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We’re discontinuing the Stablegains service

blog.stablegains.com

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Re: We’re discontinuing the Stablegains service

#81

Post by gruez »

chmod775 wrote: post #69
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…

Creating a public permanent record of having fallen for the latest crypto shitcoin will likely be too embarrassing for some. But then again I'm having trouble relating. Successful "crypto startups" hardly exist, and most of those are selling shovels to suckers. What was the expectation here?

Isn't it already "a public permanent record" because it's already in the news?

Re: We’re discontinuing the Stablegains service

#82

Post by planetsprite »

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…

But what about crypto completely revolutionizing transactions, decentralizing the economy and providing a stable universally accessible data exchange medium? What about tracking the food you buy on the blockchain? What about web3? What about muh NFT monkeys?

Re: We’re discontinuing the Stablegains service

#83

Post by loopdoend »

Tao332 wrote: post #21
lupire wrote: post #14

Earlier quoted context omitted.

Terraform has $3B (ish, stores as Bitcoin) that they could use to try to buy back faith in their coin. Problem is, best they can do is reboot with a Bitcoin-collateralized coin. The whole Terra/Luna/Anchor "algorithmic stablecoin" had been exposed as a fraud or a fantasy, so such smaller fraction of suckers and scammers will buy in to that again, and everyone else might buy in to a Bitcoin backed stablecoin, but ther…

> Terraform has $3B (ish, stores as Bitcoin) that they could use to try to buy back faith in their coin. Had . It's gone.

What a great system they devised for using these funds in an emergency. /s

Re: We’re discontinuing the Stablegains service

#84

Post by SemanticStrengh »

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.

What's interesting is that Do Kwon(the founder) blatantly insulted the researcher at the time.. don't have the link but google it, it's on twitter

Re: We’re discontinuing the Stablegains service

#85

Post by gus_massa »

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."

Was it 15% monthly or 15% annual?

Re: We’re discontinuing the Stablegains service

#86

Post by ryanSrich »

IMO, every single exchange is at least partially responsible for misleading users. Binance.US and OKCoin specifically marketed UST as a stablecoin that you could earn 20%. Marketing it as a stablecoin is a very clear signal that it has less risk.

Yes, users should inform themselves, but exchanges (as well as companies like Stablegains) need to be held accountable.

Re: We’re discontinuing the Stablegains service

#87

Post by prepend »

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.

There’s no public evidence that they were defending the peg. Statements from these charlatans aren’t evidence and shouldn’t be believed without clear evidence of transactions. And I don’t there is any evidence of the transactions using the missing $3B.

Re: We’re discontinuing the Stablegains service

#88

Post by puranjay »

TheDudeMan wrote: post #54
perihelions wrote: post #41

Earlier quoted context omitted.

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

To be fair, the collapse of an algorithmic stablecoin is no surprise ;)

I can tell you right now that there is absolutely no safe yield in crypto currently that goes beyond 4% on a “safe” stablecoin like USDC. For truly safe (as in, huge value locked, never been hacked), the yield is more like 1.5-2%

All the high yield is in algoponzis or new protocols that carry massive protocol risk

Re: We’re discontinuing the Stablegains service

#89

Post by fxtentacle »

UncleEntity wrote: post #74
josu wrote: post #39

Earlier quoted context omitted.

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?

That seems to be the spirit of most crypto advocates...

Re: We’re discontinuing the Stablegains service

#90

Post by puranjay »

Liron wrote: post #26

Written as if no mistakes were made on their end. Paraphrasing: "We all thought UST and Anchor were a source of stable >10%/yr gains that you could trust for your corporate treasury. That the yield instead turned out to be -99% is quite disappointing, and makes this a natural time for us to bring our service to an end. It's been a pleasure to serve you."

Even serious crypto people knew that UST was highly unstable lol

How did these guys raise funding? They literally just built a fiat onramp

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