{"id":4153,"date":"2022-05-15T08:49:35","date_gmt":"2022-05-15T08:49:35","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=4153"},"modified":"2022-05-15T08:49:36","modified_gmt":"2022-05-15T08:49:36","slug":"binance-ceo-does-not-think-luna-recovery-plan-will-work","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4153","title":{"rendered":"Binance CEO does not think LUNA recovery plan will work"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Binance CEO, CZ, has revealed that he does not believe that Do Kwon\u2019s plan to save LUNA will work. Do Kwon announced a proposal to fork LUNA to a new version in order to save the ecosystem on May 13. CZ announced,<\/p>\n<p>\u201cThis won\u2019t work. \u2013 forking does not give the new fork any value. That\u2019s wishful thinking. \u2013 one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges).\u201d<\/p>\n<p>He goes on to ask where the LFG held BTC went after it was loaned to market makers. Do Kown has stated that a full report is incoming regarding this and LFG is documenting the use. He asks for \u201cpatience\u201d as the team is \u201cjuggling multiple tasks at the same time.\u201d CZ also compares the strategy to trying to fork Bitcoin at the ATH and expecting the value to be retained.<\/p>\n<p lang=\"en\" dir=\"ltr\">Do they really think they can fork BTC at the snapshot on Nov 18, 2021, and the new fork will have the new BTC at $68,000 (the price on that day)?<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) May 14, 2022<\/p>\n<p>CZ also notes that he has never held UST and doesn\u2019t \u201cknow it too well,\u201d claiming he is \u201cusually busy with other things, but now dragged into this.\u201d His disdain for Do Kwon and the Terra chain is evident in his recent tweets.<\/p>\n<p>He even posted a link to a dead cat bounce explanation thread on Binance Academy in reference to LUNA jumping after Do Kwon released his proposal.<\/p>\n<p>He also seems to take some credit for the Terra blockchain restarting saying \u201cIf we didn\u2019t push the issue, the Terra blockchain may still be in \u201chalted\u201d mode, or worse with super minting\u2026\u201d<\/p>\n<p>No proposal has been selected by validators as of yet but the community continues to debate via the Terra forums.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/binance-ceo-does-not-think-luna-recovery-plan-will-work\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance CEO, CZ, has revealed that he does not believe that Do Kwon\u2019s plan to save LUNA will work. Do Kwon announced a proposal to fork LUNA to a new version in order to save the ecosystem on May 13. CZ announced, \u201cThis won\u2019t work. \u2013 forking does not give the new fork any value. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-4153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4153"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4153\/revisions"}],"predecessor-version":[{"id":4155,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4153\/revisions\/4155"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4154"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}