For those that were using the Gemini Earn program and had your funds frozen the first traunch (97.76% of your pending Earn balance as of November 16, 2022) has been delivered. The remaining part I want to say they have over a year to get you but I never imagined recouping 97.76% in the first place so WHOOP!
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0 sats \ 4 replies \ @grayruby 29 May 2024
Good outcome for Earn users but do you think it will be a painful enough lesson or everyone will just pile into the next custodial earn scheme?
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40 sats \ 3 replies \ @Cje95 OP 29 May 2024
I think it is one of those best-case scenario for a painful lesson that ended up not being too terrible.... the funds have been locked up for so long that I think it taught a lot of people. I am amazed they were able to pull of the get back in kind since that will not be happening with FTX so I think when you look at the two of them they together help people better understand custodial issues
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0 sats \ 2 replies \ @grayruby 29 May 2024
Did they get 97% of the bitcoin balance or fiat balance because at that time Bitcoin was worth much less so that could be quite the haircut.
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50 sats \ 1 reply \ @Cje95 OP 29 May 2024
They got back BTC! It wasn't like FTX who is just giving back the dollar amount they are giving back whatever coin was stuck with whatever interest it had earned up to that point!
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0 sats \ 0 replies \ @grayruby 29 May 2024
That's good.
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0 sats \ 2 replies \ @Satosora 29 May 2024
I am guessing you put into this program and were worried about losing your initial investment?
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20 sats \ 1 reply \ @Cje95 OP 29 May 2024
I use Brave Browser and way back then Gemini became one of the two options (the other way Uphold) that your BAT could be sent to for free you could lend it and since it was free and the APY was over 5% for a couple of months I was doing that... then Genisis went bellyup and that is who Gemini used so it got frozen. I only had 127ish BAT in there I believe
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0 sats \ 0 replies \ @Satosora 29 May 2024
yeah, its never a good idea to do this kind of stuff.
They are left holding the bag, and you dont get anything.
Imagine all that you could have made with it during that time.
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