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Cake and DFI too good to be true? or a free way to get rich? - Get $30 of DFI for free
At the start of the year, I signed up to DFI didn't think much else of it transferred over some dash (minimum $50) and got $30 worth of tokens of DFI. the da I bought on January 26th was $2.45.
You had to keep the DFI being staked for 6 months and at the time I thought oooh nice little surprise in 6 months I can sell for 30 dollars. Hey, the price may even go up.
But though hay free money haven't lost anything out as can transfer my dash straight back out and keep my free tokens.
Didnt think anything else of it that is until this week!
Where after reading a couple of articles they are claiming you can now be a millionaire in ten years from holding 161 DFI tokens about $700 worth.
First I can safely say this is extremely unlikely to be the case, but we will see how they came up to that sum. How legitimate it is.
But read on because if nothing else this is a damn fine way of making money, whether you want to freeze it for 1 -10 years and see what comes out the other side or take the cash and run in 6 months.
The offer: How to get some DFI
So for signing up and depositing you get $30 free DFI so step by step lets go through it
1) First of all you just need to sign up to Cake DFI with an email address and password - You will get $20 for signing up without a referral link or an extra $10 of DFI for signing up with my referral link. - Sign up here https://app.cakedefi.com/?ref=919426
Referral code: 919426
Some people have commented that the KYC (Know your customer) for cake is a bit obtrusive and asking a lot. Personally, I think it is the same as opening a bank account, I need to give them more than just my email address and a funky password as some 2-factor authentication. For it to be well managed and secure I think these are needed - That being said I wouldn't dive in and send just anyone willy nilly some personal details of myself. Due to all manner of reasons - But the ones I trust have at it. Nobody wants my identity any way I am an arse.
2) So yeh you will need to then complete the KYC - for this, you will need
Will need your full name, country of residence, mobile number, national ID or passport and proof of address
The following are the acceptable type of residence proof:
Phone or internet bill
Bank statement or bank letter
Electricity, gas, water, or other utility bills
Government-issued documents such as; tax declaration/filing, voter's registration, property tax, newly issued driver's license, etc.
Then you just need to deposit $50 worth of crypto in the cake address
DONT DO ETHEREUM THEY CHARGE A ONE TIME FEE OF $10
I Used dash as it was recommended by someone as being fast and cheap at the time, and I am pretty sure that at the time they didn't accept BCH Bitcoin cash- I would use something with low network fees like dash or BCH.
But you can transfer any of the following into Cake defi -
Bitcoin: No Deposit Fee
DeFiChain: No Deposit Fee
Dash: No Deposit Fee
Litecoin: No Deposit Fee
Dogecoin: No Deposit Fee
Bitcoin Cash: No Deposit Fee
The best thing about this was that as opposed to other money offers in the crypto world you would have to buy some from the platform, with cake defi you have some crypto transfer it over. Then if you don't want to keep it in there you can withdraw it straight away and just keep the free DFI.
4) And that is step 4: $30 of DFI
It should arrive quite quickly into your account. Remember your DFI is locked in for 6 months staking away and then you will either be able to extend or withdraw.
DFI has been on the rise this year since I started it is now above $4 so you can expect to get 6.787 DFI on today's price
Job done easy peasy
Again if interested sign up here..
So what is DFI
"DeFi Blockchain is a decentralized blockchain platform specifically dedicated to enable fast, intelligent, and transparent decentralized financial services, accessible by everyone, everywhere.
Running on a proof-of-stake consensus mechanism, it features proven security and immutability by anchoring its most recent Merkle root to the Bitcoin blockchain every few minutes. The platform also features unparalleled high transaction throughput for all transactions, and reliable decentralized governance, on and off-chain."
Still, relatively new coins were only issued in May 2020.
DFI is used for fee payment for all transactions and smart contracts on DeFiChain.
Fee payment for decentralized exchange transactions
Fee payment for token transfers
Fees payment for DeFi activities:
Lending loan interests payment
The Defi chain is still relatively new, so as always there is no guarantee this is going to take off but it has certainly done well this year
Likely doing well because of their crazy high return on staking at the moment.
Through cake you can stake your DFI and the return at the moment is today at 93.1%, it is not going to stay this high forever, but your coin is going to grow very well over the next 6 months.
You can also earn even more as well if you put your coins in the 'freezer' and they have got a nice little calculator to see how much you could earn
So with your 6.787 coins in 6 months will be worth - $42.04 as you have gained even more.
Then what if you do it for a year = $60.43
3 years = $258.08
5 years = $1,101.11
And the maximum you can put in for is a whopping ten years and that will be $42,115
That right there is the beauty of compound investing
Now that sounds a little too good to be true doesn't it, well to be fair it probably is, that is based on the block reward and the APY is the same for 10 years - it won't!!
So it is a bit deceiving there has been a lot of people saying wow you can be a millionaire with just a few hundred. Well maybe if the price shoots up, then yeh who knows, if you've staked for a few years at a good APY then the price goes through the ceiling then yeh. But if things stay the same they won't.
But think this is free what you have got, so I've put a bit of mine on the freezer for 10 years to see what I could get. Apparently $150,000, I'm not kidding myself it probably won't but who knows.
We must also have faith in the platform as well and all manner of things.
But at the current rates so tempting to put more in for a year or 3 and some even more.
But this is all up to you to do your research, and see what you're comfortable with. I'm not buying much more of it. But the coins that I got were bonus from nothing so why not see if I can grow into something even bigger.
But the basic sign up deposit $50 of crypto and withdraw straight away if so choose to wait 6 months, free DFI win-win - Sign up here to start with $30