I'm gonna drill it in your head until you get it — these little 6% returns on your crypto isn't worth giving up your keys.
Liquid Exchange was recently hacked for $XXX million, and all of a sudden we hear Celsius hemming and hawing about it. Why?
Because of what I told you before — these so-called "safe" platforms like Celsius get their yield from unsafe platforms like Liquid. How do you think they guarantee you the 6% returns? That's right; they find a yield farm with 35% returns and give you a pittance on them.
This means if you're gonna give up your keys, you might as well get the real yield instead of the fake one that platforms like Celsius give you. And Gemini and COINBASE and Blockfi and all those other shitty centralized so-called regulated platforms. Read the ToS. These places literally say they own your shit once you put it in there. Your crypto is literally not your crypto anymore — they just give you an IOU so they can stay in business and not be counted as a scam. But if it's not your crypto, it means they don't owe you anything if the shit blows up.
Look, if you're going to take the risk for yield, make the risk worth it. You have the ability to use the same yield farms as these centralized morons. Stop being lazy and giving these people power over you. If you do, you're just putting yourself back in the same leaky boat that crypto was made to fix.
Another thing. Is 6% on your little broke ass $10k stash really even worth it? At the end of the year, that's $10,600? You can work a couple of extra shifts and get $600, no risk of your entire capital stack required. There is no reason to use Celsius, Gemini, Coinbase, Blockfi, and all of these crappy platforms popping up producing anything less than 50% APR (not APY, APR) for you. And that's a low bar, honestly.
Learn real yield farming. I'm telling you, those returns won't be there forever. And once they leave, all of the Celsiuses and Geminis will stop giving you the 6%. Those yields will drop to little better than traditional bank yields. It's a pattern that's played itself out over and over throughout the dollar's history. Get in front of the trend.
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