Comment by bmm6o
4 years ago
Obviously I'm a little out of the loop, but what is the "attack" they talk about in the new plan? I thought the coin just death spiraled.
4 years ago
Obviously I'm a little out of the loop, but what is the "attack" they talk about in the new plan? I thought the coin just death spiraled.
Terra: you can always exchange 1 UST for $1 worth of Luna via this smart contract if you'd like to cash out.
Users: OK, don't mind if I do.
Terra: help we're under attack.
http://podcast.banklesshq.com/ust-luna-the-biggest-collapse-...
These guys discuss some details (that were known as of this publish date). It closely resembles the 'attack' on GBP in the 90's by a billionaire.
The thoughts are that someone borrowed lots of BTC and UST, started selling UST to depeg, then started selling BTC as they tried to regain the peg, the joint selling of BTC lowered the price making it harder, actually impossible,to regain the peg.
But wouldn’t that just be mr market, not a particular someone?