[crossroadsguy]

What’s Gemini? I’m not sure but comes across as something crypto. Why would you suggest a person to get into crypto, and completely at that, who is looking to make a easy and safe living (if not retire)? Even if the corpus is not big enough for retirement I can’t think of any way where crypto is a solution, let alone only solution.

[randomhodler84]

My suggestions were in stablecoins. It’s dollars like notes debt and database records. Gemini is the regulated, New York based cryptocurrency exchange run by the Winklevoss twins. I just personally consider it to be the most reputable exchange, closer to Wall Street than the Wild West, so to speak.

[11101010001100]

But the ~8% on GUSD is not insured right?

[randomhodler84]

Neither is the 600k FDIC unless it is in 3 different bank accounts earning 0.01%pa. Securities… well you got SIPC protections if the brokerage fails but that ain’t insurance. Insurance is useful sure but insurance also is a cost. Some risks in life are uninsurable.

[xnx]

I think the FDIC will insure $1,250,000 if you name 5 beneficiaries.

[gruez]

Seems to be? https://www.gemini.com/legal/user-agreement#section-fdic-ins... (the FDIC section is a subsection of the gemini dollar section). That said if your crypto wallet gets hacked or the lending platform goes under, you'll still lose your money. I'd imagine the FDIC protection is only for if the bank where gemini stored its dollars went under.

[medvezhenok]

That is insurance for deposits in Gemini, not for the lending program (which is where you get the %)

[artdigital]

No crypto products are insured the same way banks are insured

[medvezhenok]

This is incorrect - there is no FDIC backstop on crypto or stablecoin lending. The risks are not comparable.

Source: https://support.gemini.com/hc/en-us/articles/360056367771-Ar...