Conversation

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
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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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Erica Wall X 🏴
@ercwl
What does it matter that TFL first reserved this LUNA supply for itself in the ICO, then transfered it to
@LFG_org
’s wallet and then sold some of it to VCs and converted some of it to UST and sold for USDT in Ethereum? The origin (and sustainability) of the funds is still the ICO
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Do Kwon 🌕
@stablekwon
Usually when people say “initial coin offering” they draw analogies with money raised, like an ipo But subscribing to your definition of ico=“all wealth created by a token launching” then sure, the Luna ico was used to buy a billion+ in bitcoin
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Erica Wall X 🏴
@ercwl
Gotcha. Yeah the point in my thread here is just to assess the sustainability of the reserve being able to replenish, holdings from the ICO allocation are non-replenishable and it is from this context I’m speaking.
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