Those that follow my posts are aware that I have a couple of friends copying my every move in crypto. Not exactly or they would be on HIVE, but with regard to staking COTI. Both have ventured into crypto before with absolute failure having bought like most retail when it was fairly high and ended up selling at a loss due to panic setting in. Neither of them listened to me at the time.
The one friend who has been more proactive with his crypto mentioned today he wished he had listened to me sooner and paid closer attention to what I had been doing. Roughly two and a bit years ago I had showed him the staking on the COTI treasury and he did not understand the concept. He admitted that it was beyond his comprehension how this was even possible and was scared to get involved. His words were he thought I must have been smoking something which I do not and being able to understand this was on a completely different level to any crypto investment he had seen before.
Certain crypto is just that far out there especially when you have a blockchain like HIVE. People just do not get it and struggle with the concept of earning through work or actions you do on the blockchain. Maybe the younger generation will understand it more and not be so skeptical like others are.
Most retail investors would never dream about staking on the crypto protocol itself and will just hold their coins on an exchange. Some may stake on the exchange itself, but not even contemplating they could stake it on the chain of that particular crypto token. We may not think we are that far ahead of other crypto investors yet we are by quite some distance with the knowledge we have.
It took him nearly 3 years to get involved staking COTI due to nothing more than a lack of confidence in his abilities. I think we have all been there being slightly overwhelmed at some point because I know I have especially with DeFi. For myself it is a matter of understanding the processes because it is actually quite easy to mess up. I am not that tech savvy which I know the majority of you are and it has definitely held me back.
The funny thing is today he mentioned he know longer thinks I am crazy or "smoking some thing" as he is absolutely loving the crypto staking and earning concept. I think once you see the stake growing daily via the APR then obviously you will enjoy it more because for once in your life you are earning in crypto and moving forwards. This guy is definitely in the 80% who have lost in crypto and these coins being earned daily represent a win. I do think it is more than just a win and a change in mind set knowing that this is possible and is also a genuine way of growing your stake.
I mentioned he is more proactive and has already gone ahead and opened a Pallapay account in Dubai copying my off ramp strategy. Pallapay for a 2% fee will sell your crypto and deposit this into your bank account at a rate of $20K per day or obtain permission to offramp more. This I will do in the coming months as there is no major rush just yet as selling is not on my mind until the market changes drastically.