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Staking Cake

  • 10-05-2021 9:28am
    #1
    Registered Users Posts: 5,672 ✭✭✭ seannash


    I haven't really seen this mentioned much in the threads so I figured I'd start a thread on it.
    Is it everyone's dirty little secret?


    I see people getting excited about 14% and 15% APR on coins but nothing about the 140%APR for staking cake.


    Do people simply not know or just have little faith in it that they don't do it.
    I currently have 432 cake staked on Beefy finance for 148%APR


    If you haven't looked at it then its a good incentive to grab a bag of it.


    If anyone has looked and decided not to I'd love to hear why its not tempting.
    Maybe I'm missing something.


    Anyone else currently staking?


Comments

  • Registered Users Posts: 153 ✭✭ Jackben75


    seannash wrote: »
    I haven't really seen this mentioned much in the threads so I figured I'd start a thread on it.
    Is it everyone's dirty little secret?


    I see people getting excited about 14% and 15% APR on coins but nothing about the 140%APR for staking cake.


    Do people simply not know or just have little faith in it that they don't do it.
    I currently have 432 cake staked on Beefy finance for 148%APR


    If you haven't looked at it then its a good incentive to grab a bag of it.


    If anyone has looked and decided not to I'd love to hear why its not tempting.
    Maybe I'm missing something.


    Anyone else currently staking?

    staying away from it as the CEO is the good Dr Hosp or perhaps the bad doctor ha. Wouldn't trust him after the Tenx fiasco and other allegations. Personally i stake Dot, also looking into ICX, bit of a dino project but looks solid, a few others on my radar too but just Dot for the moment!


  • Registered Users Posts: 7,884 ✭✭✭ Unearthly


    Cake has been my best performer this cycle.

    Have a bit of concern that it might lose a lot of market share when Ethereum fix the gas fee issues so Uniswap is cheaper but for now it's a bit of a goldmine


  • Registered Users Posts: 153 ✭✭ Jackben75


    Unearthly wrote: »
    Cake has been my best performer this cycle.

    Have a bit of concern that it might lose a lot of market share when Ethereum fix the gas fee issues so Uniswap is cheaper but for now it's a bit of a goldmine

    yeah no doubt it is doing well, be careful though, yer man is a snake, gives the impression butter wouldn't melt in his mouth but there are many like him in crypto ha

    * and congrats


  • Registered Users Posts: 7,884 ✭✭✭ Unearthly


    Jackben75 wrote: »
    yeah no doubt it is doing well, be careful though, yer man is a snake, gives the impression butter wouldn't melt in his mouth but there are many like him in crypto ha

    * and congrats

    Ah sure the Wild West part of crypto is part of the thrill :p


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    Jackben75 wrote: »
    yeah no doubt it is doing well, be careful though, yer man is a snake, gives the impression butter wouldn't melt in his mouth but there are many like him in crypto ha

    * and congrats


    I cant see much about this other than he was involved in an MLM company.
    If you have a good overview I'd like to see it (Genuinely)
    I wasn't aware of his issues and now that I've checked I'm not sure its a big concern (For me at least)


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  • Registered Users Posts: 5,672 ✭✭✭ seannash


    Unearthly wrote: »
    Cake has been my best performer this cycle.

    Have a bit of concern that it might lose a lot of market share when Ethereum fix the gas fee issues so Uniswap is cheaper but for now it's a bit of a goldmine


    I still think the ease at which you can launch on BSC is its biggest strength and also weakness (Look at all the ****coins about on BSC)
    Plus I don't think Binance are sitting still on advancements.


  • Registered Users Posts: 153 ✭✭ Jackben75


    seannash wrote: »
    I cant see much about this other than he was involved in an MLM company.
    If you have a good overview I'd like to see it (Genuinely)
    I wasn't aware of his issues and now that I've checked I'm not sure its a big concern (For me at least)

    Google Julian Hosp Tenx, or reddit etc, bound to have information on it. He literally walked away from Tenx within a few days, out of the blue, no doubt he already sold much of his holding. Living it large in his penthouse in Singapore. That's the way it is/ was, up to you, do as you please. I certainly won't be investing. Also, fyi Amer Rosic is a partner from blockgeeks, wonder if they coded it. His also full of s**t and has virtually disappeared from youtube since the bull run. I trust neither but all the best!


    edit: here he is making his case or maybe excuses, same ol spin (my opinion)!

    https://www.youtube.com/watch?v=oVDoZV9xndM


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    Jackben75 wrote: »
    Google Julian Hosp Tenx, or reddit etc, bound to have information on it. He literally walked away from Tenx within a few days, out of the blue, no doubt he already sold much of his holding. Living it large in his penthouse in Singapore. That's the way it is/ was, up to you, do as you please. I certainly won't be investing. Also, fyi Amer Rosic is a partner from blockgeeks, wonder if they coded it. His also full of s**t and has virtually disappeared from youtube since the bull run. I trust neither but all the best!


    I read that, but I think the project was still running when he left. I think he made it known he resigned. My take on it was its like what Charlie lee did with litecoin where he sold his stack and walked away and someone else is running it now.
    I mean I get it, he dumped them near the all time high, what do people expect him to do though. Hes been fired, he has tenx coins so he sells them?


    I'm not making light of the accusations but I dont find it all that damning either.
    As for Amer Rosic, you've lost me there. I've no idea who he is or what hes done to be honest.


    I honestly think that at this stage PCS is almost too big to fail. they are making a fortune with transaction fees so to jeopardize it seems a bit foolish.

    Obviously if the market turns and ETH 2.0 gobbles up the BSC market then I'd be concerned but for now I think its a safe enough bet.


  • Registered Users Posts: 153 ✭✭ Jackben75


    seannash wrote: »
    I read that, but I think the project was still running when he left. I think he made it known he resigned. My take on it was its like what Charlie lee did with litecoin where he sold his stack and walked away and someone else is running it now.
    I mean I get it, he dumped them near the all time high, what do people expect him to do though. Hes been fired, he has tenx coins so he sells them?


    I'm not making light of the accusations but I dont find it all that damning either.
    As for Amer Rosic, you've lost me there. I've no idea who he is or what hes done to be honest.


    I honestly think that at this stage PCS is almost too big to fail. they are making a fortune with transaction fees so to jeopardize it seems a bit foolish.

    Obviously if the market turns and ETH 2.0 gobbles up the BSC market then I'd be concerned but for now I think its a safe enough bet.


    as i said up to you, be careful. Clearly you have an interest in it to do well. I have an interest in others to do well, like Dot, which i stake so we could go around in circles all day. My opinion is Hosp is not to be trusted, i Anyway, go for it and good luck, hope you make a bunch!


  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat


    I had cake staking also at 3 dollars but have moved on since. Its just my risk strategy.

    Staking returns in a project such as dot is much lower but you can definetly sleep better at night. Defi is not for everyone.

    I'm one of those that buys a big cap and just happy to sit on it. 12% Apy is certainly not shabby


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  • Registered Users Posts: 55 ✭✭ ConseyMan


    Jackben75 wrote: »
    Google Julian Hosp Tenx, or reddit etc, bound to have information on it. He literally walked away from Tenx within a few days, out of the blue, no doubt he already sold much of his holding. Living it large in his penthouse in Singapore. That's the way it is/ was, up to you, do as you please. I certainly won't be investing. Also, fyi Amer Rosic is a partner from blockgeeks, wonder if they coded it. His also full of s**t and has virtually disappeared from youtube since the bull run. I trust neither but all the best!


    edit: here he is making his case or maybe excuses, same ol spin (my opinion)!

    https://www.youtube.com/watch?v=oVDoZV9xndM

    Lads yer right and Wrong.
    CAKE is the token from Pancake swap.
    CAKE Defi and DeFi Chain are the one's that Dr. Julian Hosp is all over. And that guy makes my skin crawl
    https://fintelegram.org/tag/julian-hosp/
    I was over on reddit and i posted that on both subreddits, caused a **** storm and got banned off both reddits.


  • Registered Users Posts: 55 ✭✭ ConseyMan


    And he was involved in a multi level marketing scheme which is a tweaked ponzi scheme. Made millions in asia with it then jump just before things went bad,
    https://telegra.ph/The-REAL-Facts-around-Julian-Hosp-TenX-and-false-Lyoness-scam-accussations-10-05
    And he was a professional kite surfer, and he became a doctor, and he ruined tenX, and now he's up to something over in CakeDefi. It's supposed to be a Defi ecosystem built on bitcoin. You need to supply KYC to join. How can it be DeFi if you need to provide KYC. Bet it's just a front for his day trading.
    Some people were complaining that their yield didn't make sense, i published that, then all these trolls started down voting us and next thing we were banned.


  • Registered Users Posts: 55 ✭✭ ConseyMan


    Strange token burns to drive the price up, constant harping on about how it was DeFi and a community. I accused it of being a scam or a cult, one or the other.
    He's got another much bigger scandal in him than TenX.


  • Registered Users Posts: 55 ✭✭ ConseyMan


    I think it was him who kicked me off coz he had this huge prepared legal argument about MLM schemes, i'll see if i can get it.


  • Registered Users Posts: 55 ✭✭ ConseyMan


    I got a screen grab but no boards.ie won't let me post it... 505 error.


  • Registered Users Posts: 55 ✭✭ ConseyMan


    Yea, CAKE is PanCake Swap
    https://exchange.pancakeswap.finance/#/swap

    The Binance smart chain copy and paste of uniswap.
    Totally different.


  • Registered Users Posts: 865 ✭✭✭ suave.4u


    I am investing cake in autofarm and pancake.bunny. Both are doing good. cake is expected to reach 100 eur by year end, hopefully


  • Registered Users Posts: 153 ✭✭ Jackben75


    ConseyMan wrote: »
    Lads yer right and Wrong.
    CAKE is the token from Pancake swap.
    CAKE Defi and DeFi Chain are the one's that Dr. Julian Hosp is all over. And that guy makes my skin crawl
    https://fintelegram.org/tag/julian-hosp/
    I was over on reddit and i posted that on both subreddits, caused a **** storm and got banned off both reddits.

    hmm i got banned from Cake twitter when i asked was Hosp involved, as i actually was interested in it. so i am pretty sure he is


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    Jackben75 wrote: »
    hmm i got banned from Cake twitter when i asked was Hosp involved, as i actually was interested in it. so i am pretty sure he is


    I'll be hoenst I never heard of that name associated with it before you mentioned it. I assumed youw ere correct so I went digging but didn't get much


  • Registered Users Posts: 55 ✭✭ ConseyMan


    Hi Guys i hate to be pain and i imagine that the OP did not intend this as the subject of the thread when he started it, but i believe this is important to clarify

    This is Cake Defi, the brain child of Dr. Julian Hosp, who as discussed earlier is little more than a snake in the crypto grass
    https://www.cakedefi.com/
    he uses this blockchain which he claims is a decentralized blockchain built on Bitcoin.
    https://defichain.com/
    I'm no expert but Bitcoin has resisted the defi due to it's design and no one has managed to integrate it into Defi directly yet, but i could be wrong.

    This is CAKE, the bep 20 token of the AMM Dex Pancakeswap
    https://coinmarketcap.com/currencies/pancakeswap/

    a little ex-plainer here
    https://academy.ivanontech.com/blog/defi-deep-dive-what-is-pancakeswap-and-the-cake-token

    There is no doubt in my mind that Hosp, being the confidence trickster he is, picked the name CAKEDefi in order to ride in on the coat tails of Pancakeswap and the general nomenclature used by decentralized finance, which is heavy with food names. As i mentioned earlier KYC is needed to go on Hosp's CakeDefi, thus it can't be decentralised and alarm bells should be going off for anyone who knows what their doing, but probably not the new comers to the scene, which are Hosps target. Which are indeed the target of multiple fraudsters in the sector, i.e. Ponzi /meme ****coins like Cumrocket and safemoon.

    I just want to make sure that everyone understands what i'm saying because, this Hosp is pulling a fast one and when this latest Bull run/ Bubble pops, i'm betting the good doctor will have made a lot of money again and left a ruin behind him, with the little guy taking all the pain. As usually happens.

    I presume Jackben75 you were kicked off CakeDefi twitter, Is that correct?
    I presume suave.4u you are investing CAKE, the BEP 20 token on pancake bunny, Is that correct?
    I presume OP seannash, you are investing the BEP 20 token CAKE on pancake swap and have avoided this Shyster Hosp? I'm also sure this wasn't the intention you had when you started this thread and i apologize.

    Sorry for the long post, but this is important.


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  • Registered Users Posts: 55 ✭✭ ConseyMan


    seannash wrote: »
    I haven't really seen this mentioned much in the threads so I figured I'd start a thread on it.
    Is it everyone's dirty little secret?


    I see people getting excited about 14% and 15% APR on coins but nothing about the 140%APR for staking cake.


    Do people simply not know or just have little faith in it that they don't do it.
    I currently have 432 cake staked on Beefy finance for 148%APR


    If you haven't looked at it then its a good incentive to grab a bag of it.


    If anyone has looked and decided not to I'd love to hear why its not tempting.
    Maybe I'm missing something.


    Anyone else currently staking?

    I think an important thing to remember is that in general, more yield for more risk.
    Pankake swap is a DEX AMM and thus prone to rugpulls and hacks, wild market panics. Add to this the fact that your also speculating on the CAKE token which is currently about €30, that could be €0.30 tomorrow, but i suppose the same could be said of any crypto. Your yiel will sctually be in CAKE, not Euro's or BTC.

    Other more centralized options, Celcius, Nexo, Binance there are many have more control. Thus should be safer and thus yield is lower.

    With all these one has to remember that we are at the cutting edge of a Nascent Fintech industry with little government or regulatory backing and thus on our own. I'm betting a lotr of these Dexs Cexs and their tokens won't be around in 2 years let alone 5 or 10 years. Everyone has to be careful.
    Incidently the only actual Crypto bank is Kraken. Their registered as an actual bank in Wyoming and thus has US banking regulation including the security and regulatory obligations that come with it.
    https://decrypt.co/42077/kraken-first-us-crypto-bank-heres-why-matters
    here are there staking rewards, remember these are both there onchain and offchain yield
    https://www.kraken.com/en-us/features/staking-coins

    Hmm, 1.5% on the Euro and 0.25% on Btc, interesting considering my main point.

    So more security = lower yield
    More risk = higher yield.

    I welcome all corrections and any putting me straight.


  • Registered Users Posts: 153 ✭✭ Jackben75


    Yes i am blocked by cakedefi not pancake swap, apologies so i could well of made a mistake. Hosp is going around wearing Cake tops and s**t. Unbelievable but still staying away from Cake just in case and there is little information around the dev team and ceo in general.

    I wish you well and good luck, looks like i made a mistake, cheers


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    ConseyMan wrote: »
    I think an important thing to remember is that in general, more yield for more risk.
    Pankake swap is a DEX AMM and thus prone to rugpulls and hacks, wild market panics. Add to this the fact that your also speculating on the CAKE token which is currently about €30, that could be €0.30 tomorrow, but i suppose the same could be said of any crypto. Your yiel will sctually be in CAKE, not Euro's or BTC.

    Other more centralized options, Celcius, Nexo, Binance there are many have more control. Thus should be safer and thus yield is lower.

    With all these one has to remember that we are at the cutting edge of a Nascent Fintech industry with little government or regulatory backing and thus on our own. I'm betting a lotr of these Dexs Cexs and their tokens won't be around in 2 years let alone 5 or 10 years. Everyone has to be careful.
    Incidently the only actual Crypto bank is Kraken. Their registered as an actual bank in Wyoming and thus has US banking regulation including the security and regulatory obligations that come with it.
    https://decrypt.co/42077/kraken-first-us-crypto-bank-heres-why-matters
    here are there staking rewards, remember these are both there onchain and offchain yield
    https://www.kraken.com/en-us/features/staking-coins

    Hmm, 1.5% on the Euro and 0.25% on Btc, interesting considering my main point.

    So more security = lower yield
    More risk = higher yield.

    I welcome all corrections and any putting me straight.


    Most staking is rewarded with native tokens who are all subject to market crashes. For example if Cardano is found out to be a ghost chain it can go to zero also.
    I dont see Cake as any less risk. Also you can stake USDT, BUSD and other stable coins in Autofarm and others for 40% returns which wouldn't subject to market swings in theory.
    I agree with you though that they may not be around for the long haul.


  • Registered Users Posts: 153 ✭✭ Jackben75


    seannash wrote: »
    Most staking is rewarded with native tokens who are all subject to market crashes. For example if Cardano is found out to be a ghost chain it can go to zero also.
    I dont see Cake as any less risk. Also you can stake USDT, BUSD and other stable coins in Autofarm and others for 40% returns which wouldn't subject to market swings in theory.
    I agree with you though that they may not be around for the long haul.

    indeed, to be honest i also question the percentage return, obviously extremely generous and long term liquidity but yeah, get in, get out :pac:


  • Registered Users Posts: 7,884 ✭✭✭ Unearthly


    Jackben75 wrote: »
    indeed, to be honest i also question the percentage return, obviously extremely generous and long term liquidity but yeah, get in, get out :pac:

    Since it's a relatively new crypto it has a lot of the supply not yet released so they can be generous with the rewards

    They have regular burn of the tokens to make it deflationary.

    I wonder how dex's can attract people to provide liquidity when all the tokens have been released. At the moment I'm happy to yield farm liquidity as I get high APR but once that dries up I'll be getting out


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