Comment by Animats

4 years ago

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?

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.

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.

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.

  • >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...

    • > 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.

      5 replies →

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

    Had. It's gone.