Quote from: Lucius on Today at 02:01:48 PM

With everything written in previous posts, I can only add that making money by lending cryptocurrencies is completely contrary to the whole philosophy on which they were created. If we stick to the golden rule "not your keys, not your coins", then it's crazy to think about lending at all, although 8% a year sounds really tempting - but as @JeromeTash has already noted, it’s insane to risk $100k to get $8k after one year.

Long-term investment in Bitcoin (and a few more altcoins) has proven to be more than profitable, and you don't have to risk anything - my keys, my coins, my profit.

It's not lost on me that the concept of lending crypto for profit runs contrary to the initial vision set forth by the pioneers of the blockchain. Having the ability to be the ultimate custodian of my own money is something that I value tremendously. As big of a believer as I am in this new space, I must admit that I am still reluctant to go 'all in' (for lack of a better phrase) on the cryptos that I have chosen to invest in by dumping all my money into them. The notion of exiting the mainstream banking system entirely (or as close to entirely as is realistically possible while still being able to conduct the basic transactions that I need to) is appealing to me. However, being reared in a culture that has taught me to deposit my money in the bank blindly has ingrained in me an almost robotic impulse to do so without questioning whether or not it is the most productive way to store my rainy day funds (ie what's left over after basic expenses and investments).

Having said that, I was toying with the idea of checking out Celsius or some other equivalent platform in order to break the mold and try something new; something that didn't involve a gigantic financial institution that offers an insultingly low APY on my savings, while lending out those same savings for a much higher yield that will go into their own pockets. Initially, getting involved in DeFi seemed like a relatively safe and efficient way to utilize these extra savings.

You are 100% correct Lucius and JeromeTash, the risks ultimately outweigh the rewards, I see this now and will adjust my plans accordingly by allocating more funds to purchase BTC. Thanks for taking the time to share the wisdom it's appreciated