4/ We had hoped that the onchain bitcoin reserve system would be live by the time the Terra economy would contract, thereby obviating the need for LFG discretionary intervention
Spec here:
Conversation
5/ While this did not happen, allowing BTC to be redeemed against US on an onchain dex, we are just a few weeks away from a testnet launch developed by the team.
Until then, the LFG council decided to err on the side of caution.
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6/ The LFG council currently consists of and myself, and we made this decision via an unanimous vote of the council.
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7/ This will be an important opportunity for the terra and wider crypto community to gather empirical data on how LFG operates & fits into the Terra ecosystem.
Observe over the next few days not on whether LFG chose to deploy reserves, but on how.
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8/ I'll be hanging around this thread to answer any questions people may have.
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Don't you think you're being gamed here - Buying at far higher prices, then being forced to offload at far lower prices?
What makes you think over time these reserves won't dwindle as you continue to benchmark against a spec asset such as BTC?
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Well we minted UST with Luna, where the average price was $100 for the mint
We bought bitcoin with it at average price of ~$41k or so
Think it was not a bad trade?
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Why not just buy tether or a basket of stables to backstop the UST price?
You're backstopping a pegged asset with an unpegged speculative asset, and the point is that these systemic risks often play out at the same time that your speculative asset is at depressed prices
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Because that would not be long term decentralized
Why not just use Tether
Regurgitated fiatcoins are not interesting
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Fair
To be frank, I've given you a lot of criticism over the last two months, and I do believe you're well intentioned
If you ever want to discuss privately ideas I'm more than happy to join the conversation with all the other minds that you strategize with re Luna and treasury
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He appears to have great intentions!
I believe his decentralized stable when fully up and running and without LFG intervention will be better than tether and less at risk for confiscation
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Better dm him soon though, it's 0.8 BTC starting next month
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I can vouch, since he had 3000 followers the man still attends his Dms. Deep respect 🫡
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Linking up with charlatans like that won’t help with credibility tho. But you do you
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