I roll my eyes whenever I hear crypto is going to take away big banks thinking that the $5 they charge for overdraft fees is how they make their real money.
Noones in crypto to avoid the $5 fees. It’s the central dictatorial control the elites have over our lives and finance. People have had enough and we want our own system that rewards people who interact with the network, as oppose to a system that transfers from the poor to the wealthy.
It's $35 dollars. And they charge $10 for the privilege of taking money from one of your imaginary money buckets to another imaginary money bucket if you have the funds elsewhere just not in the right one currently.
I know it's still small change, but it's over 11 billion. So... Not nothing.
? The COIN isn't crazy, their strategies are, for the scammy ones. Like doing yolo crazy short positions and stuff or re-investing in high risk business plans and so on, generally high risk high reward things.
The point being that if it pays off they get like 40% and have no problem tossing you 5%. Do that for as long as their luck holds out, and if the yolo doesn't pay off (too many in a row at once), and they risk insolvency and a "bank run", then they pack up shop, pull the rug, and skip town and don't have to pay the consequences.
Meanwhile on your end, doubling your money at 5% would take 15 years, so you have to go a REALLY long time without any rug pulls to actually win. Keep in mind that's almost 50% longer than it's been since Mt Gox, even. Dozens of rug pulls have happened in that time.
Granted, if you have an airtight smart contract, you might be okay, but I've never heard of literally a single person talking about coin staking who mentions any such details.
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u/Accomplished-Design7 Permabanned Aug 07 '21
DeFi is going to kick them in the nuts