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The Almighty Buck Technology

Do Kwon Proposes Creating Another Blockchain From Terra's Ashes (bloomberg.com) 56

Posted by msmash from the closer-look dept.
Terraform Labs co-founder Do Kwon offered another proposal to revive its troubled Terra blockchain by getting rid of the failed TerraUSD stablecoin and revamping the project into a new network. From a report: Kwon wants to copy the blockchain's code to create a new network, called Terra, and to distribute new tokens to former Terra supporters like key app developers, those whose computers order transactions on the network, and those who still hold TerraUSD, Kwon wrote in a post on a research forum. This is Kwon's second proposal to revive the network.

Many stakeholders who lost money when TerraUSD collapsed are hoping for a way out of the crisis. But many long-time crypto experts aren't hopeful. Zhao Changpeng, chief executive officer of the world's biggest crypto exchange and an early Terra investor, Binance, said in a tweet that forks -- the copying of the blockchain that Kwon is proposing -- "don't create value." The Luna Foundation Guard, the entity set up by Terraform Labs to maintain TerraUSD's peg to the dollar, used up roughly $2.9 billion in crypto reserves since May 7 trying to stabilize the token, data compiled by Bloomberg based on figures released Monday on LFG's unverified Twitter account show. The reserves stood at almost $3.2 billion before, according to the data.
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Do Kwon Proposes Creating Another Blockchain From Terra's Ashes More

Do Kwon Proposes Creating Another Blockchain From Terra's Ashes

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  • BIZX find another /. buyer already. (Score:5, Informative)

    by waspleg ( 316038 ) on Monday May 16, 2022 @04:50PM (#62540248) Journal

    No one wants to hear an endless stream of cryptobullshit.

    • 1. How many stories have you submitted?
      2. Stop visiting if the frequency bothers you that much

    • That's ALL crypto bros want to hear.

      • Re: (Score:2)

        by Junta ( 36770 )

        Well, actually right *now* they don't want to hear it so much. There's more schadenfreude for those waiting for crypto headwinds than fodder for crypto bros to enjoy.

    • I'll just note here that there are two companies with the name you mentioned in the title. One of them is the former name of Slashdot media, the other is the cryptocurrency company. The name B--X appears to trigger the Slashdot lameness filter, so it's difficult discussing the issue. To confirm my claim, do an internal Wikipedia search for B--X. While typing on the search box, you may get a drop down list showing at least two B--X. One is plain B--X and the other is B--X, LLC. Besides the LLC the internal c

    • Actually I do. I'm genuinely curious as to how low the stupidity trail goes. Mind you Slashdot is a site that relies on user submissions. Have you done your part to make Slashdot a place with stories that pike your interest, or are you just bitching about other people?

    • Comment removed based on user account deletion

  • What better way to revive a kleptocurrency than with the ashes of its predecessor or a similar "failed" project?

    • What better way to revive a kleptocurrency than with the ashes of its predecessor or a similar "failed" project?

      What else do you do if you're a billionaire with no useful skills? There's a boat payment due for god's sake.

    • If Coindesk is right then Terra/Luna was actually Do Kwon's second coin. Basis coin was the first. Third time's the charm.

  • I wonder how much msmash had invested in this crypto? They seem super interested in it.

    • Well it is the biggest thing to hit crypto in a long time, and who doesn't enjoy a good laugh.

    • I wonder how much msmash had invested in this crypto? They seem super interested in it.

      Given what has happened with Terra the past few days, this is the single most interesting thing happening in tech right now. Mind you if msmash actually invested in crypto why would he run stories about how much of a shitty joke they are?

    • Re: (Score:2)

      by AmiMoJo ( 196126 )

      Crypto stories get lots of comments, and presumably lots of views. Mostly people come to post about how dumb the crypto bros are.

      In a way it's a shame because there are some interesting stories and detail here, but it tends to get lost.

  • and Repeat

  • Terraform Labs co-founder Do Kwon offered another (Score:5, Funny)

    by ChatHuant ( 801522 ) on Monday May 16, 2022 @05:01PM (#62540308)

    To quote from the classics:

    "There's an old saying in Tennessee - I know it's in Texas, probably in Tennessee - that says, fool me once, shame on - shame on you. Fool me - you can't get fooled again."

  • The first lesson of business is to keep trying things that keep failing. There's always someone willing to toss money at your bullshit if you're good at bullshitting.

  • These people created a system where two things without any inherent value, Luna and USDT, were supposed to track another highly manipulated system and also one without any inherent value, the US dollar, and the whole thing was backed by another system without any inherent value either, Bitcoin.

    One of the ways in which the system was supposed to function is to burn some assets on one system in order to "create value" in the other. Hopefully this serves as a lesson that value and price are not the same thing.

  • But many long-time crypto experts aren't hopeful.

    There is no such thing as long-time crypto experts. First, crypto hasn't been around a "long time". Secondly, there are no such things as experts on crypto, because only the willfully retarded work with crypto - the same people don't even understand regular money, or how to avoid pyramid schemes.

    Terraform Labs - burn it to the ground.
    Luna Foundation Guard - burn it to the ground.
    Binance - burn it to the ground.
    All the people who created and try to support this bullshit? Burn and die.

    • Re: (Score:2)

      by jythie ( 914043 )
      Yeah. these are people who believe anything learned more than 20 seconds ago is not worth knowing since that is old people knowledge holding the world back from the future they deserve!
  • After reading about the mechanisms used trying to keep these things stable, and the subsequent crash anyway, it feels like there is some math that would show their desired stability is actually the peak of a gradient and no matter what they do, gravity is ultimately going to win the battle pulling the system into a valley.

    • Re: (Score:2)

      by imidan ( 559239 )

      Seems to me it would be easy to make a stable stablecoin pegged to the US dollar. Just make this rule: for every $1 increment of currency minted, the company behind the coin puts $1 USD into an account. The public must be able to compare the account balance to the stablecoin supply. As long as there is always an extant dollar for every $1 of stablecoin, the value of the stablecoin should remain stable. Oh, also, a stablecoin holder must always be able to exchange coins for USD at a rate of 1:1.

      Of course, th

      • Seems to me it would be easy to make a stable stablecoin pegged to the US dollar. Just make this rule: for every $1 increment of currency minted, the company behind the coin puts $1 USD into an account

        If you consider getting an approximately unbounded number of US dollars that you don't mind just throwing into a vault to gather dust "easy" then I suppose you're right ;-)

  • "this time it's different" - said someone in historyy every time before things went horribly wrong...

  • The analogy of reshuffling the deck chairs on the Titanic is no longer apropos. This is more like selling lifeboats to those flailing from the already sunk ship.

    • Re: (Score:2)

      by andy55 ( 743992 )

      This is more like selling lifeboats to those flailing from the already sunk ship.

      You mean lifeboat futures and options!

  • Mammon just needs one more pint of blood, and then you will be rich beyond your wildest dreams.

  • People that fit the criteria needed to be susceptible to the original pitch are unlikely to have become... smarter? I'd say go back to that well. There's treasure at the bottom of it.

  • Is doing the same thing over and over expecting different results.

  • Why isn't he in custody awaiting charges? (Score:4)

    by klipclop ( 6724090 ) on Monday May 16, 2022 @05:52PM (#62540494)
    He was the brainchild of a crypto pyramid scheme branded as a "stable coin"

    • He was the brainchild of a crypto pyramid scheme branded as a "stable coin"

      Probably because simply failing to produce a functioning economic product (and that's what crypto is, people are trying to sell you something, usually a service) isn't actually illegal and because it doesn't fit the definition of a pyramid scheme.

    • Crypto is by and of itself not illegal. Neither are pyramid schemes. Madoff for example told investors he bought one day and sold another (mostly through options) and created fictitious account statements, when in reality he just deposited client money in a bank account and when they wanted funds he just pulled it from the bank account and gave it to them. It's the lying about statements and transactions that's the problem here.

      Crypto looks like a pyramid scheme, but they are reporting value correctl

      • Actually Pyramid schemes are most definitely illegal in most countries.
        • Yeah, I they way Luna and the 20% interest worked was a pyramid scheme. The "now" the Luna investors received the 20% and capital gains at the expense of the future bagholders capital. All of the luna insiders were syphoning out money for themselves as well. By definition it was structured as a Ponzi scheme.
        • Fine, I'm over simplifying but since people want to be pedantic:

          Pyramid schemes are illegal. However just because something looks, in the surface, like a pyramid scheme, doesn't mean it meets the legal definition that would constitute a criminal act. So in no way can you tie anything crypto related to a pyramid scheme, which has a legal definition, and thus ascribe criminality. hence the GP's original premise, "why isn't he in custody awaiting charges?" The simple answer is because it's not a pyramid

      • Re: (Score:2)

        by mmell ( 832646 )

        Pyramid schemes are explicitly outlawed in many nations. Now, throw in a couple bottles of soap and call it MLM, well, you're good to go.

        Wait - you mean these guys don't even get a bottle of soap for their money? Whee-ew . . . someone really saw them coming. Do Kwon knows suckers when he sees 'em; he figures they're ready for another fleecing. Brilliant!

  • Neither does the original blockchain.

    Fool me once, ...

  • "doesn't add value" (Score:4, Insightful)

    by Mazzachre ( 8854047 ) on Monday May 16, 2022 @05:54PM (#62540500)
    What does add value? - There is, quite literally, no value in crypto currency, the only perceived value is that someone else will likely pay you money for your tokens so you can redeem your investment in them. That is not a value, it is a mathematically glorified IOU with an ironic smiley painted on one side, because the person you buy it from doesn't owe you, but perhaps you can find some other sucker out there that will...
    • No mod points, so I can't vote this up, but it's the sad truth.

      I took it as a hilarious joke when Zhao Changpeng said blockchain forks "don't create value." Crypto-currency doesn't create value either, so it's the pot calling the kettle black. It's ponzi schemers all the way down...

    • It's just moving money around and you don't want to be the one left standing without a chair when the music stops.

      The "value" is all based on artificial scarcity of the currency and it seems like with "LUNA" the fundamental ability to effectively print money (or mint tokens) has resulted in something in the order of 6.5 trillion tokens in circulation so to get back to your tokens being worth $100 again the market cap would have to be like $650 trillion.

      I'll admit to not really understanding a whole lot abou

  • So better start another.

  • What a waste of power. : ( Assholes!
  • Learning from phone scammers - the best targets for scamming are people who have been successfully scammed before.
  • If blockchain fails, it's because you weren't blockchain enough. The answer, of course, is more blockchain.

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