Do Kwon got arrogant and was shut down, simple as that. Instead of providing value, he went to win the Twitter race.
His stablecoin was not prepared for such market shock and this is the result.
Sometimes I wish Hive would moon, but that just reminds me of when it breached the $3 mark and came crashing down.
I think Hive is valuable, but not valuable enough to moon, yet. That $3 breach happened when nothing had changed in Hive at all and the price was rising rapidly (manipulation or hype). These two, I believe, are the toxins in the crypto world.
Also, I believe such projects as Luna are just a playground for people like Do Kwon to test and play with people's capital.
- Basis Cash's connection with Do Kwon
- Time Wonderland's Sifu doxxed to be Michael Patryn from QuadrigaCX
- Wonderland's connection with Luna
This vid for more info, if you haven't seen it. I might sound like a conspiracy theorist, but I believe if the dots are connected properly, something will come out...
There were not any safeguards in place when it happened. From what someone mentioned the other day, there was one in place but it was abandoned.
So they did not secure things whatsoever.
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The everlasting search for the algo stable coin :D
Ouch! That's gotta hurt... Guess we gotta learn from them and fortify ours as best as we could to prepare for most shocks out there...
I watched that video too. It is a good one and very informative. Thank you.