Gemini Earn Questions

[jerry0]

I have an account with gemini but didn't put any money into gemini earn even though it was advertising like 6% interest at the time.  Now I then heard how genesis defaulted and because of that, anyone with money in gemini earn still hasn't received any of the money back correct?  So when news of this happened, did people all try to withdraw but they couldn't withdraw?  Or did people withdraw just for withdrawing and not because of knowing this news and then notice they wasn't getting their withdraw and then this news came out and that was the reason why?


I also heard it's been a long time since this happened and anyone with money in GUSD basically have the money frozen?  However, they will eventually get their money back right from what I read?  It's just waiting to see how long it would take?  The other thing is they will get back all their money including the interest they earned until the day the genesis news broke out right?  Or they only get back what they put in?  So that means if someone put 10k in gemini for over a year and were to get back 10700 to make it simple, if they get their money back, would it be 10k or 10700?  Obviously no way anyone would get back their original amount and the interest and whatever interest accumulated till now right?  


Now are there any sites that pay interest similar to earn like this or not anymore?  I remember there was blockfi, nexo and celsius but did those also pay back people or did they never paid back?  Now gemini offered at least 6% I recalled and even more before then.  But since you could get 5% interest these days in a CD in a bank, then there is zero point of putting money for interest for crypto correct?  I remember they use to advertise like 11% or so for usdt or usdc with blockfi, nexo and celsius correct?  Back then I remember people said gemini seemed to be the safest one but now they still haven't paid back anyone.  But they will right?

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[DeathAngel]

None of these staking/yield platforms can guarantee you what they offer. Why take the risk for a % as low as 5% to 10%? Just buy Bitcoin or Ethereum & HODL. Self custody is so important, do not leave your funds in the control of any third party exchange or staking platform because as soon as the shit hits the fan you can say goodbye to your money.

[jerry0]

Well they did guarantee that before all the negative things happened.


So no gemini earn people got their money back yet right?  So there has to be people that might have put everything into it because it was giving like almost 7%?


What about the people who got like 11% with blockfi, nexo, celsius etc?  Did those customers get paid or not? 

[Publictalk792]

I am looking that you have some questions about the situation with Gemini earn and the default of Genesis.

Your first question... it is true that Genesis defaulted and they are delaying in returning funds to those who invented money in Gemini Earn.
And prediction about when the people will receive money back we can't say any thing. It can take some time but Gemini has stated that they are working on returning the funds to their customers.
And we can't say anything about the returning amount that will they give the original amount or with interest. By the way this is only Gemini can tell what they will do exactly.

And for other platforms which offer same or similar interest rates there are still options available such as BlockFi Nexo and Celsius. But please make a good research about them or you should ask from any expert which will help you much in your decision of investing in these platforms. They can also do like Gemini done so you should be careful before investing.

[jrrsparkles]

They are supposed to receive $10700 but if there is an option I would just pick 10K and get all my business done with them.

There is no such thing as called guarantee and these staking returns are just not really worth the risk but users with tons of money see it as an opportunity but they don't know the risks involved in it.

High interest rate like 11% only applicable to low level like 5K or 10K and its gets lower when the staked amount increases.

[jerry0]

How long has it been since gemini announced genesis couldn't pay them back?  Are there people that put most or all of their life savings in GUSD for staking with gemini?  I mean if someone has like 50k or 100k or more... it would seem safe right to most people.  I mean I think even if someone had 1 million dollars... putting it in gemini and converting it to GUSD and getting 7% a year would seem like a really good idea back then?


I feel like gemini was the most legit.  Do most agree on that at least?