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5) In particular, that she said that Theranos was doing specific things that it wasn't doing; the fraudulent behavior was her pretending to investors that one type of test was another. Luna is different.

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6) The LUNA/UST mechanism wasn't misrepresented--it was, in fact, very transparent. And, I think it was transparently going to falter at some point. Do Kwon obviously stood by it, morally and in terms of press, long after he should have backed off.

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11:50 PM · May 14, 2022Twitter Web App

7) But he didn't claim that UST was backed 1:1 by USD. He claimed, accurately, that it was backed by a bunch of volatile assets. It was very publicly clear that those assets might go down, and the rest followed. Again--I don't want to condone the behavior. But it's different.

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8) Luna was a case of mass enthusiasm, excitement, and--frankly--marketing and memes--driving people to believe in something which was going to falter according to publicly available information. That marketing was probably bad. But it wasn't the *same* type of bad as Theranos.

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Plus Token (PLUS) Scam - Anatomy of a Ponzi

9) Similarly, people will now accuse anything that people lose money on of being a ponzi scheme. Sometimes, there are real ponzis! Plus Token was a ponzi scheme: boxmining.com/plus-token-pon.

boxmining.com

"Plus Token" was a cryptocurrency Ponzi scheme disguised as a high-yield investment program. Investors were scammed over $3 Billion USD

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10) But most bad investments aren't ponzi schemes. Some are fraud, some are bad luck, and some are somewhere in between. Here are a set of investments that would have lost > 50% since the start of the year: 1) NFLX 2) LUNA 3) AMC 4) ARKK

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Ibeamalu chukwuebuka johnpaul

11) NFLX went up a lot and then down a lot, and is a real company. LUNA went up a lot and then down even more, and had a very transparent but also very bad problem. AMC went up a lot and then down a lot, because memes got more and less popular. ARKK is a combination of those.

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You missed something very important! The protocol repeatedly defended UST ability to maintain its peg even if Luna price falls!

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But he absolutely did claim ust would peg to the dollar 1:1 in several posts when it was theorized that terra could lose its peg and

@stablekwon

responded by calling people ‘retarded’ and ‘poor’

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Pegged to the dollar and backed by USD are not the same thing. The LFG fund was supposed to help with that but propping up the algorithm, but it just wasn't gonna happen obviously. I agree though that his dumb name calling was ridiculous and arrogant..

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@ibeamalu_j

May 15

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