Do Kwon hasn’t been done yet

The Memes And Class insults CEO Terra Do Kwon took a look at the critics on Twitter and is now ringing with hollow irony in the face of hard qualifiers A stable currency in dollars is now 95 cents under the wedge.

Some saw it coming. In 2018, Cyrus Eunice, an analyst at crypto investment firm Scalar Capital, saw UST’s white paper and immediately warned his boss. Yonsei said that the algorithm, which links stablecoins to the dollar, could one day fail and cause a “death spiral” if Terra’s capital ecosystem is depleted too quickly.

Younes was not alone. A small chorus in the industry warned of the danger and instability of Tira, including Charles CascarellaCEO of stablecoin issuer Paxos, which publishes monthly Certificates that its Paxos dollar is backed 1:1 by fiat reserves and debt instruments, and Kevin ChuCo-founder of Galois Capital crypto exchange fund.

Kwon, 30, dismissed their concerns with more foul talk.

But now, even Kwon has to admit that Yunus, Cassarella, and Cho were too right Along. After all, he drove final nail In the coffin of the floor tanks itself.

arrogance

Hubris is generally thought to be excessive pride, although this is not the case Aristotle Use it: “Hubris consists of doing and saying things that cause shame to the victim…just for the pleasure of it. Young and wealthy people are arrogant because they think they are better than others.”

Two thousand years later, Aristotle may be a pile of bones, but his words paint a vivid picture of Kwon, a CEO who not only believed he was too smart and too popular to fail, but was in public threatened Competitors admitted joy in watching others fail.

His failure has given the industry more than a how-to lesson not To create an algorithmic stablecoin: it is a sobering reminder of the cult of personality that enables people like Donald Trump and President of El Salvador Neb Bokyl to silence critics with The power of their egoNot the validity of their arguments.

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Kwon’s promise was there with MAGA: It would make Terra “the largest decentralized cash in crypto, interval. As long as he gives LUNAtics reasons to believe in him, aka profits, he doesn’t need to answer to anyone.

Then came May 9, 2022, when floor treasuries fell 20 cents below their exchange rate.

humility

Tera’s collapse highlights how little we know about Kwon beyond LinkedIn and Twitter profiles. He graduated from Stanford University in 2015 after studying computer science, and worked briefly at Microsoft and Apple before the formation of Terra.

Two days after the start of landing of underground reservoirs, CoinDesk allegedly doxxed Kwon as “Rick” — a reference to the half-cartoon duo in “Rick and Morty” — is behind another failed stable-algorithm project called Basis Cash (BAC), whose peg to the dollar fell nicely early last year. BAC deserves now part of a penny.

With that, Kwon seems consistent. After two days of silence on Twitter last week, it’s finally take heat For the failure of the historical terrestrial reservoirs. Furthermore, he seemed to have risen to the task of rebuilding Terra. On Monday, he proposed to break up the LUNA blockchain and rename the existing chain TERRA CLASSICwith the new series cleared of the floor cabinets.

Kwon’s proposal was met with near unanimous approval rejection In a preliminary vote on the Terra community forum. Many would prefer Kwon to listen to Changpeng Zhao Suggestion To buy and burn most of LUNA’s bloated and circulating supply of 6.5 trillion tokens. Kwon knows what society wants, but he is arguing against him. This time, he is engaged in cash and constructive conversations with his critics, rather than simply dismissing them entirely.

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He also has a very real heat to him. every method accusations He was arrested by angry investors and anxious Twitter users, including allegations of fraud and insider trading. local korean sources He said he may have evaded taxes, although this weekend he appeared to deny those rumors, saying he had evaded completely. stable with the Korean government.

The crypto community will sort the facts out of FUD in weeks – months? – Coming, but Kwon isn’t going anywhere, which means Terra stays on everyone’s radar, solvent or not. The Witch Kwon’s arrogance and digital fool’s gold may have been a captivating vision for those who feed on it, but that faucet has run dry, and the room has woken up. At least for now.

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