Poor interest rates compared to other more established competitors like https://celsius.network/
Gemini Earn
11–20 of 51 posts
Re: Gemini Earn
#12PROGRAM RISKS YOUR AVAILABLE DIGITAL ASSETS WILL LEAVE GEMINI'S CUSTODY, AND YOU ACCEPT THE RISK OF LOSS ASSOCIATED WITH LOAN TRANSACTIONS, UP TO AND INCLUDING TOTAL LOSS OF YOUR AVAILABLE DIGITAL ASSETS. Gemini is not a depository institution, and the Program does not offer a depository account. Participating in the Program may put your Digital Assets at risk. Loans made through the Program are unsecured. You have e…
For anyone using similar programs for years, they are the exact same
Nexo
Blockfi
Crypto.com
And Celsius
All have the same inherent limitations for insurance coverage and clauses
At least the autonomous onchain services let you purchase smart contract insurance to reimburse community accepted unexpected behaviors like overflows.
Re: Gemini Earn
#13This is just crypto p2p lending, which is hardly new. Fraud is rampant in this space.
Nobody said it was new. Gemini is announcing they are offering it.
Re: Gemini Earn
#14Interesting development, and nice to see a growing ecosystem of useful cryoto products. BlockFi (use my Referral Code 42040b1c) has better rates, but this Gemini Earn has a bunch of "alt coins" not on BlockFi. BlockFi gives you 6% on BTC, and 8.6% on USDC/GUSD. I have a few grand in BlockFi, and it's nice to get ~30/40 a month from interest. This would be awesome if you want to hold say Filecoin, but also want to ear…
Yeah my favorite thing about CeFi and DeFi is that there is so much room to easily compete by contributing just a different combination of assets, almost infinite permutations possible
Each service offers a few assets, gets comfortable and extremely hard to contact by any other token’s community and loses business to the next service that does offer the token du jour for lending and borrowing.
Total boom town
Re: Gemini Earn
#15[deleted]
Re: Gemini Earn
#16Unavailable past login as far as I can tell...
Re: Gemini Earn
#17Earlier quoted context omitted.
Which is..exactly the same when compared to a bank, a brokerage account, or index fund.
A bank, brokerage account, or index fund would have FDIC or SIPC insurance coverage.
It does not protect if the asset invested in goes down in value.
FDIC is protection against the bank being insolvent.
SIPC does not protect customers against losses from the rise and fall in the market value of investments.
Re: Gemini Earn
#18Can someone more familiar with these types of programs (whether Gemini's or another's) explain how these companies evaluate the trustworthiness of their borrowers?
Given that these loans appear to be unsecured, the last thing I would want is for Gemini to approve someone with my money and have them skip town, metaphorically speaking.
Re: Gemini Earn
#19Earlier quoted context omitted.
Which is..exactly the same when compared to a bank, a brokerage account, or index fund.
Except all of those are insured by the FDIC so there's almost no risk outside of market volatility.
Wrong.
It does not protect if the asset invested in goes down in value.
FDIC is protection against the bank being insolvent.
SIPC does not protect customers against losses from the rise and fall in the market value of investments.
Re: Gemini Earn
#20Earlier quoted context omitted.
Which is..exactly the same when compared to a bank, a brokerage account, or index fund.
Aren't most of those institutions bound by certain laws and insurance requirements?
Not for investments. For regular banking, checking and savings, yes. That's FDIC.
It does not protect if the asset invested in goes down in value.
FDIC is protection against the bank being insolvent.
SIPC does not protect customers against losses from the rise and fall in the market value of investments.