The Terra Luna fiasco is now more than public now. As far as I can remember, Janet Yellen has also mentioned it in a a congress meeting when tackling the topic of stablecoins. Terra is a dead blockchain. It cost billions to investors around the world and it's a black stain on the crypto industry's face.
Luna Foundation Guard CEO Do Kwon suggests forking LUNA to a new chain using a snapshot from before the attack. It happened before... We've forked Steem, Vitalik forked Ethereum and all of these examples show that somehow Bitcoin is the only decentralized shit in this space.
I'm not getting into details regarding the Luna forking proposal because I don't have the nerves to do that. I encourage you to read the linked article for more details. What bothers me now is Binance's attitude towards the LUNA token.
So, the “final moment of the chain halt” as Kwon named it in the proposal has occurred some 24 hours ago or so and for some time the only exchange that was handling LUNA was FTX. I don't know much about it and I have never used it, but I get why it hasn't stopped trading the shitcoin.
Money is money and exchanges are making a ton of it from the fees that they're getting whether "you win or loose". The chain is dead, though, let that be clear.
So, what has Binance done with a dead chain's token, after delisting it just a day before? Resumed trading... Yes, the biggest centralized exchange by trading volume in the world has resumed trading for LUNA on several pairings including USDT. Since that happened LUNA is up 3609.6% from the abys it has fallen to and rocking a $1,692,329,034 24h trading volume on the BUSD pair only.
I would send CZ to Shanghai for this one... You can't claim yourself to be a Bitcoin guy and still have LUNA listed on your exchange. In order to have a cryptocurrency listed on an exchange that project has to go through some check ups and even so, many of them are still poor in fundamentals and full of promises.
Why is LUNA, a dead project coin relisted on Binance? Because of the juicy fees the exchange is making by accepting plebs loosing money on this shit. This is how Binance works and that's the character CZ has. Just a day ago he was saying on twitter that he's disappointed by LUNA's Kwon lack of reaction in regards of the death spiral LUNA has fallen into and now he's offering LUNA back for trading.
Great job, mate. You just proved to be a bald Chinese bitch that's only after the money.
Unfortunately, crypto is still more about money and less about principles and fundamentals and that's why we don't get the recognition we expect, and are treated as gamblers while the cryptocurrency markets are looked at as mere casinos. Hope you're having a great weekend and see you to the next post.
Thanks for attention,
Adrian
