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We’re discontinuing the Stablegains service

blog.stablegains.com

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Re: We’re discontinuing the Stablegains service

#301

Post by tomc1985 »

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…

> I get the innovator mentality of sweeping away the old but there seems to be a fine line between innovation and ignorance.

I think that this is the "innovator mentality" insofar that, as a group, we tend to idolize/cargo cult innovation as if it was always a good thing. As the pile of things that I miss grows much faster than the things that I feel that I've gained I have come to think of "innovation" as a force for destruction, rent-seeking, and greed, just as much as it can be a force for improvement.

As you say, in many cases things are the way they are because reasons. And some snot-nosed wanterpreneur is just as likely to degrade the situation as they are to improve it.

Re: We’re discontinuing the Stablegains service

#302

Post by xvector »

npc12345 wrote: post #12
xvector wrote: post #8

Earlier quoted context omitted.

Source on the company being fraudulent? Source on Terra being a fraud? Please provide sources for your ad-hominems.

(I upvoted you btw, I don't like to censor). I'm a maximalist and even I am not that disingenous.

I simply do not believe it was fraud, and I don't see any evidence provided of it being the case.

A badly-designed stablecoin? Incompetence? Sure. But the accusation of fraud requires evidence of malice.

Re: We’re discontinuing the Stablegains service

#303

Post by xvector »

nrmitchi wrote: post #188
xvector wrote: post #47

Earlier quoted context omitted.

Do you have a source for the misleading marketing? Feb. 2, 2022 [1]: "Stablegains' 15% APY is earned using Anchor Protocol, a decentralized lending market." This is in a giant blue block right above a "get started" link. There is no mention of anything other than Anchor being used to store investor funds. It seems to me that you are trying to twist the post-crash retrospective into a marketing statement that didn't s…

I'd have a hard time trusting their current documentation which seems to have been heavily edited since this whole incident began, but frankly the subheader on their main landing page is "Stablegains makes it simple to earn high and stable interest from DeFi lending markets." Market(s). Plural. That at least heavily implies in their marketing that they weren't taking all of their users funds and shoving it into a sin…

They state multiple times, both on their (archived) landing page and documentation, that Anchor is the only protocol in use.

That's a lot more indicative than a mere "s" at the end of a word.

Re: We’re discontinuing the Stablegains service

#304

Post by sillysaurusx »

tmpz22 wrote: post #296
sillysaurusx wrote: post #216

Earlier quoted context omitted.

I guess. Just as long as you really embrace the “move on” part. It was a mistake I made, so I’m just hoping to help people realize that things get so much easier when you stop caring.

So you’re suggesting apathy in the face of victim-hood?

Thinking you’re a victim while speculating is only going to make you miserable in the long run.

Re: We’re discontinuing the Stablegains service

#305

Post by RexM »

vel0city wrote: post #279
lumost wrote: post #150

Earlier quoted context omitted.

It won’t be once it shuts down. Blockchains are as permanent as the miners that power them.

These were technically coins which were processed as smart contracts in Ethereum. Even if these coins "cease operations" their history will continue to exist in the Ethereum blockchain, forever.

At least until Ethereum goes tits up.

Re: We’re discontinuing the Stablegains service

#307

Post by Justsignedup »

gruez wrote: post #137
paulryanrogers wrote: post #110

Earlier quoted context omitted.

AAPL has physical and IP assets which could be sold to make investors whole. While I have big issues with them, they're not in the same ballpark as this 'stable' coin company or pyramid schemes.

>AAPL has physical and IP assets which could be sold to make investors whole While they might have some "physical and IP assets", there isn't nearly enough to "make investors whole" (ie. pay them back). If you invested $100 in apple earlier this year and AAPL somehow needed to be liquidated, you're only getting a fraction of $100 back.

The investor valuation vs actual company value is a different ordeal.

In the end, AAPL is building a product, that is wildly popular. Makes a massive profit (and writes it all off, which is another discussion), and spreads its wealth to investors. The products they make produces value in and of themselves. Without the stock, the iPhone, iPad, Macs, cloud services, etc would still be valuable and used.

Crypto does not have anything to back itself. It doesn't produce value in and of itself. If suddenly people stop valuing crypto, there would be zero services it produces, unlike an iPhone. If suddenly the AAPL stock drops to 0, they can expose the code for enabling iphones to work and the tech can continue to be used one way or another for an existing an practical utility.

That's the difference people are missing. Even a company like Figma, who produces purely digital products, figma, without any investment, is a useful digital tool which serves a purpose to people who use it, without any need for others to invest into it. Theoretically it can be converted to a self-hosted service without any updates, an d still be a useful tool. The income model doesn't impact the utility of the digital tool. Not so with crypto.

This is what drives me nuts about crypto enthuseists... they forget the crypto has no value. And even saying "neither does money" but money does serve a practical purpose. It allows for one person selling chickens to convert those chickens to long-term value. And while money is only as valuable as people make it, money is backed by a country's production and reputation, so there is inherent anchoring of money to the world.

Re: We’re discontinuing the Stablegains service

#308

Post by dvt »

vgatherps wrote: post #283
djenendik wrote: post #257

Earlier quoted context omitted.

So you can guarantee 20% returns? We're back where started.

Market makers/HFT firms can have astronomical returns, hundreds of percents is not uncommon depending on how capital intensive the strategies are. The returns don't compound since strategies in this space are usually very capital constrained.

And they're also context constrained, so highly-successful strategies don't work indefinitely.

Re: We’re discontinuing the Stablegains service

#309

Post by robocat »

tmpz22 wrote: post #296
sillysaurusx wrote: post #216

Earlier quoted context omitted.

I guess. Just as long as you really embrace the “move on” part. It was a mistake I made, so I’m just hoping to help people realize that things get so much easier when you stop caring.

So you’re suggesting apathy in the face of victim-hood?

Surely acceptance contains a certain level of neutral emotion. Apathy might be healthier for them than anger, on a historical situation that they can’t bandage. Perhaps they shouldn’t advise apathy, but I see some people move on from some horrific events in a variety of ways, and some of those ways would be marked as unhealthy by pop psychologists. If apathy works for them, who should argue.

Also: are you suggesting they should look at themselves as a victim? They might be in one sense, but in other senses they might not be.

Re: We’re discontinuing the Stablegains service

#310

Post by vkou »

hprotagonist wrote: post #67
perihelions wrote: post #65

Earlier quoted context omitted.

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...

yeah, Ken Paxton is … let’s go with “not clear and free of scandal”.

Pyramid schemes and political corruption in the US is a very iconic duo (See: Amway is somehow still in the fraud business. The amount of collusion between it and past presidents is, to put simply, sickening.)
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