[Official] Crypto Currency Chit Chat Group - Part 6

[kaputzzz]

Thanks. Don't have a coinhako account so would have to register one to explore



Gemini still safe? But I guess just as a transit point for funds should be ok bah. Thanks

I think gemini quite safe la.. is highly regulated and doesn't do any leverage/margin/futures trading. Its one of the best exchanges to onramp and offramp funds after Binance. So far my experience with gemini is pretty good. Did a deposit like a week ago and the deposit got confirmed in less than an hour.

 

[articland05]

I think gemini quite safe la.. is highly regulated and doesn't do any leverage/margin/futures trading. Its one of the best exchanges to onramp and offramp funds after Binance. So far my experience with gemini is pretty good. Did a deposit like a week ago and the deposit got confirmed in less than an hour.

isn't Gemini under Genesis which have fallen? Gemini Earn also gg but Gemini is separate entity? really or not?


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[kaputzzz]

isn't Gemini under Genesis which have fallen? Gemini Earn also gg but Gemini is separate entity? really or not?


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Duno leh... heard their exchange operates separately and hold customer assets 1:1... only assets in gemini earn may be affected from their stake in genesis. If u worried then dun use gemini lor. Coinbase is the next place I choose to onramp/offramp fiat but their rates and fees not that good I feel. U can read more about their official statement here

https://www.gemini.com/blog/an-important-message-regarding-gemini-earn

 

[fortunecat]

Hello fellow companion on same boat. F**k mas. For me more than 80% of my crypto funds are in FTX

Wah jialat. Hope is not big amount

 

[fortunecat]

isn't Gemini under Genesis which have fallen? Gemini Earn also gg but Gemini is separate entity? really or not?


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Gemini not under genesis ba. But their earn feature is outsourced to genesis I think.

 

[articland05]

Duno leh... heard their exchange operates separately and hold customer assets 1:1... only assets in gemini earn may be affected from their stake in genesis. If u worried then dun use gemini lor. Coinbase is the next place I choose to onramp/offramp fiat but their rates and fees not that good I feel. U can read more about their official statement here

An Important Message Regarding Gemini Earn | Gemini
We will continue to update our customers as we receive additional information.

www.gemini.com

ya i saw their tweet alrdy. but is too close link for comfort. i would steer clear of all Gemini to be safe. even if use it for transit the money might alrdy get stuck once u deposit. ftx also didnt give any warning to new customer days after they halt withdrawal and unaware ones still signing up and putting money in


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[kaputzzz]

ya i saw their tweet alrdy. but is too close link for comfort. i would steer clear of all Gemini to be safe. even if use it for transit the money might alrdy get stuck once u deposit. ftx also didnt give any warning to new customer days after they halt withdrawal and unaware ones still signing up and putting money in


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True... better be safe than sorry. But we got not many good options to choose... either gemini, cdc or coinbase... cdc or coinbase themselves also maybe in trouble... then how? Sometimes u just gotta take a risk and not be so paranoid. Transfer in batches if u worried. We already playing super high risk investments... the chances of ur money gone in crypto is higher than gemini uplorry I think

 

[Localborn]

Wah jialat. Hope is not big amount

~USD 27k in nominal terms cos market has tanked so much but >USD42k in terms of what I pumped in

 

[snowblaze]

~USD 27k in nominal terms cos market has tanked so much but >USD42k in terms of what I pumped in

i lost 30K so about same.

 

[chewenhua]

 

[bossjiaksai]

isn't Gemini under Genesis which have fallen? Gemini Earn also gg but Gemini is separate entity? really or not?


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Gemini and Genesis are 2 completely separate entities. Of course this is with the assumption that Gemini themselves abide strictly by the regulations and licenses they were given, and not chut pattern like FTX. But this applies to all CEX, including Binance, CDC, Coinbase. If someone insists on committing fraud, there's no regulations, licensing or enforcement that can stop them.

For Gemini, they have this product called Gemini Earn, which is called Gemini Grow now. They stated very clearly that funds put in Gemini Earn / Grow is passed on to their 3rd party partner Genesis for returns. There are warning messages everywhere including when you want to deposit your Gemini funds into Gemini Earn. I used to put in Gemini Earn but withdrew everything after Luna collapsed. Once you put money into Earn, Gemini has no more responsibility for your money since the risks are now passed through to Genesis (and you). In hindsight, they probably should have just named their Earn product as Genesis Earn, and don't use the name Gemini since it gives the impression that it is an official programme by Gemini.

Gemini itself, if they abide by the rules which allowed them to operate, should be very safe, since they are a reserve exchange with 1:1 collateral, no margins, futures or derivatives. Of course, one can argue that FTX also say they are very safe but also collapsed, but I suppose Gemini's track records is a lot more solid than FTX. FTX wasn't brought down by their exchange itself. It was brought down by the actions of their management, which is fraudulent in the first place. FTX itself, if operated properly, is actually a massive golden goose, the amount they make from fees are ridiculous, which is why there are several big companies intending to buy out parts of FTX. I think the Winklevoss brothers should be more solid than that, they were already billionaires before starting Gemini, no need chut stunt.

I started using Gemini in 2017, rode through the 2018 bear, Gemini didn't let me down. After the FTX / Genesis news broke, I also withdrew my funds from Gemini, no issues at all. Recently I deposited a little back to buy / trade, and tested withdrawals. As recently as Friday, no issues too, funds were deposited and withdrawn quickly. I have a few wire transfers withdrawal initiated yesterday and today, Gemini processed it already, now waiting for it to reach my bank tomorrow / Tues since the US and SG banks don't process wires on weekends.

 

[articland05]

every grp also say they are 1:1 backed and no issue before collapse
so....


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[bossjiaksai]

every grp also say they are 1:1 backed and no issue before collapse
so....


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Of course, that's why the entire crypto landscape is all about whether you trust the words or not. Nothing is 100% trustworthy, just that some is more trustworthy than others. Even for cold wallets for that matter. What if the manufacturer built in a backdoor?

Unfortunately, CEX is still one of the most convenient / hassle free way on on ramp / off ramp funds. The other alternative is to get out of crypto totally.

So it's about managing your risks lor. Put in / withdraw by batches etc, so that your risks are capped etc.

 

[AikiBoy]

this is scam

 

[KingOfJustice]

A little late, wasn’t paying attention to all the ongoings. Scrolled back & realise Binance is ‘unbanned’. This is great news, finally can shift my stuff from Mandala back to Binance.

Kraken & Binance is my go to exchanges now. Just keep in mind the good old golden rule, “Not your keys, Not your coins”!

 

[happyfingers]

 

[Trader11]

Don't trust Ah tiong

 

[fortunecat]

Don't trust Ah tiong

You trust ang mos?

 

[bossjiaksai]

Don't trust Ah tiong

Last I checked, Celsius, FTX, Voyager, 3AC (1 of them) and the countless rugpulls and NFT scam projects are from AMDK land

 

[fortunecat]

A little late, wasn’t paying attention to all the ongoings. Scrolled back & realise Binance is ‘unbanned’. This is great news, finally can shift my stuff from Mandala back to Binance.

Kraken & Binance is my go to exchanges now. Just keep in mind the good old golden rule, “Not your keys, Not your coins”!

Actually this "not your keys, not your coins" saying was almost no longer true in last cycle. Many people left their assets in exchange for the whole of the previous bear market without any issue. But this cycle, it really come back with a vengeance to pwn so many