zlacker

The name "StableGains" sounded exactly like "SafeMoon", a heavily advertised pump-and-dump shitcoin that, unsurprisingly, was not safe, and did not go to the moon. Free money with no risk sure sounds appealing though, just don't think too hard about it.

>>Mizza+(OP)
to use an oxymoronic name like "safe moon" is a great tell that it's a scam. A coin cannot be safe - that is, riskless and stable in value -, but also go to the moon! So they probably looked up the thesaurus and found "Stable" and "Gain" as synonyms...

>>Mizza+(OP)
This is really the crux of the issue

How many people get duped into thinking there's such a thing as "unlimited gain" and "rewards without risks"

Like what, people are just going to give you money without you doing anything?

It would be largely beneficial to everyone, if we were to provide some basic economic/financial/"how money works" lessons to everyone through the use of schools and public education..

>>drekip+t2
> Like what, people are just going to give you money without you doing anything?

That's what a savings account is, essentially. The same thing with bigger numbers isn't immediately nonplausible to someone who doesn't understand the mechanics of what makes savings accounts nearly risk free and how that doesn't apply to the alternative.

>>drekip+t2
Um, how all the super-rich got that way. Interest, dividends, annuities, heck any financial instruments at all.

But sure, lets make it a moral good that we don't (get to) have money too. The 1% deserve all the money!

>>JoeAlt+kj
Almost all of not all of the current super rich got that way by owning shares in their company. Tesla, Amazon, etc.

>>drekip+t2
Even if you have done the education, weeks and years of seeing articles and news reports on how Bitcoin has gone up eleventybillion percent can wear you down, and you start wanting a slice of that pie and become susceptible.

For the people who get sucked into these things, it’s asking a lot for them to educate themselves without being burned - especially when there are so many communities dedicated to shoving out naysayers.

>>drekip+t2
> Like what, people are just going to give you money without you doing anything?

That’s disingenuous. When you put money into a high yield savings account, or even into a fiat backed 1:1 stablecoin you’re doing something. You’re providing liquidity. A high yield savings account (2-4%) or yield on a fiat backed 1:1 stablecoin (5-8%) is risky in the sense that you need to trust a bank (or exchange), but that’s eased by FDIC (which some exchanges like Gemini have [1]).

1. https://www.gemini.com/dollar

>>bombca+Nu
Then there's the bank owners etc. They got rich when banks were deregulated and then began skimming from every transaction. You do that for long enough, you have all the money.

>>ryanSr+Rw
Providing liquidity doesn't mean anything. You need to think things through before putting your money into schemes you don't understand.

>>ryanSr+Rw
You’re saying that there’s an account with FDIC coverage that pays 5-8% returns? Please provide a link. This doesn’t line up with my understanding of banking regulations. The current risk-free return of a callable loan on dollars is less than 1%, so I don’t see how the FDIC would agree to guarantee 5-8%.

>>JoeAlt+DT
which "bank owners"?

>>fshbbd+M91
The link is literally in the comment you’re replying to

>>ryanSr+rb1
Quoting vel0city [0]:

From their site:

> ¹ FDIC insurance applies only to the USD reserve funds. GUSD exist as ERC-20 tokens on the Ethereum blockchain; tokens are under the user’s self-custody, and are not insured through Gemini.

So if you send them USD, they'll hold your USD in an FDIC insured account. If you hold GUSD, and it turns out GUSD is a fraud or is otherwise insolvent, your SOL.

[0]: https://news.ycombinator.com/item?id=28147244

>>ryanSr+rb1
This page makes it clear that funds in Gemini Earn are not insured: https://support.gemini.com/hc/en-us/articles/360056367771-Ar...

I don’t blame you for getting that impression, though. The Gemini dollar marketing page talks about earning high yields, and it talks about FDIC protection. It doesn’t explicitly mention whether you can get the yields and the insurance as the same time, but the answer is no.

>>fshbbd+M91
The current i-bond rate is 9.68%

If you are a us citizen, you can buy $10k per year from treasurydirect.gov

It’s “risk free” in that it’s guaranteed by the us treasury.

>>namdna+ca1
Why, the ones with "all the money" of course! /s

>>alasda+ka2
The I-bond is subsidized by the US government. Its rate has no relevance to the FDIC. They are great though! I strongly encourage anyone who is eligible to park money there before they give it to Gemini!

>>namdna+ca1
I'm confused. You don't think banks are owned?