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
So I did something stupid/smart. I put $5,000 in Filecoin without knowing much about it (other than it's a decentralized data sharing platform) because it gives 8% interest. Figured I'd hold for 2 years and not even look at it and just collect the interest and see if I have any capital gains after that period. If it crashes it's a small part of my portfolio anyway and I still have the interest. Well I bought in a week ago at 23 and now it's 38. But it's in the interest-bearing account so I can't trade it. Not sure if I should let it ride or transfer back to my trading account so I can sell. Think I'm going to do the latter. I want immediate control over my coins, the interest isn't worth not being able to trade whenever you want. I already switched Bitcoin and Ethereum out of the interest accounts. Generating interest is a great idea if you're really going to HODL for 5 years, but I don't have the stomach for that game. I want to sell surges and buy dips. I leave money on the table sometimes but I've never sold for a loss yet, so I'm way ahead.
Ok but can u flip it like i made good money on chainlink and it seems like i can take some coins and put it in to the APR account....
so can i buy 5k filecoin normally then flip 3k into the APR account and keep the 2k for trading
You can transfer from coin to coin in the Earn account? I don’t see anyway to do it. How are you doing it?
Oh i didn't do it yet more like asking a question....
but on the gemini app like for an example: I own 200 Chainlink Coins, when i click on Chainlink on the Earn table i see Link 4.46 apy the when i click on it , i can give a certain number of coins but i don't have to move all the coins over to Earn...
i never got past that point
Last edited on Thu Feb 11th, 2021 03:01 pm by krazykid18