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We’re discontinuing the Stablegains service

blog.stablegains.com

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Re: We’re discontinuing the Stablegains service

#41

Post by perihelions »

nrmitchi wrote: post #34

> 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…

This was their old marketing:

https://news.ycombinator.com/item?id=31431915

-"15% interest. No surprises."

Re: We’re discontinuing the Stablegains service

#42

Post by Edmond »

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.

>Return is directly correlated to risk

This is really what should be required as the boldface disclaimer on every investment product.

"10-15 % guaranteed return" has another name...fraud....even in the case of old-school imperial plunder, there is always the risk your target might fight back.

Re: We’re discontinuing the Stablegains service

#43

Post by braingenious »

unicornmama wrote: post #7
Imnimo wrote: post #4

I guess they didn't get the memo about going default alive.

Hey these days we're going default ponzi :)

Seriously!

I know this may be an unpopular opinion on this site in particular, but after seeing this I would never even consider raising money from YC. I would not be comfortable having the fate of my business in any way tied to a group of people that are so fucking dumb that they invested in the money version of a perpetual motion machine.

Seriously, this is the fucking stupidest thing I’ve seen in _YEARS_

Re: We’re discontinuing the Stablegains service

#44

Post by [deleted] »

perihelions wrote: post #41
nrmitchi wrote: post #34

> 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…

This was their old marketing: https://news.ycombinator.com/item?id=31431915 - "15% interest. No surprises."

[deleted]

Re: We’re discontinuing the Stablegains service

#45

Post by nrmitchi »

perihelions wrote: post #41
nrmitchi wrote: post #34

> 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…

This was their old marketing: https://news.ycombinator.com/item?id=31431915 - "15% interest. No surprises."

Thank you! I was looking for that image (which I'd seen before) but couldn't find it.

Will be interesting to hear the argument "Well technically there were no surprises here, because customers should not be surprised when they lose all their money investing in risky assets. Therefore, technically, we did not lie."

Re: We’re discontinuing the Stablegains service

#46

Post by JumpCrisscross »

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 in Texas. They are spearheading the criminal complaint.)

[1] https://www.usa.gov/state-attorney-general

Re: We’re discontinuing the Stablegains service

#47

Post by xvector »

nrmitchi wrote: post #23
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.

> 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 di…

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 simply exist before the crash. Where, exactly, is the lie?

[1]: http://web.archive.org/web/20220203225905/https://stablegain...

Re: We’re discontinuing the Stablegains service

#48

Post by eatonphil »

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

The shorter the term the harder I would imagine it to be for regulators to act.

Governments tend to do things at their own pace.

Re: We’re discontinuing the Stablegains service

#49

Post by unyttigfjelltol »

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.

Re: We’re discontinuing the Stablegains service

#50

Post by djbusby »

trixie_ wrote: post #29

UST, a stable coin not even pretending to be backed by the very thing it was pegged to fails. Unlike USDT, USDC or GUSD, there was a documented plan of attack to take UST down 6 months ago, someone just raised enough capitol to execute it.

Can you point to the docs? That seems an interesting read.
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