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Here's Terra's CEO: "$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard" https://twitter.com/stablekwon/status/1503296630396

Here's Terra's CEO: "$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard" https://twitter.com/stablekwon/status/1503296630396645376 https://twitter.com/stablekwon/status/1503296630396645376 More details: https://techcrunch.com/2022/04/06/terras-founder-plans-to-back-its-stablecoin-with-a-basket-of-cryptocurrencies/ https://techcrunch.com/2022/04/06/terras-founder-plans-to-ba... It's unclear how much BTC they actually amassed and how much, if any, is left. But at the end of the day, beyond all the techy handwaving, Luna was propped up by essentially Ponzi-like promise of 20% returns and now that has collapsed.

landemva 4y ago
That's a short tweet and those who read the docs understand the tweet glosses over the mechanics. UST is backed by BTC reserves as much as $ is backed by gold in Fort Knox. Maybe in a way, but the gold conversion window closed and there never was a UST to BTC conversion window. UST has convertibility by burning it at $1 into LUNA. Anchor protocol 20% did not seem sustainable. I looked into this contraption and stayed away from all of it. In hindsight, of course it all seems obvious.
bambax 4y ago
TIL that people who hold "Luna" things are officially called "lunatics" by the very people who sell it to them. There's a hint in this somewhere.
- vba616 4y ago
  It is perhaps a reference to a libertarian themed science fiction novel published in 1966, called "The Moon Is a Harsh Mistress". In it, inhabitants of the Moon were called Lunatics or Loonies.