Anyone have any personal experience with the lending style platforms like compoud or whatever? Ive read about them, get how it works but was looking for some personal experience from the trusted forum! For people who are, like stated above, in it for the long haul it seems like a good idea if its not a shit scam/con job. The apy is low, but its paid in BTC so even though its around 2% qhen combined with increase in BTC value it could be much more.
Thoughts or personal experience on the topic?
Side question, while it seems like BTC, maker, and ethereum are the big players, anyone with more tech/industry experience have thoughts on all the other little coins out there currently trading sub-200$? Is it worth buying some small amount of those hoping they go the path of BTC or are most destined to fail or remain status quo?
Sorry if this is mixed in the thread. Im new to this thread and tried to catch up, but im basically an amatuer who has a few bitcoin from early on and just sitting on them. Considering being more active in other aspects though.
Regarding compound it works pretty simply. You connect your Web3 wallet (Metamask being the most common) to
Compound | Dashboard select the asset you want to lend, enable it, then send the funds to the smart contract. You'll need to sign at least 2 transactions (enable, then sending to contract). Enable should be very low gas cost, the assets will probably cost you a decent amount to send.
If you're looking to lend your BTC I would suggest Blockfi for now. Yes, it is a centralized company and if its not your keys its not your crypto. However they're offering 6% on BTC (8% on USD) and they're an American company. I would never send them ALL of my BTC, but a small amount makes sense. Whatever you're willing to risk.
Keep in mind that decentralized protocols have their own risks.
If you're into lending I would suggest checking out
Aave - Open Source Liquidity Protocol as well. It is positioning itself to be fairly successful in the P2P lending market. I don't have personal experience with this one though, just hear a lot about it.
RE: Altcoins - Its kind of a mixed bag. Someone could tell you what they're into, but that won't sound much different than them shilling you their bags. You'll need to do your own research because 90%+ will be scams or at least completely fail to deliver. The ones that run are probably going to run pretty hard.
LINK, DOT, YFI, AAVE, and EWT (energy web token), are IMO safe-ish investment. No promises though and I don't own all of them myself. I would say don't put any money in alts your not willing to 100% lose. It is absolutely gambling right now.