lol. Even beanie babies were a longer-term investment vehicle than this. I just hope these recent very public and very embarrassing failures are enough to discourage the average person from wasting their money on these scams. I also hope the people behind this get investigated for fraud.
We’re discontinuing the Stablegains service
11–20 of 388 posts
Re: We’re discontinuing the Stablegains service
#12Earlier quoted context omitted.
A fraudulent company going bankrupt because the fraud collapsed.
Source on the company being fraudulent? Source on Terra being a fraud? Please provide sources for your ad-hominems.
(I upvoted you btw, I don't like to censor).
I'm a maximalist and even I am not that disingenous.
Re: We’re discontinuing the Stablegains service
#13Previous discussion:
YC W22 Stablegains is being sued for losing $42m in funds from 4878 customers https://news.ycombinator.com/item?id=31431224
Re: We’re discontinuing the Stablegains service
#14TerraUSD Price (UST) $0.05468 So, 95% of the value is gone. Can anyone explain how the fork, airdrop, and other gyrations the Terra/USD promoter is proposing will work, and where any actual money comes from?
Terraform has $3B (ish, stores as Bitcoin) that they could use to try to buy back faith in their coin.
Problem is, best they can do is reboot with a Bitcoin-collateralized coin. The whole Terra/Luna/Anchor "algorithmic stablecoin" had been exposed as a fraud or a fantasy, so such smaller fraction of suckers and scammers will buy in to that again, and everyone else might buy in to a Bitcoin backed stablecoin, but there's not much profit in that for Terraform, and the users have no reason to choose it over a more reliably backed coin like Tether or USDC or DAI.
Re: We’re discontinuing the Stablegains service
#15Earlier quoted context omitted.
A fraudulent company going bankrupt because the fraud collapsed.
Source on the company being fraudulent? Source on Terra being a fraud? Please provide sources for your ad-hominems.
I’d probably assume somebody looked at “15% interest” as a sales pitch and “losing all of your money” as the actual thing that happened and concluded that it was fraud.
What exactly is fraud by your estimation?
Re: We’re discontinuing the Stablegains service
#16Earlier quoted context omitted.
A fraudulent company going bankrupt because the fraud collapsed.
Source on the company being fraudulent? Source on Terra being a fraud? Please provide sources for your ad-hominems.
Re: We’re discontinuing the Stablegains service
#17So the options are to withdraw to USD at 5% value, or transfer the ust to another wallet to qualify for a "potential airdrop" but probably lose the 5% as ust goes to 0?
Re: We’re discontinuing the Stablegains service
#18TerraUSD Price (UST) $0.05468 So, 95% of the value is gone. Can anyone explain how the fork, airdrop, and other gyrations the Terra/USD promoter is proposing will work, and where any actual money comes from?
Terraform has $3B (ish, stores as Bitcoin) that they could use to try to buy back faith in their coin. Problem is, best they can do is reboot with a Bitcoin-collateralized coin. The whole Terra/Luna/Anchor "algorithmic stablecoin" had been exposed as a fraud or a fantasy, so such smaller fraction of suckers and scammers will buy in to that again, and everyone else might buy in to a Bitcoin backed stablecoin, but ther…
>Terraform has $3B (ish, stores as Bitcoin) that they could use to try to buy back faith in their coin.
This is not correct. They used those bitcoins to try to defend the peg. Here you can see the actual treasury: https://datastudio.google.com/u/0/reporting/b31cc9e5-c54c-44...
Re: We’re discontinuing the Stablegains service
#19TerraUSD Price (UST) $0.05468 So, 95% of the value is gone. Can anyone explain how the fork, airdrop, and other gyrations the Terra/USD promoter is proposing will work, and where any actual money comes from?
It won't work.
What they are trying to sell, is - community was stronger then only relying on UST.
In one in a million chance, there could be a inflow of money and while users from snapshot wouldn't sell their tokens in an instant. So, basically, an utopia.
Hype is lost, wave is over.
Re: We’re discontinuing the Stablegains service
#20This is huge news, isnt it? A YC startup going bankrupt because of the Terra collapse?
Meh YC backs a lot of scams masquerading as businesses. This period of easy money and wealth concentration has fostered much in the way of misallocation of capital. Y-Combinator exists to make its owners money. Their primary concern is bloody Benjamins, not morality and the public interest.