– one prior to UST’s collapse, and one after – and airdropping equivalent amounts of new tokens.
Plans to compensate relatively ‘small’ holders of UST and LUNA affected in last week’s collapse were also underway, KwonDespite LUNA's and UST's crash last week, some market observers remain upbeat on the longer-term outlook of algorithmic stablecoins, which are typically backed by other cryptocurrencies and rely on traders who buy and sell the underlying tokens to continually maintain their peg.
"It is still the earliest days of algorithmic stablecoins," Brian Gallagher, co-founder of Partisia Blockchain, said in a Telegram message this weekend."There will be many failures along the way to hold the peg, as they're mostly in the experimental phase. We have to accept the failures along the path.”
However, critics likened protocols designed like UST to those of a Ponzi scheme."It sounds just like a crypto version of a pyramid scheme," Billionaire and Pershing Square Capital founder Bill Ackman said in aon Tuesday."Investors were promised 20% returns backed by a token whose value is driven only by demand from new investors in the token. There is no fundamental underlying business.
"Schemes like Luna threaten the entire crypto ecosystem. The crypto industry should self-regulate away other crypto projects with no underlying business models before crippling regulation shuts down the good and the bad," he added in a
shauryamalwa This proposal should reveal to everyone that this guy is an absolute fraud. Makes me think his liquidating of Terra investors was an intentional move, also given his prior rug pull.
shauryamalwa Corect
shauryamalwa they didn't release any reports that their coins were backed, so it's not a big surprise, but an experience that helped me to understand that my choice of usdt is dammed right
shauryamalwa stablekwon has decided to the route that shows the least faith and trust. Fixing the existing problem rather than creating a new problem would've restore trust from the community.
shauryamalwa Soon zero
shauryamalwa let it die...
shauryamalwa Luna versus Shiba... more change with Shiba i think.
shauryamalwa People clinging for hope of a resurection of this project need to understand is that TerraLuna and $UST are both dead. A resurrection ain't happening. What we see is DoKwon and partners trying to cash out with as little political, legal, and financial loss as possible.
shauryamalwa stablekwon - people are voting with their feet on your fork proposal. You need to stop deciding anything and listen to the community instead of acting in your own self interest.
shauryamalwa Stop writing crap. Wow.
shauryamalwa A most stupid revival plan ever !
shauryamalwa Thieves! It’s that simple!
shauryamalwa Rug pulling again…
shauryamalwa Wow such a good way to steal people's money.....
shauryamalwa win saturday village
shauryamalwa LUNA has almost no chance of recovery
shauryamalwa Of course you have to come up with a new plan to fork people out of money
shauryamalwa Wont listen to the people again!
shauryamalwa why everybody is silent about this?
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Do Kwon proposes Terra hard fork to save ecosystem⬆ +8 Do Kwon proposes Terra hard fork to save ecosystem $LUNA terra cryptocurrency $LUNA terra What will this mean for $wluna if his proposal passes.
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