Lazy mans guide: Staking your Decred (DCR). by rouse

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decred · @rouse · Jun 15 '17 (edited)

$0.36

Lazy mans guide: Staking your Decred (DCR).

<html>
<h1>Are you one of those people who does not know shit about the command lines; or know just a little, but can not be arsed to learn more? :P</h1>
<h1>Me too...</h1>
<p><img src="https://preview.ibb.co/bPyexa/donut.jpg" width="640" height="569"/></p>
<h1>Do you know the concept behind PoS staking?</h1>
<h3>Lock up money -----&gt; wait... -----&gt; Receive money back + interests</h3>
<p>Simple. Right?</p>
<p><strong>Check how much you can earn staking DCR</strong><a href="http://www.posmaster.info"><strong> http://www.posmaster.info</strong></a></p>
<p><img src="https://image.ibb.co/jD1A3F/Captura_de_pantalla_2017_06_09_a_las_13_36_31.png" width="540" height="100"/></p>
<h1>Are you one of those lazy people who do not want lengthy guides explaining all details?</h1>
<h1>Me too...</h1>
<h1>Then this guide is for you!&nbsp;</h1>
<h1>The lazy man´s guide to staking DCR:</h1>
<ol>
  <li>Download the nice and new GUI wallet "<a href="https://forum.decred.org/threads/dd-23-v1-0-3-06-09-17.5414/">Decrediton (OSx) or Paymetheus (Windows)</a>". Was released today!</li>
  <li>I am lazy. All lazy people use OSx. Therefore this guide is about Decrediton!</li>
  <li>Install it and generate a wallet. While you are syncing the blockchain; you need to find a stakepool.</li>
  <li><a href="https://docs.decred.org/mining/proof-of-stake/#list-of-stakepools">Stakepools are found here </a>. Register on one of those pools and find your API key. Copy it.</li>
</ol>
<p><strong>Now we need to purchase tickets.</strong></p>
<ol>
  <li>Go to Decrediton and switch to the "Purchase tickets" tab.</li>
  <li>Select your pool and paste your API-key in there.</li>
  <li>Now your stakepool is connected to your Decrediton wallet!</li>
</ol>
<p>Then you will see the ticket price: It changes sometimes. Don´t worry. You get everything back.</p>
<p><img src="https://preview.ibb.co/dYjV3F/Captura_de_pantalla_2017_06_09_a_las_13_36_05.png" width="640" height="194"/></p>
<p>More statistics about ticket price and DCR in general: <a href="https://dcrstats.com">https://dcrstats.com</a></p>
<ol>
  <li>Default <strong>"Ticket Fee"</strong> is 0.01 DCR/kb. If you want to pay more and have more probability to get a mature ticket, then adjust this up.</li>
  <li>Choose your number of tickets: and click "Purchase".</li>
</ol>
<p><img src="https://preview.ibb.co/kTsuVv/Captura_de_pantalla_2017_06_09_a_las_13_35_50.png" width="640" height="261"/></p>
<h1>Wow! That was fast. You finally staked your DCR!</h1>
<p>Now, if you want to see the transaction and the amount staked, you must go to your Stake pool, and check your ticket.</p>
<p>Or use Decrediton (go to History) to see the latest transaction and lookup the transaction ID on: https://mainnet.decred.org</p>
<p>The DCRs are now locked up for an average of 1 month, but it can be half a year.</p>
<h1>If you want to vote with your ticket; just click on "Vote Settings". Simple!</h1>
<p>Wait... Vote?</p>
<h3>Yes. Decred gives the power of voting to their token holders as well as the miners. It is more democratic than Bitcoin and Litecoin, and any other coin out there. Duh!</h3>
<p><br></p>
<p><img src="https://preview.ibb.co/bJUxiF/Captura_de_pantalla_2017_06_09_a_las_13_36_45.png" width="640" height="269"/></p>
<p>Check voting status here: <a href="https://voting.decred.org">https://voting.decred.org</a></p>
</html>

👍 introvert-dime, aeico, steemgold, alexoz, mengmeng, brakan, jonas91, jiggytom, bedroomshaman, rouse, anwarabdullah, inarix03, everyway, kevdev, c0inblokes, roadfighter, arqsf, eric.barrows, h3o2honeycomb, mysteir, kill4pwny, donger, najs1crypto, majinbuu, nicko, keavenen, beatljuice, jackliver, renk

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@cmh · Jun 18 '17 (edited)

A few things that were not very clear after following your guide was the actual purchase of the ticket.  It is nowhere obvious here or even in the decred.org info that one must obtain at least the actual amount of DCR for the ticket price to purchase(Although this may seem obvious in and of itself, the term purchase is misleading as you are not actually purchasing as in exchanging funds for the ticket unless you win and then it seems you get some reward/interest, still not clear).  In your example 50.2539 and current price of DCR 31 = $1,557.75.  For a lazy rich person who is experienced in having large sums of crytpo this is a great guide lacking some detail.  For a cautious layman to crypto this is lacking some basic obviousness that should be mentioned.  For instance how to obtain the DCR prior to the ticket purchase, which for the most part the easiest way would be to buy bitcoin, litecoin, etherium in coinbase via credit card and then shapeshift.io to DCR.  But beware the typical DCR ticket price ranges from 120+ to 37ish.  So if you choose to buy a ticket at 120 at a price with DCR  at $30 would be $3,600 locked up.  The benefits and potential return as well as the votes and giving your votes to the pool are not addressed as well.

None the less thank you for your nice looking guide and the info.  I ended up regretfully spending a few hours going down this path before realizing I was not willing to tie up a few thousand dollars staking any DCR.

👍 roadfighter, ferdinandlee, eric.barrows, bleksneyk, davidaarong

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@rouse · Jun 18 '17 (edited)

Hehe, I think I was too lazy to do that, haha!!
This is for people who know crypto and have enough money to buy the tickets.
Or "Reserve" money into tickets, (which is staking).

👍 keavenen

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@cmh · Jun 18 '17

Thanks.  I had moved money from Litecoin to DCR to attempt to by the ticket/s and had done it right at the start of the massive move up in Litecoin and was just watching as it shot up and the DCR was pretty stagnant and then realized I didn't even have enough to get the ticket... good times.

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@evanesss · Sep 13 '18

this is a good one, more promising things to watch out with degred and I found out it youtube video I think good news also with us investors because another exchanges adopted the project and they can start trading decred now .
https://www.youtube.com/watch?v=hIdP2CXE8qI

👍 roadfighter

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@everyway · Jun 9 '17

Decred looks very promising.

👍 brakan, rouse, kill4pwny

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@introvert-dime · Jun 10 '17

$0.28

DCR gives one of the highest returns on investments, more than 30% per year!
I don't remember any other coin with a limited cap on coins does that.

👍 introvert-dime, cmh, kill4pwny, rouse

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@orizon · Jan 21 '18

Sure, spending your life savings on DECRED might have been the best thing you’ve EVER done…

But you made the bought DCR, you did it with one thing in mind… SHOOTING FOR THE MOON.
DCR has that 10X factor, which you will have to when you wear this shirt in public. You will get the attention of others HODLing DCR, and their girlfriends.

This comfy 100% cotton shirt can be shipped out in a few days.

Check - https://shirtspice.com/collections/cryptocurrency-t-shirts/products/decred-boom-to-the-moon-shirt

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@salinapate011714 · Sep 8 '17

Great discussion point. Same thoughts here. The decision to buy a coin should be based on real analysis of the coin. I found that people keep buying coins without have any knowledge of them. This is considered high risk.  I found this great website: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more.  On:  https://www.coincheckup.com/coins/Decred#analysis For a complete Decred Research report.

👍 roadfighter, foreign-oy
👎 donger

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