Post
Topic
Board Altcoin Discussion
Re: Staking advice needed
by
serjent05
on 27/03/2023, 22:49:21 UTC
For a long term holder / investor, what are the risks available with staking coins and tokens that you plan to hold for a long period of time? I want to know if its safe to keep your coins in staking instead of just holding them in a wallet when your ultimate plan is to hold for long term.

An obvious risk in staking coin to a site is the possibility of a rug pull.  If the site decided to run with your funds and scam people who are staking on the platform, you cannot do anything but to accept the losses sine the funds lost in a rugpull cannot be recovered unless the person who scam you are caught and still holding the fund.

If the reputation of the site that is offering staking services is yet established, then I think it is better to just hold the coins or token if you are planning for a long term.  But if the platform is reputable and you plan to hold the token for a long time, it is better to stake that coins/token to the reputable platform while waiting.  This way your holdings will slowly increase giving you more profit in time when the selling price is hit.