5 ms·

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 mo

by Mizza 4y ago

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.

chii 4y ago
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...
drekipus 4y ago
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..
- JoeAltmaier 4y ago
  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!
  - bombcar 4y ago
    Almost all of not all of the current super rich got that way by owning shares in their company. Tesla, Amazon, etc.
    - JoeAltmaier 4y ago
      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.
      - namdnay 4y ago
        which "bank owners"?
        rchaud 4y ago
        Why, the ones with "all the money" of course! /s
        JoeAltmaier 4y ago
        I'm confused. You don't think banks are owned?
- dragonwriter 4y ago
  > 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.
- bombcar 4y ago
  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.
- ryanSrich 4y ago
  > 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 https://www.gemini.com/dollar
  - lottin 4y ago
    Providing liquidity doesn't mean anything. You need to think things through before putting your money into schemes you don't understand.
  - fshbbdssbbgdd 4y ago
    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%.
    - alasdair_ 4y ago
      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.
      - fshbbdssbbgdd 4y ago
        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!
    - ryanSrich 4y ago
      The link is literally in the comment you’re replying to

by Mizza 4y ago

chii 4y ago

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...

drekipus 4y ago

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..

JoeAltmaier 4y ago
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!
- bombcar 4y ago
  Almost all of not all of the current super rich got that way by owning shares in their company. Tesla, Amazon, etc.
  - JoeAltmaier 4y ago
    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.
    - namdnay 4y ago
      which "bank owners"?
      - rchaud 4y ago
        Why, the ones with "all the money" of course! /s
      - JoeAltmaier 4y ago
        I'm confused. You don't think banks are owned?
dragonwriter 4y ago
> 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.
bombcar 4y ago
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.
ryanSrich 4y ago
> 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 https://www.gemini.com/dollar
- lottin 4y ago
  Providing liquidity doesn't mean anything. You need to think things through before putting your money into schemes you don't understand.
- fshbbdssbbgdd 4y ago
  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%.
  - alasdair_ 4y ago
    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.
    - fshbbdssbbgdd 4y ago
      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!
  - ryanSrich 4y ago
    The link is literally in the comment you’re replying to