The CEO of Terra (LUNA), Do Kwon, has actually accepted a rather big wager with a Twitter individual that the rate of LUNA will not be reduced in one year than it is currently.
“That wishes to take a USD 1,000,000 wager that LUNA will be lower price in 1 year than now?” That question was published on Twitter on Sunday by Sensei Algod, a crypto investor as well as the prominent pseudonymous Twitter user who defines himself as a “semi retired degen.”
Simply over a hr later, the founder of Terra replied, stating, “Cool, I remain in,” before including that he would prefer to bet 90% of “whatever your total assets is.”
LUNA is the native token of the Terra procedure, which is best referred to as the stablecoin procedure that sustains terraUST (UST).
Unlike most other electronic assets, the rate of LUNA is not in unfavorable territory for the year after seeing solid growth in February.
Year-To-Date, the token is up by a simple 0.05% to a rate of USD 91.48 (as of 10:30 UTC) meaning, it’s essentially unchanged.
The bet with Do Kown occurred after Sensei Algod has continuously called LUNA and also UST a “ponzi” that can just function as long as there is even more need for the symbols than there is supply.
The investor added in tweets from February that the whole system will certainly fail if a Black Swan occasion occurs or if supply surpasses need.
“Ideal situation is they cap UST to ensure that it’s still manageable. But theoretically it’s feasible they release numerous billions UST backed by a few billions in real liquidity,” the pseudonymous Twitter user wrote at the time.
Following today’s bet, Sensei Algod has actually remained to criticize Terra as well as the UST stablecoin simply yesterday charging the stablecoin of “printing 10bn+ out of slim air” and claimed their techniques are “dangerous.”
And although it is anyone’s hunch what the price of LUNA will certainly be one year from now, what seems to be clear is that the wager is severe for both parties which they intend to go through with it.
“All shitposting aside, respect for putting up,” the outspoken Terra CEO wrote to Sensei Algod after the wager was confirmed.
According to a Twitter exchange between both events, the preferred crypto influencer Cobie has been picked as the custodian for USD 1m each from Do Kwon and Sensei Algod.
Sensei Algod later verified that he had actually sent USD 1m in the stablecoin tether (USDT) to Cobie by sharing on Twitter his blockchain deal from crypto exchange Binance to a purse belonging to Cobie.
Shortly after, Cobie likewise confirmed that the purse he established as the custodian of the wager had been “completely funded” by both celebrations.
“See u in a year,” Cobie finished his tweet by stating. Learn more about Luna jumps as Terra asks USD 38M from neighborhood to fund an undisclosed sports partnership.
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