First the bad news, your each TELOS in addition becoming also one PARA is no more.
Right when, not so long ago, we were happily celebrating our bunch of PARAs coming with the coming of PARA Explorer, it is no more, but the plan has changed.
See why I tend to categorize these as rumor articles since you never know when everything changes until they really are there, which I actually pretty much thought they were with the existence of Explorer, but seems you can’t trust even that yet.
This turn of events was a bit unfortunate. All this time I told people I knew to stick to TELOS since they are about to receive PARAs in addition to their TELOS, but now in a sudden turn in one short announcement, this changed.
Now the good news however is, that you can still get PARAs, and you still need TELOS to get them.
In addition, it is likely that PARAs are going to be making quite a nice Profit Yield, especially now that some of the original plans that bit worried me are gone and replaced with new ones, or at least looks like it, for I am not sure at all what is the plan with PARAs exactly currently, hence also the status of rumor article for this one too, since what I am about to tell you, is very much a guess game, and either might be wrong or could change by tomorrow.
So how to get these precious PARAs?
Well, first of all, you need an account in Bitdorado, for that is the only place where you can currently mint PARAs.
When you have an account in Bitdorado, you also need TELOS, and some other coin, and they both need to be in Coin & Growth pools.
The system is that you pick how many Euros worth of PARAs you want, and each PARA is one EURO. So you could for example pick 10 EUROs worth of TELOS and 10 EUROs worth of XBTX, and it would result in 20 EUROs worth of PARAs, which is 20 PARAs.
And these TELOS and XBTX would then be reduced from your Coin & Growth pools.
Now do notice it is 10 EUROs worth of TELOS and XBTX, which means with the current market price around 2000 XBTX and about the same amount of TELOS, just to get 10 PARA coins, so with the current low price of XBTX, it really is not worth it to use XBTX, but to rather use some other coin to pair with TELOS.
It is always TELOS and some other coin of the same EUR amount, so you can’t avoid using your TELOS for them.
However, that isn’t necessarily that bad, for this is very much a guess from me, but if I understood right, PARAs value at least partially is dependent upon the value of the coins you use to mint them. That they might be somehow attached to them.
So while TELOS might be a bit low, when in the future TELOS however goes higher, so will PARAs value too, so you might not lose any TELOS value by changing them to PARAs, since PARAs value might be attached to TELOS value to quite a high extent.
Now, what else determines PARAs value, or to what is it even used for, I have no clue. I have completely missed that part of the information and I don’t seem to be only one feeling somewhat confused about what PARA is and other things related to it, but seems like everyone else is minting their PARAs same way as I am, with the point that it is coming from Pascal, so its probably worth getting some at beginning to yield the best profits, although, that reminds me, Pascals original pricing for TELOS was 7 Euro cents…
But, when it comes to PARA, there is a high yield. How much profit it yields depends upon how many coins there are. More coins, less profit. How exactly does that work, your guess is as good as mine.
I just know that when I first time checked that PARA staking page in Bitdorado, it showed over 85 000 percent profit yield per year, and now in a very short time (due to minting) it has already dropped to 10 000 percent APY, and will expectedly drop still much more, but I do guess it will even eventually make a quite nice profit even it will still, of course, drop huge amounts from the current one.
However, do notice there is a bit of a trick here in this APY, for it can easily fool you to look like much higher than it is. Or, it is what it is in APY, but monthly APY is totally different thing. For by quick look I was myself too looking that wow, I will 100 x my PARAs in just one month, but actually, Bitdorado calculates APY based upon Cumulative interest. And when you look it through Cumulative interest, the higher the monthly profit, the multiplicatively higher the APY.
So for example, lets take 100 percent profit a month (that is double the amount each month), when we look this cumulatively, we notice it goes: 100, 200, 400, 800, 1 600, 3 200, 6 400, 12 800, 25 600, 51 200, 102 400, 204 800.
By other words, if you have 100 percent yield per month, then the APY (Annual Profit Yield) is 204 800 percent, which is more than at beginning mentioned 85 000 APY.
From this you can notice, that your money wont be multiplied by 100, or even by 10 in just one month, but actually, it is going to be less than doubled.
However, even with the 10 000 APY, we are still talking of a monthly number of close to 50 percent, so not so bad. And Actually, even with 1 000 APY, we would still be talking of a number of close to 25 percent monthly interest, which still isn’t bad at all, add to this the potential value rise of PARA, and you might actually get your 10 x multiplication or something in somewhat a short time, Could be, still during this year.
Wanna get to the next newest profit yielding thing? PARA is probably the way to go.
