The Terra team made 'very centralized' efforts to manipulate the market, according to the Ethereum founder
with New York Times columnist Ezra Klein, Ethereum co-founder Vitalik Buterin claims that the Terra Luna team attempted to manipulate the market in order to prop up the value of the native cryptocurrency.
Buterin says that no one actually knows what the Terra team was doing with its vast Bitcoin reserves. According to the Canadian programmer, the Terra fiasco shows that decentralization doesn’t solve every problem. Even if the algorithm is open and transparent, it still going to break if it is poorly executed.
The mechanism behind the failed blockchain project was just “bad economics,” according to Buterin. The Ethereum co-founder recalls that plenty of “smart people” were saying that Terra was “fundamentally bad”, Luna Classic, the remnant of the failed project, and Luna 2.0 recently experienced a resurgence this September despite Terra founder Do Kwon being reportedly on the run after South Korea issued an arrest warrant against him.
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