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Over $1.2B in Bitcoin reserves remains unaccounted for by Luna Fdn. Guard
- mackman 4y agoThe very first thing I though of when I heard about the bitcoin reserves was “that’s a great cover story to hide extracting more solid currency out of an obvious Ponzi scheme.” And low and behold it can’t be accounted for. This is my surprised face.
- ackbar03 4y agoBut they are supposed to be a non-profit!
- berberous 4y agoIt's been 2-3 days since the entire thing blew up. Nobody said "it can't be accounted for", they said it's not yet accounted for. They will for sure account for every single BTC, but they have been, you know, busy with trying to deal with an emergency. See also Do Kwon saying the same thing: https://twitter.com/stablekwon/status/1525238422264172544?s=20&t=Uhp7zXWHHJb4ezAY8ZFxOw https://twitter.com/stablekwon/status/1525238422264172544?s=...
- igorkraw 4y agoThe amount of trust displayed in a supposedly trustless ecosystem is amazing to me
- moistly 4y agoHey, if they didn’t have faith, they’d have nothing. Oh… wait…
- berberous 4y agoWho said I trust them? Do you really not believe they will provide an accounting? Want to bet? These idiots lost people billions of dollars. I think they have a target on their back from pissed off investors, regulators, etc. There is no way they can avoid providing an accounting, and with BTC being onchain, it would be very hard to try to lie about what the funds were used for. But I never even said I trust their accounting, just that they will provide one. I imagine they may have made many transactions with the BTC during the emergency, and they are still dealing with the fallout. My only point was that pointing to two days of silence is a bit ridiculous. Things take time, and they have competing priorities. Give them a few days. Happy to bet any of the downvoters that disagree...
- tarsinge 4y agoWhich regulators? Also their “investors” will get their fair share of that billion, don’t worry about that. There is nothing to account for, don’t underestimate what a bunch of people can set up for a billion $.
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- pru567 4y agoDae Kwon lives in Singapore, I imagine he'll find a friendly jurisdiction outside of US regulators.
- koonsolo 4y agoHow is that a Ponzi scheme? That is just a scam.
- anm89 4y agoI'll never understand this. Seemingly, in modern lingo, ponzi scheme means "any unethical thing relating to investments". People will argue to death that any scam investment is a Ponzi even when they have nothing to do with the original definition
- mackman 4y agoMy understanding was he was offering 20% returns on investments and it seems it was paid for by new money coming in propping up the currency despite the dilution caused by interest payments. That sounded like a Ponzi scheme to me.
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- jsiaajdsdaa 4y agoPeople really need to stop wasting their time with financial charades and use their time to build systems that actually accomplish things.
- chii 4y agoUntil these financial charades stop making money, people will continue to use them to try make money.
- antisthenes 4y agoThey make money in the sense that they transfer money from the gullible to the unscrupulous, while heating the environment in the process. It isn't evident that any lasting value is actually being created or that it isn't a zero-sum game.
- patmcc 4y agoThis is unfortunately true of far more of the economy than a lot of people will admit.
- nl 4y agoLuna is a proof of stake system. The energy usage is negligible. While the rest of your comment may have some truth in it the different types of stake mechanism should really be understood on HN.
- Zetaphor 4y agoHN seems to have unanimously thrown all nuance to the wind whenever crypto comes up
- matheusmoreira 4y agoMonero appears to have succeeded at creating private and anonymous cryptocurrency. That's extremely valuable, it should be the default for all transactions everywhere.
- VoidWhisperer 4y agoOn mobile, a popover shows up in the middle of the screen about the 'Bancor Network' with no close option. Only way to get rid of it seems to be to click on it. This seems like a great way to make sure no one wants to read your site..
- nl 4y agoOf all the things that happen during the unpegging event, "unaccounted" for BTC (a 100% trivially traceable token) is the last thing people should be worried about.