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A comment on We’re discontinuing the Stablegains service. Parent comment

Re:We’re discontinuing the Stablegains service by nrmitchi on Saturday May 21, 2022 @06:29PM (#31462617)
Further little notes from their documentation that, lets just say, "downplay the risk":

- "You will not lose your funds because all loans are 100% asset-backed." (https://stablegains.zendesk.com/hc/en-us/articles/4402680425...)

- "Regardless if crypto markets are soaring or crashing, the value of assets under our management remains stable." (https://stablegains.zendesk.com/hc/en-us/articles/4402687671...)

It's kind of shocking really that these statements are still up give how many of their other docs have been editted in the last 10 days.

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Edit: u/ushakov is the hero of the hour for archiving those pages (https://archive.ph/O2lZV, https://archive.ph/ItERp)

[ Parent | on HN ]
Re:We’re discontinuing the Stablegains service by Hamuko on Saturday May 21, 2022 @06:38PM (#31462714)
>How long do you expect users can earn such high yields?

>The basis for Stablegains' rate is Anchor Protocol's yield. At the time of writing, Anchor yield is set at 18% - 20% APY and expected to remain so for a long time.

>We expect the rates of open finance protocols to beat those of traditional finance for a very long time.

https://stablegains.zendesk.com/hc/en-us/articles/4402680471...

[ Parent | on HN ]
Re:We’re discontinuing the Stablegains service by nrmitchi on Saturday May 21, 2022 @06:40PM (#31462748)
Both of those were good to, but I didn't include them because both are either "expectations", or a reference to someone else's expectation/statement, and are not definitive statements.
[ Parent | on HN ]
Re:We’re discontinuing the Stablegains service by insta_anon on Sunday May 22, 2022 @12:25AM (#31464867)
https://archive.is/Rw891 archived just in case
[ Parent | on HN ]
Re:We’re discontinuing the Stablegains service by ushakov on Saturday May 21, 2022 @06:35PM (#31462674)
archived for future reference

https://archive.ph/O2lZV

https://archive.ph/ItERp

[ Parent | on HN ]
Re:We’re discontinuing the Stablegains service by charcircuit on Saturday May 21, 2022 @07:13PM (#31463068)
The statements are kind of true if treat funds as the UST in your account. While the UST has remained safe, the value of UST hasn't.
[ Parent | on HN ]
Re:We’re discontinuing the Stablegains service by nrmitchi on Saturday May 21, 2022 @07:59PM (#31463448)
“No honey, I did not lose the house in a poker game. I know exactly where it is, the only difference is that Bob owns it now”.

The statement is kind of true if you want to be very disingenuous to what people actually care about.

Also, As far as I know, no one deposited UST with stablegains. Stablegains took funds in other formats and converted it themselves.

[ Parent | on HN ]
Re:We’re discontinuing the Stablegains service by sizzle on Sunday May 22, 2022 @05:48AM (#31466453)
Wow they need to see prison time for losing investors money saying their main coin was USDC
[ Parent | on HN ]