We’re discontinuing the Stablegains service • Hacker News Board

Re: We’re discontinuing the Stablegains service

#151

Post by koheripbal » Sat, May 21, 2022, 10:50 PM UTC

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…

What most people don't understand about finance is that there are fundamental rules that you really cannot break without consequences.

Anyone who has studied quantitative finance knows that it is a HARD science. I worked with a Nobel prize winner in economics, and the math dominated. There was no politics, no opinions, no ethics involved. It really is a science.

Most social media characterize finance as some ethical vice or organized political power structure - and those people simply don't understand finance.

Talking to people who are looking to just tear down modern finance are no different than climate change deniers, antivax, or flat earthers... and yes, they even exist in crypto (and on HN).

Re: We’re discontinuing the Stablegains service

#152

Post by davidgerard » Sat, May 21, 2022, 10:50 PM UTC

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.

VCs promoting this sort of blatant and obvious Ponzi - and there are many VCs getting into ponzinomic crypto enterprises - is a good reason to start making some of the investors more liable.

Re: We’re discontinuing the Stablegains service

#153

Post by gruez » Sat, May 21, 2022, 10:51 PM UTC

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.

In this case it's just sloppy copy pasting (copying the truncated link?) breaking the link. The original links from his other comment still works:

https://stablegains.zendesk.com/hc/en-us/articles/4402680425...

https://stablegains.zendesk.com/hc/en-us/articles/4402687671...

Re: We’re discontinuing the Stablegains service

#154

Post by Terry_Roll » Sat, May 21, 2022, 10:51 PM UTC

gruez wrote: post #105

Terry_Roll wrote: post #97

Earlier quoted context omitted.

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.

No post body was provided.

Re: We’re discontinuing the Stablegains service

#155

Post by sergiomattei » Sat, May 21, 2022, 10:51 PM UTC

JumpCrisscross wrote: post #147

giantg2 wrote: post #135

Earlier quoted context omitted.

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…

Let’s not even get started with Sama pushing Worldcoin, a pretty exploitative attempt at getting everyone’s irises with a pre-mined currency supposed to revolutionize world finance.

Re: We’re discontinuing the Stablegains service

#156

Post by fartcannon » Sat, May 21, 2022, 10:52 PM UTC

midasuni wrote: post #106

Terry_Roll wrote: post #97

Earlier quoted context omitted.

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…

That would quite legitimately work.

Re: We’re discontinuing the Stablegains service

#157

Post by dwighttk » Sat, May 21, 2022, 10:52 PM UTC

celticninja wrote: post #38

bmm6o wrote: post #32

Obviously I'm a little out of the loop, but what is the "attack" they talk about in the new plan? I thought the coin just death spiraled.

The thoughts are that someone borrowed lots of BTC and UST, started selling UST to depeg, then started selling BTC as they tried to regain the peg, the joint selling of BTC lowered the price making it harder, actually impossible,to regain the peg.

But wouldn’t that just be mr market, not a particular someone?

Re: We’re discontinuing the Stablegains service

#158

Post by Jasper_ » Sat, May 21, 2022, 10:52 PM UTC

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.

The thing is that a Stablecoin is either stable, and provides no returns, or it's volatile, and provides 15% returns. You can't have a stablegain that continually goes up in price, that's not stable then!

Stablegains, by their own admission, only invested in stablecoins: https://stablegains.zendesk.com/hc/en-us/articles/4402687671...

> We do not engage in speculation on the prices of volatile cryptocurrencies like Bitcoin or Ether. We only offer deposits in stablecoins whose value is pegged to one dollar.

> Regardless if crypto markets are soaring or crashing, the value of assets under our management remains stable.

This is hypocritical on its face. You can't have any returns if the assets are stable!

Sure, YC can do whatever they want with its money, but we can all be very disappointed and sad that VC funds are engaging with any of this. YC has been slowly been losing their image for years now, along with the other VC firms, and this just cements it for me.

Re: We’re discontinuing the Stablegains service

#159

Post by adventured » Sat, May 21, 2022, 10:52 PM UTC

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.

There's no such thing as a blockchain permanent public record. Some entity has to keep that up forever, maintained, public & accessible, for it to be such - that's not going to happen. Nearly all of them will fail and be wiped by time.

And certainly all of them can go away, they're mere digital storage systems. There's nothing permanent about any of it, not by any stretch of the imagination.

They're particularly, almost pathetically, temporary records. Most of these garbage coins will have no comprehensive financial records remaining several decades from now. By contrast, I know a lot of small businesses that have elaborate financial records going back 30-40 years, and the country is surely filled with similar (and most large corporations will have such).

Re: We’re discontinuing the Stablegains service

#160

Post by gabereiser » Sat, May 21, 2022, 10:53 PM UTC

ushakov wrote: post #133

puranjay wrote: post #90

Earlier quoted context omitted.

Even serious crypto people knew that UST was highly unstable lol How did these guys raise funding? They literally just built a fiat onramp

> How did these guys raise funding? either the investors didn’t do enough research or they were on it https://davidgerard.co.uk/blockchain/2022/04/11/web3-a-vc-fu...

This article is spot on to what I saw in the VC space (I won’t name where). Tons of little copycat crypto “companies” taking VC money for tokens which were collateralized with BTC. I know this article is going after a16z but it’s not just them, it was pretty much everyone.