LUNA [2.0] - Hubris or guilt or...?


Following the emerging news of OTC bailouts of wallet holders being made above their crashing levels, the legal Team having jumped ship, the Korean Government wanting to question certain Luna employees  (or parties connected thereto) and other networks courting Luna developers.  There are now tales from an alleged whistleblower who is accusing Luna of siphoning hundreds of millions of $$$ from TFL into "operating costs"/salaries cashed out into USD, BTC and SGD (check out @FatManTerra on Twitter if you want to see more on that).

It seems that Luna ignored the votes of those who bothered to vote on a fork and ignored the results - checkout https://terralunaclassic.com/ where the plan was publicly opposed.  Is it much of a surprise to hear that when the fork occurred the market got confused; LUNA tokens disappeared from wallets and were delisted from some exchanges when they were changed (past LUNA token became LUNC, now Terra "Classic" and a new dawn rises, an effort to change the name [to LUNA] and distract from the history)?  There will be a smattering of airdrops planned over time of what little remains, but in reality it has mostly gone already and will likely equate to pennies on the dollar into their new LUNA Token.

So the idea is let's ignore the 6.5 TRILLION LUNC and focus on the 210 MILLION new LUNA tokens we just forked out of thin air.  So when the Team pushed ahead and began issuing this new Token is it any surprise that they went...

New LUNA be like...

One thing that is clear here is that this Team's intentions are questionable and they were/are engaging in some shady practices, Do Kwan seems to keep re-emerging and kicking this "dead horse".  Remember that this whole system is unregulated and will they ever answer for what has happened, how or why would they?  Invest at your own risk.

Despite this debacle, the future of a cryptocurrency, decentralised networks and smart-contracts use case is still a sound one it just becomes more difficult with the increase in meaningless NFTs, ponzi-schemes, rug pulls and massive egos who can't see past ICOs/launches. All that this serves as is a harsh reminder to DYOR and please check out the Teams involved behind the veil [whitepaper].

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CryptoEedjut
CryptoEedjut

Advanced newbie in crypto. Believer in the decentralised future.


Terra's Luna Sucker Rally
Terra's Luna Sucker Rally

Over the past few days, crypto groups are asking whether LUNA is a buy for retail buyers. There is a warning from the stock markets patterns and my understanding is that this is likely a dead-cat bounce or a sucker's rally. The principle of minting/burning these coins to underpin the $UST token is a failed mission; the circulating supply shot from around 340million pre-collapse to a staggering 6.5TRILLION and still hasn't got $UST back to 10cents.

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