BNB

[Sprout]

BNB is solid and not vaporware, ETH's been growing increasingly comfortable and not rolling out projects on a timely fashion, it's leaving itself unguarded.

I’m not sure what you are looking at but a vast majority of ALTs are erc20’s not BSC.

CZ has done great with Binance and should be rewarded and valued fairly. But it misses the point of decentralization, trustless and permissionless.

It does however show what is possible when a market need is being fulfilled and that rn is for cheap gas.

 

[johnarb]

How do you know you are not just fomo'ing into the trade and BNB is likely to underperform ETH going forward? I mean, its BNB is super popular right now, its parabolic. It might rise in fiat but could tank in ETH terms. If I got in BNB cheap (I didnt and dont own any) I would think right now is a good place to cash out a chunk and convert to ETH

I own (100+) Eth and it was my 2nd biggest pfolio core holding when I traded a small portion of Cel to trade for other coins.

BNB and NEXO had surpassed Eth value in the pfolio due to organic price rise. As traders, we sell losers and buy winners. I'm not even following that mantra (not selling Eth or Cel) but I certainly won't sell my winners when I see no fundamental reasoning.

Yea, BNB could go down (and so does Nexo), but I know why I hold those coins (same with Eth and Cel). I only trade out of coins when I no longer believe in them

I use Eth platform for dex trades and Defi projects. It is fairly easy to see why BNB is going up a lot and Eth, the biggest Defi platform with all of the TVL locked in its Defi ecosystem is not at $5K or $10K or even higher. It is because the gas is always high and the network is always slow and congested

I did not lock 32 Eth for a measly interest rate in order to fix the issues with the Eth 2.0 upgrade.

That's a loser proposition but many Eth whales and Defi projects and companies (i.e. Coinbase) that rely on the Eth ecosystem locked millions of Eth. Good for them and I thank them for supporting Eth, which I hodl

You can easily see the situation, Daal. You're not in the US. Do a trade on Uniswap, say $1000 worth to get Dai and deposit it to AAVE, and come back and tell us your experience

You can do a similar exercise on Binance Smart Chain using cakeswap and Venus (XVS) and come back and tell us your experience

 

[cesfx]

As a small long term paper wallet holder, can I make use of my asset? like on DeFi or other projects, while holding to it?
I wouldn't want to spread in the style of BTC - futures or anything that caps gain.
I am clueless but I like to learn, can you direct me to the right info if it's possible?

 

[johnarb]

It does however show what is possible when a market need is being fulfilled and that rn is for cheap gas.

and almost instant transactions.

If you go to cakeswap and pull down the token list, you'll be surprised to see most (if not all) of the major ERC-20 tokens are listed.

They are bep-20 versions. It's making it very easy for Defi projects on Eth to get cannibalized by Binance Smart chain

I do not like centralized coins, in fact I hate it. So as I mentioned in Defi thread, I will not be yield farming on the BSC as I don't know how long I'll stay on this centralized ecosystem

These gainz are freakin' awesome, though (on BNB, XVS, and BSCX)

 

[johnarb]

As a small long term paper wallet holder, can I make use of my asset? like on DeFi or other projects, while holding to it?
I wouldn't want to spread in the style of BTC - futures or anything that caps gain.
I am clueless but I like to learn, can you direct me to the right info if it's possible?

I'm afraid there's no way to earn yields on cryptos stored in paper wallets

In order to earn yields, your cryptos will have to be deposited on Cefi (i.e. BlockFi) or Defi (i.e AAVE) so they can be lent out for interest.

Like a traditional bank in the old days. Nowadays, banks don't pay you any interest (very very little interest). Heck, you can convert a few thousand USD $ on Coinbase to USDC and deposit on BlockFi and get 8.6% APY, but yea, it's not FDIC insured, though

 

[Daal]

You can do a similar exercise on Binance Smart Chain using cakeswap and Venus (XVS) and come back and tell us your experience

One thing about Venus is that Compound yiels are 0.41% for WBTC and 0.18% for ETH stakers.
Venus yields 6.91% and 5.99%. So the market is saying that is a lot more risk in the latter. To me, risking my coins that will triple or quadruple to catch a few percent is nuts. As far as cakeswap goes, I'm not super familiar with it but can I buy ERC-20 tokens and have them delivered to an ETH address in my hardware wallet with low fees? Because if it cant do that, I dont get it. If I'm comfortable with centralized risk, I can just send the funds to Binance and buy the tokens myself (which is how I'm dealing with the high Uni fees right now)

 

[johnarb]

One thing about Venus is that Compound yiels are 0.41% for WBTC and 0.18% for ETH stakers.
Venus yields 6.91% and 5.99%. So the market is saying that is a lot more risk in the latter. To me, risking my coins that will triple or quadruple to catch a few percent is nuts. As far as cakeswap goes, I'm not super familiar with it but can I buy ERC-20 tokens and have them delivered to an ETH address in my hardware wallet with low fees? Because if it cant do that, I dont get it. If I'm comfortable with centralized risk, I can just send the funds to Binance and buy the tokens myself (which is how I'm dealing with the high Uni fees right now)

That's technically not how the yield rates are set. It is part of the equation due to supply and demand based on perceived risks

Yields are determined by how much the supply is in relation to the amount of deposited coins in the platform. You can see this dynamic at play within a single Defi platform AAVE

USDC and GUSD are both equal in risk, hope you don't disagree with that

 

[Daal]

That's technically not how the yield rates are set. It is part of the equation due to supply and demand based on perceived risks

Yields are determined by how much the supply is in relation to the amount of deposited coins in the platform. You can see this dynamic at play within a single Defi platform AAVE

USDC and GUSD are both equal in risk, hope you don't disagree with that

View attachment 252470

Point is, the market is seeing these high yields for BTC/ETH on Venus and they are not jumping in it. But they are fine with low yields at Aave and Compound. If everyone thought this was a great idea, why aren't they lending BTC/ETH like crazy to Venus?

 

[Daal]

Interestingly enough, Binance is so popular right now I cant even access my exchange wallet there. It wont load, I also got many errors trying to do transactions, like network is overloaded type errors. Its all fun and games until everyone is using your network

 

[Daal]

You can do a similar exercise on Binance Smart Chain using cakeswap and Venus (XVS) and come back and tell us your experience

So I followed your suggestion and did some trades on PancakeSwap. Its nice and fast but the whole thing seems flawed for this simple reason. Ethereum developers spent 3 years researching on how to create a super decentralized proof of stake system which they are now starting to deploy. The same thing can be said about DOT and ADA. These people are going out of their way to make the system as trustless as possible.

Meanwhile Binance goes out and deploys this thing that's pretty much a copy of ethereum except it has a very centralized proof of stake where if CZ is arrested the whole thing comes crashing down. Lots "coins" on Pancake are just wapred coins that require you to trust Binance from start to finish.

Also, either ETH ADA or DOT will deliver in terms of scalability(in all probability), maybe all of them. To the extent that they do, BSC is not worth anything. So now they are surfing the wave of people hating on ETH fees, but that wont last forever

Also, I have my doubts BSC can support a giant amount of traders coming in. The Binance website went down today (right now deposits and withdraws are suspended), I know its a different system but if they cant scale their own website I'm not sure I would trust them to develop a scalable blockchain. Not unless they make significant security tradeoffs (which increase tail risks)

Just IMO