NEO compound interest idea

I noticed from my KCS revenue that Kucoin pays out NeoGas twice daily. This gave me an idea:

1. Deposit a significant amount of NEO on Kucoin, enough to earn at least the minimum amount of NeoGas to buy NEO (ie, above the minimum transaction rate) every day
2. Once a day take whatever GAS you've earned and purchase more NEO.
3. ???
4. Profit

Normally it would be really cumbersome to do this if it was kept in a wallet. On Binance they only pay out GAS once a month, so while you can do this on Binance in theory, you can't reinvest it right away.

It seems like you could increase your NEO stack very consistently doing this, taking advantage of compound interest daily.

I'm about to transfer my shit from Binance to Kucoin and try this. Added bonus: no withdrawal fee for NEO from Binance cuz nationalistic chinks.

Am I missing something or will this work?

Define significant amount.

Also, so are you saying gas actually gets released daily? Binance just chooses to release only once a month?

You realize that you get NeoGas from KCS because of the trading volume right? Obviously you would get additional GAS from your NEO stack, but I see no reason why Kucoin will distribute it daily, as NEO mentioned it will be distributed monthly.

How much will be NEO EOY?

If you just keep your NEOs in the neon wallet then you can claim gas as often as you want.

wtf are you talking about, holding neo gives you gas all the time, like every hour

super small amounts cause it was just KCS revenue, but you can see here they are distributing it daily

I'm not sure yet what their minimum amount is, but I imagine they won't let me trade pennies worth of NeoGas so a pretty significant amount of NEO, maybe like 100?

Even if I can't do it daily, the daily payouts plus my KCS shares will help grow it pretty fast, even trading up once a week or so would be pretty cool.

fuck off, go to bed

I understand that, my idea is to use the daily gas to buy more NEO and get the effect of compound interest while avoiding the hassle of constantly transferring funds in and out of an exchange

dude wtf is gas?

Where do you find this page?

It's actually distributed every block

Go to your wallet/assets page, then the "Income" tab on the left

I'm holding 50 neo on bittrex. is this worth it or should I buy more?

Why not keep it on your Neon wallet and transfer the gas, there is no transaction fee.

lurk moar

lol you tard, move it to kucoin, thats the whole point of this thread

OP I understand what you're trying to do.

NEO was my original retirement plan with crypto, but I'm not so sure anymore.

For example, 2000 NEO (roughly 200k worth) will generate 0.5 gas per day. That's 23ish dollars.

I haven't crunched the numbers for a compounding calculation, but I can't think it would be too profitable unless you have an insane amount of principal capital (e.g. 1m+). It's roughly 5.5% annually, slightly more once block time decreases.

I think VEN nodes will pay more desu

KuCoin takes a cut of the gas generated

I suppose that would work, I just hate waiting on deposits and withdrawals. I sent a 1 NEO test deposit to Kucoin and it's taking 15 minutes, even though it's already confirmed, and I want to kill myself already. This would mean having to do that every single day for a minor transaction.

Oh also obligatory faggot referral code in case anyone's gonna try this and doesn't have a Kucoin account yet: 1g36e

Right now GAS is almost $50 after the Palm Beach pump, but if it reaches $200 or more soon when GAS will actually be used and bought you can basically live just from the GAS generation.

Bittrex is gonna fuck up the market if it starts selling its stash

That would definitely be an issue. Do you have a source for that?

Thanks for actually reading my post to the end unlike the half the retards in this thread.

I'll look into VEN, thanks. College is starting up again so I don't really have the mental resource to hold volatile coins, just looking for a nice way to make consistent income.

very idealistic. I just can't see crypto actually reaching that point where this shit is unironically being used regularly for actual things.

Someone should make a compounding calculation though. I'm interested now.

Thor nodes gonna blow your fucking dick off

You can claim it every 5 mins in the wallet