- This topic has 7 replies, 2 voices, and was last updated 8 months ago by EseJandro.
- Friday, April 1st, 2022 at 07:07 #206575ripple_mcgeeParticipant
I think I can move 100% off of any centralized exchange. I realize I will have to suffer lower rates of return, but that is a price I am willing to pay.
What I have now in CeFi, I am going to slowly move into DeFi over the next weeks/months.
I am going to invest in Balancer and Curve and exclusively yield on btc/eth, solid altcoins and stablecoins. I think I can pull off 10% ish overall.
If I need cash I’ll use localcoins or similar to exchange my crypto for cash for as close to spot as possible. There is also a broker in my town that will do this for a 2% fee with no KYC under 10k.
What do you guys think, with unreasonable KYC requirements and insanely confusing tax regs, do you feel the draw to the decentralized system that I do…despite the drop in gains?Friday, April 1st, 2022 at 07:07 #206576failed_state_medz
You have to give and take sometimes. It’s up to you. But I support DecentralizationFriday, April 1st, 2022 at 07:07 #206577marsangelo
Contrarily I think you’ll actually be yielding HIGHER gains than you would with CEXs because you wont have to pay custodial fees and youll be sharing smaller liquidity pools. The caveat is that youre on your own for security and not all DEXs are trustworthy/liquid, but Curve/Aave etc are solid.Friday, April 1st, 2022 at 07:07 #206578Nostalg33k
If you actively trade you’ll need a good tracking of your trades !Friday, April 1st, 2022 at 07:07 #206579365Dillweed365
Good for you! Let’er buck!Friday, April 1st, 2022 at 07:07 #206580Phuzzybat
I hear p2p from time to time, but can’t quite visualise it.
Does anyone have a real world experience of this they can share? (and its pros/cons)
Like is it meeting up with someone at a cafe with a briefcase of cash that you found on craigslist? (this is how much I dont understand it)Friday, April 1st, 2022 at 07:07 #206581jakekick1999
>I realize I will have to suffer lower rates of return, but that is a price I am willing to pay.
Actually you have chances of finding higher rates than many CEX if you decide to stake directly on the chain for certain projects.
>unreasonable KYC requirements and insanely confusing tax regs
We all agree with you but at some point a lot of us need to find a way to make the money come back into our bank accounts. At that point I think a lot of us will end up complying to KYC and filing tax returns. A lot of us in crypto want to make money.
The best idea would be to use p2p to get your money out as much as you can when you need it and also to buy crypto.Friday, April 1st, 2022 at 07:07 #206582EseJandro
CEs are getting regulated with regulations comes security and safety nets.
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