If you have read my previous post you might have been able to piece together that one of the things I think is good to do in the current bear market is staking. And I thought I would take this opportunity to share some of my experiences with you.
My approach to Staking
The strategy I am deploying when it comes to staking is the tried and true Divide and Conquer. What's that, not applicable in this situation? Ok, how about this then, just like the Cuckoo bird I do not place all my eggs in the same nest.
And if you do not live in, or know Swedish, the extra layer and joke will have just flown over your head. And the fly and bird one, that is for free as well. ;) In Swedish, the sound the Cuckoo bird makes "ko-ko" is also used to describe someone who is not right in the head. They are a bit ko-ko, so to say. That's all the jokes for tonight, I will be here all week folks.
Cuckoo bird, famous for laying its egg in other birds' nests. And of course, for the sound it makes
When we have the lighthearted part of the post completed, let me explain what I mean. I do not stake everything in one place, and I like to stake different cryptos too. This allows me to have a bit of a safeguard in case of the things that are happening all around us at the current moment. If one place goes caput then the idea is I have other eggs, aka crypto, in other places. Allowing me to not loos everything all at once.
The drawback to this however is that you will have to stake some crypto at rates that are lower than others. As all crypto do not provide the same APR or APY.
The thing I would like to share regarding staking
One of the cryptos I have been looking to stake has been $TRX or Tron. And it went pretty smooth, I was getting daily returns. But then... *cue ominous music* I decided I should convert some more of my mining earnings to $TRX and stake that as well. So I converted this and canceled the staking. The site, I was using to stake on did not allow you to add to your stake.
Now the fun begins...
As I was staking I did not see anything out of the ordinary. But apparently, there was something and by all accounts, it appears I missed it. when I logged back in after a day or two to check the stake and see my mining profit. I noticed that there were no $TRX staked. That was odd. I was sure I staked it. And in the history logs, it is there. But it is not showing up.
I then send a ticket to the support team, asking if they know what has happened to my $TRX?
Apparently, they got "frozen" or some such thing due to some error in the staking process. This meant they were now stuck in limbo. And so far, my attempts to get them unstuck have only been frustrating and infuriating. I don't know how many screenshots of the problem I have sent, or how many times I have cleared the cash in my browser or tried another browser.
Sadly they are still stuck now little over a month later. But there is some chance to get them unstuck still.
So the lesson here, stake carefully, you never know where you will end up I guess. If nothing else I hope you were able to get a little laugh or learn something you otherwise did not know. And if you have some similar staking stories to share please feel free to do so.
And as I said in the previous post, but I appear to have jumped the gun, this will in fact be the last post in this series. And now it will go on a hiatus. But it will be back at a later date when I have more steps to share with you.
If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead. You can find my other posts here and here.
I have also just started a new series of weekly posts, that will go live every Friday. You can catch the previous and ninth step here:
Buying my first crypto - My Journey to Financial Freedom
See you on the interwebs!
Picture provided by: https://pixabay.com/
