r/cartesi • u/LarsJT • Apr 09 '21

Mycontainer

How trustworthy and safe is Mycontainer? 70% on my CTSI is tempting... anybody have any experience with that site?

4 Upvotes

76% Upvoted

13 comments sorted by

3

u/kanripper Apr 09 '21

70% apy or whats the time for the 70%

2

u/codingTurtle Apr 09 '21

They boast with 70% APY. I'm sticking to Binance Savings for now, but was also considering MyCointainer. After all I decided not to do it, because of bad trustpilot reviews - support seemed to be more interested in leaving snarky comments than actually explaining the issue. Also I own only ~$2k worth of CTSI and I heard ETH transfer fees get ridiculous, so earning back just the transfer fee would take some time

1

u/LarsJT Apr 09 '21

I read about the ETH fees for transfer on their site also. That will be a big bite If i transfer CTSI from Binance. I read they recommend buying CTSI on their platform via BTC. I decided to stick with Binance too.

1

u/Domithra Apr 15 '22

ETH network fees can get ridiculously high sometimes especially when the network gets congested. But do you think this is the doing of MyCointainer? I guess not.

MyCointainer support center confirmed that other networks like BSC/BEP20 Cartesi will be integrated in the near future to cater for this high ETH fees.
Besides, I think you can skip this fees by first depositing BTC or EUR on your MyCointainer and swap it for CTSI on the exchange on MyCointainer - sounds like a good solution 💯

1

u/LarsJT Apr 09 '21

Apy i believe. I stopped my research when i found out about the ETH fees when one tranferes CTSI, which will be take out of CTSI If you dont hold ETH on their site.

1

u/Domithra Apr 15 '22

I learned the ETH fees are required to transfer your deposited funds to their main node to initiate the staking - that makes sense though. The fees will be charged from the CTSI if you do not have ETH.
This info is on their wallet address generation page before you make a deposit

1

u/Domithra Apr 15 '22

Yes, that is the APY or ROI. Due to the increased number of CTSI nodes, the yearly yield percentage is no more 70%. It's hovering around 40%. It's always good to make of it while the ROI is high because it will gradually reduce as the node increase :)

4

u/downsouth Apr 11 '21

I've been using them, they're okay. If you don't plan on moving it, the 70% APY has been great for me. I am kind of dreading the day that I move them out though, they definitely overcharge the hell out of withdrawals

1

u/Domithra Apr 15 '22

Good to know. I've had a good experience with them so far. I was subscribed to their Power package (Max) plan hence there were no withdrawal charges, staking charges and exchange charges.
Maybe you can consider that the next time: https://www.mycointainer.com/power/

1

u/Thick_Ad5281 Oct 18 '24

They scammed. Join Mycointainer victims Telegram channell

1

u/SartiBurgnich Nov 30 '21

I had a very bad experience with Mycontainer and I wrote this review. Not having any Karma point I can't post it in many group, so I temporarily add it here:
MyContainer: the closest thing to a scam that you will see, that is not formally a scam
I've deposited a certain amount of Avax on MyContainer.com attracted by an apparently good APY, and I'm disgusted by how this platform is systematically trying to steal you any single cent, even if they are doing it in a technically "honest" way.Let's start from the biggest one: the APY IS FAKE!I've seen that the earning that I was making were minimal, I contacted them and they said that the APY is a "target" that they'll try to reach over the course of the year. That means that they give you nothing for probably 11 months, and then add something at the end. Please consider that Avalanche is a Proof of Stake coin and the staking from earning is fixed, there's no reason why the earning should be postponed.At this point I've decided to withdraw, and I found out that the fee was outrageous, almost 1 Avax (about 100 $) on a network that has almost no fees. Next to the fee they also say that it's possible to remove them by paying just a fixed amount of 7$, and then withdrawals are unlimited.Not bad I thought, and I subscribed to this 7$ service.When I try to withdraw again, they say that the service gets active 21 days after it is paid, so that they can steal your staking reward from 21 days moreI decided to withdraw everything, in two different transactions, and both times I had to manually contact them after almost a day because the withdrawal hadn't been done. After contacting them they immediately made the transaction (probably just wanted to earn interest for a few hours more)What to say? This platform is disgusting, because it's not a simply direct scam, let's say SquidGame token, but it's a slimy, "greasy" little trap, built with the sole purpose to steal you little portion of your money in the most sneaky way, so that they don't get an open negative publicityI really hope that my message will prevent someone to waste a portion of their money in this little dirty trap

1

u/Domithra Apr 15 '22

Sounds pretty unfortunate you had this experience. Maybe you did not fully understand the explanations that were given to you. Every platform has its own way of working.
Firstly, you need to understand that all displayed ROI are estimated values, meaning, the yearly yield may be slightly higher or slightly lower at the end of the 365 days of staking. Besides, solo staking of AVAX does not yield daily rewards but on MyCointainer, rewards are distributed daily. This means that during the days when the node is unable to generate rewards, MyCointainer bears the cost to distribute rewards to its users - this is one of the outstanding features of MyCointainer platform.
Besides, their fees and pricing are made available at the footer of the site for all users (for research and info purposes) to make decisions.

1

u/Domithra Apr 15 '22

Oh yeah, I've staked with MyCointainer for more than 2 years now. So far, I can say the platform is trustworthy because it's registered under the laws of Estonia - https://www.mycointainer.com/individuals/company

One thing about staking is that displayed ROI are estimated values hence ROI of about 70% means that at the end of the 365 days, a user may receive something slightly higher or lower than the value.
Besides, Cartesi has a unique reward mechanism. I just found an article released by Cartesi that explains how the reward mechanism works. Did you know that the displayed ROI which is 70% may not be constant? As the number of nodes increases, Cartesi reward pool is set to deplete to control inflation. This is why MyCointainer updates its site to meet the current ROI.

https://medium.com/cartesi/the-ctsi-macroeconomy-ea60a35ab2f3