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We’re discontinuing the Stablegains service

blog.stablegains.com

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Re: We’re discontinuing the Stablegains service

#161

Post by nemothekid »

cmeacham98 wrote: post #99
chx wrote: post #62

Earlier quoted context omitted.

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…

> 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 the change is zero. This still doesn't change if, for convenience, during the game, they u…

>Does this not describe CC fees/taxes/online marketplaces/etc?

No, because CCs exchange dollars and the dollars themselves are not worthless (or, rather are given worth via a nuclear arsenal).

The coins themselves are worthless, but accrue "fees" in fiat (ex. when you exchange USD for UST).

Re: We’re discontinuing the Stablegains service

#162

Post by tootie »

Liron wrote: post #26

Written as if no mistakes were made on their end. Paraphrasing: "We all thought UST and Anchor were a source of stable >10%/yr gains that you could trust for your corporate treasury. That the yield instead turned out to be -99% is quite disappointing, and makes this a natural time for us to bring our service to an end. It's been a pleasure to serve you."

Anybody who believes that kind of logic deserves to lose their stake. Crypto has spent most of it's formative years riding an historic bull market and claiming it's immune to market forces. Now we have pretty clear evidence that crypto is just a multiple of the Nasdaq.

Re: We’re discontinuing the Stablegains service

#163

Post by throwk8s »

koheripbal wrote: post #151
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…

Is the math meaningful though?

Re: We’re discontinuing the Stablegains service

#164

Post by sillysaurusx »

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…

Take it from someone who lost his father’s money (all $11,000 of it) in 2014: it’s easier to just get over it as quickly as possible.

None of this will amount to anything, and you’ll feel awful until you give up. Then the healing can begin.

On the other hand, I’m not sure if I was mentally capable of hearing this advice back then, so…

But it’s true. It’s 2022 now. That’s almost a decade ago. In fact I forget when exactly Gox collapsed, which is how little it matters to me now. But back then, it felt like the end of the world.

Re: We’re discontinuing the Stablegains service

#166

Post by elliekelly »

puranjay wrote: post #88
TheDudeMan wrote: post #54

Earlier quoted context omitted.

To be fair, the collapse of an algorithmic stablecoin is no surprise ;)

I can tell you right now that there is absolutely no safe yield in crypto currently that goes beyond 4% on a “safe” stablecoin like USDC. For truly safe (as in, huge value locked, never been hacked), the yield is more like 1.5-2% All the high yield is in algoponzis or new protocols that carry massive protocol risk

There is absolutely no safe crypto. Full stop.

Re: We’re discontinuing the Stablegains service

#167

Post by toqy »

risyachka wrote: post #111
chx wrote: post #62

Earlier quoted context omitted.

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.

You’re right, it’s not always a scam. Sometimes it’s just useless.

Re: We’re discontinuing the Stablegains service

#169

Post by dvt »

Jasper_ wrote: post #158
dvt wrote: post #131

Earlier quoted context omitted.

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 B…

I completely agree with all of this. Stablecoin farming often uses a "secondary" coin which happens to be volatile (or some form of lending/leverage). The risk is obfuscated, but it's still there. My point was only that calling it a Ponzi is just lazy and wrong.

Re: We’re discontinuing the Stablegains service

#170

Post by nrmitchi »

gruez wrote: post #153
jdasdf wrote: post #134

Earlier quoted context omitted.

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...

Yupp that was it. I guess that's the better result here.

I updated the the parent comment with the correct urls

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