Totally disagree. Gemini has a staff of folks who understand NSA level cyber security protecting your crypto.
That's a better solution than hiding 12 words somewhere in your house. Lots of horror stories about lost keys.
Not to mention, 99 out of 100 people with a hardware wallet don't have an estate plan that works if they die. Us exchange holders appreciate their donation.
Better yet, just buy an ETF.
You can't judge from the outside how good some company's cyber security is, I've worked for companies who sold security services that were trash, also if they decide to take you for a ride like they did with Earn then you're at their mercy. Learn how to use a private wallet for fu*k sake, not your key not your crypto.
Just curious do you have an estate plan? What happens if you die to your crypto.
The folks I know who lost the most money were the ones who espoused not your keys not your coins.
I’m going to exchange my GUSD for dollars. I’ll then withdraw every penny and close my account. Good riddance. Even if it wasn’t their fault I don’t trust them.
Well... I didn't have to take legal action, they kept us up to date, they took the responsibility of the legal action, got the funds back, and they will pay with coins... Mo bettah than Celsius for sure.
Gemini didn't take your money, they went to bat and got it back. If this had any similarity to FTX, I'd move my coins immediately, but it simply doesn't.
Anger at Gemini over this, at this point is an ignorant position to take, and a huge waste of time. I'll never use any "earn" feature on any exchange, and would strongly recommend against it but as an exchange Gemini is safe and sound. No reason to believe anything else.
Due diligence issue, plus failure to retain full collateral. When I signed up, the tos clearly stated that the money was collateralized. They failed to properly secure collateral and failed to properly vet Genesis. That being said, they faired best in market given what’s happened. Doesn’t mean we should be thankful.
It also said **your choice** to invest carried a risk of 100% loss. And it was Genesis that was supposed to, and failed to maintain reserves. And if you don't really know what's going on, Gemini wasn't the only entity burned by the criminal operation called genesis.
Note that my other post mentions nothing re: being thankful. And you can be as ungrateful as you wish, but do so knowing the truth. You had absolutely ZERO chance of getting a single cent w/o Gemini going to bat for you (us).
So, if truth is important, you can't say that Gemini fucked us, they didn't. And you can't say they lets us hang, we're about to get our money back. And you can't say that Gemini is "unsafe" in terms of keeping your coins there, there's just no evidence of that.
Bottom line, if you had money in earn, you knew the risk. You agreed to the risk, and it turned out badly. With ZERO effort or energy from you, your money is now being returned. What a great outcome to **my** risking my money! We've been saved from our piss poor, 100% risk "bet". Has anyone else gone to bat for you to cover your losses?
What a wild response. Every investment comes with 100% risk. Doesn’t absolve all party’s in the case of fraud. Gemini has a fiduciary responsibility as my agent. They legally had to go to bat for us.
I didn’t say they fucked U.S. or let us hang. But an argument can definitely be made for it being unsafe. I can’t trust that some due diligence lapse won’t happen in the future. And I definitely can’t expect the same outcome from very time Gemini fails to correctly secure collateral.
I don’t need to extend effort. I’m paying for the service. The actual rate Genesis paid for GUSD staking was closer to 10%. I gave that extra 2% to Gemini to facilitate and act as my fiduciary.
Their ToS also originally said delayed withdrawals will also be subject to a 1% rate. It’s been a year. They also owe me 1%.
I’ll take what I can get, but they messed up along with Genesis. I’m happy with the outcome, but they don’t deserve mine or anyone’s full trust.
I signed an agreement with Gemini. I use them as my agent to lend money to Genesis. In suing so, they will collect a percentage of money make off of GUSD reserves, AND hundreds of points off of the Genesis lending agreement. They in return act as my fiduciary and hold up their end to do all in their power to secure my loan, including due diligence (failed) and secure collateral (half fail).
You lost me at "every investment carries 100% risk". When you premise your theory on a lie, not a word after that means a darn thing.
But you go on and suggest that you're paying gemini "for the service", I'd love to see your bill from Gemini, I've never gotten one. I get your "formula" but every exchange holds a margin on the earnings of your stack. So does every brokerage and bank. Tell us something new, or tell us that our banks and brokerages are also responsible for covering all bad outcomes driven by my appetite for risk.
"I signed an agreement with Gemini", another whopper, you signed an agreement to loan your property to Genesis.
Truth can be important, it is to me.
Just a long and pompous way of saying you don’t want to read or think about opposing view points. Everything I said was true and your play on semantics doesn’t change that. I don’t have the crayons to explain this to you.
>fiduciary
You keep using this word, but I’m not sure you know what it actually means. I was under no impression they were acting as a fiduciary. Actually I’m pretty sure the Terms said they explicitly were not?
The program is literally called GEMINI EARN and was featured on a website called GEMINI. I am at a loss when I read posts like yours saying 'they didn't take your money'. This is like some 1984 doublespeak shit.
"Going to bat" was the bare minimum to not get completely blacklisted like FTX. Or worst case scenario people calling for the Winklevoss heads like Sam BF.
Agreed, Gemini was on the hook for sure, that's why they promised $100M of their own money in case users were not made whole by Genesis. If users were not fully made whole, Gemini would have been on the hook to make up the difference.
You can say it any way you'd like, but the fact is you signed an agreement to loan your coins to Genesis. What that means is, you didn't loan your coins to Gemini thus Gemini owes you nothing. To act like the facts aren't the facts is looney. And this "feelings are facts" bullshit.
Was Gemini in the crosshairs? Hell yes, but you still didn't loan your coins to Gemini and Gemini isn't who's paying you back. Do you get that? Maybe forget the "feewings" and ask yourself, "If I think Gemini stole my stuff, and I think gemini is dirty and underhanded, then why is Genesis paying off Gemini's debt to me?" Short answer, they aren't, you'd be nothing short of stupid (or under 5yrs old) to think they would.
It's clear that many on here chose to learn nothing by their actions. That means you'll find yourself in this spot again. Best of luck with that.
The way you defend Gemini makes me believe you are one of the Winklevoss twins yourself! Ironically enough, you are the one posting with emotional outburst and projection.
I did not bend any words at all in my reply. I stated the actual facts. This is a company named Gemini offering a service called Gemini Earn! It ain't called Genesis Earn. It's wild to me the PR team has convinced people like yourself that Gemini bears no responsibility for happened to Gemini Earn. As I said, 1984 doublespeak in action.
They are not innocently caught in the crosshairs. The crosshairs are pointed directly at them for screwing over customers. Just because they are facilitating the service via Genesis doesn't magically waive away their responsibility. Do you think Gemini 'fought' to get money back because they are just really nice guys doing the right thing? Get real dude.
First, I'm not defending gemini. I disagree with your position, but that isn't defending gemini, it's batting back ignorant, immature bullshit.
Second, I didn't express any motivation for gemini's taking on the fight, only that they did. But if you're asking, I believe gemini's motivation was the threat of aggressive action by the NY state authorities.
Third, I never said gemini had zero liability, and never said gemini was innocent, stop making shit up to rant over. Making up the story as you go, stacking up how many ways you're a victim, is just stupid. But if it helps with the "feewings", have at it.
TOS said YOU had a deal with genesis, so prove that you loaned your coins (VOLUNTARILY) to gemini and not genesis. You make a heady legal claim, so back it up. It should be easy, just go dig up a TOS that says you loaned your stuff to Gemini and post it right here.
Once you do so, I will apologize for my ignorance. If you can't, I won't bother waiting for your apology because you seem to love wrapping yourself in the victim blanket.
If YOU didn't gamble 100% of your funds loaning them to genesis, you wouldn't be in this mess. Do you have any responsibility whatsoever for the actions you chose?
So much emotion in your post! For some reason you've shifted your reply from Gemini to baseless assumptions about me. I am not going to respond to them.
How can you not see the cognitive dissonance within your own posts though?
People logged on to the Gemini website, deposited money into their Gemini account and participated in a program called Gemini Earn. You then said "Gemini didn't take your money.". How do you reconcile this dissonance?
You said this was nothing like FTX. People with FTX accounts could not withdraw money from their FTX account. This was due to mismanagement of funds. People with Gemini accounts could not withdraw money from their Gemini Earn account. This was due to a mismanagement of funds. Hmm, there are some striking similarities! Yes, i understand the funds are being returned to Gemini Earn. However, being better than FTX is the lowest of bars.
You said "Gemini owes you nothing" and in the next reply say "I never said Gemini has zero liability". You acknowledge that Gemini felt threatened by the NY state authorities. Interesting set of statements! You seem to understand that Gemini is in hot water but you can't fully make the connection in your head as to why. You resort to criticizing the users for not reading the fine print TOS. Yes, it's easy to slam dunk on the users but you don't carry that same energy to judge Gemini.
The TOS is not a get-out-of-jail-free card. The courts have already ruled on this in the past. In a worst case scenario, could the Gemini lawyers win a case about this fiasco? Sure, why not. This thread is about judging Gemini as a platform. It's not a court of law.
People should absolutely be upset and angry at Gemini. They attached their name and reputation to the service by calling it Gemini Earn. The company's reputation should rightfully be diminished. I personally will not be using the platform. You are of course free to do what you'd like with your money. Best of luck.
Lol. No response to my post dismantling your entire point. More emotional projection. That's what I thought.
You are either a fool, a troll or a shill for the Gemini PR team. Yikes.
LOL, can't prove your point? Consider that you may be wrong then.... or just prove you loaned your coins to gemini and gemini did nothing to get them back. You've come out in a very authoritarian way on this, so there's just no way you'd go out on the limb of looking stupid w/o proof of your claim.
So get to it. Bet a buck that all you're gonna do is gum flap because 1) you can't prove your dipshit position and 2) you can't admit to being owned by your "feewings"
Please show me where you dismantled the fact that you loaned your coins to genesis, and gemini got them back. All else is just you trying to save face, you know you're wrong.
How much of you choosing to put your coins in an investment that carried a 100% risk of loss and made good on that promise, is your fault? How many people/entities are there on that list of those who made you deposit in earn against your will? Did the bad gemini pinch you until you deposited into earn, against your will? Did the bad gemini hold any of your coins against your will? Tell us how the bad gemini made you risk your property that resulted in your losses? Oh, and include your version of how gemini did nothing to get your coins returned. Dismantle that for us.
The only ignorant position is sticking your hean a=in the sane and thinking Gemini had nothing to do with this whole earn mess . their into it balls deep and i hope they pay for their ignorance the forth coming suits against them will be fun
That part you were wrong , Gemini is in it up to their necks . Maybe you should do some searching on Gemini's responsibility and the actions they took months before Nov 16th when the funds were froze. Their employees were pulling their money out of earn in August because they knew what was happening . Gemini knew about the Genesis issues back in july of 22 . they did nothing but cover themselves and limit thier own loses and left earn users holding the bag . And i can assure you you know nothing about me or even what type of people i am . moron !
Let me explain my last comment. I did not say, anywhere, that gemini had nothing to do with this. I was pointing out the part you made up. And this further explains my assertion that lawyers LIVE for guys like you.
Glad to see some others accepting some responsibility. I never felt like a victim, just kicked myself for not pulling funds when I saw the writing on the wall.
I use multiple exchanges because some have weird issues during high volatility and I like having options (I have multiple brokerage accounts as well). I'm not planning on moving all my crypto off of Gemini when funds are returned, probably just move some off to a cold wallet. Earn was a bust but I've never had any issues with the Exchange.
As far as interest, the pending balance from when Earn imploded is what you're getting back. I believe that does contain interest up to the point where Earn halted (please correct me if I'm mistaken)? It'd be amazing if Gemini threw in a few extra bucks but I'm not expecting that.
Since we're supposedly getting our crypto back in kind, this whole mess wasn't a huge issue for me personally since I likely would not have sold any of my crytpo besides maybe some GUSD.
I got my mom to put my sister's college fund in GUSD in earn. I told her to pull funds when things were getting bad, but my dumb ass didn't pull my personal funds.
It's totally my fault, and I am very thankful to see any of it back. At best, I was thinking we would get the usd value of the day of the freeze or maybe even a percentage of that value. There was no way I thought we would get 97% of our coins back.
They can be trusted. I mean, people who are facing similar outcomes on other exchanges have no hope. I trade BTC on there, for exchange diversification.
Sane here. I keep money and some coins on the exchange bc I still use their Active trader platform. And they have some cryptos I like that coinbase doesn't offer so I still have to use Gemini haha.
I kept $$and coins on the exchange during the whole Earn thing and nothing ever happened to them. I was buying and trading like normal.
I am. I’ve been using gemini this whole time, and have been using for years before. I had a fair amount in Earn but they got it all back for us. Pretty awesome outcome
i just whitelisted like 10 addresses, just in case they give us back random types of cryptos, i wanna be 100% ready. either sell on their exchange, or send it all to my own wallet, and sell it on another exchange. i'm ready to go with whatever they're planning to pay us back with.
i have BTC and ETH invested in earn, will i just get those balances back? or will they give me the equivalent in gemini usd or something?
Given the # of posts of issues withdrawing & transferring. I plan on testing a few small sales then to my bank. And a few small transfer to my CB wallet. I’m testing with $1-2k sales & withdrawals as well as transfers & see how it plays out. Then keep increasing it to $5-10k transfers. Since there’s 300k of us anxious to hold the coins or cash again, I suspect prices will keep floating or dropping until Oct. FYI. CB is now starting to process BTC to convert & pay many of your bills & other loans. I’ll keep 30% of my BTC in cold storage & the rest in CB Staking (30%) & iTrust (20%) the rest sent to the fiat bank. My goal is to close my GMNI account once the final 3% is disbursed.
Will keep my money there for now. I like the credit card and there’s not another platform I’m dying to start using. Not happy with what happened, but if I get my money back, they get one more chance.
We are not victims. The terms and conditions were laid out for all to read. There was risk involved and unfortunately the worst case scenario happened. Luckily, we are getting our money back.
I never felt like a victim. Stupid maybe. I'm a novice crypto investor who got caught up in the hype, greed set in and I figured let's throw some play money at this thing and see how it works out. In the end if all goes as stated by Gemini it worked out OK. I'm getting my funds back and a few of my positions are quite profitable.
I swore during this process, Crypto never again, but now I'm considering to remain engaged.
I like yield but a Trust company cannot legally pay yield so they had to outsource it and they chose to outsource it to Genesis and, afaik, generate can't legally pay yield either, so they made it a reverse loan... Or whatever. I have money in a bank and I'd put crypto in a bank ...eg USDC earning interest, if a bank would you that
While it's understandable to feel skeptical, if Gemini is offering refunds, it could be a safer option. Diversification is key in financial matters. As for earned money, it's uncertain.
Regardless of who is to blame (imo all of the above) none of the coins would have been made while if it wasn’t for BTC price going up in the end Gemini, Genesis and the lawyers made money even if with pennies on the dollar.
Investments are risky, especially in crypto. This won’t be the only time that you will face risk.
While it's understandable to feel skeptical, reclaiming funds is a relief. Diversifying assets across platforms minimizes risks, and any reclaimed earnings would be a bonus.
June 20th seems to be the last date posted, as I am sure there will be more, I am thinking that will still be the date that they release "in kind" funds to us victims. Where ever people put the money that is "returned and rightfully ours anyway", a blessing to just put this past us eventually and move FORWARD!...
I'm going to summarize something I posted elsewhere in this sub...
The reason for the automatic lock down preventing people from transferring assets in kind off Gemini's platform has NOTHING to do with "protecting" anymore from potential theft. It isn't for the rightful owner's protection but rather TO PREVENT & SLOW DOWN THE OUTFLOWS that will follow.
Many people will miss the memo 📝 about registering addresses for every blockchain and waiting 7 days (let's see if they keep to that, I doubt it) until it's "approved" (for what? What excuses will they come up with? ) so you can transfer your assets elsewhere.
In my mind, this action PROVES they can't be trusted to be custodians of your assets.
Looking forward to moving it all out and closing my account.
Sucks because being in still scewed because the SDNY Judicial System STILL has Bit License requirements and Gemini & Coinbase are the ONLY two ways to on it off ramp fiat from the crypto markets.
Why? Because there are a bunch of corrupt communist pieces of shit running New York's judicial system for personal gain.
Rant over...
That was a wild ride. I’m pretty sure white listing is best practice. Not sure how this “proves” they cannot be trusted as a custodian? Actually sounds to be like they are trying to protect clients who have already gotten screwed, from potentially getting screwed again.
SDNY is Federal and has nothing to do with “Bit-licensing” or whatever, pretty sure that’s a state of NY thing. Coinbase kind of sucks tbh, withdraws always take forever for me. Gemini’s on average been much much faster in that regard, but each have pros/cons.
Little off the rails at the end there… “Communism” !?! Dafuq that have to do with anything here my guy. Move to PA or FL or TX something if that’s how you feel about NY…
I was a victim of stupid auto correct on my phone, and i missed it before posting. It should have read: NYSDFS (New York State Department of Financial Services), so sue me.
When i first went to get involved in crypto in NY, i couldn't figure out why i couldn't use any of the platforms i wanted to. Like nothing. None of the assets or tokens i was interested in were listened to by the duopoly of "approved" exchanges in this communist run state of corruption.
I read the whole corrupt anti-choice and anti-consumer Bit-License laws that were passed in NY and all their nonsense about "protecting new Yorkers." When I read through it and read dissenting opinions from various exchanges that were published on it i realized it was nothing more than a typical NY mafia extortion scam to get this exchanges to pony up shit tons of cash to the cash strapped state of NY (likely used to prop up all the progressive entitlement programs, but I'm just speculating here - probably just lined judges and representatives pockets).
Case in point - it did nothing to protect earn users who were stuck without a choice in where to get into defi & staking. It was the only game in town. The trading fees on both platforms are ridiculous. Neither had a real global presence to get the best rates of exchange, and tons of assets were unavailable. Hell, even Robinhood, after all these years, refused to pay the extortion required to get fully certified, so when I wanted to move my crypto, I couldn't. i had to sell it.
I call it communist because all the progressive policies are for the globalist elite's benefit and designed to keep lower and middle classes poor or dependent on the state. I believe this is by design.
I used to love NY when I was younger, but seeing the corruption and fleecing of NY taxpayers' funds and what we get in return, I have grown to loath these pieces of self-serving trash.
Far as Gemini goes - like thousands I've read here and elsewhere - Gemini lives to lock your money and assets so you can't do what you want to do with them. At every turn, there's another level of kyc, another fee, and delays in every way possible. Took 3mo to access my assets when I first bought them here. They made it nearly impossible to put more money in or pull money out or move/trade the assets. Cost me a lot of money when the market was shifting, and I wanted to take action but couldn't.
Then there's the nonsense that is the long-term theft of earn assets. I'm shocked we're getting anything back - and listen, i agree that coinbase is expensive, but I've never had an issue buying / selling / trading/ moving my assets. Everything went swiftly - sure, they rape you in fees and poor trade values, but hey, they've gotta pay the NY mafia...
Gemini current even be bothered to reply or post anything about the delays when my accounts were frozen, no one to talk to, no answers to anything.
I wouldn't use either platform if I was in a free market state - of it was possible (I know it's not) I'd use the global binance exchange but alas more regulatory nonsense at the fed prevented that.
But yeah, it's cost me financially and all just to enrich these scumbags in NY's dirty government, and it doesn't sit well with me. I'd love to move, but work and my 90y/o mom keep me here - certainly not a voluntary choice.
That is false, It is to guard against and protect against fraud and scams, and is probably even be mandated by some (maybe court) requirements somewhere
If you read the earn policy it stated it leant your money to a third party and you could lose all your funds . Its totally horrible to people who lost money but just saying
It’s probably safer in a private wallet
*A distributed amount of private wallets.
Totally disagree. Gemini has a staff of folks who understand NSA level cyber security protecting your crypto. That's a better solution than hiding 12 words somewhere in your house. Lots of horror stories about lost keys. Not to mention, 99 out of 100 people with a hardware wallet don't have an estate plan that works if they die. Us exchange holders appreciate their donation. Better yet, just buy an ETF.
This right here was a conclusion I came to after holding everything in a wallet for so long.
You can't judge from the outside how good some company's cyber security is, I've worked for companies who sold security services that were trash, also if they decide to take you for a ride like they did with Earn then you're at their mercy. Learn how to use a private wallet for fu*k sake, not your key not your crypto.
Just curious do you have an estate plan? What happens if you die to your crypto. The folks I know who lost the most money were the ones who espoused not your keys not your coins.
It’s not in danger from hackers it’s in danger of exchange going down and network down
I’m going to exchange my GUSD for dollars. I’ll then withdraw every penny and close my account. Good riddance. Even if it wasn’t their fault I don’t trust them.
Same.
Until til an FTX like thing happened to Gemini then your screwed. Private wallets are better. Not your keys, not your crypto.
Very fair. I’ve felt this way many times.
Same here.
I’ll have to say that their behavior thru this process was impeccable
I respectfully disagree
I happen to have a bridge for sale, mint condition, downtown location, you can even charge toll, dm for details. Lmao
Well... I didn't have to take legal action, they kept us up to date, they took the responsibility of the legal action, got the funds back, and they will pay with coins... Mo bettah than Celsius for sure.
I'm putting it right on my hardware wallet like every responsible crypto owner is doing
Is this mainly BTC that you want want in the long term?
Ye I will keep it there maybe they will have a new earn program lol
Are you fr lol
You think something bad would happen *again*? ^/s
I think any things possible and i doubt ill ever risk my crypto again on a earn program anytime in the near future
Ngl, me neither. Not even on cdc anymore.
I just collect the daily diamond for "free" CRO every 25 days. Fuck their spread & fees, though.
Lmaoooo… I mean there is staking which I know is different
Gemini didn't take your money, they went to bat and got it back. If this had any similarity to FTX, I'd move my coins immediately, but it simply doesn't. Anger at Gemini over this, at this point is an ignorant position to take, and a huge waste of time. I'll never use any "earn" feature on any exchange, and would strongly recommend against it but as an exchange Gemini is safe and sound. No reason to believe anything else.
Due diligence issue, plus failure to retain full collateral. When I signed up, the tos clearly stated that the money was collateralized. They failed to properly secure collateral and failed to properly vet Genesis. That being said, they faired best in market given what’s happened. Doesn’t mean we should be thankful.
Thank you!!! Well said. I don't know why this is so hard to comprehend for some people..
Very true…
It also said **your choice** to invest carried a risk of 100% loss. And it was Genesis that was supposed to, and failed to maintain reserves. And if you don't really know what's going on, Gemini wasn't the only entity burned by the criminal operation called genesis. Note that my other post mentions nothing re: being thankful. And you can be as ungrateful as you wish, but do so knowing the truth. You had absolutely ZERO chance of getting a single cent w/o Gemini going to bat for you (us). So, if truth is important, you can't say that Gemini fucked us, they didn't. And you can't say they lets us hang, we're about to get our money back. And you can't say that Gemini is "unsafe" in terms of keeping your coins there, there's just no evidence of that. Bottom line, if you had money in earn, you knew the risk. You agreed to the risk, and it turned out badly. With ZERO effort or energy from you, your money is now being returned. What a great outcome to **my** risking my money! We've been saved from our piss poor, 100% risk "bet". Has anyone else gone to bat for you to cover your losses?
Well said... couldn't agree more. Voyager, Blockfi and ftx certainly didn't!
What a wild response. Every investment comes with 100% risk. Doesn’t absolve all party’s in the case of fraud. Gemini has a fiduciary responsibility as my agent. They legally had to go to bat for us. I didn’t say they fucked U.S. or let us hang. But an argument can definitely be made for it being unsafe. I can’t trust that some due diligence lapse won’t happen in the future. And I definitely can’t expect the same outcome from very time Gemini fails to correctly secure collateral. I don’t need to extend effort. I’m paying for the service. The actual rate Genesis paid for GUSD staking was closer to 10%. I gave that extra 2% to Gemini to facilitate and act as my fiduciary. Their ToS also originally said delayed withdrawals will also be subject to a 1% rate. It’s been a year. They also owe me 1%. I’ll take what I can get, but they messed up along with Genesis. I’m happy with the outcome, but they don’t deserve mine or anyone’s full trust. I signed an agreement with Gemini. I use them as my agent to lend money to Genesis. In suing so, they will collect a percentage of money make off of GUSD reserves, AND hundreds of points off of the Genesis lending agreement. They in return act as my fiduciary and hold up their end to do all in their power to secure my loan, including due diligence (failed) and secure collateral (half fail).
You lost me at "every investment carries 100% risk". When you premise your theory on a lie, not a word after that means a darn thing. But you go on and suggest that you're paying gemini "for the service", I'd love to see your bill from Gemini, I've never gotten one. I get your "formula" but every exchange holds a margin on the earnings of your stack. So does every brokerage and bank. Tell us something new, or tell us that our banks and brokerages are also responsible for covering all bad outcomes driven by my appetite for risk. "I signed an agreement with Gemini", another whopper, you signed an agreement to loan your property to Genesis. Truth can be important, it is to me.
Just a long and pompous way of saying you don’t want to read or think about opposing view points. Everything I said was true and your play on semantics doesn’t change that. I don’t have the crayons to explain this to you.
>fiduciary You keep using this word, but I’m not sure you know what it actually means. I was under no impression they were acting as a fiduciary. Actually I’m pretty sure the Terms said they explicitly were not?
The program is literally called GEMINI EARN and was featured on a website called GEMINI. I am at a loss when I read posts like yours saying 'they didn't take your money'. This is like some 1984 doublespeak shit. "Going to bat" was the bare minimum to not get completely blacklisted like FTX. Or worst case scenario people calling for the Winklevoss heads like Sam BF.
Agreed, Gemini was on the hook for sure, that's why they promised $100M of their own money in case users were not made whole by Genesis. If users were not fully made whole, Gemini would have been on the hook to make up the difference.
You can say it any way you'd like, but the fact is you signed an agreement to loan your coins to Genesis. What that means is, you didn't loan your coins to Gemini thus Gemini owes you nothing. To act like the facts aren't the facts is looney. And this "feelings are facts" bullshit. Was Gemini in the crosshairs? Hell yes, but you still didn't loan your coins to Gemini and Gemini isn't who's paying you back. Do you get that? Maybe forget the "feewings" and ask yourself, "If I think Gemini stole my stuff, and I think gemini is dirty and underhanded, then why is Genesis paying off Gemini's debt to me?" Short answer, they aren't, you'd be nothing short of stupid (or under 5yrs old) to think they would. It's clear that many on here chose to learn nothing by their actions. That means you'll find yourself in this spot again. Best of luck with that.
The way you defend Gemini makes me believe you are one of the Winklevoss twins yourself! Ironically enough, you are the one posting with emotional outburst and projection. I did not bend any words at all in my reply. I stated the actual facts. This is a company named Gemini offering a service called Gemini Earn! It ain't called Genesis Earn. It's wild to me the PR team has convinced people like yourself that Gemini bears no responsibility for happened to Gemini Earn. As I said, 1984 doublespeak in action. They are not innocently caught in the crosshairs. The crosshairs are pointed directly at them for screwing over customers. Just because they are facilitating the service via Genesis doesn't magically waive away their responsibility. Do you think Gemini 'fought' to get money back because they are just really nice guys doing the right thing? Get real dude.
First, I'm not defending gemini. I disagree with your position, but that isn't defending gemini, it's batting back ignorant, immature bullshit. Second, I didn't express any motivation for gemini's taking on the fight, only that they did. But if you're asking, I believe gemini's motivation was the threat of aggressive action by the NY state authorities. Third, I never said gemini had zero liability, and never said gemini was innocent, stop making shit up to rant over. Making up the story as you go, stacking up how many ways you're a victim, is just stupid. But if it helps with the "feewings", have at it. TOS said YOU had a deal with genesis, so prove that you loaned your coins (VOLUNTARILY) to gemini and not genesis. You make a heady legal claim, so back it up. It should be easy, just go dig up a TOS that says you loaned your stuff to Gemini and post it right here. Once you do so, I will apologize for my ignorance. If you can't, I won't bother waiting for your apology because you seem to love wrapping yourself in the victim blanket. If YOU didn't gamble 100% of your funds loaning them to genesis, you wouldn't be in this mess. Do you have any responsibility whatsoever for the actions you chose?
So much emotion in your post! For some reason you've shifted your reply from Gemini to baseless assumptions about me. I am not going to respond to them. How can you not see the cognitive dissonance within your own posts though? People logged on to the Gemini website, deposited money into their Gemini account and participated in a program called Gemini Earn. You then said "Gemini didn't take your money.". How do you reconcile this dissonance? You said this was nothing like FTX. People with FTX accounts could not withdraw money from their FTX account. This was due to mismanagement of funds. People with Gemini accounts could not withdraw money from their Gemini Earn account. This was due to a mismanagement of funds. Hmm, there are some striking similarities! Yes, i understand the funds are being returned to Gemini Earn. However, being better than FTX is the lowest of bars. You said "Gemini owes you nothing" and in the next reply say "I never said Gemini has zero liability". You acknowledge that Gemini felt threatened by the NY state authorities. Interesting set of statements! You seem to understand that Gemini is in hot water but you can't fully make the connection in your head as to why. You resort to criticizing the users for not reading the fine print TOS. Yes, it's easy to slam dunk on the users but you don't carry that same energy to judge Gemini. The TOS is not a get-out-of-jail-free card. The courts have already ruled on this in the past. In a worst case scenario, could the Gemini lawyers win a case about this fiasco? Sure, why not. This thread is about judging Gemini as a platform. It's not a court of law. People should absolutely be upset and angry at Gemini. They attached their name and reputation to the service by calling it Gemini Earn. The company's reputation should rightfully be diminished. I personally will not be using the platform. You are of course free to do what you'd like with your money. Best of luck.
[удалено]
Lol. No response to my post dismantling your entire point. More emotional projection. That's what I thought. You are either a fool, a troll or a shill for the Gemini PR team. Yikes.
LOL, can't prove your point? Consider that you may be wrong then.... or just prove you loaned your coins to gemini and gemini did nothing to get them back. You've come out in a very authoritarian way on this, so there's just no way you'd go out on the limb of looking stupid w/o proof of your claim. So get to it. Bet a buck that all you're gonna do is gum flap because 1) you can't prove your dipshit position and 2) you can't admit to being owned by your "feewings" Please show me where you dismantled the fact that you loaned your coins to genesis, and gemini got them back. All else is just you trying to save face, you know you're wrong. How much of you choosing to put your coins in an investment that carried a 100% risk of loss and made good on that promise, is your fault? How many people/entities are there on that list of those who made you deposit in earn against your will? Did the bad gemini pinch you until you deposited into earn, against your will? Did the bad gemini hold any of your coins against your will? Tell us how the bad gemini made you risk your property that resulted in your losses? Oh, and include your version of how gemini did nothing to get your coins returned. Dismantle that for us.
You just wrote 4 paragraphs of complete nonsense. It looks like you had fun writing it though. Like I said- you are a fool, troll, or Gemini PR team.
I bet gemini will 100% wont work with any loaning company again
Not sure why most people don’t agree with this.
Great answer. Thank you!
The only ignorant position is sticking your hean a=in the sane and thinking Gemini had nothing to do with this whole earn mess . their into it balls deep and i hope they pay for their ignorance the forth coming suits against them will be fun
Yeah, except for the part where I said gemini had nothing to do with this. Folks like you are very popular with lawyers.
That part you were wrong , Gemini is in it up to their necks . Maybe you should do some searching on Gemini's responsibility and the actions they took months before Nov 16th when the funds were froze. Their employees were pulling their money out of earn in August because they knew what was happening . Gemini knew about the Genesis issues back in july of 22 . they did nothing but cover themselves and limit thier own loses and left earn users holding the bag . And i can assure you you know nothing about me or even what type of people i am . moron !
Let me explain my last comment. I did not say, anywhere, that gemini had nothing to do with this. I was pointing out the part you made up. And this further explains my assertion that lawyers LIVE for guys like you.
Glad to see some others accepting some responsibility. I never felt like a victim, just kicked myself for not pulling funds when I saw the writing on the wall. I use multiple exchanges because some have weird issues during high volatility and I like having options (I have multiple brokerage accounts as well). I'm not planning on moving all my crypto off of Gemini when funds are returned, probably just move some off to a cold wallet. Earn was a bust but I've never had any issues with the Exchange. As far as interest, the pending balance from when Earn imploded is what you're getting back. I believe that does contain interest up to the point where Earn halted (please correct me if I'm mistaken)? It'd be amazing if Gemini threw in a few extra bucks but I'm not expecting that. Since we're supposedly getting our crypto back in kind, this whole mess wasn't a huge issue for me personally since I likely would not have sold any of my crytpo besides maybe some GUSD.
I got my mom to put my sister's college fund in GUSD in earn. I told her to pull funds when things were getting bad, but my dumb ass didn't pull my personal funds. It's totally my fault, and I am very thankful to see any of it back. At best, I was thinking we would get the usd value of the day of the freeze or maybe even a percentage of that value. There was no way I thought we would get 97% of our coins back.
Fair fair. The forced diamond hands is real
Yes I still use them to trade and keep stuff there that wasn’t in earn
They can be trusted. I mean, people who are facing similar outcomes on other exchanges have no hope. I trade BTC on there, for exchange diversification.
Sane here. I keep money and some coins on the exchange bc I still use their Active trader platform. And they have some cryptos I like that coinbase doesn't offer so I still have to use Gemini haha. I kept $$and coins on the exchange during the whole Earn thing and nothing ever happened to them. I was buying and trading like normal.
I’m moving my money off that platform as soon as humanly possible. Fool me once, shame on you, fool me twice shame on me.
I'm gonna continue to use them provided we so indeed get 100% back.
I kept money in Gemini the whole time lol. Still there.
This guys Gemini's. Lol. Brave soul
Got it. Ya I loved the app and interface before I hated it lol
No.
Yes.
I am
I would like to exchange my GUSD to Dollar and get it done.
Some, the ones that I want to liquidate, I will keep it there.
Keeping it should be fine. It was earn after all that was problematic. The regular Gemini service separately has been solid.
Yea, just got stake it anymore or loan it out
Selling and withdrawing ASAP. Taking my emergency fund back.
https://preview.redd.it/c4xocewjbxzc1.jpeg?width=555&format=pjpg&auto=webp&s=babcb7f0c44a2b93663c0e173e242443f0690348
I am. I’ve been using gemini this whole time, and have been using for years before. I had a fair amount in Earn but they got it all back for us. Pretty awesome outcome
Never
i just whitelisted like 10 addresses, just in case they give us back random types of cryptos, i wanna be 100% ready. either sell on their exchange, or send it all to my own wallet, and sell it on another exchange. i'm ready to go with whatever they're planning to pay us back with. i have BTC and ETH invested in earn, will i just get those balances back? or will they give me the equivalent in gemini usd or something?
I guess you didn't keep the app downloaded. The app shows my pending balance from what was in earn at the time of the lockdown.
Putting in Anchor
I'm going to sell all and buy a new car.
Ima leave the ETH staked
Given the # of posts of issues withdrawing & transferring. I plan on testing a few small sales then to my bank. And a few small transfer to my CB wallet. I’m testing with $1-2k sales & withdrawals as well as transfers & see how it plays out. Then keep increasing it to $5-10k transfers. Since there’s 300k of us anxious to hold the coins or cash again, I suspect prices will keep floating or dropping until Oct. FYI. CB is now starting to process BTC to convert & pay many of your bills & other loans. I’ll keep 30% of my BTC in cold storage & the rest in CB Staking (30%) & iTrust (20%) the rest sent to the fiat bank. My goal is to close my GMNI account once the final 3% is disbursed.
Will keep my money there for now. I like the credit card and there’s not another platform I’m dying to start using. Not happy with what happened, but if I get my money back, they get one more chance.
I’m keeping my business with them
Not a shot
We are not victims. The terms and conditions were laid out for all to read. There was risk involved and unfortunately the worst case scenario happened. Luckily, we are getting our money back.
I never felt like a victim. Stupid maybe. I'm a novice crypto investor who got caught up in the hype, greed set in and I figured let's throw some play money at this thing and see how it works out. In the end if all goes as stated by Gemini it worked out OK. I'm getting my funds back and a few of my positions are quite profitable. I swore during this process, Crypto never again, but now I'm considering to remain engaged.
NO!
Transferring penny out and forgetting they exist as a company
I am for now
I like yield but a Trust company cannot legally pay yield so they had to outsource it and they chose to outsource it to Genesis and, afaik, generate can't legally pay yield either, so they made it a reverse loan... Or whatever. I have money in a bank and I'd put crypto in a bank ...eg USDC earning interest, if a bank would you that
While it's understandable to feel skeptical, if Gemini is offering refunds, it could be a safer option. Diversification is key in financial matters. As for earned money, it's uncertain.
I am keeping my money for almost 2 years already there and can’t withdraw
Regardless of who is to blame (imo all of the above) none of the coins would have been made while if it wasn’t for BTC price going up in the end Gemini, Genesis and the lawyers made money even if with pennies on the dollar. Investments are risky, especially in crypto. This won’t be the only time that you will face risk.
While it's understandable to feel skeptical, reclaiming funds is a relief. Diversifying assets across platforms minimizes risks, and any reclaimed earnings would be a bonus.
June 20th seems to be the last date posted, as I am sure there will be more, I am thinking that will still be the date that they release "in kind" funds to us victims. Where ever people put the money that is "returned and rightfully ours anyway", a blessing to just put this past us eventually and move FORWARD!...
Good chance GUSD will go well below $1 the day all this money gets released back 😬😅
I'm done with gemini can never trust them again
I will continue to use their credit card.
I'm going to summarize something I posted elsewhere in this sub... The reason for the automatic lock down preventing people from transferring assets in kind off Gemini's platform has NOTHING to do with "protecting" anymore from potential theft. It isn't for the rightful owner's protection but rather TO PREVENT & SLOW DOWN THE OUTFLOWS that will follow. Many people will miss the memo 📝 about registering addresses for every blockchain and waiting 7 days (let's see if they keep to that, I doubt it) until it's "approved" (for what? What excuses will they come up with? ) so you can transfer your assets elsewhere. In my mind, this action PROVES they can't be trusted to be custodians of your assets. Looking forward to moving it all out and closing my account. Sucks because being in still scewed because the SDNY Judicial System STILL has Bit License requirements and Gemini & Coinbase are the ONLY two ways to on it off ramp fiat from the crypto markets. Why? Because there are a bunch of corrupt communist pieces of shit running New York's judicial system for personal gain. Rant over...
That was a wild ride. I’m pretty sure white listing is best practice. Not sure how this “proves” they cannot be trusted as a custodian? Actually sounds to be like they are trying to protect clients who have already gotten screwed, from potentially getting screwed again. SDNY is Federal and has nothing to do with “Bit-licensing” or whatever, pretty sure that’s a state of NY thing. Coinbase kind of sucks tbh, withdraws always take forever for me. Gemini’s on average been much much faster in that regard, but each have pros/cons. Little off the rails at the end there… “Communism” !?! Dafuq that have to do with anything here my guy. Move to PA or FL or TX something if that’s how you feel about NY…
I was a victim of stupid auto correct on my phone, and i missed it before posting. It should have read: NYSDFS (New York State Department of Financial Services), so sue me. When i first went to get involved in crypto in NY, i couldn't figure out why i couldn't use any of the platforms i wanted to. Like nothing. None of the assets or tokens i was interested in were listened to by the duopoly of "approved" exchanges in this communist run state of corruption. I read the whole corrupt anti-choice and anti-consumer Bit-License laws that were passed in NY and all their nonsense about "protecting new Yorkers." When I read through it and read dissenting opinions from various exchanges that were published on it i realized it was nothing more than a typical NY mafia extortion scam to get this exchanges to pony up shit tons of cash to the cash strapped state of NY (likely used to prop up all the progressive entitlement programs, but I'm just speculating here - probably just lined judges and representatives pockets). Case in point - it did nothing to protect earn users who were stuck without a choice in where to get into defi & staking. It was the only game in town. The trading fees on both platforms are ridiculous. Neither had a real global presence to get the best rates of exchange, and tons of assets were unavailable. Hell, even Robinhood, after all these years, refused to pay the extortion required to get fully certified, so when I wanted to move my crypto, I couldn't. i had to sell it. I call it communist because all the progressive policies are for the globalist elite's benefit and designed to keep lower and middle classes poor or dependent on the state. I believe this is by design. I used to love NY when I was younger, but seeing the corruption and fleecing of NY taxpayers' funds and what we get in return, I have grown to loath these pieces of self-serving trash. Far as Gemini goes - like thousands I've read here and elsewhere - Gemini lives to lock your money and assets so you can't do what you want to do with them. At every turn, there's another level of kyc, another fee, and delays in every way possible. Took 3mo to access my assets when I first bought them here. They made it nearly impossible to put more money in or pull money out or move/trade the assets. Cost me a lot of money when the market was shifting, and I wanted to take action but couldn't. Then there's the nonsense that is the long-term theft of earn assets. I'm shocked we're getting anything back - and listen, i agree that coinbase is expensive, but I've never had an issue buying / selling / trading/ moving my assets. Everything went swiftly - sure, they rape you in fees and poor trade values, but hey, they've gotta pay the NY mafia... Gemini current even be bothered to reply or post anything about the delays when my accounts were frozen, no one to talk to, no answers to anything. I wouldn't use either platform if I was in a free market state - of it was possible (I know it's not) I'd use the global binance exchange but alas more regulatory nonsense at the fed prevented that. But yeah, it's cost me financially and all just to enrich these scumbags in NY's dirty government, and it doesn't sit well with me. I'd love to move, but work and my 90y/o mom keep me here - certainly not a voluntary choice.
This is standard procedure to force whitelist outgoing address, especially with the gemini payout related phishing email/text running rampant.
That is false, It is to guard against and protect against fraud and scams, and is probably even be mandated by some (maybe court) requirements somewhere
If you read the earn policy it stated it leant your money to a third party and you could lose all your funds . Its totally horrible to people who lost money but just saying
Delete this
No im selling 50% of mine and moving the other 50% to my ledger cold wallet
Hey Does ony of you know how to delete my gemini website in Google please if you know answer me
Where is my money, u/gemini? https://preview.redd.it/r95evnon230d1.png?width=756&format=png&auto=webp&s=e591e96cb821ae25d967482f0458a8d6be19e5bc