GUSD's site claims audits - under a heading titled "Review the Gemini dollar reserve-funds independent accountant audits" but links to attestations (example: https://assets.ctfassets.net/jg6lo9a2ukvr/3ZfEIugZkOLsArm4JK..., "conducted in accordance with attestation standards").
Same fraudulent trick Tether pulled for years. They're not the same thing.
Attestation: "Joe has $1,000 in the bank."
Audit: "Joe has $1,000 in the bank, but it's a loan from their brother, they just got fired, and a $2,000 mortgage payment is due tomorrow."
The main risk of being in that pool is that you might get stuck with GUSD which you would have a very hard time getting rid of unless you have an account with Gemini, and even then, I've heard of them refusing to redeem GUSD for USD to people who actually bought GUSD directly from them with USD.
The secondary risk of being in that pool is if any of the 3pool assets die. You'd have to hope to be automated enough to be out the door with the good ones.
Finally, the reward for being in there is the marketability of the CRV which is the lions share.
From what I can tell there is only a GUSD/3CRV pool. This means you will be exposed to GUSD, DAI, USDC, and USDT. If any of these depegs you will lose money because your DEPOSIT_AMOUNT USD worth deposit will turn into almost DEPOSIT_AMOUNT of whatever coin depegged. There is also risk of there being a vulnerability in a smart contract.
ceejayoz|3 years ago
Same fraudulent trick Tether pulled for years. They're not the same thing.
Attestation: "Joe has $1,000 in the bank."
Audit: "Joe has $1,000 in the bank, but it's a loan from their brother, they just got fired, and a $2,000 mortgage payment is due tomorrow."
Canada|3 years ago
The secondary risk of being in that pool is if any of the 3pool assets die. You'd have to hope to be automated enough to be out the door with the good ones.
Finally, the reward for being in there is the marketability of the CRV which is the lions share.
charcircuit|3 years ago