Co-founder of Dogecoin Billy Marcus criticized Terra’s attempt to relaunch LUNA, calling those who join “really stupid”.
The implosion of the Terra ecosystem has been making headlines for the past few weeks. Users lost billions and lives were upended when the UST stablecoin lost its $1 price.
During the fallout, internet sleuths and whistleblowers voiced several accounts of suspicious activity. All of this points to shady happenings within the Terra Hierarchy and beyond.
Examples of allegations include manipulation of Terra retail investors by high-profile entities, use of the Mirror protocol to enrich high-profile figures and Terra’s founder, Do Kwon’s ties to the failure of the Algorithmic stablecoin project Basis Cash.
With so many red flags emerging from Terra’s autopsy, is Markus right?
Terraform Labs will relaunch LUNA
News of a Terra relaunch first broke on May 16, when Do Kwon published a tweetstorm detailing a recovery plan. This plan initially provided fork the old chain into a new chain without the UST stablecoin component.
The developers have since stated that LUNA 2.0 will be an all-new channel and not a fork.
The distribution of tokens from the new chain will take the form of airdrop at “actors, holders, residual holders of UST and developers of essential applications ”of the old chain.
The community voted “with overwhelming support” to move on. Proposal 1623 on May 25, paving the way for the launch of LUNA 2.0.
The relaunch and token airdrop was scheduled for May 27, but an announcement that day moved that to May 28 at 06:00 GMT.
It’s a community boost
The co-founder and CEO of blockchain carbon credit company eCarbon, Joshua Fernando, spoke about the dangers of relaunching LUNA. Via email, Fernando raised several salient points regarding the relaunch, including:
- The lack of disclosure on how LUNA 2.0 will derive value, especially since it will lack a stablecoin component.
- Massive selling pressure once the acquisition period is over as holders seek to recoup losses and flee to safer projects.
- A conflict of interest with stock exchanges (support for airdrop and stimulus), as they too may seek to recoup losses.
The consensus on crypto Twitter is much the same, with tweets mocking the relaunch aplenty. For instance, @Mister_Ch0c compared investing in LUNA 2.0 to rekindling a relationship with an ex who cheated.
Buying Luna 2.0 is like calling your ex back knowing she cheated on you
have a little respect for yourself
— MisterCh0c (@ Mister_Ch0c) May 27, 2022
In the same way, markus didn’t hold back when he tweeted his thoughts on the intelligence of LUNA 2.0 investors, whom he called “really dumb crypto players.”
Luna 2.0 will show the world how dumb crypto gamers really are
—Shibetoshi Nakamoto (@BillyM2k) May 25, 2022
#Dogecoin #CoFounder #Calls #LUNA #Believers #Stupid #CryptoSlate