zlacker

[return to "We’re discontinuing the Stablegains service"]
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1. axiosg+h8[view] [source] 2022-05-21 21:40:42
>>mkeete+(OP)
This is huge news, isnt it? A YC startup going bankrupt because of the Terra collapse?
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2. lupire+K8[view] [source] 2022-05-21 21:43:13
>>axiosg+h8
A fraudulent company going bankrupt because the fraud collapsed.
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3. xvecto+09[view] [source] 2022-05-21 21:45:40
>>lupire+K8
Source on the company being fraudulent?

Source on Terra being a fraud?

Please provide sources for your ad-hominems.

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4. nrmitc+Fa[view] [source] 2022-05-21 21:54:33
>>xvecto+09
> 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 different defi products to protect against this exact risk.

That is not the same thing as "we planned to get there eventually, but didn't in time". This is borderling to an institution saying "We're FDIC insured!" but actually meaning "We hope to be FDIC insured at some point in the future".

Lying to customers about what you're doing with their investment funds is 100% illegal and literally what Martin Shkreli was in prison for (and that case didn't even end with him losing all of his investors money)

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5. xvecto+jc[view] [source] 2022-05-21 22:06:32
>>nrmitc+Fa
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...

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6. Jasper+8l[view] [source] 2022-05-21 23:01:02
>>xvecto+jc
From https://stablegains.zendesk.com/hc/en-us/articles/4402687632...

> Our main stablecoin is USDC (USD Coin). For every 1 USDC in supply, $1 USD is kept in reserve.

> The other stablecoins we may use are, UST (Terra USD) and DAI.

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