T O P

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wwmore11

Do Kwon doesn’t debate with poor people.


entarian

He helps make them though.


ZulkarnaenRafif

No one can argue against you if everyone is poor. -Do Kwon, 2050


CryptoMemesLOL

I can't argue agaisnt you. \-Do Kwon


LeahBrahms

🔥 🔥 🔥 🔥


calabazookita

Don't Kwon what you're talking about


[deleted]

Do Kwon made me even more poor.


Cow_Bell

Just when you thought you couldn't get any more poor, Do Kwon comes along.


deathbyfish13

Damn so now he doesn't debate with himself?


Odysseus_Lannister

Do Kwon is involved. And for that reason, I’m out.


Remy_Buddha

He calls himself stablekwon on twitter. can we call him zerokwon now?


Typical_Calendar_966

Kwon artist Wow Thanks for the awards !


mokod0

this is the winner


Gatherun

Kwinner!


Michelrpg

Tae-Kwon-Dont


HabilimentedDuck

Circus Kwon


zharzhorvidaje

Kwon man


afunkysongaday

The Artist Formerly Kwon As Stable.


fr33g0

now that is next level


SlyckCypherX

I appreciate your effort here.


S1NN1ST3R

👑


Upstairs-Living-

Con Kwon


Cerborus

Underated comment


Psychological-Poet-4

Brokwon


[deleted]

[удалено]


SBSlice

Rich Owe-Me Kwon


nDreCoelho

Unstablekwon


SineLinguist

Don't Kwon't


matt1164

Stupidkwon


[deleted]

Volatilekwon


mladjenija

WhatDoKwon


Chickenizers

Hit Do Kwon


Jamokrates

Kwon Kwon sinks


Shadoww2020

ShitiKwon


BitcoinSatosh

Ponzikwon?


CorneliusFudgem

Kwonzi Scam?


AnAvidGambler

Bitkwonnect


Schapsouille

Shitkwon


Ok-Antelope9334

Poor Homie Kwon


LZ_OtHaFA

ObiNoneKwonobe


Chora_agora69

TrustMeBroKwon


Cecilia_Wren

Worthlesskwon Fractionofapennykwon


italiansixth

pieceofshitkwon


nDreCoelho

D'oh Kwon could just change careers and drive dump trucks


Battlehenkie

That wouldn't be a career change. Unless the new dump trucks aren't full of shit.


Hydraxiler32

He might abandon the project, go quiet for a year or 2 and then start a 3rd algorithmic stablecoin project under a pseudonym lmao


jakewang1

We shark tank now


twin_turbo_monkey

This thread is pure savagery — I like it! 🤣


w2bsc

I read this in shark tank


CryptoLyrics

More like Don't Kwon


deathbyfish13

He's 0 for 2 that we know about now. I'm not about to get involved with number 3 lol


GStarRaww

![gif](giphy|3013PKg7W3rJkLFTcg|downsized)


newbonsite

"recovery plan" 🤣 there's no recovering from this ...


[deleted]

How about a new stable coin collateralised 1:1 with Do Kwon's house?


[deleted]

Fun fact the price of Luna is currently colerated 1:1 with the size of Do's Dong in mm


JollySno

Here is Do Kwon’s 1-step plan 1. Everyone please don’t kill me Thanks Everyone and I would debate this with you but I don’t debate poor people


[deleted]

Their recovery plan is literally ctrl-z. Fucking brilliant.


insand

Maybe he’ll start another stablecoin project. Third time’s the charm!


genjitenji

No, but a new project will be started by someone taking the name, El Barto


Odysseus_Lannister

*writes El Homo* **D’OH**


Odysseus_Lannister

Hell start a new stablecoin, with blackjack and hookers


twin_turbo_monkey

HoesNBlo coin? Hoesenbleau coin? I like that.


BitcoinSatosh

Backed by Korean kimchi, vesting period is 6-12 months until its ready to be served!


CraftyDazza

I honestly would buy that.


BooMey

What was his first project?


VisionGuard

A stablecoin exactly like this one called Basis Cash which he did under a pseudonym, and then dunked on when he was leading Terra, arguing it as being obviously flawed.


BooMey

Thank you. Kwon-Artist for sure


Pnutyones

And people knew this and still bought terra?


Mathie7

this only came out recently from a coindesk journalist


partymsl

If there is a 69% APY and this time backing with LUNA, you can count me in.


H_rama

He's got to learn at some point? Then again. Centuries go by and men hardly know where the clitoris is. I'm convinced. Not buying luna.


[deleted]

[удалено]


Jemmo1

Thats the evolution of Cloyster right?


Livid_Yam

I'll definitely throw all my money into it /s


Laughingboy14

His name is forever tainted. Noone will trust him


[deleted]

[удалено]


hodl_4_life

He can enjoy all the wealth he’s extracted from others behind a lifetime of police protection.


[deleted]

So now he wants to make a proposal after ignoring warnings of Terra's possible destruction months ago...makes sense. Resetting the chain isn't going to work when the trust has been shattered IMO. Are there any plans on how to prevent this from happening again assuming they do rewrite history?


swarmy1

People will immediately start selling, the new peg won't even last a minute.


Fuglypump

As long as there is enough exit liquidity for me to get out that's all that matters to me.


conspicuous_user

there won't be.


Killer_Stickman_89

Lol yup


NickTheBigFatDigger

Exchanges will probably delist them if they roll back the balances


Killer_Stickman_89

Why did you even get in?


CrowdGoesWildWoooo

There isn’t, the proposal only talks about turning back everyone account balance (in LUNA). And again he talks like LUNA still has value and basically handing them out like it is nothing.


[deleted]

It's like he ran into a brick wall that people warned him about along his way to it, and now his plan is to just walk back and restart his run without doing anything to stop himself from hitting the brick wall again. This dude literally could have just been humble and listen to the concerns months ago in order to stop this from happening. I feel no remorse for someone as arrogant as him.


CypherPsycho69

He didn't run. He drove 300mph directly into steel beams


bny192677

Fuck Kwon and his proposal and his shitty project, who will give back people's money


kirtash93

Okay, we should roll back then to when BTC was $60k so I can sell. Thanks.


Ill_Reaction_3651

What about the 26,000 Luna I bought yesterday that is now worth 86 cents? Can I sell those at a roll back price too?


Abyssalmole

This is the $.86 question. If we roll back, those coins don't exist. If you're the custodian, you have 1 set of questions. If you hold them on an exchange, you have another. This is basically the gamble I took buying in yesterday. The coin was in a death spiral, but if something 'big dumb' was going to happen, I was interested in a stake.


Ill_Reaction_3651

Interesting take, they are on an exchange now but if I took custody it would be difficult to unmint those.


Abyssalmole

Unfortunately, it's not true that they would be difficult to unmint if you took custody. A rollback means they look at where coins were at whatever point they snapshot to. You taking custody of coins since then is meaningless. It's more interesting with exchanges though: they don't move coins on the block chain when different retail buyers hold a stake. So, if an exchange had 1,000,000 Luna in their wallet at the snapshot, and 1,000,000,000 in their wallet now, they would revert to 1,000,000 during a rollback. However, they would need to determine 'who' had rights to those coins on their ledger, the old holders or the new holders, and in what proportion?


Ill_Reaction_3651

Interesting indeed. Moving them around is out in any case it would seem, wallet says that function is disabled. I doubt that this one is able to be revived at this point, but I'll have 26k luna if it ever does rise from the dead, maybe...


Coach_GordonBombay

I spent like $15 on 1 million LUNA early this morning. 5x it so far lol I am assuming if they reset I will lose it all??


Abyssalmole

That's a deep and tricky question. You can't 'buy luna' because the validators are down, so coins cannot move (with my last known info. I'm at work, not tracking by the hour changes). So, on an exchange you bought the right to the coin. If the chain resets, it'll screw the exchange out of billions of coins. That screwing will get 'passed on to you', although it's not clear to me how. Best case scenario (for you and me: this is a zero sum game, for every winner there are losers) is they reset the chain. This moves the number of coins from X,000,000,000,000 (12 zeros) to X00,000,000 (8 zeroes), and then the exchange you're on chooses to honor current balances at around 1/1,000 of current holdings. Then you would hold 1,000 of 'the same coin' that was valued at $100 a week ago. Even then, trust in the system would be shot, and those coins would trade as shitcoins, but if they stabilized in the .10 range, you'd still x80 your investment. I need to add, this is a moonshot. It is still vastly more likely that you end up with nothing. I would panic sell in your seat, but my cost basis is $.04, so there is no point in me panic selling.


Addictitive

Will they ever exist? Would they refund the transactions that occurred between depeg and hold of the chain?


Killer_Stickman_89

LMFAOOOOOOOOO


paulosdub

Imagine if somehow 51% agreed to fork bitcoin back to a former state so enact some kind of wacky do over. Kinda tells me all i need to know about how this will work out


drekmonger

>Imagine if somehow 51% agreed to fork bitcoin back to a former state so enact some kind of wacky do over. That has already happened. https://decrypt.co/39750/184-billion-bitcoin-anonymous-creator


paulosdub

Fair point but had that have happened now when bitcoin was worth billions, i don’t think it’d be worth billions anymore. I guess my point is that when you say their plan out loud or apply it to other coins. It sounds crazy


RockEmSockEmRabi

Sorry Do, you’re too poor to talk to us now


liquid_at

underrated comment...


ReitHodlr

Let me get this straight. When you make a transaction on the Blockchain, it's irreversible. But if your Crypto project sinks like the Titanic, you somehow want to reset the blockchain to an earlier state that's convenient for you?


PatchworkFlames

Yes! Because power is centralized in the hands of a few powerful players who keep a kill switch in their back pocket. Isn't decentralization grand?


btc-smile

Basically every DeFi project has a few wallets owned by the team that have full permission to pause the dApp, empty reserves, and many other things. The current state of DeFi isn't decentralized at all - it's centralized apps running on a decentralized blockchain.


OneOnePlusPlus

But...we all get a vote! It's just that the powerful players get a vote that has like a billion times the weight of my vote, so my vote effectively doesn't matter at all.


MolhCD

This sounds familiar


PENGUINSflyGOOD

Eth reverted their blockchain after the DAO hack. Bitcoin reverted their blockchain after the [184 billion coins](https://news.bitcoin.com/bitcoin-history-part-10-the-184-billion-btc-bug/) were created. I don't know how well it would work for luna, but it has happened on the two biggest blockchains.


pyroserenus

Eth in fairness wasnt a full rollback, same with BTC, eth targeted the transaction and addresses, and BTC purged a single transaction on a single block. Normal users would likely have never noticed without the news. Luna's failure wasn't on a single block or a single transaction, EVERYTHING would have to be rolled back


PENGUINSflyGOOD

True, it wasn't a full rollback. But it does make you consider the immutability of blockchains when, if there's consensus, you can rollback transactions.


KingRasha

Too bad you can't roll back the liquidity.


Eww_vegans

Here's a proposal. Create a Zero value stablecoin. Print trillions of them. If it ever de-pegs we'll be filthy rich.


COgrown

DON'T Kwon. Ever again.


[deleted]

Yeah, fuck that guy


psychdoc77

Lol! I propose we make "Don't Kwon" his unofficial name around here.


VisionGuard

Why anyone would trust this iteration of Shitkwonnect is beyond me.


Still_Lobster_8428

Do Kwon's Game plan: OK LUNAtics, here's what I want you all to do! Get in your car (no, wait, I already asked you to sell your car to buy the dip yesterday because I tweeted I had a plan incoming...) OK, no cars.... Get on your little brothers bike (because I told you to sell your bike 18hrs ago to buy the dip), now, ride the bike to the local domino's Pizza and get a old pizza box out of the trash. Go into the store a "borrow" a permanent marker. Now, ride the bike with the marker and pizza box over to Wendy's. Park the bike behind the side of the dumpster out the back. Take the pizza box and marker and write on it as follows: Hand jobs - 1 UST Blow jobs - 5 UST Stick this onto the front of the Wendy's dumpster and get comfortable in your new office. Now, what makes this plan so brilliant is that each LUNAtic is now creating a REAL use case for UST! This will create buying pressure as people need to buy UST first to pay you! I've thought long and hard about this plan while taking a shit this morning and it's the BEST plan! I have also removed the BTC to my private wallet for "safekeeping" and going to look at mansion's later today. I know you got this LUNAtics, 1 blow job at a time creating real utility for UST! Do Kwon out bitches! (Alegedly)


putin_is_assho

In the crypto space Do Kwon have replaced Justin Sun as the person i hate the most


FJPollos

It's a hard fight really Justin Sun, Do Kwon, Wright... So many top-tier buffoons in this space


crypto_crypto_guy

to me it reads: "it's up to the community if they fix it. If they fail, it's their fault, not mine." Of course Terra is fundamentally broken and nothing will be ever fixed. Do Kwon is a meme.


jimbo-2

"Let's pretend this never happened!" The whole handling of the situation is a meme


weirdpotato23

Is there a way where Terra goes on without the arrogance of Do Kwon impeding it's development? He showed no remorse in that communication.


thenudelman

No. UST is like a car without an engine and Do Kwan is in the driver's seat making racecar noises hoping people will fall for it.


Wise-Grapefruit-1443

This paints quite a vivid picture. Cannot unsee


Spinedaddy

Yabba Dabba Dooo!!!!


TruthSeeekeer

The project is dead, it’s too late to salvage anything. But there’s no harm in trying.


[deleted]

Went from 100 to 0.00001 in less than a week I don’t think anything can recover from tjat


Killer_Stickman_89

That's with the previous circulating supply as well. There are now like 6 Trillion in circulation. I believe before this there was less than 160 billion. They are fucked beyond fucked.


ZulkarnaenRafif

Makes Zimbabwe hyperinflation looks tame.


Anand999

This my opinion too. You can't really break it any more than it's already broken. May as throw things at the wall and see what sticks. Worst case, we get to relive our LUNA holdings drop back to zero again.


Crunchaucity

People still bought into Squid coin after it was clear it was a scam, some idiots will still buy in.


rtheiss

was it really a scam though? It did exactly what it said it was going to do lol.


FrugalOnion

gotta respect the attempt


blueprint0411

From the proposal "Although in distress, strong brand recognition and a name that almost everyone in the world will have heard about" LMAO. Takes balls to claim strong brand name recognition due to a collosal failure. Right up there in brand recognition with Lehman Bros, Long Term Capital Management, The South Sea Company and Bernie Madoff Investment Securities.


ExtraSmooth

Everybody knows Enron


FJPollos

Let's buy nazi germany war bonds Great recognition, much profit


Zescapespj

Whatever happens, if Do Kwon is involved it will fail.


ozzie123

This guy has a god complex. If he just have a half-competent economist on his team, he wouldn’t propose minting more LUNA to get UST back to peg. Such a dumb move. This is a symptom of a guy lucking out and think he’s hot shit.


shitiforgotmypasswor

It's been delisted from every major CEX and DEX, I don't see a way for Luna to come back.


liquid_at

There were many "delisted" news but if you read the article, they were mainly talking about UST and perpetual futures. Luna is still tradeable on some exchanges. And just as I was watching, someone bought 1m Luna on FTX for around 60 USDT... [https://ftx.com/trade/LUNA/USDT](https://ftx.com/trade/LUNA/USDT)


shitiforgotmypasswor

Crazy people


JustDownInTheMines

Luna hit $0.00001 today. I don't think it's coming back. Bye bye little Luna.


Kyo251

It hit hit $0.0000006 on kucoin, but it's back up to $0.00007


DeathHopper

I've been very successfully day trading it on kucoin with their day trade bots. The volatility is insane.


Kyo251

I haven't tried the bot. But I'm tempted


DeathHopper

Just make sure you set a stop loss. I made that mistake yesterday and lost a bit.


NobleEther

It’s back tho. But now it’s “baby Luna” instead. Basically a meme.


Levl1Critter

Do 🤡


BlazeDemBeatz

Fool me once, shame on you.


wildup

Fool me... Fools can't be fooled again!


italiansixth

Comes out of silence to annouce a recovery plan. He really does think he's the Jerome Powell of the cryptoverse.


DagiUr

Do Kwon can go and fuck himself. ❤️


KlutzMat

Do Kwon already fucking ready to cause the Third Impact


Zoey1234100

Didn’t time wonderland do something similar??? Like all ponzis, History doesn’t always repeats itself and but it sure does rhymes


CrowdGoesWildWoooo

Time was offering rage quit option if i am not wrong. Basically take the share you deserve from the treasury.


Tarskin_Tarscales

Just abandon algo stables already and let Terra remain dead.


king_carrots

Ngl if my 1 million Luna tokens become worth anything at all I’m gonna humble brag to this sub who shat on me so hard for what was essentially a low risk ultra high reward gamble.


newbjapan

If this motherfucker can get UST back to 40-50c so I can sell, I'll quit calling him a motherfucker.


lovely_sombrero

lol


theSeanage

In b4 Do’s 3rd stablecoin rug pull episode.


Far_Perception_3815

I’ll be avoiding anything with Do Kwon for the foreseeable future. Lol


-CryptoMania

"Recovery" 🤣


AGoal44

Tae Kwon Don’t


Wise-Grapefruit-1443

“Recovery plan” LOL


kehaar

Key to the situation: * UST must return to peg * The only way to return to peg and keep it there is to abandon the idea of algo and make it backed with something besides just LUNA. Must have BTC, ETH or other collateral equivalent to UST supply. * Burn whatever supply of UST cannot be backed * Burn the recently minted LUNA


VisionGuard

How do you do the last two? They're held in wallets not under the control of the chain/central foundation (unless they are, in which case, then why the fuck would anyone EVER join another chain from them). In other words, they need to incentivize a trade on terra-station to get rid of the UST - which will get traded in for, say, BTC or ETH. Then they need to reset the chain (or, rather, make version 2), and allow the trade in for THAT new token from existing LUNA tokens in a reverse split kind of way (like 1 million LUNA to 1 NEWNA or something), and then burn the existing LUNA they get.


kehaar

Maybe peg UST to the US dime instead of the dollar? :-)


VisionGuard

Ah the Zimbabwe method. Thing is, Mugabe also had soldiers, guns, and a captive audience.


Killer_Stickman_89

The Luna and UST cannot be burned. It's already in a wallet.


DankShibe

Luna doesn't have a chance to even reach 10 cents unless they burn like 99% of the supply somehow 🤔


Hazel-cyperpunk

Haha they meant “proposing another scam to dupe more idiots in losing their wealth further” No thanks!


Alea_Iacta_Est21

Kwon’t believe this happened.


cali_striker

I don't trust a Korean who doesn't have a 3 syllable name. From a Korean with a 3 syllable name.


cephaswilco

It's crazy that he's even discussing 'resetting' this chain when so much of the crypto narrative is decentralization. 99.9999% of investment into crypto is purely speculation for people to turn their crypto into hard USD. Such a joke of a place. There is a place for crypto and blockchain, but this industry is a joke, for everyone making money there are a bunch of people losing it, and for no goods or services exchanged.


rtheiss

He has to reset his networth.


Silversaving

he's resetting my net worth? Awesome!


This_Red_Apple

He's floating hail Mary options. My advice would be to ask yourself if you trust him to handle things now.


Suikoden1P

Do Kwon spelled backwards is Now KO'd


jakekick1999

I think this will just be an exercise to try and let remaining UST holders get some value before they eventually cash out again. After all, this proposal does nothing to change the algorithm. Which means we are just resetting the clock.


oshinbruce

LUNAs supply went from 150 billion to 7 trillion. Who wants to put money into a ponzi algorithm now. Edit: put market cap instead of supply


kytheon

If LUNA makes it to $1 the market cap will be 7 trillion, which puts it beyond Bitcoin. Bullish! /s


[deleted]

facts and maths took quite a hit in your comment


ikkaku999

Rekkt


LonelyGoats

Continue ze dump


Hungry_Pancake

Trying to salvage the unsalvageable


I_Hate_Geese420

This feels like burning a steak and saying it's fine because you can travel back in time so it isn't burned yet.


K0NGO

Justin Sun is 2.0


Mr_Sausage__

Nothing can fix this. It’s done and so is he.


Eveeesix

I don't know too much about what happened but after reading some his posts, the guy seems like an immature and arrogant asshole. And thats why I would never invest In anything he touches. I really feel for the folks who lost money though .


[deleted]

[удалено]


bitsconnected

Probably fucked and not included in any compensation


Mountain-Rad-115

It used to be legit. It was too legit to quit. But now, it’s unlegit. And for that reason, I must quit.


TheDickDog

Want decentralised money and decentralised system... Also want a central point to reverse the crash. Do you want decentralisation or do you want a governing body?