#1640 - Q&A: How does "yield farming" work?
Side Hustle School
Chris Guillebeau
4.7 • 3.3K Ratings
🗓️ 28 June 2021
⏱️ ? minutes
🧾️ Download transcript
Summary
Did you know you can earn interest (sometimes at very high rates) for “staking” digital currencies? It’s a wild world full of risk, volatility, and—for some—potential.
Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week. 🎧
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Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
Show notes: SideHustleSchool.com
Email: team@sidehustleschool.com
Be on the show: SideHustleSchool.com/questions
Connect on Instagram: @193countries
Visit Chris's main site: ChrisGuillebeau.com
Read A Year of Mental Health: yearofmentalhealth.com
If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼
Hosted on Acast. See acast.com/privacy for more information.
Transcript
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| 0:00.0 | Hey, what's up? Welcome to Sideosal School. This is your host, Chris Gellibot. |
| 0:09.6 | Now, there are new opportunities in the new economy. |
| 0:12.9 | So many, in fact, that I'm starting to call it the new new economy, or maybe the new, |
| 0:17.0 | new new new. But then we're just getting so meta. But especially in response to all the |
| 0:21.9 | stuff happening with NFTs and decentralized finance and markets in just about everything. |
| 0:27.7 | Now, if you don't know how this works, it's okay because nobody knows how it works, right? |
| 0:31.8 | Everybody's just kind of pretending. But with that in mind, have you heard of yield farming? |
| 0:36.4 | That's what we're talking about today, yield farming. I had never heard of this until recently. |
| 0:41.0 | So if you're like, what is that? Well, you're not alone. But it's super interesting. So a listener |
| 0:46.1 | here is wondering how it works and how to profit from it, yield farming. I've done some research. |
| 0:50.8 | I went deep into the fields and drove a tractor. And as I said, it's pretty interesting. It's a |
| 0:55.7 | wild world, a world of volatility, of risk, and at least for some profit. Okay. So how does a |
| 1:02.5 | yield farming work? What in the world are we even talking about? That's what this episode is about. |
| 1:13.2 | Hi, Chris. This is Sasha from Seattle. And I've been listening to the show for a couple of years. |
| 1:17.6 | I've heard that some cryptocurrencies are offering 60 to 80% annual interest, not including whatever |
| 1:23.0 | growth they experience. The people who earned this interest are called yield farmers. And I never |
| 1:28.0 | thought I'd want to be a farmer, but it sounds intriguing. Is there a good place to learn about how it |
| 1:32.6 | works? I missed out on Bitcoin mining back in the day, and now I'm keeping an eye out for opportunities. |
| 1:38.0 | I need something that's easy and doesn't take a lot of money, which is why I listened to |
| 1:41.8 | Side Hustle School. Looking forward to what you have to say about this. Thanks. |
| 1:48.7 | Well, I have been dabbling in the world of digital currencies and blockchain |
| 1:52.4 | for a while, partly just because I think it's interesting, and I've been trying to understand it. |
... |
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