Can you really make 23% annual compounded interest by lending BTC on poloniex?
Can you really make 23% annual compounded interest by lending BTC on poloniex?
Also, does poloniex have a canary statement anywhere?
lending on exchanges comes with the risk of losing 100% of your crypto when the exchange gets hacked
no one knows. there hasnt been a 2 year period where someone has earned at least 23% and been able to relend that for at least another 23%
at the moment it is 44%
Dont you have to baghold bitcoin for a year in order to lend it out for a year? Sounds completely stupid.
shut up nocoiner
Vitalik should use some of his millions to bulk up.
Shart in mart
So if the daily rate of interest is 0.08% and i start with 8BTC and keep relending the interest, how much will i end up with after a year?
Hard for me to work out
go learn math, nigger
Show me the method and i will do the maths myself
the method is the math, nigger.
How do you work out the compounding interest?
is this what its like to be born a basketball american?
ok let me lay the math4u
p = number of bitcoins
q = result
i = real interest rate (so interest_rate/100)
n = timespan ajusted, 1 = annually, 2 = periodically, 4 = quartally, 12 = monthly, 52 = weekly, 365 = daily. In this case since most lending is happening 2 days, which makes our n in this case 182.5
t = time period we plan on investing
q = p*(1+i/n)^(n*t)
we will calculate how much you will earn in a year, 0.08 interest rate so we devide it with 100 which is 0.0008
q = 8*(1+0.0008/182.5)^(182.5*182.5)
q = 8*(1.000004383561644)^(365)
q = 8*1.001601277170507
q = 8.012810217364056
think of it this way, if you invested for 25 years like this you would make 38.47435825572883 bitcoins. Thats 23084.62 dollars from 4800 dollars invested, which is 480% gain. Keep in mind if you believe that bitcoin is going to reach >10k max in about 10 years, things change perspective. By my projected price, in about 25 years btc should be making 12 000$, so 461 692.30 dollars with your invested 8 btc, or 96 000 dollars doing nothing
oh i forgot to add that the fixed rate of bitcoin in my calculated case is 600$ per btc
So i would doublle my money in a year?
no
you would gain 0.01281021 bitcoins from invested 8.00000000 bitcoins
you would double probably in less than 5 years
if you believe you dun have tim for dis shiet then feel free to gamble, or just sit there and enjoy your cash rolling by
It is definitely way less riskier than investing in shillcoins, but its more risky compared to just having your money sit in your wallet
How do you avoid losing 100% to hackers?
look up wallet security
I my self for commercial use have an electrum paper wallet and for security/cold savings have a "double authentication" brain+math wallet. The lending thing isnt a sure thing, you ether have a slow rolling(in the crypto sphere) but safe investment