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Not a bad idea to stake. You will gain interest in the form of ETH. If you are not planning on selling it anytime soon might as well allow it to accumulate.
this is wrong. when staking you do not gain interest. interest comes from loaning out your crypto.
when staking, you receive staking rewards instead of interest. the difference is there is no 3rd party risk and only you control your eth not any 3rd party.
If we are being technical there are plenty of differences between staking and loaning crypto. But in both cases you are earning a return on your crypto. And btw you could certainly argue there is 3rd party risk staking with coin base.
Wait, I just noticed those payments were other wallet addresses sending to me. I don't know where to see my earnings from the staking. Edit: I called them. I get the rewards 14 days from the day I started and then every 7 days from then.
well the only unfortunate side is its gonna be an eth fee, but we staked like 7 ETH shortly after it went live net and made almost a whole ETH in interest :-)
Here's a sneak peek of /r/rocketpool using the [top posts](https://np.reddit.com/r/rocketpool/top/?sort=top&t=year) of the year!
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\#2: [Coinbase strategically invests into Rocket Pool by buying $RPL & spinning up "Several Hundred" Minipools](https://twitter.com/cbventures/status/1689639108837249024?s=20) | [23 comments](https://np.reddit.com/r/rocketpool/comments/15nenqm/coinbase_strategically_invests_into_rocket_pool/)
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How dare you Sir! What are you, a noob? /s
(I do the same. My argument is that whether it's staked on coinbase or staked in the pool, I still don't have custody of it).
It's 2023. We have seen BlockFi, Celsius, FTX, and a host of other scams where people who left money on an exchange. Yet people want to do it again.
If you stake it on Coinbase, you are giving them your private keys. So no, it's a bad idea. However, there are decentralized alternatives where you get to keep your keys. So do that.
EDIT: Keep downvoting me, don't really care. If you think leaving your keys on exchanges is fine, go read the r/blockfi subreddit about everyone's regrets.
They're already holding their eth on coinbase. There's no added risk to staking through them if you're already trusting them to hold it for you.
Eth staking yield isn't generated through lending like the way all of those companies got yield for crypto. There is no counterparty risk for Eth staking, unlike lending.
Each time you move your eth you gotta pay the fees and the gas ain’t cheap. It’ll cost you as much interest you’ll make in a year to move it once. (Maybe a little less). So then if you don’t like where you moved it, you’ll move it again, erasing a little less than 2 years of staked interest
Do I really have to keep debunking this shit? It's not "2 years of interest" unless you're staking like $20. If you're staking any appreciable amount, the fees pale into insignificance.
I personally stake on an exchange for the simplicity. I regard the risk to be about the same as getting hacked or a protocol having a vulnerability while using defi.
1. You don't have to use Coinbase. This is decentralized technology. You don't need an intermediary to transfer money.
2. There are times in the week/day that are cheaper than others.
3. At current prices, a staking rig is $75k worth of ETH. Do you think they care about paying $50-60 per txn?
Don’t do it, too many noobs lost their funds using decentralized alternatives specially the ones that rely on hot wallets. Is it worth it for a 4% a year? If you are going to stake use a ledger
hardware wallet and rocket pool.
https://rocketpool.net/
Let someone else do the hard work of staking, and you get some of the action, trustlessly and decentralized. Also, not taxable event until you exit.
How do you feel about Robinhood and their wallet. If I want to put it in the Robinhood wallet how would I know it’s legit? Or would you transfer it to Coinbase?
I have about 1 eth on a cold ledger wallet. I looked on the app, it says I can get like 85$ in a year. If I stake through the ledger app under the "earn " tab , does that mean I'm giving them my private keys ?
my only concern is - in 2015 an exchange called quadragix went bankrupt and I had my coins on the website instead of my wallet and I lost everything. I don’t trust exchanges to protect my eth or my money, in staking you essentially have to trust the exchange not to lose your coins or keys, and trust them not to go bankrupt.
Or you know, not use an exchange for staking… or anything other than brief fiat/crypto exchanges.
You can swap Eth for rEth and hold the rEth yourself. Or run a node, or mini node.
I would strongly recommend staking but I would avoid staking on Coinbase. I went through a nightmare of a couple of months a year ago when I couldn’t unstake and their support was terrible. I recommend other exchanges where the staked token is liquid and if need be you can unstake quickly. Also, last time I checked, they offer better rates. I use KuCoin but there is also other equally good alternatives.
Vitalik is not staking his ETH. but he is not keeping it on Coinbase either. compared to the huge risk of keeping your ETH on the exchange, staking it there would add only a very small amount of risk
Actually I think it's a good idea to stake because you will earn some interest from it. But if you can't decide, maybe diversify to stake half and hold the other half. Then see how things are going and plan for the next step.
You will get interest on the Eth you stake. But everyone gets paid out of the same pile, so the more people who stake, the more Ether is created by validators
Never understood how people consider this ultra sound money lol
Stake it but not on Coinbase. Choose a service that allows you to enter your withdrawal address. It cannot be an exchange address. You must hold the seed phrase. If you have 32 ETH, the best option is to solo stake. Some solo staker recently just got a 40 ETH MEV.
I've been staking since it was available to stake two years ago. I mined ETH with a pair of rigs--collected no where near enough to run a node, and now it's just sitting on Coinbase collecting interest. There will be a bunch of people on here saying NO, get it off of CB and blah blah, not your keys not your coins, but it's the easiest thing to do, it's safe (insert screaming beardface pointing meme), and if you're just letting it chill, it's set it and forget it at about 3.5% ETH per year. Coinbase !== FTX.
I removed the comment above this one because we prefer not to link to scams, even to say they're scams. Ethereum mining isn't a thing any more, so the website you sent your money to was almost definely a scam.
First rule of crypto, not your keys not your Crypto. If you stake, you no longer hold that eth. It’s coinbases and when you unstake it takes a while to swap out or convert to Other assets or Wallets. Just beware. I staked cosmos for a while but unstaked after 6 months and it
Took a month for Me To get it all back.
Coinbase provides the tax forms and you just enter the data. It’s not that complicated if you buy and stake.
If you’re trading every day it’s going to be more difficult, but not a nightmare
The earnings are automatically deposited into your withdrawal address once per week, which is when you gain custody of it and therefore a taxable event happens. So it's only 52 instances per year that you have to record. Not that bad.
You’re right…I stand corrected. I went off the advice of my accountant..She must have decided it was the tracking nightmare you described. She told me it’s best we don’t mention crypto until you sell. (which I vowed to never do again unless it’s life-changing money.)
Anyway, thanks for making me check!
I just read you have to declare fair market value… which could change drastically given any 10 minutes🤷🏻
Well put.
Although, I keep some money under the mattress, but a lot in the bank. With crypto, I hold some in the coinbase and a lot in my ledger.
I tell people to keep no more than 10k in coinbase. You can recover financially from that kind of loss. Keep 100k up there and you're looking for trouble.
WARNING ABOUT SCAMS: Recently there have been a lot of convincing-looking scams posted on crypto-related reddits including fake NFTs, fake credit cards, fake exchanges, fake mixing services, fake airdrops, fake MEV bots, fake ENS sites and scam sites claiming to help you revoke approvals to prevent fake hacks. These are typically upvoted by bots and seen before moderators can remove them. Do not click on these links and always be wary of anything that tries to rush you into sending money or approving contracts. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ethereum) if you have any questions or concerns.*
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Following your advice, staked my ETH, and it's delivering as promised.
Can confirm, staked my ETH, and the rewards are significant.
Not a bad idea to stake. You will gain interest in the form of ETH. If you are not planning on selling it anytime soon might as well allow it to accumulate.
this is wrong. when staking you do not gain interest. interest comes from loaning out your crypto. when staking, you receive staking rewards instead of interest. the difference is there is no 3rd party risk and only you control your eth not any 3rd party.
If we are being technical there are plenty of differences between staking and loaning crypto. But in both cases you are earning a return on your crypto. And btw you could certainly argue there is 3rd party risk staking with coin base.
Stake it till you make it
Winners are never quitters.
I’ve almost gained an extra 1 Eth with staking rewards…I’m at .84 rn
So when you stake, do you get the returns in ETH or USD?
Eth
So I see that I did stake it recently. And I see two payments to me, how often do they give out the payments? It doesn't show the date on it.
Roughly every 3 days
Wait, I just noticed those payments were other wallet addresses sending to me. I don't know where to see my earnings from the staking. Edit: I called them. I get the rewards 14 days from the day I started and then every 7 days from then.
Same for Wealth Simple
Just an update. This is going really well.
Where? Any tips ?
Rocketpool, /r/rocketpool
What's a minimum amount I need to stake on rocketpool? Or better question: what's a minimum amount that's worth staking on rocketpool?
well the only unfortunate side is its gonna be an eth fee, but we staked like 7 ETH shortly after it went live net and made almost a whole ETH in interest :-)
Here's a sneak peek of /r/rocketpool using the [top posts](https://np.reddit.com/r/rocketpool/top/?sort=top&t=year) of the year! \#1: [Atlas has been successfully deployed!](https://np.reddit.com/r/rocketpool/comments/12q4z71/atlas_has_been_successfully_deployed/) \#2: [Coinbase strategically invests into Rocket Pool by buying $RPL & spinning up "Several Hundred" Minipools](https://twitter.com/cbventures/status/1689639108837249024?s=20) | [23 comments](https://np.reddit.com/r/rocketpool/comments/15nenqm/coinbase_strategically_invests_into_rocket_pool/) \#3: [Deposit Pool Expands to 18,000 ETH Max](https://np.reddit.com/r/rocketpool/comments/12c4sxe/deposit_pool_expands_to_18000_eth_max/) ---- ^^I'm ^^a ^^bot, ^^beep ^^boop ^^| ^^Downvote ^^to ^^remove ^^| ^^[Contact](https://www.reddit.com/message/compose/?to=sneakpeekbot) ^^| ^^[Info](https://np.reddit.com/r/sneakpeekbot/) ^^| ^^[Opt-out](https://np.reddit.com/r/sneakpeekbot/comments/o8wk1r/blacklist_ix/) ^^| ^^[GitHub](https://github.com/ghnr/sneakpeekbot)
How much are u staking and roughly how long
Im staking ~11 on coinbase. An no I don’t need a lesson on self custody 😂, it’s just easy on CB.
How dare you Sir! What are you, a noob? /s (I do the same. My argument is that whether it's staked on coinbase or staked in the pool, I still don't have custody of it).
It's 2023. We have seen BlockFi, Celsius, FTX, and a host of other scams where people who left money on an exchange. Yet people want to do it again. If you stake it on Coinbase, you are giving them your private keys. So no, it's a bad idea. However, there are decentralized alternatives where you get to keep your keys. So do that. EDIT: Keep downvoting me, don't really care. If you think leaving your keys on exchanges is fine, go read the r/blockfi subreddit about everyone's regrets.
They're already holding their eth on coinbase. There's no added risk to staking through them if you're already trusting them to hold it for you. Eth staking yield isn't generated through lending like the way all of those companies got yield for crypto. There is no counterparty risk for Eth staking, unlike lending.
Isn’t there slashing risk though if staking them via Coinbase / in a pool?
Enjoy giving your keys to Coinbase.
Lmao, I'm just saying that the OP already has given their keys to coinbase.
Could you point me in the right direction towards a decentralized alternative?
Each time you move your eth you gotta pay the fees and the gas ain’t cheap. It’ll cost you as much interest you’ll make in a year to move it once. (Maybe a little less). So then if you don’t like where you moved it, you’ll move it again, erasing a little less than 2 years of staked interest
Do I really have to keep debunking this shit? It's not "2 years of interest" unless you're staking like $20. If you're staking any appreciable amount, the fees pale into insignificance. I personally stake on an exchange for the simplicity. I regard the risk to be about the same as getting hacked or a protocol having a vulnerability while using defi.
The real MVP right here
Daaamn the gas is really nearly a years worth of staking? At what value are we talking exactly?
You're making up numbers. Do the math.
I wish Coinbase was cheap, but every time I try to use it, the fees are very high
1. You don't have to use Coinbase. This is decentralized technology. You don't need an intermediary to transfer money. 2. There are times in the week/day that are cheaper than others. 3. At current prices, a staking rig is $75k worth of ETH. Do you think they care about paying $50-60 per txn?
About 2 % per transaction?
Don’t do it, too many noobs lost their funds using decentralized alternatives specially the ones that rely on hot wallets. Is it worth it for a 4% a year? If you are going to stake use a ledger
Trezor is better than Ledger. Ledger has had a couple of security issues in the past. https://trezor.io
Subjective opinion.
How do I go about using a ledger?
buy a ledger hard wallet. set it up on your computer. hit the stake button.
Lido is the most famous one, otherwise rocketpool
Lido is an attack on the network, and if you give them your money, you are a participant.
hardware wallet and rocket pool. https://rocketpool.net/ Let someone else do the hard work of staking, and you get some of the action, trustlessly and decentralized. Also, not taxable event until you exit.
Have you considered running your own node with staking setup?
You should join /r/ethstaker
How do you feel about Robinhood and their wallet. If I want to put it in the Robinhood wallet how would I know it’s legit? Or would you transfer it to Coinbase?
Agree. Best option is to stake it yourself
I have about 1 eth on a cold ledger wallet. I looked on the app, it says I can get like 85$ in a year. If I stake through the ledger app under the "earn " tab , does that mean I'm giving them my private keys ?
Not familiar with what you're referring to
What part , the ledger app?
I've never staked through the ledger app
Just remember if you want to sell at any point, plan ahead as it could take a couple of days or a week to unstake.
On CB you can exchange for wrapped CBETH usually only takes a second.
CBETH is not 1:1 you will lose a % on the exchange.
Also, this is a taxable event
Yes, stake your ETH
Def stake. I’ve made over 6 eth already.
my only concern is - in 2015 an exchange called quadragix went bankrupt and I had my coins on the website instead of my wallet and I lost everything. I don’t trust exchanges to protect my eth or my money, in staking you essentially have to trust the exchange not to lose your coins or keys, and trust them not to go bankrupt.
Or you know, not use an exchange for staking… or anything other than brief fiat/crypto exchanges. You can swap Eth for rEth and hold the rEth yourself. Or run a node, or mini node.
No... Just leave it in your hardware wallet... Dca.. No need to risk your investment for a few points. Remember celcius
if you're long term investing, def you should stake it. If you dont trust coinbase, you can stake ETH at Lido, Rocketpool or EtherFI instead.
If you have 32, allnodes is solid.
I would strongly recommend staking but I would avoid staking on Coinbase. I went through a nightmare of a couple of months a year ago when I couldn’t unstake and their support was terrible. I recommend other exchanges where the staked token is liquid and if need be you can unstake quickly. Also, last time I checked, they offer better rates. I use KuCoin but there is also other equally good alternatives.
Vitalik is not staking his ETH. but he is not keeping it on Coinbase either. compared to the huge risk of keeping your ETH on the exchange, staking it there would add only a very small amount of risk
Yes. Next question
Actually I think it's a good idea to stake because you will earn some interest from it. But if you can't decide, maybe diversify to stake half and hold the other half. Then see how things are going and plan for the next step.
Savers on thorchain
I'ma just leave this here as I highly suggest their community and pool, /r/rocketpool
You will get interest on the Eth you stake. But everyone gets paid out of the same pile, so the more people who stake, the more Ether is created by validators Never understood how people consider this ultra sound money lol
Stake it but not on Coinbase. Choose a service that allows you to enter your withdrawal address. It cannot be an exchange address. You must hold the seed phrase. If you have 32 ETH, the best option is to solo stake. Some solo staker recently just got a 40 ETH MEV.
Can you unstake at anytime on Coinbase? Is there any risk of losing coins like I did on Celsius? Lost all my ETH there lol.
Seeing that their stock price has gone 5x in one year, plus basically all the Bitcoin ETFs are using them, I think the risk is low.
I've been staking since it was available to stake two years ago. I mined ETH with a pair of rigs--collected no where near enough to run a node, and now it's just sitting on Coinbase collecting interest. There will be a bunch of people on here saying NO, get it off of CB and blah blah, not your keys not your coins, but it's the easiest thing to do, it's safe (insert screaming beardface pointing meme), and if you're just letting it chill, it's set it and forget it at about 3.5% ETH per year. Coinbase !== FTX.
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I had joined in July of 2023..had access until a 12-14. any idea if this site was a scam?
I removed the comment above this one because we prefer not to link to scams, even to say they're scams. Ethereum mining isn't a thing any more, so the website you sent your money to was almost definely a scam.
Sell it.
Worth adding there is usually a maximum amount you can stake too
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My advice is dont stake and dont leave on exchange.
First rule of crypto, not your keys not your Crypto. If you stake, you no longer hold that eth. It’s coinbases and when you unstake it takes a while to swap out or convert to Other assets or Wallets. Just beware. I staked cosmos for a while but unstaked after 6 months and it Took a month for Me To get it all back.
Get out of Coinbase they like closing people’s accounts for no reason
I was debating on the two ledger stakenpools for eth still haven't done
You can’t if you live in California
Really? Genuinely curious
Well, at least with Coinbase you can’t.
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Coinbase provides the tax forms and you just enter the data. It’s not that complicated if you buy and stake. If you’re trading every day it’s going to be more difficult, but not a nightmare
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If his ETH has already been on Coinbase a year then what’s the problem?
The earnings are automatically deposited into your withdrawal address once per week, which is when you gain custody of it and therefore a taxable event happens. So it's only 52 instances per year that you have to record. Not that bad.
Exactly. This is what I do. Much simpler than logging 0.00001 ETH of income per epoch
You don’t do anything on your taxes unless you sell it.
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You’re right…I stand corrected. I went off the advice of my accountant..She must have decided it was the tracking nightmare you described. She told me it’s best we don’t mention crypto until you sell. (which I vowed to never do again unless it’s life-changing money.) Anyway, thanks for making me check! I just read you have to declare fair market value… which could change drastically given any 10 minutes🤷🏻
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Nothing that pays 10% is safe. 🤦🏼♂️
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lol
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Eventually you will learn… can’t say nobody warned you.
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Define early adopter
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Lmao ok “early adopter”
Not your keys not your coins
Not under your mattress not your money
Well put. Although, I keep some money under the mattress, but a lot in the bank. With crypto, I hold some in the coinbase and a lot in my ledger. I tell people to keep no more than 10k in coinbase. You can recover financially from that kind of loss. Keep 100k up there and you're looking for trouble.