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We’re discontinuing the Stablegains service
341–350 of 388 posts
Re: We’re discontinuing the Stablegains service
#342Hope there is jail time for investing people’s money into your Anchor protocol ponzi and not telling investors clearly.
Re: We’re discontinuing the Stablegains service
#343> While we have informed users that there are no absolute guarantees against risks I'm... uh.... fairly certain this was not the crux of their marketing which severly downplayed the underlying risk. There is also a huge spectrum between "we cannot guarantee that there is 0 risk" (which seems to be what the above sentence is saying), and "there exists a risk that all of your funds disappears in 24 hours". It seems lik…
Further little notes from their documentation that, lets just say, "downplay the risk": - "You will not lose your funds because all loans are 100% asset-backed." ( https://stablegains.zendesk.com/hc/en-us/articles/4402680425... ) - "Regardless if crypto markets are soaring or crashing, the value of assets under our management remains stable." ( https://stablegains.zendesk.com/hc/en-us/articles/4402687671... ) It's ki…
Wow they need to see prison time for losing investors money saying their main coin was USDC
Re: We’re discontinuing the Stablegains service
#344How on god’s earth did YC invest in this without seeing through the obvious bullshit? YC has some blood on its hands here - their investment lent legitimacy to this scam.
Because obvious bullshit is the investment genre du jour. Why shouldn’t YC, a prominent player, take part in the hot obvious bullshit market?
Re: We’re discontinuing the Stablegains service
#345After I read about this Terra ecosystem, it looks very suspicious: first, you buy UST tokens, investing real money. You are promised a yield up to 20% (suspicious point 1). Then, you deposit your UST so that other people can lend it. But the terms look weird to me (suspicious point 2): first, the loans are "overcollateralized", so, for example, you need to put down equivalent of $100 to get a loan of $70. Second, the…
By the way, here is an idea about new type of coin, that I would call "investcoin". Do you see any potential problems with it? This would be a coin that is backed by stocks. When you buy my investcoin, you can choose any kind of stock from a preapproved list and I will buy them for your money. If you decide to cash out, I will sell stocks of my choice to repay you. The stocks are managed in a public account, so anyon…
Two problems stand out to me:
- I have to put centralized trust in you that you don’t take my money and run.
- Regulation risk. The SEC will happily shut you down any day. Other centralized attempts of e-currency where shut down in the past.
Re: We’re discontinuing the Stablegains service
#346What'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…
Using math does not make something scientific. Math is a language based on logic, physics is a science using that language. Economics is Scholasticism that uses math as a language.
This comment is why the humanities should be a prerequisite for all academical endeavors...
Re: We’re discontinuing the Stablegains service
#347Earlier quoted context omitted.
Math is not science. Arithmetic and geometry were two of the original liberal arts (defined by Plato). Math doesn’t follow the scientific method. Math is a foundation for much of science and social science, but it is distinct from them.
I always tell people, Maths isn't a science. It's theoretical philosophy.
I think it is rather the most practical philosophy there is.
Re: We’re discontinuing the Stablegains service
#348If 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 exa…
Did you have $11k in BTC or in cash?
The way the rehabilitation proceedings are going you will either be able to recover ~20% of the cash, or ~20% of the BTC which would be a considerable gain at this point.
Re: We’re discontinuing the Stablegains service
#349"Now, as it becomes apparent that UST is not what we all had hoped it would be..."
Re: We’re discontinuing the Stablegains service
#350What'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…
It's really striking how in recent years the Godwin point has been replaced from "everybody who disagrees is Hitler" to "everybody who disagrees is a anti-climate flat-vax earth-denier".
It's really not helping getting any point across. In a way it is self-realizing polarization: because you are casting any criticism of "modern finance" into this "bundle of badness" this is likely to reinforce their position.