It concerns me that you are just running around and randomly buying coins without really doing much research. With a very small amount of research, I learned that the rate of return from staking on Kraken is from running a validator, which returns an average rate of 10% + I'm assuming some fees - this is standard for proof of stake blockchains, and typically comes in the form of inflation.Cycle wrote: ↑Wed May 05, 2021 11:06 pmWell now i'm trying to stick to my IPS and get some DOT (a small amount). I've got the Kraken account setup now, where I can purchase polkadots.
Problem with kraken is i need to wire money into the account, which is like $25 with my bank. They don't allow ACH. I can send some BTC from coinbase pro; however, when I send the BTC the cost basis likely won't transfer so I'll need to keep track of that myself? No thank you. How many non-tax savvy folks are sending crypto around and getting hit with unexpected tax bills at the end of the year.
What I don't understand is how is DOT is earning 12% for users staking at Kraken. That has ponzi scheme written all over it. Which is a sign the Dot has Much WOW and must be purchased as soon as possible.
If you are going to put money into some highly speculative assets like this, I highly encourage you to actually do some research and understand what you are getting into rather than throwing many at the latest coin you hear about and hoping for the best. I say this as someone that does have money in some cryptocurrencies, but follows the projects he invests in fairly closely, and makes longer term bets (with the full knowledge that he might lose a significant amount of money). What you are doing does not feel like it is going to end well for you.