Ask HN: How do people make money in the cryptocurrency industry?

Re:Ask HN: How do people make money in the cryptocurrency in... by dhruvkar on Saturday December 05, 2020 @01:42PM (#25317055)

One way that I made money was lending cryptocurrency through DeFi platforms.

Basically:

- Buy DAI (which is ~1DAI to 1USD) through any platform (e.g.Coinbase)

- Transfer to your local wallet (e.g. Metamask).

- Then lend it on one of these exchanges [0].

One exchange that's not on the list https://app.fulcrum.trade/lend has a higher interest rate (probably because they're trying to get users as they were hacked earlier this year).

Last 2 months I held DAI in Fulcrum and I made about 2.5% on my money. Also holding ETH for the last 6 months, which has paid off by sheer luck.

[0] https://defipulse.com/income

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Re:Ask HN: How do people make money in the cryptocurrency in... by ficklepickle on Saturday December 05, 2020 @04:30PM (#25318575)

This is the only sensible scheme in this whole thread.

2.5% in 2 mos is 15.97% annualized. Very respectable return. Can you keep that up for a year?

If so, you should repackage it and turn it into a ponzi. /s

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Re:Ask HN: How do people make money in the cryptocurrency in... by dhruvkar on Sunday December 06, 2020 @01:51AM (#25321682)

In the ~3 months I've followed DeFi, the interest rates are anywhere from 6% to 50%. I'd guess the average is about 10%, but it's too new to say.

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