Not that its wrong that LUNC has been stable where it is right now for some time but it is a bit weird. There appears to be an address swapping LUNC for USTC and then back in an effort to keep the price where it currently sits. This looks to be the binance address. See the screenshot included. Any ideas or opinions on this? Is this just normal or is binance manipulating the price and why would they?
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The number of coins held at this address has been increasing, likely by manipulating prices to reduce costs
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Isn’t that the idea of the burn tax, combined with swapping ustc for lunac back and forth, doesn’t it help peg ustc and deflate the coins?
It is my opinion that the following is what took place.
At or before or after the crash, a tonne of funds was with drawn from Terra guard.
These will have no doubt been Kwon and co.
He will have done this with the support of people like CZ and fits why CZ would have been critical of the fork publicly.
The fact is Crypto is unregulated, but, people have built their livelihoods off it now. So, if I was Kwon, and, the shit hit the fan the way it did, his only options were, loose everything or attempt to trade your way out or throw more money into a flawed system, or, take cash out, create a new brand in the hope of pumping that to recoup loses, as well save face by throwing a bone of tokens over x amount of years so that no one sells everything immediately creating another crash of the new brand.
Then, he is either a complete crook and running off with his money ( which I think he realises isn’t the best bet because to rip off a crookered system full of tech savvy hacking nerds that I think even he realises the moon wouldn’t be far enough escape ) or, he works at regrouping. UST may be shagged, or, because he hasn’t brought a new stable coin out he may in time ditch the algorithm theory, base UST on some solid capital of which he will purchase as Luna2 grows in value, then he comes back, pumps LunC and turns an absolute shit storm into a Crypto salvation and proves the industry has worth above the hype. It also has good will, ability to recover from a crash, and Luna credibility catapults as a result and everyone wins. He does this with the help of his friends or industry juggernauts, not because they like him but because the industry needs a fairytale with a happy ending and as well their livelihoods depend on this.
The summation, the reason we all hold LunC and Luna2 is because this is the story we are gambling on, it’s either success or failure, and yes , to see that Terra2 and LunC have tied themselves at the current values to the rest of the crypto industry is reassuring and although personally I’m hoping for one more big wash out in the industry before it starts to rebuild, and if LunC and Terra survive that, ( which I believe they could if want weather the storm because of the billions Luna guard siphoned off ) then all is Rosie in time ) or he runs off with the money, but, that will be devastating for the industry.
Why, because it is becoming “ main stream “ the majority of people have dabbled, survive this collapse, create a fairy tale story rebuilding credibility and then all thanks to timing in come the masses and then, crypto gets to a place of impossible to break , it needs to stand the test of time, it needs recovery stories with the horror ones, and it needs to prove credibility.
Do this and it’s made, and this is why we hold LunC and Terra, come on tycoons of industry, prove, that the people win and this can be a step in the direction of positivity and unify and solve the equally fabricated economic system. It’s a long way out before a unified system but an elephant is eaten one bite at a time.
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You have a very poor grammar and spout inconsistent bullshit all round
Do kwon is done. Period.
He got his way out with a new worthless token. he bought off validators with LUNA giveaways out of his back pocket just for them to offload all that on unwitting market and move on.
Speech is not about kwon. Speech is about why binance wallet is spotted in doing huge swaps of LUNC for USTC to keep the price within a tight range.
kwon has no plans of coming back. Truthfully, his only “options” are either off himself or be canned for years for securities fra-u-d and insider trading and conspicuously ruthless violation of trading law.