Realistically the only pathway for me to become a whole coiner is to lend out my BTC. I’m considering using FTX for this end. What are your thoughts?

I know it’s risky given X amount of exchanges have gone belly up. I also know there’s no guarantee that FTX will continue to offer such high interest rates (8% over first $10,000 and 5% after $10,000). Nonetheless, making use of compound interest is likely the best pathway for me to become a whole coiner. $5,000 initial investment and anywhere between $50-$100 a month over 10 years will get me there.

Thoughts on this approach? I’ve also considered splitting 1/2 at Gemini Earn and 1/2 at FTX to cut down on risk if one goes under, but this would take down my average monthly yield a couple percent and would take me closer to 15 years to become a whole coiner.

Thoughts?

View Source

26 thoughts on “Realistically the only pathway for me to become a whole coiner is to lend out my BTC. I’m considering using FTX for this end. What are your thoughts?”

  1. Why do you want to risk everything to become a whole coiner? As someone who has lost it all in celsius i advice against it. Dont be greedy like me. Accept your current financial situation and Just dca whatever you can.
    And if you really want to lend out your btc then i would use the ledger lending protocol. The rates are less high but at least you keep your keys to yourself..

    Reply
  2. I would strongly advise against this. Take what you can get through purchase and be happy. I lost a lot on Celsius. Don’t think just because the name is FTX or Gemini or even Fidelity for that matter, that it won’t happen to you. It’s not worth it. I had the same idea as you. Get off zero, DCA, if you want and put it in cold storage. SBF seems legit sure, until he’s not.

    Reply
  3. Personally, I wouldn’t do this. You are betting on both Gemini and FTX surviving for *15 years* for this. Which is totally possible but, as you say, other exchanges have died as well. It is definitely risky.

    Reply
  4. FTX seems like a pretty robust company with reasonable risk management processes. The fact they’re bailing out companies amid this decline says a lot.

    Like you said, it’s all a risky play, but no risk, no reward 🙂

    Reply
  5. Make more money. The reasons that just popped up into your mind as to why this isn’t realistic…. you tell those to shut up.

    Reply
  6. How are they able to pay you 8%? Why do people still think this is a reasonable percentage to earn? There has to be tremendous risk, as a stable 8% is not normal for a reasonable investment.

    Also the way you write this it feels like losing a chunk of money will not be good for you. Remember to only invest what you are willing to lose. If you put it in FTX this is even more important, because you will probably lose it.

    Reply
  7. Just ask yourself: Who is going to take out a loan and pays 8 % interest? Would you? You don’t know about any securities nor the debtor.

    Reply
  8. If you want to max your investments, find more income sources. If you’re already interested in crypto, why don’t you get involved? I have had great success with the [GLM Rewards Program](https://blog.golemproject.net/community-incentives-program/amp/) which is fitting for almost everyone, but if you’re a developer you can find less competitive programs that can pay as much if not more. I’ve also gotten some ALGO, SC, and probably more from [Gitcoin](https://gitcoin.co), namely the hackathons. Many times hackathons are hard to win, but easy to land a runnerup prize. Good luck and feel free to DM me with questions!

    Reply
  9. In my opinion in crypto or any other area we need to do what we think is the best and what we like to do. Otherwise you will get tired and bored.

    ​

    I know we all want profits but do what you want and like

    Reply
  10. OP, look at what happened to a lot of other coins that offered high interest rates and decide very carefully hey. The idea of a whole coin is nice and all but ultimately just a nice feeling. Please be careful.

    Reply
  11. This sub literally fluctuates between polar opposites. APY will be back after this blows over like everything else here that cycles.

    Reply
  12. Keep it in your ledger and Just sell some when it’s high and everyone keeps talking about 100k and buy back in lower. It will always go up and down it’ll never go straight up to 10 billion a coin, you’re not missing anything.

    Reply
  13. Lending is risky and the part of the market cycle when you do risky things is important. We are in the beginning of a bear market, so I wouldn’t do this. Things could get worse. I would just buy what you can. Your time frame of 10-15 years is very long and there’s no telling what will happen in crypto during that time.

    Reply
  14. Don’t be stupid, instead try to increase your income and work towards your goal. No need to take the risk of loosing it all

    Reply
  15. The old, it happened to them but not me, and then guess what happens. Put it in a wallet, add to it, and one day you’ll realize that you have a whole coin, and no stress of losing it. Win win!

    Reply
  16. Is 5-8% interest worth the very likely scenario where you will forever lose access to 100% of what you deposited?

    Reply

Leave a Comment