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We’re discontinuing the Stablegains service

blog.stablegains.com

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Re: We’re discontinuing the Stablegains service

#111

Post by risyachka »

chx wrote: post #62
gloryless wrote: post #30

It's pathetic that regulators haven't stopped this nonsense. These scams don't even last 6 months anymore, it's a joke

All crypto is a scam and it's so simple to see, it's astonishing anyone fell for this. Look. Imagine an otherwise empty room with a table and a few chairs. A couple people come in with some money in their pockets and cards. They play a few round of a card game, some lose, some win. When they leave, the room as it was before so it is crystal clear the sum of their money couldn't change. Some won, some lost but overall…

Crypto is a tool.

Is it often used for scam? Yes. But so is email.

Just like stocks can fall 99% in a day. It stock s cam? No.

The problem is that users dive into it without understanding the risks. Also, there should be (and will be) more regulations around it.

But it is as far from the scam as it gets.

Re: We’re discontinuing the Stablegains service

#112

Post by JumpCrisscross »

xvector wrote: post #8
lupire wrote: post #6

Earlier 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.

> Source on the company being fraudulent?

See [1]. If you sell a deposit-like product by saying "you will not lose your funds," and then lose the funds, you go to jail. (First you lose your money.)

[1] https://news.ycombinator.com/item?id=31462617

Re: We’re discontinuing the Stablegains service

#113

Post by nrmitchi »

gus_massa wrote: post #85
perihelions wrote: post #41

Earlier quoted context omitted.

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

Was it 15% monthly or 15% annual?

Well 15% monthly woud be ~535% annual and at that point you're well past "highly unlikely" and into "I'm printing money in my 20k sqft basement" territory.

Re: We’re discontinuing the Stablegains service

#115

Post by braingenious »

pid-1 wrote: post #71
braingenious wrote: post #43

Earlier quoted context omitted.

Seriously! I know this may be an unpopular opinion on this site in particular, but after seeing this I would never even consider raising money from YC. I would not be comfortable having the fate of my business in any way tied to a group of people that are so fucking dumb that they invested in the money version of a perpetual motion machine. Seriously, this is the fucking stupidest thing I’ve seen in _YEARS_

> Seriously, this is the fucking stupidest thing I’ve seen in _YEARS_ C'mon, let's not forget about NFTs.

Touché

Re: We’re discontinuing the Stablegains service

#117

Post by IdEntities »

pid-1 wrote: post #58
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.

IMO letting crypto die by itself is the best way to prove it sucks. If any blockchain was forbidden, there would be a huge PR stress and infinite arguments about their viabilities. Just let morons fail.

Yep. Too many regulators have been on the trail of Tether and its ilk for too long for any of what's about to come to take them by surprise. Crypto being strangled in the crib by regulators makes them look like exactly the villains all the crypto advocates portray them as. Crypto being detonated by a huge number of blatant Ponzi schemes, on the other hand, is nothing but upside for the regulators.

Tether may also have been allowed to proceed as a sort of test bed for the CBDCs which seem to be on the agenda. Now the narrative can be "the public has already demonstrated strong demand for USD-type cryptocurrencies, we just need to supply an official version."

Re: We’re discontinuing the Stablegains service

#119

Post by paulryanrogers »

docmechanic wrote: post #72
braingenious wrote: post #43

Earlier quoted context omitted.

Seriously! I know this may be an unpopular opinion on this site in particular, but after seeing this I would never even consider raising money from YC. I would not be comfortable having the fate of my business in any way tied to a group of people that are so fucking dumb that they invested in the money version of a perpetual motion machine. Seriously, this is the fucking stupidest thing I’ve seen in _YEARS_

Quiet! The kool-aid tray is coming round again.

Isn't the point that it can only go around once?

Re: We’re discontinuing the Stablegains service

#120

Post by DelaneyM »

unyttigfjelltol wrote: post #49
gloryless wrote: post #30

It's pathetic that regulators haven't stopped this nonsense. These scams don't even last 6 months anymore, it's a joke

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.

Plenty of countries have currencies which have a fixed exchange with USD, including my own (1 KYD = 1.2 USD).

It just takes a shit-tonne of capital, and it helps to have a functioning internal economy and flexibility to be able to defend against malicious agents.

I suspect there are other legal issues with creating an alternative currency in the us though, which is why these aren't currencies but securities. Which is still fine! A tethered coin is conceptually _similar_ to a 0-yield bond.

Presenting it as being "safe" without it actually being so is the problem here.

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