Terra Is Not Decentralised

in #hive-16792215 days ago

People in the cryptocurrency sector have the memory of the goldfish and way too much money to gamble. I am not only talking about retail traders, but also founders and venture capital who for some reason love to repeat the same mistakes over and over. Terra reminds me a lot of the EOS and TRON of this cycle, both chains are pretty much walking dead.

I've said that before in previous posts, the only difference with Terra is that it had a native stablecoin backed their native governance, something Dan Larimar started with STEEM and STEEM backed dollars years ago, and look how well that turned out.

But this time is different right? Terra is not TRON, Terra is not EOS, Terra is not SBD.

Do you realise STEEM used to have a billion-dollar market cap? Now its worth a quater fo that if they lucky, it's an after thought these days.

So what makes you think Terra is different?

Do you realise EOS was the biggest ICO at the time crushing a billion raised and all they did was launch a shitcoin and buy voice.com from Michael Saylor and we never heard from it again. So what makes you think Terra is differnt?

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I've seen plenty of shilling of Terra online by complete dumb dumbs who can't tell a ponzi from their pipi.

I've already discussed why UST is ponzi in nature here:

So I won't be going back into this, but the TLDR is UST and anchor is unustainable, everyone knows this, the people getting in are looking to clip that premium as soon as they can in a hope they won't be the bag holder.

Even Terra themselves have admitted that it's not and they are actively subsdising the yeilds with the idea that it gets so big that they won't need to sometime in the future. That's not a very solid plan but hey what do I know about running a ponzi?

Do you know that Bernie Madoff's ponzi was offering 12% a year while Woodbridge Group of Companies Ponzi was ovvering 5-10% a year?

How thick do you have to be to think 20% is sustainable?

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The average Terra Shill

I would assume very thick, I've seen dumb dumbs posting how they can keep adding to the ponzi and in 30 years become a millionaire from a $100 contribution, lol. Yes my dear, you discovered the wheel, fire and the perputual money machine at the same time.

Can kick nodes off the network

One shilling point I often hear from Terra shills is that their stablecoin is decentralised, don't use DAI it's backed by circle, don't use USDT its backed by Bitfinex and Tether, these have centralised choke points.

Terra has 130 validators and claims to be decentralised, the bitcoin liquid network side chain which doesn't claim to be decentralised has a Federation of 53 members that produce blocks for the chain, so to me, that's hardly much of a difference.

Apart from that, many of these validators are the same people in cahoots, it's merely decentralised theatre

Um okay, now explain to me if a network is decentralised, how has certain validators not part of the cabal reported that they have been kicked out of consensus? For a decentralised chain to work, all nodes must remain in consensus at all times.

Majority of tokens are pre-mined

If a network is decentralised, why would they issue over a billion dollars worth of tokens as a premine and even with the expansion of the chain and users coming to the network, the Terra foundation still retain 54% of the network, something no one can outcompete in a proof of stake system.

That's how proof of stake works, it's always has been and always will be a rent-seeking governance token. Something ETH wants to desperately move towards, hmmm I wonder why?

Founder has a shady history

I am not going to go deep into this but Do Kwon has had a shady past, his been in trouble with the SEC for minting his own securities on the mirror protocol. If you're willing to push things to those lengths, what else would you not be willing to do?

Terra buying communities

Terra buying bitcoin was a total PR stunt, a stunt they are using to buy off people and avoid criticism. A stunt they aim to repeat with purchases of other tokens and adding them to their so-called reserves.

The theory goes, why would I as a bitcoin holder hate on Terra now? They're buying bitcoin, they're pumping my bags and providing price support.

Well, I don't give a damn my dear, I'd much rather terra dump the price of bitcoin to the floor than support an open scam. The only bitcoiners who would fall for this aren't really bitcoiners, they're just speculators looking to get back out to fiat, anyway.

Anyone who supports this type of lunacy has no idea what they're talking about and only looking to repeat PR messaging and pass it off as their own thoughts. It's manufactured consensus and if you want to act like an NPC go right ahead.

Stop going full retard

Seriously? What more evidence would you like that Terra is a shitcoin? Do you even care? Probably not, because you think you're smart enough to pick your exits, and good luck with that.

People often say I am negative, and that my tone comes across as harsh, but when you see someone talking a fork and sticking it in the electric socket do you calmly explain why it's wrong?

I am not here to save you, only you can save you. All I can say is that here's one of the warning signs and should you choose to ignore it, I wish you the best of luck.

And when you get rekt, I'll have no sympathy for you either. You went full retard.

Have your say

What do you good people of HIVE think?

So have at it my Jessies! If you don't have something to comment, "I am a Jessie."

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You are making a point here there's something we are not knowing about usdt I think the government is behind it, I can see stock like NASDAQ dropping massively this pass weeks it literally affects crypto especially btc.

Bitcoin and leveraged bets on it in the form of crypto is are seen as risk assets so when interest rates rise and stocks sell off so do these assets as people want to take risk off the table, also people who had bad trades in stocks try to liquidate their bitcoin and shitcoin bets to cover their positions

Exactly that's what is happening

I think you have totally open what terra is all about because obviously even their over 100% ROI is something I keep wondering how sustainable it is and eventually the dip exposed them.few days after the crash the founder twitted that investors investment are safe,but I know it just a way to calm the hot moment,obviously whoever that has investment with terra is gone.but let's wait and see how it plays out.so if you say it's not decentralized I won't dispute that

It will keep happening over and over, if you think your favourite shitcoin won't have the same mistake, you're mistaken. Do Kwon thought bitcoin was going to save him, but bitcoin humbled him and now his out on his arse and we get to pick up cheap bitcoin

good analysis. critical questions are always needed.

I wrote this a week ago, it only scheduled to come out now and didn't knwo it would blow up so soon

ah, that makes sense then! lol. things collapse fast.

It would have been epic timing to read just before the crash.

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I posted several reviews prior to this one, linked in this post and time-stamped, weeks before the crash

I see those. I read them too.

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Yeah, your tone is pretty harsh and it should be. I had no idea Do Kwon was involved in a Ponzi. That explains why he had to have Terra registered in South Korea and Singapore to probably make it seem like he was going to be legit coz they have strict crypto restrictions.

Who knows what his final exit plan might be? Or maybe we might be wrong and he really just hit a rick and may bounce back in say... 10 years... As you said, we have the memory of goldfish.

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It was pretty obvious it was going to fail, I was talking about for months before, but no one listens to me everyone thinks they so smart that it won't be them. I have no sympathy for these people, there were plenty of morons on this site defending Luna and promoting it and I warned them now they want to pretend like they didn't shill this shit

It's really pathetic to see these people try to memory hole their stupidity and I don't let anyone live it down, I will rip anyone apart because they're promoting things that hurt people that they don't see or give a shit about

I just heard a lot about UST a few days before it crashed. It sucks.

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I believe that TERRA will never recover, such a big blow does not weaken, but it kills.

Lol me too, but there are reputations on the line, guys like Raoul Pal and Novagratz shilled this shit, so lets see if they can raise capital, I already see now that they've printed 6 trillion coins in a week people are buying it again, lol don't ask me why

Hahah I read this post thinking of the voice of an old southern grandma with dumb dumb references and my dear. Pretty awesome.

One of the dudes in the crypto discord I'm in had 10k in Luna he was holding onto for reserves and now he's got jack shit lol I feel bad. He said that it was staked and unstaking takes 18 days. Guess who had all the liquid Luna they needed? Not the bag holders!

These things make me glad that I'm not wasting my time trying to research and get into the latest BS scheme. Hell I haven't even done PolyCUB yet, while everyone is raging about how successful it was, I think the latest is that it tanked lol oops

LOL am I that of an open book? If I ever had to choose a US accent for myself it would be a Southern one.

I was warning about this weeks ago, when people were shilling it, and so many twitter accounts told me Its sustainable its never going away, i honestly thought i'd have to take flack for atleast a year before I was proven right, like I did when I called out axie infinity but this one came as a surprise to me too lol I can spot a time bomb, the timing is anyone's guess

LOL hearsay how can you not mindlessly participate in everything that goes on here, like an automaton? I participated in cub when i was still a shitcoiner, never bothered to take the money out and kind of wrote it off, its now basically zero, and I learned my lesson.

Your "average terra shill" sounds lots like my HBD shill.

$100 HBD to start + 50 HBD per month and it gets you far as long as you give it lots of time.

Let's see how far this HBD project can take us.

I was gonna buy into Terra before, but I learned not to in this community - buy bitcoin instead they said.

Buying bitcoin always seems like the "boring" solution, but,it seems to be a "good" strategy.

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Lol oh now suddenly I am not some "negative" person and you can see I was actually trying to help people avoid losing money?

Oh you are super negative.

Helpful too.

You are also the "don't do this because" they "why are you doing that" and the "well, that's why I think you are retarded" guy.

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I'd rather be that guy than the person promoting scams and ponzi schemes. What am I meant to say oh you are so smart and kind and sweet just don't encourage people to put their money into scams? I think we're all adults, the message is the message, people can choose to consider it or not