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We’re discontinuing the Stablegains service

blog.stablegains.com

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Re: We’re discontinuing the Stablegains service

#221

Post by lolscience »

perihelions wrote: post #65
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…

Hopefully the A.G. will recuse himself. He's under indictment for the same crime. https://en.wikipedia.org/wiki/Ken_Paxton#State_securities_fr...

He didn't recuse himself when he investigated his friend/donor and fired whistleblowers. Why would he now?

Re: We’re discontinuing the Stablegains service

#222

Post by cmeacham98 »

nemothekid wrote: post #161
cmeacham98 wrote: post #99

Earlier quoted context omitted.

> 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).

This is effectively circular reasoning

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

But why are the coins worthless? I'm sure your answer would be "because they're a scam" (probably more indirectly, but it would boil down to that point). But your reasoning for why the coins are a scam involves them being worthless.

Also, this isn't even true but the standard definition of worth of something like "what the market is willing to pay for something".

Re: We’re discontinuing the Stablegains service

#223

Post by [deleted] »

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.

[deleted]

Re: We’re discontinuing the Stablegains service

#224

Post by [deleted] »

Seanambers wrote: post #205
koheripbal wrote: post #151

Earlier quoted context omitted.

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…

As a single actor you can bend, but never break the rules. So you can achieve way better returns than the market as a whole does. Over time 10 - 200 x returns is achievable, don't think it comes cheap though, you need to dedicate large chunks of your life to it, and nothing is a guarantee. However, the math approach to finance works because in its essence it is quantifying human reactions and or emotions, which in la…

[deleted]

Re: We’re discontinuing the Stablegains service

#225

Post by [deleted] »

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…

[deleted]

Re: We’re discontinuing the Stablegains service

#226

Post by eternalban »

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…

> social media ... organized political power structure

It's not just social media and it is somewhat disingenuous to dismiss the idea that finance, specially specially international finance, does not have (some form of) power [that actually trumps and transcends political power].

This is a somewhat interesting film that I was watching the other day. It's mere existence addresses the first bit -- that perception is certainly not limited to "social media". And of course the film itself is about a super secret gathering of G8 ministers where they struggle with the decision to put in place some (undisclosed) policy change that they all know will have very drastic consequences for the global average joe.

The Confessions (2016): https://www.imdb.com/title/tt4647784

Re: We’re discontinuing the Stablegains service

#227

Post by null0pointer »

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…

If you don’t think there is fundamental value in permissionless, uncensorable, peer-to-peer online money transfer that is not controlled by any government or any single entity at all then nothing anyone can say will be able to convince you otherwise.

Notice how what I just described does not match the vast majority of these “crypto” projects. That is because they are not crypto. They do not adhere to the ethos of crypto. They are scams. It’s very simple really. If there’s a company behind it, if there’s an ICO, if there’s a single identifiable leader which can be attacked by governments to bring the project down, then it is a scam.

Unfortunately some time in the mid-2010’s the scammers and grifters of traditional finance moved in and started playing all the same games that got regulated out of existence in the legacy markets. They will likely get regulated out of existence again in the crypto world and people like you will gloat about how it’s the end for crypto. But the real crypto projects, Bitcoin, Monero, etc. will keep chugging along and there is absolutely nothing that can stop them.

Re: We’re discontinuing the Stablegains service

#228

Post by 323 »

JumpCrisscross wrote: post #220
323 wrote: post #211

Earlier quoted context omitted.

> It really is a science. Physics is a science. Math is. Or Biology. Finance is not. Because it deals with the madness of crowds. > Recipe for Disaster: The Formula That Killed Wall Street > And Li's Gaussian copula formula will go down in history as instrumental in causing the unfathomable losses that brought the world financial system to its knees. > Nassim Nicholas Taleb is particularly harsh when it comes to the…

> Physics is a science. Math is. Or Biology. Finance is not. Because it deals with the madness of crowds. If you follow the scientific method, it's science. If you write an observational essay, it's not. You can build theories around falsifiable, replicable experiments pertaining to the madness of crowds. The error bars are longer. But they are not infinite.

You are correct.

But when people say "finance is science" what they usually mean is "here is the complicated math that proves you can't lose money on this, we've modeled everything".

As the joke goes, 6 sigma events happen in finance every week.

Re: We’re discontinuing the Stablegains service

#229

Post by nivertech »

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."

Wow!

Don't you need a board resolution to be able to open any financial accounts, yet alone to invest into risky or leveraged assets?

Unless they were targeting crypto projects/companies that usually don't care about legal stuff.

Re: We’re discontinuing the Stablegains service

#230

Post by Tao332 »

gruez wrote: post #129
Tao332 wrote: post #21

Earlier quoted context omitted.

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

What happened? Last I heard they transferred it to gemini but people weren't sure whether they actually sold it or not.

$3B of Bitcoin was transferred, no one knows what happened to it, and in the same week, lots of Bitcoin was being sold off. Hmm...
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