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Well there's the way you see it, and then there's reality. It has always been widely publicized and is crystal clear in the TOS that with Gemini Earn you are n
by SamReidHughes 4y ago
Well there's the way you see it, and then there's reality.
It has always been widely publicized and is crystal clear in the TOS that with Gemini Earn you are not making secured or insured loans, and that Gemini isn't the borrower. Contrast that with something like IBKR's stock yield enhancement program, where IBKR is the borrower, and they absorb risk that the stock doesn't get returned.
- throwaway5959 4y agoCaveat emptor I guess, but all of this stinks pretty bad. Why anyone would trust crypto with any meaningful amount of money going forward is beyond me.
- SparkyMcUnicorn 4y agoHow is this the fault of crypto? Centralized entities made extremely bad decisions and offered unrealistic rates at the risk of their customers funds. Defi has been chugging along just fine, and everyone in Uniswap, Aave, Balancer, Curve, etc. still have all their assets.
- deleted 4y ago[deleted]
- hgsgm 4y agoIt's called "Gemini Earn" , not "Genesis Earn", nor "Genesis Undecured Lending Platform". Mouseprint doesnt make it "crystal clear". Especially at a company like Gemini with a history of perpetuating FDIC fraud.
- SamReidHughes 4y agoThis wasn't "mouseprint", this was huge bolded terms at the top of the TOS, and the site [1] made it clear you're earning interest, from borrowers, and it named the borrower, Genesis, on that page. [1] https://web.archive.org/web/20220129130304/https://www.gemini.com/earn https://web.archive.org/web/20220129130304/https://www.gemin... It even informs you, "Gemini Earn customers (the lenders) always assume some level of risk when they decide to lend their funds." Duh. What kind of person participates in a novel lending opportunity in the magical internet money space without assuming risk of loss?