quicksandfarmer
Elite Member
Staking is only possible with coins that use proof-of-stake. Bitcoin uses proof-of-work. What income stream is associated with Bitcoin?
Is it too soon to talk about Crypto yet?
- Thread starter MinnesotaEric
- Start date
- Views: 36807
quicksandfarmer
Elite Member
OP
MinnesotaEric
Super Member
Currently, BTC can be staked through Babylon. The forthcoming bridge with Cardano with the integration of Bitcoin OS will allow Bitcoin holders to use DeFi contracts directly through their Bitcoin wallet without requiring an intermediate party like Babylon to interact with those smart contracts. This will make staking easier. Also, as soon as regulation allows our banks to custody crypto, people with BTC will be able to collect interest through Bitcoin-backed loans.
quicksandfarmer
Elite Member
From the linked page:
Do I get rewards for staking?
No. This is a locking-only phase without a PoS chain. There is no PoS staking reward nor incentives for participation.
OP
MinnesotaEric
Super Member
Correct. Rewards are not paid in Bitcoin. Perhaps this article will add clarity.
Babylon BTC Staking: 3 Simple Ways To Get Involved Babylon BTC Staking: 3 Simple Ways to Get Involved
This article dives into three main ways BTC holders can put their idle capital to use through this Bitcoin staking protocol.
thecryptobasic.com
The Bitcoin OS link with Cardano is supposed to have a demonstration ready to go this coming May. Bitcoin OS's own X feed has this video to explain how Bitcoin staking will work when integrated with Cardano.
Here is Charles explaining a summary of how the BTC staking will work.
And again, here is BOS explaining in simple terms that Bitcoin is the ledger system while Cardano is the execution system.
Cycledude
Veteran Member
- Joined
- Nov 26, 2020
- Messages
- 1,458
- Location
- Rib Lake Wisconsin
- Tractor
- LS XR4155, Ford 6610, Ford 8n
Lots of folks claim to be making lots of profit with Bitcoin .
OP
MinnesotaEric
Super Member
People are fading (selling) Mr. Market's enthusiasm and taking profits, that's true. The amusing thing is when Asia woke up and found out that the USA's Strategic Reserve would consist of BTC, ETH, XRP, ADA and SOL. The jokes started flying about Solana's (SOL) inclusion as a strategic reserve.
Understand that as in a lot of things, crypto people are tribal. XRP has set itself up as the banking cabal. ADA, which has been off of most people's radar because of its academic, careful development has made it the tortoise in the hare and tortoise race going on in the crypto industry—but has a real chance to emerge as the grease that makes everything else happen (years down the road). And then there is Solana (SOL) whose network crashes, and whose transmissions frequently fail, and on which most of the junk meme coins are on is seen as a joke by many.
Meanwhile, Dogecoin, the original meme coin that was created as a joke on the entire crypto industry (the joke is what would a dog think about getting rich with crypto i.e, "To the Moon," "Much Wow," "Such Currency," "Much Money"), has maintained a fun, light-hearted take on the entire industry throughout the years and has a cottage industry making fun, stupid Dogecoin stuff is it own token that runs on UTXO like Bitcoin and Cardano. This means that it too could function as a digital bridge for financial transactions.
The joke is that since history loves irony, one day the coin created as a joke will take over the financial industry and there are plenty of people not taking themselves all that serious, pushing for more Dogecoin adaption in commerce. House of Doge
Anyway, all to say that crypto is the cat-herding wild west, and sorta like when the internet first hit the masses, if we'd regulated the internet right away, we'd all have really good email running on hyper stacks but we likely wouldn't have gotten the raw innovation that produced the Amazons, YouTube's, and Googles of the world.
So yeah, people took profits from crypto ripping up on the announcement of a Strategic Reserve, but I kind of expect things to settle since we have the Crypto Summit happening this coming Friday at the White House.
Last edited:
California
Super Star Member
- Joined
- Jan 22, 2004
- Messages
- 14,932
- Location
- An hour north of San Francisco
- Tractor
- Yanmar YM240 Yanmar YM186D
OP
MinnesotaEric
Super Member
Generally stay away from meme coins. Exchanges list them largely to collect fees from transactions and most meme coins offer no utility whatsoever.
That said, meme coins have tended to draw people into crypto in the first place which was fine when there was only a few of them, but with the proliferation of meme coins, they are self diluting interest in them.
To the Moon!
OP
MinnesotaEric
Super Member
Meanwhile...
A couple of years ago Musk publicly envisioned X growing to become a huge chunk of global financial services and has been working on getting money transmitter licenses with each US State as well as around the world.
Then today Charles Hoskinson, one of the founders of ETH and ADA, offers the following:
And then for even more grins and giggles, Bitwise filed with the SEC for a Dogecoin ETF. LOL Too much fun.
Wild west show.
A couple of years ago Musk publicly envisioned X growing to become a huge chunk of global financial services and has been working on getting money transmitter licenses with each US State as well as around the world.
Then today Charles Hoskinson, one of the founders of ETH and ADA, offers the following:
And then for even more grins and giggles, Bitwise filed with the SEC for a Dogecoin ETF. LOL Too much fun.
Wild west show.
Last edited: