1301
You can't mint your way out of bankruptcy all the time.
1302
6 million reasons to thank you for all your support. 🙏🙏🙏🙏🙏🙏
120 million reasons the fight for the safety of our users. 🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏
mobile.twitter.com/cz_binance/sta…
1303
The design flaw: minting coins (printing money) does not create value, it just dilutes the existing coin holders.
Incentives doesn’t create value. It is just a bootstrap mechanism.
Build products people use.
1304
Learn a little bit every day.
Dead Cat Bounce | Binance Academy academy.binance.com/en/glossary/de…
1305
@itzkingremy 🤷♂️
Photo taken a few days ago in Rome. But feels like an appropriate one for this reply.
1306
Personal opinion. NFA.
This won't work.
- forking does not give the new fork any value. That's wishful thinking.
- one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges).
Where is all the BTC that was supposed to be used as reserves? twitter.com/CryptoLionel/s…
1307
Shouldn't those BTC be ALL used to buy back UST first?
1308
I don't hold UST, never had. And I don't know it too well. Usually busy with other things, but now dragged into this.
1309
@ARafayGadit Do they really think they can fork BTC at the snapshot on Nov 18, 2021, and the new fork will have the new BTC at $68,000 (the price on that day)?
1310
@paulemmanuelng @ARafayGadit Reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin.
I don't own any LUNA or UST either. Just commenting.
1311
2/ First, I need to address falsehoods circulating in crypto twitter.
1312
1/8 These past weeks have proven to be a watershed moment for the crypto industry. We have witnessed the rapid decline of a major project, which sent ripples across the industry, but also a new found resiliency in the market that did not exist during the last market downswing.
1313
3/ Binance did not participate in the 2nd round of Luna’s fund raising nor did we acquire any UST.
Binance Labs invested $3m USD in Terra (the layer 0 blockchain) in 2018. UST came much later after our initial investment.
1314
5/ The last few days, we tried hard to support the Terra community. In my tweets, I am simply pointing out the potential issues from my understanding. Minting, forking, don’t create value. Buying back, burning does, but requires funds. Funds that the project team may not have.
1315
4/ Binance Labs invested in hundreds of projects over the last 4 years, including exchange “competitors” and many “competing” blockchains. A few of them have fallen by the wayside, but a few have been extremely successful. That’s how investments work.
1316
7/ I am not always right, but my perspective is: Failures can/will happen. But when they do, transparency, speedy communication and owning responsibility to the community is extremely important.
1317
6/ In this regard, I would like to see more transparency from them. Much more! Including specific on-chain transactions (txids) of all the funds. Relying on 3rd party analysis is not sufficient or accurate. This is the first thing that should have happened.
1318
8/ I am just hoping that the project teams can rise from the ashes and rebuild in a proper and sensible way. Regardless of my personal views, or the solution chosen in the end, we will always be here to support the community in any way we can.
1319
We probably do have some from trading fees. Probably valued close to 0 now. (Think of it as free trading in the past, haha). This just wasn't on my mind. Not how we prioritize things. Users first. 🙏
1320
Reading some comments on Twitter, it just occurred to me that I haven't asked our team if @binance had any UST. 😂
(I don't have access to our admin backend, for security reasons. I always have to ask someone to get info.)
I just asked now. 1/2
1321
I did ask about the rumored "2nd round investments or UST". There were discussions, never closed.
Binance did not buy UST.
1322
Was an honor chatting with MP Francesco B and others in Italy 🇮🇹 last week. Many thanks for the written summary!
linkedin.com/feed/update/ur…
1323
@PersianCapital If that number is correct, it sounds like a good way to go. 👏
1324
Adoption. twitter.com/nayibbukele/st…
1325
2/ Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3m) invest. 560x return at peak. It still sits on the address we received at 👇. Never moved or sold.
Address:
finder.terra.money/mainnet/addres…
CEO @binance, holder of #bnb #btc