May 21, 2024

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Dogecoin co-founder calls LUNA 2.0 believers ‘really stupid’

Dogecoin co-founder calls LUNA 2.0 believers ‘truly dumb’
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Dogecoin co-founder Billy Marcus He criticized Terra’s attempt to relaunch LUNA, calling those who buy it “really stupid”.

The collapse of the Terra ecosystem has dominated the headlines in the past few weeks. Users lost billions, and lives were turned upside down as the UST stablecoin lost its $1 peg.

During the fallout, Internet investigators and whistleblowers declared several accounts of suspicious activity. All this points to suspicious events inside and outside the Pyramid of Terra.

Examples of allegations include Manipulating Terra Individual Investors By notable entities, the use of mirror protocol To enrich the VIP, founder of Terra, Do Kwon links to the failed algorithmic stablecoin project cash basis.

With so many red flags emerging from Terra’s autopsy, does Marcus have a point?

Terraform Labs to relaunch the LUNA

Word of Terra’s relaunch first broke out on May 16, when Do Kwon He posted a tweet detailing a revival plan. This plan was initially required fork Old chain to new chain without UST stablecoin component.

The developers have since stated that LUNA 2.0 will be an all-new series and no fork.

The token distribution from the new chain will take the form airdrop to me “Stakeholders, Ground Cabinet Holders, Residual Ground Cabinet Holders, and Primary Application Developersโ€ from the legacy chain.

Community voted “overwhelming support” to pass Proposal 1623 on May 25, paving the way for the launch of LUNA 2.0.

The re-launch and symbolic airdrop were scheduled for May 27, but a date has been set Advertising On that day until May 28 at 06:00 GMT.

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It is appreciation from the community

Co-founder and CEO of blockchain carbon credit company eCarbon, Joshua Fernandoand spoke about the dangers of reviving LUNA. Via email, Fernando raised several highlights about the reboot, including:

  • Lack of disclosure of how LUNA 2.0 derives value, especially since it would lose a constant component of coins.
  • Massive selling pressure once the maturity period is over, as holders look to recoup losses and flee to safer ventures.
  • Conflicts of interest with exchanges (airdrop support and restart), as you may also be looking to offset losses.

The consensus on Twitter coding is pretty much the same, with no shortage of tweets making fun of the relaunch. for example, Tweet embed He likened investing in LUNA 2.0 to reviving a relationship with an ex-scammer.

similarly, Marcus He didn’t back down when he tweeted his thoughts on the intelligence of LUNA 2.0 investors, whom he called “really stupid crypto gamblers.”