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We’re discontinuing the Stablegains service

blog.stablegains.com

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Re: We’re discontinuing the Stablegains service

#141

Post by ushakov »

rvz wrote: post #124
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 regulators haven't stopped this nonsense. As a result of the ICO scams in 2017 for example the infamous Ethereum DAO hack, perhaps that is why at least in the US, the SEC banned unregistered ICOs [0]; more countries to follow. They have done 'something' about it, but it is not going to 'completely' stop otherwise they would have 'totally' banned all of them, including even registering an ICO with…

nowadays they don’t even do ICOs

find a VC who’d buy coins at low prices and then dump into public by placing on Coinbase/Binance

spend that VC cash on marketing

Re: We’re discontinuing the Stablegains service

#142

Post by samhw »

vmception wrote: post #136
jmyeet wrote: post #100

What's funny about this is that I can recall discussions here and elsewhere from only a few months ago questioning the "guaranteed" super-high returns. I forget who said this but someone awhile ago said in finance said that if someone is promising you consistent above-market returns it's either a scam or there is unknown or undisclosed risk. And the Crypto Andys were all like "you just don't understand DeFi!" to whic…

Usually there is an answer, I’m not familiar with the stablegains service but usually there is enough information for you to tell objectively why to use or avoid a service according to your risk profile. There was enough in the terra ecosystem to come to a conclusion of avoiding completely

Consider what we see if there isn't enough information: https://en.wikipedia.org/wiki/The_Market_for_Lemons And on a totally separate note, consider what we see in DeFi.

Re: We’re discontinuing the Stablegains service

#143

Post by josu »

UncleEntity wrote: post #74
josu wrote: post #39

Earlier quoted context omitted.

No public evidence of that as of now, but it could definitely be true. The interesting thing is that it doesn't really matter, those "insiders" would have dumped the coins in the open market breaking the peg even further. So yeah, maybe LFG could have sold the bitcoins a bit better in the open market, but I don't think that it would have made a difference.

You’re actually defending (alleged) collusion, (alleged) fraud and (alleged) insider trading on the basis that the ship was going to sink anyway?

I'm not defending anything, just pointing out the obvious.

But yeah, I'll be surprised if Do Kwon doesn't end up sitting in front of a judge

Re: We’re discontinuing the Stablegains service

#144

Post by nrmitchi »

jdasdf wrote: post #134
nrmitchi wrote: post #101

Earlier quoted context omitted.

> 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 mark…

And now those are gone. These people need to be in jail. Deleting evidence isn't going to look good in front of the judge.

oh. my. god.

Everyone pour one out for u/ushakov, hero of the hour: https://news.ycombinator.com/item?id=31462674

Re: We’re discontinuing the Stablegains service

#145

Post by jdasdf »

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…

> All crypto is a scam and it's so simple to see, it's astonishing anyone fell for this.

No, it is not.

Please try to set aside your hatred for all things crypto and understand that there is actual legitimate value in many of the crypto projects, and that the core proposition, that of decentralized peer to peer value transfer, is a legitimate and useful use case.

Re: We’re discontinuing the Stablegains service

#146

Post by ushakov »

dvt wrote: post #131
badkitty wrote: post #92

Earlier quoted context omitted.

Let's be clear: YC needs to quit financing ponzi scams. Or better yet, be punished for it.

Yawn, brand new account, take this virtue signaling back to reddit and give me a break: YC can invest in whatever they want to, it's their money. Stablecoin farming may not be sustainable, but it's not a Ponzi scheme, unless you have no idea how a Ponzi actually works.

farming is literally a ponzi

https://m.youtube.com/watch?v=C6nAxiym9oc

Re: We’re discontinuing the Stablegains service

#147

Post by JumpCrisscross »

giantg2 wrote: post #135
JumpCrisscross wrote: post #46

If you are in the U.S. and lost money, please write to your state's Attorney General [1]. The company is Stablegains, Inc. and the people to name are Kamil Ryszkowski and Emil Rasmessen, co-founders and, I think, Board members. Copy Ken Paxton, Office of the Attorney General, P. O. Box 12548, Austin, Texas as well as his challenger George P. Bush at P. O. Box 26677, also in Austin. (Stablegains and its founders are i…

For what it's worth, they are also a YC backed company.

> For what it's worth, they are also a YC backed company

Severely disappointing. I respect PG too much to believe he would knowingly condone this. The partner who did this didn't understand what they were investing in or should be decoupled with haste.

At the very least, the Alaska RMB, U of M Endowment, Bloomberg's family office and SMC should be asking why their capital is backing what should have been clear as day ex ante a fraud. Anyone living in Alaska, going to or an alumni of U of M or Stanford, or working for Bloomberg should be asking the same question.

Re: We’re discontinuing the Stablegains service

#148

Post by [deleted] »

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…

[deleted]

Re: We’re discontinuing the Stablegains service

#149

Post by andreilys »

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…

Sounds like you're describing the Visa/Mastercard duopoly that charges high interchange fees to merchants so they can bankroll their own rewards programs.

Re: We’re discontinuing the Stablegains service

#150

Post by lumost »

t-3 wrote: post #94
gruez wrote: post #81

Earlier quoted context omitted.

Isn't it already "a public permanent record" because it's already in the news?

A blockchain is already a public permanent record in the first place.

It won’t be once it shuts down. Blockchains are as permanent as the miners that power them.
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