Disapprove of the new Luna proposal! Binance CZ: Terra fork will not bring any value to the new public chain, questioning the retention of BTC reserves? | Moving Zone – The Most Influential Blockchain Media (Bitcoin, Cryptocurrency)

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不認同新Luna提案!幣安CZ : Terra分叉不會帶給新公鏈任何價值、質疑儲備BTC留向?
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Following yesterday’s (14) bombardment of the Terra team’s inaction and the delisting of Luna and Terra trading pairs, and the restart of Luna and UST trading at 22:00 in the evening, the CEO of Binance once again bombarded the Terra team today, And bluntly said that the Terra fork reconstruction plan proposed by Do Kwon will not be successful. (Recap:Do Kwon proposes Terra reconstruction plan: chain fork, redistribution of 1 billion new coins; LUNA bottoms up 195 times) (background supplement:How exactly did the UST crash happen? $84 million leveraged a 40 billion financial empire, and the collapse of UST)

“The way to reduce the total token supply should be through burn, not to pick a date in the past to hard fork and throw away everyone who tries to save the coin.”

currencyAn’s chief executive, CZ Zhao, commented earlier on Twitter. This is the first time the cryptocurrency’s richest man took to Twitter after blasting the Terra team for not doing anything to save the Luna/UST crash yesterday.

This time, the muzzle was aimed at the new token proposal proposed by Terra founder Do Kwon early yesterday morning.

Ledger

Even after Do proposed to issue 1 billion new Luna tokens and restart the entire Terra public chain in the early morning of yesterday, Luna ushered in a single-day increase of more than 6,580% today, and the cumulative bottom has increased by more than 300 times. CZ is still very optimistic about this new proposal that drives the market’s great growth response, and bluntly stated that this method will not bring any new value to the new public chain.

Further reading:In response to the sudden delisting of UST and LUNA trading pairs!Binance CZ : Disappointed with Terra team, doing it to protect users

Image source: TradingView
Image source: TradingView

CZ’s objection

Although it was emphasized at the beginning that this is just a personal opinion and does not represent any investment opinion (NFA), CZ still stated at the beginning of the batch that such a proposal would not be effective. The main reasons are as follows:

The fork does not bring any value to the new practice, it is just wishful thinking no one can cancel all transactions after the old snapshot, whether on-chain or off-chain (exchange)

In addition, CZ also put forward a soul torture to the Terra team:

“Where did all the bitcoins that were supposed to be used for reserves go?”

“Shouldn’t all these bitcoins be set aside for buybacks?”

This suggests that the disappearance of the bitcoins previously used as reserves from the LFG address is not all reserved to save the UST decoupling problem, but that a large number of bitcoins flow into a mystery.

📍Related reports📍

Anchor Protocol issued a new proposal to reduce the target interest rate to 4%; Do Kwon: will rebuild UST into a collateralized stablecoin

Tragedy!British rapper, Youtuber invests in LUNA blood loss, 2.8 million US dollars plummeted to 1,000 magnesium

Avalanche Alert! $73.88 million in AVAX still in Luna UST reserves, or 70% of the total

Old banknotes for new banknotes? Terra community proposes to issue “airdrop new LUNA tokens” to replace old LUNA tokens

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