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A ɢᴇʀᴜɴᴅ is a type of verb, in particular an -ɪɴɢ verb that heads a non-finite verb clause when that entire clause is being used as a noun phrase, typically as the subject or object of a finite clause. Not to be confused with -ɪɴɢ words that are no longer verbs, like deverbal nouns or participial adjectives, a gerund accepts only verb modifiers and arguments, not those of nouns or adjectives.

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Does either have the same meaning: "ther's no point (in)"/"it's no use"?

Yes, those are both correct. Personally I would use There is no point in giving up at all.
cherryblossom's user avatar