appears to currently be 2.05% APY on Bitcoin and Ether but I haven't looked at any of the other lending platforms.Many of the CeFi lending platforms (such as Gemini) offer 4-6% apy on ETH, and those funds aren’t locked.
Robinhood website said:Coin Withdrawals
At this time, we don't have the functionality to allow customers to transfer their cryptocurrency assets into or out of their Robinhood Crypto account, but we’re currently working on providing those abilities for supported cryptocurrencies.
Transferring Coins Into Robinhood Crypto
At this time, we don't have the functionality to allow customers to transfer their cryptocurrency assets into or out of their Robinhood Crypto account. However, we’re currently working on providing the ability to deposit and withdraw supported cryptocurrencies.
Yes, I know you don't own the actual coins at Robinhood. That's fine. I'm not looking to download or transfer Doge out of Robinhood. I don't plan to keep lot of money at Robinhood. I was curious about Robinhood and wanted to test them out. I only transferred in $15k which I used to purchase Dogecoin today. I might transfer little more money in to buy more Doge but I won't keep lot of money at Robinhood. But I can see why people like and get hooked on Robinhood. The app is slick, and they make everything like unlocking achievements and video game. Very smart of them.I'm not sure if Robinhood is still this way, but previously my understanding is you wouldn't be able to access your keys, and could not transfer the actual crypto to a wallet, or other exchange, etc. You could only buy or sell Crypto on Robinhood, and to move it elsewhere required selling it and rebuying elsewhere, a taxable event. It's probably something that would be worth looking into, especially after what happened with them and Gamestop earlier this year.
Edit - it appears to still be that way. According to this link - https://robinhood.com/us/en/support/articles/cryptocurrency-transfers-and-deposits/
I had posted about Eth staking on another forum, and somebody recommended https://nexo.io/earn-crypto as a place to earn interest on it without the funds being locked. It looks too good to be true to me, especially the interest rates on fiat, but I could never figure out what the 'gotcha' was that I was missing, so I've steered clear. 10% interest on USD(fiat, standard US currency not USDT or anything like that) especially seems like it has to be too good to be true - https://nexo.io/earn-fiat Gemini appears to currently be 2.05% APY on Bitcoin and Ether but I haven't looked at any of the other lending platforms.