View single post by srossi
 Posted: Thu Feb 11th, 2021 03:54 pm
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srossi

 

Joined: Sun Oct 14th, 2007
Location: New York USA
Posts: 57801
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krazykid18 wrote: 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 :)

I don't think you can do that but if you find a way to then let me know.  Once your coins are in Earn though, my understanding is that you've loaned them out and they're frozen to you until you ask to move back to your Trading account, and then that takes 5 days.



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This thread was great before AA ruined it.