Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

We’re discontinuing the Stablegains service

blog.stablegains.com

Post reply on HN
Print view View original

71–80 of 388 posts

Re: We’re discontinuing the Stablegains service

#71

Post by pid-1 »

braingenious wrote: post #43
unicornmama wrote: post #7

Earlier quoted context omitted.

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_

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

C'mon, let's not forget about NFTs.

Re: We’re discontinuing the Stablegains service

#72

Post by docmechanic »

braingenious wrote: post #43
unicornmama wrote: post #7

Earlier quoted context omitted.

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_

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

Re: We’re discontinuing the Stablegains service

#74

Post by UncleEntity »

josu wrote: post #39
khuey wrote: post #25

Earlier quoted context omitted.

> This is not correct. They used those bitcoins to try to defend the peg. My understanding is that its more likely that they were allowing connected insiders to cash out at face value rather than "trying to defend the peg" at the prevailing market rates.

No public evidence of that as of now, but it could definitely be true. The interesting thing is that it doesn't really matter, those "insiders" would have dumped the coins in the open market breaking the peg even further. So yeah, maybe LFG could have sold the bitcoins a bit better in the open market, but I don't think that it would have made a difference.

You’re actually defending (alleged) collusion, (alleged) fraud and (alleged) insider trading on the basis that the ship was going to sink anyway?

Re: We’re discontinuing the Stablegains service

#75

Post by loopdoend »

echlebek wrote: post #11

lol. Even beanie babies were a longer-term investment vehicle than this. I just hope these recent very public and very embarrassing failures are enough to discourage the average person from wasting their money on these scams. I also hope the people behind this get investigated for fraud.

If Ty had come out with a Beanie Baby NFT project this whole thing would’ve come full circle. Do you think they’d have taken off or tanked at the height of the NFT Bubble?

Re: We’re discontinuing the Stablegains service

#76

Post by deutz_allis »

bmm6o wrote: post #32

Obviously I'm a little out of the loop, but what is the "attack" they talk about in the new plan? I thought the coin just death spiraled.

http://podcast.banklesshq.com/ust-luna-the-biggest-collapse-...

These guys discuss some details (that were known as of this publish date). It closely resembles the 'attack' on GBP in the 90's by a billionaire.

Re: We’re discontinuing the Stablegains service

#78

Post by xvector »

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.

As long as someone pays for cryptocurrency somewhere in the world, you will be able to algorithmically mint a coin tethered to USD or any other asset, and there is absolutely nothing the US Government or anyone else can do to stop it. The Pandora's Box is open.

Re: We’re discontinuing the Stablegains service

#79

Post by wcoenen »

dataflow wrote: post #33

> Stablegains is not accepting any new users or any new deposits on our platform. At this time, please DO NOT use your deposit addresses as any funds sent might not be recoverable. It boggles my mind that people don't see that the inability to block/reject payments is a fundamental flaw of cryptocurrency.

Why would there be a "fundamental" reason for an inability to block/reject payments in cryptocurrencies? Ethereum smart contract can already do that. Just exit with an error while processing an incoming payment.

Re: We’re discontinuing the Stablegains service

#80

Post by syncsynchalt »

djbusby wrote: post #50
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.

Might be referring to https://twitter.com/freddieraynolds/status/14639606234029137...
Post reply on HN