View single post by krazykid18
 Posted: Wed Feb 3rd, 2021 10:47 pm
PM Quote Reply Full Topic
krazykid18
The Prophet
 

Joined: Mon Oct 15th, 2007
Location:  
Posts: 2367
Status: 
Offline
Mana: 
srossi wrote: krazykid18 wrote: Srossi.....what do you think of Gemini Earn with the APY they are attaching with it
I just did it yesterday.  I kept reading and couldn't find the catch, but I knew there had to be one because in return for earning interest you're loaning your coins to someone. After I signed up, they finally tell you the catch is that you need to wait 5 business days to get your coins back.  So that makes quick trades impossible, but if you're just planning on holding then it's fine.  I'm OK with that for now since I just bought back in and I'm not planning on selling for a bit, but it makes me nervous to have my coins locked up for a week if it starts plummeting.  I start earning interest today though so we'll see how it goes.  No fees though to convert back and forth between an earning and a trading account, so that's good.   But the more I think about it, the more I think 3% isn't worth it for Bitcoin or ETH considering the massive losses you can sustain while waiting to get your coins back.  However, Litecoin at 5% might be worth dumping $5,000 into and not looking at it again for 2 years.  I might do that.

I'm also on the waiting list to get my crypto credit card.

thanks for that info