don't bother with yield farms unless you want to get WRECKED and lose all your money. the minority can and will make money with them but the majority? haha i don't think so.
don't go for the quick buck because that will never sustain you for a lifetime. go for the boring long term and responsible way to make money online....especially with crypto where everyone and their mother is trying to figure out a way to crack the system to make crazy money and scam everyone else out of theirs.
Yield farming is completely fine if you don't just ape in
no. it actually isn't fine. what makes you think yield farming is safe and fine? even with risk management and money managment, you have very little control which makes it even worse
yield farming is one of those new tech hyip and pyramid scheme just shown in a different way with crypto. people need to stay away from this shit or risk losing everything.
people will promote this shit because that's how they make their money. you need more money coming in than going out. it's eventually a losing proposition and will ultimately fail
when yield farming first came out, even these well known youtubers would talk about them and promote them. where are they now? they don't talk about them anymore because they figured out exactly what they are. this makes it worse to invest your money when people are talking about them less because less money is going to enter
sure! if you got like 10k in your portfolio, you can afford to dump $100 in one for shits and giggles but people shouldn't see this as any sort of investment or even short term get rich quick idea.
The trouble with this type of thing is that it is completely unregulated, so it is a perfect haven for ponzi scammers. When you invest in a Yield Farm, you have no way of knowing whether the people running the website are just going to take off with your money at some point. And if they do, you have no come-back.
For passive crypto returns, it is better to stick to websites like Nexo which protect your capital with a surety. The APY is lower, but still very reasonable on these websites, and you do not have to worry about losing all your funds.
If you do try Yield Farming, only invest money you don't need and be aware that it is extremely high risk.
These are cleary designed ponzis, that been said there is a lot of opportunity to make goooood money with them. Just have to be careful and play with money you willing to lose.
Thank you. Link still works.
Thanks and repped, spindle!