Conversation

Erica Wall X 🏴
@ercwl
But, using these kind of one-off solutions to build a reserve is a huge miss because it still undermines the belief in the system’s sustainability if you leverage ICO funds to build it. It inspires much greater confidence if you sustainably built a reserve from protocol fees.
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Erica Wall X 🏴
@ercwl
TL;DR
@LFG_org
is centralized and funded by ICO money which is inherently unsustainable, violating the two most important tenets of a decentralized algostable.
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Erica Wall X 🏴
@ercwl
I didn’t see
@stablekwon
clarifying anywhere that the reserve was built using ICO money, and he gets super defensive if you want to write a thread about where the money came from that’s longer than a tweet.
Quote Tweet
Do Kwon 🌕
@stablekwon
·
Replying to @ercwl and @adam3us
Did you replace my explanation with a literal stream of consciousness and call it better? Useless iwo
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Do Kwon 🌕
@stablekwon
Hey Eric, couple of clarifications: First, the reserve is not funded through an initial coin offering, unless you mean the luna we are holding is an “ICO” Terra only raised 32M or so from funds before network launch, and don’t think this money made a meaningful contribution
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Do Kwon 🌕
@stablekwon
These are the wallet addresses currently being held by the reserve: BTC: bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q ERC-20: receiving address: 0xAd41BD1cf3Fd753017Ef5c0da8dF31A3074EA1Ea Terra: terra1gr0xesnseevzt3h4nxr64sh5gk4dwrwgszx3nw
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Do Kwon 🌕
@stablekwon
In terms of UST seigniorage being used in the future to buy btc, just as usdt seigniorage used to increase bank reserves, was discussed in my spaces with udi, and my recent podcast sprint across unchained, etc - i think i explained how things work pretty well
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Erica Wall X 🏴
@ercwl
Thanks, this is much better than our previous altercation. I will check out all of this. In the meantime: > the reserve is not funded through an initial coin offering, unless you mean the luna we are holding is an “ICO” All of
@LFG_org
’s wealth came from TFL’s ICO allocation…
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Do Kwon 🌕
@stablekwon
The information is there if you know where to look - I promise to not hold your tweet storms to journalistic standards, if you don’t hold my tweet replies as full expositions of our reserve strategy, and give other channels a good look
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Do Kwon 🌕
@stablekwon
Replying to
@stablekwon
@ercwl
and
@LFG_org
I like to say things that are true and well informed, and i think after all this we can both agree this is neither of those things: But you know, you do you
Quote Tweet
Erica Wall X 🏴
@ercwl
·
Don’t mean to be a party pooper but I think Terra is making a mistake to use LUNA funds that originated from the ICO to build the @LFG_org reserve. The goal of $UST is to be (i) decentralized and (ii) sustainable. This reserve is neither of those two things.
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