Over $1.2B in Bitcoin reserves remains unaccounted for by Luna Fdn. Guard

https://www.theblockcrypto.com/post/146840/luna-foundation-guard-lfg-bitcoin-reserves-unaccounted

by gennarro • 4 years ago

70 31 4 years ago

mackman3• 4 years ago

The very first thing I though of when I heard about the bitcoin reserves was “that’s a great cover story to hide extracting more solid currency out of an obvious Ponzi scheme.” And low and behold it can’t be accounted for. This is my surprised face.

ackbar03• 4 years ago

But they are supposed to be a non-profit!

mackman3• 4 years ago

I assure you the foundation won’t make a profit :-)

berberous2• 4 years ago

It's been 2-3 days since the entire thing blew up. Nobody said "it can't be accounted for", they said it's not yet accounted for. They will for sure account for every single BTC, but they have been, you know, busy with trying to deal with an emergency.

See also Do Kwon saying the same thing: https://twitter.com/stablekwon/status/1525238422264172544?s=...

igorkraw• 4 years ago

The amount of trust displayed in a supposedly trustless ecosystem is amazing to me

koonsolo2• 4 years ago

How is that a Ponzi scheme? That is just a scam.

anm892• 4 years ago

I'll never understand this. Seemingly, in modern lingo, ponzi scheme means "any unethical thing relating to investments". People will argue to death that any scam investment is a Ponzi even when they have nothing to do with the original definition

jsiaajdsdaa4• 4 years ago

People really need to stop wasting their time with financial charades and use their time to build systems that actually accomplish things.

chii2• 4 years ago

Until these financial charades stop making money, people will continue to use them to try make money.

antisthenes• 4 years ago

They make money in the sense that they transfer money from the gullible to the unscrupulous, while heating the environment in the process.

It isn't evident that any lasting value is actually being created or that it isn't a zero-sum game.

koonsolo2• 4 years ago

Should we also stop developing games? Do those things qualify as "systems that accomplish things"?

jsiaajdsdaa4• 4 years ago

Games, like movies and tv and books and many hobbies, provide entertainment value and also help you learn practical skills.

Crypto can also do this, I suppose, but I think most people would admit that their main motivation is for earning money. It is my argument that they stand a much better chance of making a positive sum of money doing something else.

anm892• 4 years ago

Thank you, jsiaajdsdaa from the internet, for finally pushing all of humanity towards the correct acttions and to stop wasting time "not actually accomplishing things". Everyone was really confused right up until you pointed that out.

jsiaajdsdaa4• 4 years ago

Thanks! I'll use the Cuomo line from 2020... "If we can save even one life..."

ramraj07• 4 years ago

The day everyone stopped growing their plants to deputize people for special professions you started to get inefficiencies in the system with some or many trying to game the process to gain their living. It’s inevitable, and to think you can just stop it by edict Is impractical.

VoidWhisperer• 4 years ago

On mobile, a popover shows up in the middle of the screen about the 'Bancor Network' with no close option. Only way to get rid of it seems to be to click on it.

This seems like a great way to make sure no one wants to read your site..

nl3• 4 years ago

Of all the things that happen during the unpegging event, "unaccounted" for BTC (a 100% trivially traceable token) is the last thing people should be worried about.

egberts1• 4 years ago

Trivially traceable, once its hash becomes known, no?

nl3• 4 years ago

They know the Luna wallet address and all the BTC that was in it.

They just don't know what some of the addresses it was sent to are.

Over $1.2B in Bitcoin reserves remains unaccounted for by Luna Fdn. Guard

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