Considering the 8% Apy Gemini offers it's purchasers, I'm tempted to make a purchase. Can the risk be the same as the squid coin that vanished from the market?
If Gemini loses customers’ money on their GUSD, their credibility will be destroyed and they will lose tons of business. So I’m pretty confident in putting some money in their GUSD and get 8%.
I would avoid using any Gemini services, company is in complete disarray. The most talented people have left in frustration, everyone else who is left is too busy with their own job search to focus on products or customers. So many people have left that we needed to consolidate product teams and reduce our roadmap.
What is the top most complain for Gemini employees?
There is 0 guarantee you’ll be able to sell your GUSD for $1 anytime in the future. It’s like a junk bond. It’s promising you a high interest rate, because it needs to compensate for the risk that your principal isn’t there down the line (bankruptcy, hacking, etc). Fools don’t understand this so they think they’re getting a free lunch of high interest and guaranteed principal
I have spread some money in different stablecoins and different exchanges to reduce risk. My theory is that if a stablecoin (gemini, USDC or binance) go broke then entire crypto market will suffer and it could be a good dip buying opportunity. Keep money in stable coin till you are waiting to buy the dip on crypto. Thats my theory.
Tech Industry
Yesterday
1709
I am starting to think Chinese interviewers currently fail non-Chinese candidates on purpose.
Tech Industry
2d
1938
Got an offer from Truth Social
Tech Industry
Yesterday
3115
The job market is absolutely brutal right now
Tech Industry
Yesterday
1000
Update: Trans Coworker Stealing Breast Milk
Tech Industry
Yesterday
665
Modi is the worst dictator!
No, the risks are very very different. Squid game coin was a rug pull project intended to scam people. Gemini is an official exchange, with official backing, with government operating clearance. I suggest you do more research on the space before going in as it seems youre quite new.