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We’re discontinuing the Stablegains service

blog.stablegains.com

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Re: We’re discontinuing the Stablegains service

#21

Post by Tao332 »

lupire wrote: post #14
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?

Terraform has $3B (ish, stores as Bitcoin) that they could use to try to buy back faith in their coin. Problem is, best they can do is reboot with a Bitcoin-collateralized coin. The whole Terra/Luna/Anchor "algorithmic stablecoin" had been exposed as a fraud or a fantasy, so such smaller fraction of suckers and scammers will buy in to that again, and everyone else might buy in to a Bitcoin backed stablecoin, but ther…

> Terraform has $3B (ish, stores as Bitcoin) that they could use to try to buy back faith in their coin.

Had. It's gone.

Re: We’re discontinuing the Stablegains service

#22

Post by eternalban »

echlebek wrote: post #11

lol. Even beanie babies were a longer-term investment vehicle than this. I just hope these recent very public and very embarrassing failures are enough to discourage the average person from wasting their money on these scams. I also hope the people behind this get investigated for fraud.

That was funny!

> the average person

So I'm riding the subway in NYC and there are these adds for yet another one of these crypto related "businesses" and copy iirc goes something like 'stop boring us at parties trying to explain crypto. just invest with us blah blah'. Pretty sure the irony is lost on the target demographic.

Re: We’re discontinuing the Stablegains service

#23

Post by nrmitchi »

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.

> Inspired by the possibilities across DeFi, our aim was to go beyond Anchor and to integrate with multiple protocols so that users could have easy access to multiple tools and allocate their assets across all of them based on their judgment of the benefits, costs, and risks of each option. Unfortunately, we didn’t get there in time.

Their previous marketting said (or at least implied) that they were spread across different defi products to protect against this exact risk.

That is not the same thing as "we planned to get there eventually, but didn't in time". This is borderling to an institution saying "We're FDIC insured!" but actually meaning "We hope to be FDIC insured at some point in the future".

Lying to customers about what you're doing with their investment funds is 100% illegal and literally what Martin Shkreli was in prison for (and that case didn't even end with him losing all of his investors money)

Re: We’re discontinuing the Stablegains service

#25

Post by khuey »

josu wrote: post #18
lupire wrote: post #14

Earlier quoted context omitted.

Terraform has $3B (ish, stores as Bitcoin) that they could use to try to buy back faith in their coin. Problem is, best they can do is reboot with a Bitcoin-collateralized coin. The whole Terra/Luna/Anchor "algorithmic stablecoin" had been exposed as a fraud or a fantasy, so such smaller fraction of suckers and scammers will buy in to that again, and everyone else might buy in to a Bitcoin backed stablecoin, but ther…

>Terraform has $3B (ish, stores as Bitcoin) that they could use to try to buy back faith in their coin. This is not correct. They used those bitcoins to try to defend the peg. Here you can see the actual treasury: https://datastudio.google.com/u/0/reporting/b31cc9e5-c54c-44...

> This is not correct. They used those bitcoins to try to defend the peg.

My understanding is that its more likely that they were allowing connected insiders to cash out at face value rather than "trying to defend the peg" at the prevailing market rates.

Re: We’re discontinuing the Stablegains service

#26

Post by Liron »

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."

Re: We’re discontinuing the Stablegains service

#27

Post by Tao332 »

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.

That's not an ad hominem.

The circular relationship between Terra and Luna is really fishy. It's probably not really a scam today, but similarly structured schemes should probably be classified as such and criminalized in the future.

Re: We’re discontinuing the Stablegains service

#28

Post by j-pb »

1270018080 wrote: post #3

Least corrupt crypto company. Return is directly correlated to risk, so when a black box corporation is promising 15% returns and marketing itself as a “simple and safe” way for its users to benefit from “advances in financial technology.” It's probably not safe, but it is very simple.

Any crypto or web3 startup contains an ad hoc, informally-specified, bug-ridden, slow implementation of "receive_funds.sh > /dev/null".
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