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I looked at that archive.org page. That is the marketing page for the GUSD. (And separate the actual signup page my guess is it goes into a bit more detail.) Al
by gist 3y ago
I looked at that archive.org page. That is the marketing page for the GUSD. (And separate the actual signup page my guess is it goes into a bit more detail.) Also that is not the page for geminiearn - that is where the issue was with losing money.
This page: https://web.archive.org/web/20211201212024/https://www.gemini.com/earn https://web.archive.org/web/20211201212024/https://www.gemin...
Now I will note that on that page it does say this:
"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. Additionally, on a periodic basis we will conduct an analysis of our partners’ cash flow, balance sheet, and financial statements to ensure the appropriate risk ratios and healthy financial condition of our partners."
But the thing is this. There is literally no way to prevent against outright fraud of a counter party. (See the Crazy Eddie story where they were shifting inventory from store to store when they were being audited).
Look one thing I will tell you here let's call it 'the bottom line'. I am an old timer. And I right off saw crypto involved risk and as such I did not either make or lose any money on crypto. As an again 'old timer' it just didn't make sense to me. I would have never gone down this road because being around for so many years right off it had the potential for issues. Plus again there is always counterparty risk.
- tombert 3y agoSure, I don't think I ever disputed the fact that I should have done more due diligence, and I feel like I've mentioned that fact multiple times now. However, I do think Gemini/Genesis and SBF were deliberately obfuscating the risk to make these investments seem less risky, and obviously I have the right to be mad at SBF for outright stealing my money. Was 7% in 2021 too good to be true? Yes, obviously, in hindsight it was, but that pays no bearing on whether or not I was robbed.