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As someone who lost around 50,000 in the terra/luna collapse, I do believe a lot of it is on Do Kwon. He was the one that kept the Anchor flywheel at unsustaina
by artdigital 2y ago
As someone who lost around 50,000 in the terra/luna collapse, I do believe a lot of it is on Do Kwon. He was the one that kept the Anchor flywheel at unsustainably high APR, moved more UST to refill the reserves and so on. He also ignored warnings of a death spiral and continued with advertising unrealistic expectations.
When the depeg happened, Do Kwon was front and center on making it sound like everything was under control, instead of damage control. And his creation of LUNA2 is even more of a joke for the people that lost money on this.
Is it his fault that it collapsed? Maybe not directly, but he steered the boat.
- jiggawatts 2y agoIt doesn’t matter how hard you tug at your bootstraps or how fast, you’re not going to avoid the splat once you’ve stepped off a bridge over a chasm. The Terra/Luna implosion was inevitable. Actions by Do Kwon may have hastened or delayed the end, but could not have prevented it. Believing otherwise is a pure fantasy… … but that’s the whole point, isn’t it? For a short time people really wanted to believe that one fantasy can prop up another fantasy and the construct of the two can somehow become real. I watched the Neverending Story too when I was a kid. It ended.
- nurettin 2y agoI wonder if there are people who made it their business to short hype coins.
- tibbydudeza 2y agoYes - see the shady character behind the Hawk Tuah meme coin - son of some famous actor who was a judge on The Voice.
- numtel 2y agoIt was the same algorithm as Iron finance on Polygon the year before which imploded in the exact same way but on a more expedited timeframe because it didn't limit the apy at 20%. The terra/luna collapse was simple to see coming as it happened exactly when the terra (stablecoin) market cap met the luna one.