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* From Crypto Bros putting cash in Luna, hoping it will reach the moon, as the name implies. The foundation bought BTC as hedge in case Luna/Terra goes haywire.
by folli 4y ago
* From Crypto Bros putting cash in Luna, hoping it will reach the moon, as the name implies. The foundation bought BTC as hedge in case Luna/Terra goes haywire.
* No, there's no proof.
- Traster 4y agoThat's where it gets incredibly funny. They persuaded everyone that UST was worth $10Bn dollars and then went and bought $3Bn of BTC with the profits. At which point the obvious question is "Hey - isn't this asset by definition worth $3Bn"? And the answer is "Oh, no, by the time it drops from $10Bn to $7Bn we've burned all our collateral and it's worth 0".
- seoaeu 4y agoThe even funnier aspect is that that instead of trying to stabilize the token or just liquidating all UST at 30¢ on the dollar, the creators decided to abscond with all the collateral and leave UST holders with nothing