zlacker

>>mkeete+(OP)
TerraUSD Price (UST) $0.05468

So, 95% of the value is gone.

Can anyone explain how the fork, airdrop, and other gyrations the Terra/USD promoter is proposing will work, and where any actual money comes from?

>>Animat+z8
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 there's not much profit in that for Terraform, and the users have no reason to choose it over a more reliably backed coin like Tether or USDC or DAI.

>>lupire+A9
>Terraform has $3B (ish, stores as Bitcoin) that they could use to try to buy back faith in their coin.

This is not correct. They used those bitcoins to try to defend the peg. Here you can see the actual treasury: https://datastudio.google.com/u/0/reporting/b31cc9e5-c54c-44...

>>josu+Z9
> 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.

>>khuey+Ia
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.

>>josu+Mb
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.