zlacker

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+(OP)
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+11
>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...

>>Animat+(OP)
It won't work. What they are trying to sell, is - community was stronger then only relying on UST. In one in a million chance, there could be a inflow of money and while users from snapshot wouldn't sell their tokens in an instant. So, basically, an utopia.

Hype is lost, wave is over.

>>lupire+11
> Terraform has $3B (ish, stores as Bitcoin) that they could use to try to buy back faith in their coin.

Had. It's gone.

>>josu+q1
> 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.

>>Animat+(OP)
Much the same way as this scam.

>>khuey+92
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+d3
You’re actually defending (alleged) collusion, (alleged) fraud and (alleged) insider trading on the basis that the ship was going to sink anyway?

>>Tao332+x1
What a great system they devised for using these funds in an emergency. /s

>>josu+d3
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.

>>UncleE+K5
That seems to be the spirit of most crypto advocates...

>>Animat+(OP)
The money comes from incredibly low IQ and poor people thinking they’ll win the lottery. It’s the same thing over and over. Luna2 is just a scam. Do Kwon is a sociopath.

>>Tao332+x1
What happened? Last I heard they transferred it to gemini but people weren't sure whether they actually sold it or not.

>>UncleE+K5
I'm not defending anything, just pointing out the obvious.

But yeah, I'll be surprised if Do Kwon doesn't end up sitting in front of a judge

>>gruez+m9
LFG only said "a counterparty". https://twitter.com/LFG_org/status/1526126703046582272?ref_s...

They transfered 52,189 BTC between May 7th (When UST dipped to $0.9978, indicating the algo peg was under stress) and the 10th, and another 33,206 when UST hit $0.75. After the insiders were paid off, Terra was free to go to zero.

Presumably we'll only find out what actually happened when Do Kwon is in jail and people start testifying against each other in return for lighter sentences.

>>gruez+m9
$3B of Bitcoin was transferred, no one knows what happened to it, and in the same week, lots of Bitcoin was being sold off. Hmm...