9 ms·

This also seems to be affecting Gemini Earn customers https://twitter.com/lawmaster/status/1592870524941922305 https://twitter.com/lawmaster/status/15928705249

• BLanen 4y ago
  Gemini saying "yea uh you had to read the fine print and it's not actually us" is a hilarious copout and cryptobros repeating the line HAHA
  • PretzelPirate 4y ago
    I did read the fine print when looking into this which clearly stated the loans were high risk and you may not get back any of your money. I have reasonable risk management and decided the returns weren't worth the risk, but it seems that many people either have worse risk management or were desperate to better their financial situation and saw a high-risk bet as the only option. I hope we haven't raised people with such poor risk management, so I wonder if people are desperate to gamble because they don't see a better solution.
  • Animats 4y ago
    The fine print: "Gemini is partnering with accredited third party borrowers including Genesis, who are vetted through a risk management framework which reviews our partners’ collateralization management process." Over at Genesis, there's this news article: "Crypto lender Genesis accepts NFTs as collateral for loans" [1] or [2]. That's in the Financial Times today. Does this mean that on the same day, Genesis stopped withdrawals and started accepting NFTs as collateral? What this seems to say is that Genesis borrows money at a high interest rate and lends it out on even riskier loans. What could possibly go wrong? Or, more to the point, what has already gone wrong? [1] https://www.ft.com/content/ce600e79-93cf-40c8-928c-e9bbd66072c7 https://www.ft.com/content/ce600e79-93cf-40c8-928c-e9bbd6607... [2] https://archive.ph/8e4LJ https://archive.ph/8e4LJ