It's easy to look at the math and what has happened in the markets and call ETH staking dumb... It's not like Bitcoin has done much better... Personally, I had no intention of ever owning ETH and found myself with some (not a ton) that had accumulated through various means over the years. I started staking it because why not? Would I have been better off selling everything at the exact top, sure. Is that realistic? No. I believe that ETH will return and hit new highs again someday. Maybe then when you look back you'll realize that you weren't making a couple hundred bucks a month, but a couple thousand. At that point it will look dumb not to have staked.
Crypto is fun. Do all the things. Stake. Mine. Spend. Stack. Do it all! Just don't try to make money trading it back and forth.
Crypto is fun. Do all the things. Stake. Mine. Spend. Stack. Do it all! Just don't try to make money trading it back and forth.
I think the people who found themselves with a decent amount of Ethereum done the right thing staking but as I said before they would be making much more if they converted to another coin like Zilliqa for example and Atomic Wallet has the built in exchange with the lowest fees so far so it is a good option.I am not saying that people who staked Ethereum have done wrong,they could have simply earned more if they converted ETH to another coin,in the end I strongly agree with you as I am doing the exact things,staking ZIL,mining RTM,ETH,ETC and ZIL,spending some of them,playing casino when I feel for it,in other words I am enjoying crypto to the fullest.
Perhaps you live in an area where taxes are not an issue. I live in the USA and can't take that chance. Some might say move the ETH to a DEFI exchange and then convert. Well, you have to tell the IRS where that ETH went. You just cannot escape it.
So for me, it is better to leave the ETH as it was mined and stake it. I'll have to pay taxes on the yields.
EDIT: I believe I would not pay taxes on the staking yields until it is converted to USD or another cryptocurrency.
I don't pay taxes as I live in an area where sometimes there were laws banning any device mining cryptocurrencies,then permitting them,if police found such device they had the right to confiscate it and if not no one would say a thing,now no one says a thing about crypto as people here seem to have already forgotten the year of 2021 but I haven't so I continue mining as much as I can creating my stash of coins for the next bull run,when it will come to that people here will remember 2021 but I won't as I will convert the coins and make a fortune.
Yes for you that would be the most perfect use case,to mine it and stake it to get the benefits if you get to pay taxes for mining coins.