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We’re discontinuing the Stablegains service

blog.stablegains.com

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Re: We’re discontinuing the Stablegains service

#231

Post by JumpCrisscross »

323 wrote: post #228
JumpCrisscross wrote: post #220

Earlier quoted context omitted.

> 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.

> 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"

100% agree. When I was an algorithmic derivatives trader, we joked that the math was there to scare up investors and scare off compliance. Little did we know...

Re: We’re discontinuing the Stablegains service

#232

Post by nemothekid »

cmeacham98 wrote: post #222
nemothekid wrote: post #161

Earlier quoted context omitted.

> 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 def…

>But why are the coins worthless?

The coins are worthless because they have no function outside of speculation.

>But your reasoning for why the coins are a scam involves them being worthless.

The coins are a scam because they are worthless but the conmen in the room are telling you that if you just hodl they will be worth a billion dollars. Just like buying seeds for a money tree is a scam. In other words, the coins themselves have as much utility as seeds for a money tree. Sure the market might be willing to pay for seeds for a money tree; but you and I both know that money trees don't exist and the market participants are paying for something that will be worthless in 10 years.

You are now one of those market participants twisting language because you are 100% convinced that you will begin harvesting benjamins in 10 years once you plant your money tree seeds. Once the tree matures and bears no fruit, will money seeds be a scam, or will it just be that your tree was a "Failed project", but the ecosystem of money tree seeds is 100% legitimate?

Re: We’re discontinuing the Stablegains service

#233

Post by JumpCrisscross »

SnowHill9902 wrote: post #126
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…

What should you write exactly?

> What should you write exactly?

The facts.

Copies of marketing you saw, statements showing what you invested and what you were paid, e-mails and other communication from the company and a statement of loss. There are links in this thread where promises were made that turned out to be lies; I would include those as well if you saw them ex ante.

Re: We’re discontinuing the Stablegains service

#234

Post by cookie_monsta »

paulryanrogers wrote: post #119
docmechanic wrote: post #72

Earlier quoted context omitted.

Quiet! The kool-aid tray is coming round again.

Isn't the point that it can only go around once?

There doesn't seem to be a shortage of newcomers who believe that this time, this flavor will be different

Or as PT Barnum put it...

Re: We’re discontinuing the Stablegains service

#235

Post by downandout »

simonh wrote: post #213
downandout wrote: post #187

Earlier quoted context omitted.

And the Crypto Andys were all like "you just don't understand DeFi!" to which the retort is "No, you just don't understand finance". If you believe the statement "if someone is promising you consistent above-market returns it's either a scam or there is unknown or undisclosed risk" it might be true that you don't understand DeFi to some degree. DeFi isn't a single market, it's millions of micro markets that are acces…

> it's quite easy to find pockets of above-average returns if you're smart… Right, but even then how deep are those pockets (what amount of investment can they absorb without being tapped out), how big a time window will they exist for, how will you know if those limits are being reached, and are you really sure you can quantify all the risks? By definition if it’s a pocket of opportunity, it’s very constrained oppor…

Of course there are limits to every opportunity. I make money everyday from opportunities that exist on microsecond timescales. I run arb and loan liquidation bots, so I haven't had a single losing day, ever. The last two weeks were quite profitable for me, actually the best two week period I have ever had. There are other strategies that are easier to pull off, such as market making, that have moderate risks and outsized returns.

The point is that these opportunities exist, and they always will exist, you just have to be smart enough to be able to get into them. If someone needed money for infrastructure to run an arb bot, for example, and offered you above market, risk-free returns, it's at least possible they aren't lying to you. That was my point.

Re: We’re discontinuing the Stablegains service

#236

Post by cmeacham98 »

nemothekid wrote: post #232
cmeacham98 wrote: post #222

Earlier quoted context omitted.

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 def…

> But why are the coins worthless? The coins are worthless because they have no function outside of speculation. > But your reasoning for why the coins are a scam involves them being worthless. The coins are a scam because they are worthless but the conmen in the room are telling you that if you just hodl they will be worth a billion dollars. Just like buying seeds for a money tree is a scam. In other words, the coin…

> The coins are a scam because they are worthless but the conmen in the room are telling you that if you just hodl they will be worth a billion dollars.

So you agree with me the reason they are a scam has nothing to do with transaction fees??? Maybe you should re-read my initial comment.

> You are now one of those market participants twisting language because you are 100% convinced that you will begin harvesting benjamins in 10 years once you plant your money tree seeds.

I have never, am not currently, and do not plan to hold any cryptocurrency or invest in crypto-related projects. Thanks for projecting this onto me though!

> Once the tree matures and bears no fruit, will money seeds be a scam, or will it just be that your tree was a "Failed project", but the ecosystem of money tree seeds is 100% legitimate?

You really should go re-read my first comment - I never said anything close to this.

Re: We’re discontinuing the Stablegains service

#237

Post by mccorrinall »

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…

Only about 8% of the gold demand is from technology. The rest is used a speculation and for luxury goods which are only valuable because you expect someone to pay an equal amount of money or more than you did.

“Gold has two major shortcomings in that it is neither of much use nor productive. While gold does have some industrial and decorative purpose, the demand for these purposes is limited and unable to absorb the amount of new gold being mined. And if you own an ounce of gold for eternity, you still end up owning an ounce.” - Buffet

https://www.statista.com/statistics/299609/gold-demand-by-in...

Re: We’re discontinuing the Stablegains service

#238

Post by downandout »

JumpCrisscross wrote: post #190
downandout wrote: post #187

Earlier quoted context omitted.

And the Crypto Andys were all like "you just don't understand DeFi!" to which the retort is "No, you just don't understand finance". If you believe the statement "if someone is promising you consistent above-market returns it's either a scam or there is unknown or undisclosed risk" it might be true that you don't understand DeFi to some degree. DeFi isn't a single market, it's millions of micro markets that are acces…

> it's more than possible to achieve above-market gains in DeFi without overexposing yourself to insane risks "Insane" is subjective. The point is nothing safe yields ten or 20%. Someone saying "you will not lose your funds" [1] when paying above-market yields is lying. [1] https://stablegains.zendesk.com/hc/en-us/articles/4402680425...

I run arb and loan liquidation bots, and have for over a year now. These are atomic transactions almost always using flash swaps/loans that exist only exist for the life of the transaction. I am only exposed to potential losses on transaction fees, but have never had a losing day while running production code. My yield on my investment (mostly infrastructure costs) is closer to 5,000%...per month. I will not lose my funds, whether the market is good or bad.

There are funds out there that conduct these activities, I know because I recently consulted for one. They are promising risk free returns and getting them.

There are things that exist in DeFi (such as flash loans) that have no real world equivalent, which is why blanket statements made about traditional markets don't necessarily apply. If used properly, these things do in fact offer "too good to be true" types of returns.

Re: We’re discontinuing the Stablegains service

#239

Post by SilasX »

unyttigfjelltol wrote: post #49
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 the U.S. Federal Reserve and Treasury allowed anyone but the U.S. Government to mint a coin 'tethered' to USD, and named anything remotely similar. It's bizarre and a complete reversal from prior practice.

That’s … what banks and credit card companies do all the time. The only true dollars are physical cash and accounts at the Federal reserve. Everything else is a derivative pegged to those.

Re: We’re discontinuing the Stablegains service

#240

Post by i_am_proteus »

Very beautifully, because they have used medium dot com to write their web log, the following text continues to appear at the bottom of the article:

>Stablegains.com — 15% APY savings tool. Take control of your financial future. No hidden fees, no minimum balances, no commitment periods.

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