CZ, Binance CEO, said that he doesn’t believe Do Kwon’s plan to save LUNA is feasible. Do Kwon proposed to change LUNA to a different version to save the ecosystem. CZ was announced.
“This won’t work. The new fork is worth nothing if it is forked. This is wishful thinking. It is impossible to void transactions that have been taken after an old snapshot.
He then asks where the LFG’s BTC went, after it was loaned out to market makers. Do Kown stated that an in-depth report on this is being prepared and LFG is documenting its use. He requests patience as the team is “juggling multiple task at once.” CZ compares this strategy to trying fork Bitcoin at ATH and expecting it to retain its value.
Are they sure they will be able to fork BTC at the snapshot of November 18, 2021 and have the new BTC at $68,000 (the current price)?
May 14, 2022, Binance (@cz_binance).
CZ also noted that he had never held UST, and didn’t “know too much about it,” adding that he was “usually busy with other matters but now dragged into” this. His recent tweets show his disgust for Do Kwon as well as the Terra chain.
Do Kwon proposed to him and he posted a link on Binance Academy to explain dead cat bounce.
He seems to also take credit for the Terra Blockchain restarting, saying, “If we didn’t push the issue the Terra blockchain might still be in “halted” mode or worse with super minting …”
Validators have not yet selected a proposal, but the Terra forums continue to be used by the community for discussion.
Binance CEO doesn’t believe LUNA recovery plan CryptoSlate will work
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