I would highly suggest choosing sometime after the 2nd depeg as the snapshot since choosing the 1st depeg was restored relatively quickly close to 1:1 so not much loss there. By choosing the 2nd depeg snapshot you can exclude more Anchor whales that were frantically pulling UST off of Anchor. In fact it might be useful to check the onchain data around the 2nd depeg to see when most of the large whale Anchor UST withdrawals were being made and exclude them from the whitelist. When the large whale UST withdrawals slowed down should be when this snapshot should take place.
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that’s part of what i’m saying
You realize exchanges can just lie about deposits, right? That’s the type of exploitation I’m referring to.
You apparently aren’t even aware Kwon already knew algo “stables” would fail. Do your homework. He was behind the failed algo stable Basis Cash and joked about it for years. He claimed $10 billion in reserves. He strung investors along with lies about a rescue plan then called UST “bad debt”. The level of litigation about to land on TFL’s door is going to shock the crypto industry. You’ll see!
Not to mention getting this data from exchanges is going to be one hell of a task. Vetting it will be impossible.
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I know about BC.
He failed and tried again. What about it?
You’re speculating at this juncture.
Dude I saw your other thread. You sound unhinged.
Do Kwon said they are in the process of buying $10 billion in BTC for their reserves. They never claimed to already have it. Atleast try to get the basics right if you are claiming to launch a law suit.
Good points made. There are a lot of ways creditors can win in court despite the lack of guarantees in the whitepaper. A lot of signs point to some level of fraudulence, but the deciding factor IMO will be what they choose to do next with the remaining reserves.
We also need to remember that Do Kwon has personally enriched himself with hundreds of millions through the LUNA machine, and I think he has some ethical responsibility to return a piece of that in order to cure the mental health epidemic he has caused with his ‘invention’.
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CEX’s are full of criminals too, and many like KuCoin may well go down in the post mortem. It’s about to be a legal sh!tshow
Depositing wormhole UST into Binance and Coinbase was your own fault. You should have done a test transaction of UST deposits first to make sure it arrived before sending your entire batch of wormhole UST into Binance and Coinbase. It would have failed in your test transaction and you would have to use the local AMM depending on chain to exchange wormhole UST into wrapped UST.
Do you know how many exchanges out there supported UST and the volumes it supported. Trying to collaborate all that data would be insane by a small committee of people. Even just examining the onchain data for just Anchor deposits alone is a tall feat to weed out the whales that cause the depeg.
Unless I’m mistaken, doesn’t wormhole clearly say NOT to send to CEXs without wrapping?
He conned once and conned again. The only difference is you’re still thinking of him as some kind of wonderboy. He’s a con man, and he’s about to become a pariah.
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Irrelevant when dozens of CEXs let you buy UST direct.
No, you’re trying to put words in my mouth that I never even implied.
It does. People who sent UST to CEXs via wormhole are basically sending their UST to an incorrect address and should be treated the same way.
If these CEXs decide to make wormhole versions of UST available, then perhaps some funds can be saved.
He only announced that he planned to buy a total of 10 billion in BTC for reserves over time starting in March/April 2022. He didn’t even get to like 3 billion BTC purchased before this fiasco unravelled.
Do you think he would announce that he bought 10 billion in BTC all at once. Even Michael Saylor and Elon would not buy that much in BTC in one shot. Michael Saylor spent like maybe 700 million in one purchase. That would just invite an instant short sell attack by all major whales to force Do Kwon to liquidate his BTC. I think you have some facts missing here and making wrong assumptions.
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This.
If they didn’t read the banners that were already there, I don’t think they deserve a refund tbh
It’s pretty easy when the subtext of the posts make it clear. Watch and learn. Kwon and the TFL leadership will be in handcuffs soon. When you see him in a prison jumpsuit maybe it’ll finally sink in.
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This is by far the best proposal so far even though I will suffer. I’m in favor as I knew there was inherent risk.
The proposals for a fork are DOA permanently and this will hopefully shed light on the flaws in the code of numerous other DeFi projects, inexperience of the Terra team in understanding how markets actually function.
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