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We’re discontinuing the Stablegains service

blog.stablegains.com

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Re: We’re discontinuing the Stablegains service

#101

Post by nrmitchi »

gruez wrote: post #91
nrmitchi wrote: post #34

> While we have informed users that there are no absolute guarantees against risks I'm... uh.... fairly certain this was not the crux of their marketing which severly downplayed the underlying risk. There is also a huge spectrum between "we cannot guarantee that there is 0 risk" (which seems to be what the above sentence is saying), and "there exists a risk that all of your funds disappears in 24 hours". It seems lik…

>Question though, do the founders here have any potential criminal liability from this whole situation (including apparently lying about what they were doing with their customers funds)? While they're not exactly forthcoming with the risks, their marketing pages[1] were also careful to not make any explicit claims of safety (eg. "your principal is protected", or "you won't lose money"). The most that they claimed wer…

> careful to not make any explicit claims of safety (eg. "your principal is protected", or "you won't lose money").

These are both explicit examples of explicit claims of safety that are still up on their documentation (at least as of 5 minutes ago)

- "You will not lose your funds because all loans are 100% asset-backed." (https://stablegains.zendesk.com/hc/en-us/articles/4402680425...)

- "Regardless if crypto markets are soaring or crashing, the value of assets under our management remains stable." (https://stablegains.zendesk.com/hc/en-us/articles/4402687671...)

Edit: Updating link to fix truncated urls

Re: We’re discontinuing the Stablegains service

#102

Post by ryanSrich »

Animats wrote: post #5

TerraUSD 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?

The money comes from incredibly low IQ and poor people thinking they’ll win the lottery. It’s the same thing over and over. Luna2 is just a scam. Do Kwon is a sociopath.

Re: We’re discontinuing the Stablegains service

#103

Post by gsibble »

formerkrogemp wrote: post #20
axiosgunnar wrote: post #2

This 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.

As I've said elsewhere, having dealt with them and seen who they invest in, morality does not seem to be an important aspect of YC investments.

Re: We’re discontinuing the Stablegains service

#104

Post by [deleted] »

xvector wrote: post #78
unyttigfjelltol wrote: post #49

Earlier quoted context omitted.

It's pathetic that the U.S. Federal Reserve and Treasury allowed anyone but the U.S. Government to mint a coin 'tethered' to USD, and named anything remotely similar. It's bizarre and a complete reversal from prior practice.

As long as someone pays for cryptocurrency somewhere in the world, you will be able to algorithmically mint a coin tethered to USD or any other asset, and there is absolutely nothing the US Government or anyone else can do to stop it. The Pandora's Box is open.

[deleted]

Re: We’re discontinuing the Stablegains service

#105

Post by gruez »

Terry_Roll wrote: post #97
perihelions wrote: post #41

Earlier quoted context omitted.

This was their old marketing: https://news.ycombinator.com/item?id=31431915 - "15% interest. No surprises."

Dont rely on any websites & webpages existing like this link. I can show you links where even the Wayback machine has removed content, most people will know how Google Cache has removed content, so print all copies and have hard copies safely stored away where they cant be destroyed. Houses will be broken into in order to destroy evidence, I know I've had it done to me! This may be your only chance to out the crimina…

>Houses will be broken into in order to destroy evidence, I know I've had it done to me!

>This may be your only chance to out the criminals that run the world!

Given that the screenshot is an (instagram?) ad, there's probably such a huge papertrail that can be subpoenaed that you don't have to worry about the founder breaking into your house to destroy the only copy of the marketing materials.

Re: We’re discontinuing the Stablegains service

#106

Post by midasuni »

Terry_Roll wrote: post #97
perihelions wrote: post #41

Earlier quoted context omitted.

This was their old marketing: https://news.ycombinator.com/item?id=31431915 - "15% interest. No surprises."

Dont rely on any websites & webpages existing like this link. I can show you links where even the Wayback machine has removed content, most people will know how Google Cache has removed content, so print all copies and have hard copies safely stored away where they cant be destroyed. Houses will be broken into in order to destroy evidence, I know I've had it done to me! This may be your only chance to out the crimina…

Maybe you could store it on the blcokchain…

Re: We’re discontinuing the Stablegains service

#107

Post by devit »

dataflow wrote: post #33

> Stablegains is not accepting any new users or any new deposits on our platform. At this time, please DO NOT use your deposit addresses as any funds sent might not be recoverable. It boggles my mind that people don't see that the inability to block/reject payments is a fundamental flaw of cryptocurrency.

You can do that with a smart contract if you plan ahead for the possibility that you want to do so.

Re: We’re discontinuing the Stablegains service

#108

Post by phire »

trixie_ wrote: post #29

UST, a stable coin not even pretending to be backed by the very thing it was pegged to fails. Unlike USDT, USDC or GUSD, there was a documented plan of attack to take UST down 6 months ago, someone just raised enough capitol to execute it.

While there was a proposed attack, there is no evidence it (or any other attack) was executed.

Which would be weird. Attacks on blockchains usually have detailed analysis within days, the blockchains are public and any evidence would be right there for people to examine.

All evidence is that UST simply collapsed on under it's own weight because it's algorithmic nature was never stable. As soon as the price of LUNA started falling, it created a feedback loop which drove the price of LUNA to zero, destroying the very thing backing UST.

Re: We’re discontinuing the Stablegains service

#109

Post by ushakov »

nrmitchi wrote: post #96
nrmitchi wrote: post #34

> While we have informed users that there are no absolute guarantees against risks I'm... uh.... fairly certain this was not the crux of their marketing which severly downplayed the underlying risk. There is also a huge spectrum between "we cannot guarantee that there is 0 risk" (which seems to be what the above sentence is saying), and "there exists a risk that all of your funds disappears in 24 hours". It seems lik…

Further little notes from their documentation that, lets just say, "downplay the risk": - "You will not lose your funds because all loans are 100% asset-backed." ( https://stablegains.zendesk.com/hc/en-us/articles/4402680425... ) - "Regardless if crypto markets are soaring or crashing, the value of assets under our management remains stable." ( https://stablegains.zendesk.com/hc/en-us/articles/4402687671... ) It's ki…

archived for future reference

https://archive.ph/O2lZV

https://archive.ph/ItERp

Re: We’re discontinuing the Stablegains service

#110

Post by paulryanrogers »

capableweb wrote: post #52
Justsignedup wrote: post #24

people who bet early, made big money. people who came in on the hype lost everything. the definition of pyramid schemes. Oh well. We'll see, it might bounce back as these things do.

Oh, by that definition, even AAPL is a pyramid schema. How about we leave the definition for pyramid scheme where it's already at? > Pyramid scheme: making money based on recruiting an ever-increasing number of "investors." > Oh well. We'll see, it might bounce back as these things do. No, it won't. It won't regain the trust of the community and the project is dead in the water now, no way it'll recover from this.

AAPL has physical and IP assets which could be sold to make investors whole. While I have big issues with them, they're not in the same ballpark as this 'stable' coin company or pyramid schemes.
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