View single post by krazykid18
 Posted: Thu Feb 11th, 2021 03:01 pm
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krazykid18
The Prophet
 

Joined: Mon Oct 15th, 2007
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srossi wrote: krazykid18 wrote: srossi wrote: krazykid18 wrote: 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

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