'How to Run a Crypto Scam and Have Everyone Feel Sorry for You' decentralizedinternet quicknode
Just when we thought we’d seen it all, Terra sought to smash through the glass ceiling of spectacular crypto crashes with a fervor of a teenage boy attempting to impress his first crush by showing off his latest Lambo-destined NFT.
14 May 2022, Terra CEO Do Kwon throws in the towel. that the UST stablecoin project had failed. By May 12, LUNA wasn’t even worth 1 cent, down 99.99% from its all-time high of $120 just weeks earlier.When you’re penciling out a new draft on Hacker Noon with the latest editor, the empty field has a writing prompt: “Write something nice”.
But Coppola had a point. A point that has been proven multiple times by the vast number of failures of algorithmic stablecoins since at least 2020. One would have thought that such public stablecoin failures like Dai orOf course, Do Kwon responded as he famously did, dismissing the criticism and insisting that he wouldn’t enter into debate with the “poor”, saying:He actually loved calling people poor…I would like to take a step back to talk about the broader Bitcoin and crypto market.
Then you’ll also remember that by the end of 2020, Bitcoin was back at its 2017 ATH of $20,000. And within a year, it almost breached $70,000 as the economy recovered. Well, it didn’t. And yet they went ahead and pushed out a near carbon copy in Terra. That’s not ignorance that it wouldn’t work. That’s full disclosure that failure was inevitable.
But if the prevailing sentiment for Terra and Do Kwon is that of sympathy, then it means that no one is willing to acknowledge and call out Terra for what it was. A scam. If a founder that is malignant and malicious in intentions is not possible, then a scam was never the intent and is impossible to fathom.
As I speak, Terra has been revived, and plans are underway for it to re-emerge as a new contraption that promises to recover and make every Terra investor whole again. Luna minting is already hyper-accelerated and this will be super boosted. This will be worse than the Dogecoin or Floki supply growth. We’re talking aboutfinancial advice. Stay away. Don’t even think to “test” $50 to enable this scam a second life.Now don’t get me wrong. This isn’t at all an article intended to belittle the obvious anguish and sorrow that thousands of innocent normies must now be experiencing.
If Terra has affected you and you feel you are at risk of harm. Reach out. Talk to professional help. Just look up national hotlines on Google. If you can’t, talk to someone. Anyone. We’ll help you find help.Just when we thought we’d seen it all, Terra sought to smash through the glass ceiling of spectacular crypto crashes with a fervor of a teenage boy attempting to impress his first crush by showing off his latest Lambo-destined NFT.
14 May 2022, Terra CEO Do Kwon throws in the towel. that the UST stablecoin project had failed. By May 12, LUNA wasn’t even worth 1 cent, down 99.99% from its all-time high of $120 just weeks earlier.When you’re penciling out a new draft on Hacker Noon with the latest editor, the empty field has a writing prompt: “Write something nice”.
But Coppola had a point. A point that has been proven multiple times by the vast number of failures of algorithmic stablecoins since at least 2020. One would have thought that such public stablecoin failures like Dai orOf course, Do Kwon responded as he famously did, dismissing the criticism and insisting that he wouldn’t enter into debate with the “poor”, saying:He actually loved calling people poor…I would like to take a step back to talk about the broader Bitcoin and crypto market.
Then you’ll also remember that by the end of 2020, Bitcoin was back at its 2017 ATH of $20,000. And within a year, it almost breached $70,000 as the economy recovered. Well, it didn’t. And yet they went ahead and pushed out a near carbon copy in Terra. That’s not ignorance that it wouldn’t work. That’s full disclosure that failure was inevitable.
But if the prevailing sentiment for Terra and Do Kwon is that of sympathy, then it means that no one is willing to acknowledge and call out Terra for what it was. A scam. If a founder that is malignant and malicious in intentions is not possible, then a scam was never the intent and is impossible to fathom.
As I speak, Terra has been revived, and plans are underway for it to re-emerge as a new contraption that promises to recover and make every Terra investor whole again.
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