SBF Suggests LUNA’s Collapse Totally different to Theranos, however Questioning its Advertising Technique

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FTX Derivatives {Exchange}’s billionaire CEO Sam Bankman-Fried, referred to as SBF, has faulted the advertising methods that have been employed by the embattled Terra blockchain to realize acceptance from the general public.

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These feedback come on the heels of the protocol’s two tokens, LUNA and UST, shedding their worth and peg to the US Greenback respectively.

Whereas many individuals have been evaluating the crash of Terra to the collapse of Theranos, a as soon as revolutionary healthcare know-how that was based and managed by Elizabeth Holmes. To Bankman-Fried, the downfall of each startups can’t be in contrast as Elizabeth lied to buyers a couple of know-how that was not working as a way to maintain getting funding.

He believed the operations and administration of Terra, led by Do Kwon, have been clear. The face of the Terra ecosystem has not failed to speak about the truth that UST just isn’t backed by the US Greenback however by a set of unstable cryptocurrencies like Bitcoin and Terra. Ought to these cash plunge, the stablecoin stands the chance of additionally shedding its peg.

Whereas Bankman-Fried famous that he’s not making excuses for Kwon and the Terra purveyors, he believes the autumn of the protocol must be markedly categorised in another way from that of Theranos.

“Luna was a case of mass enthusiasm, excitement, and–frankly–marketing and memes–driving people to believe in something which was going to falter according to the publicly available information. That marketing was probably bad. But it wasn’t the *same* type of bad as Theranos,” He mentioned in a Twitter thread over the weekend.

The autumn of the Terra protocol has been categorised as a watershed second for the cryptocurrency ecosystem. Whereas it appears as if the community can’t be salvaged, plenty of assist and proposals to revive the ailing blockchain is being proposed as we converse. 

In a bid to make his followers perceive that Terra just isn’t essentially conceived as a Ponzi scheme, Bankman-Fried mentioned different official corporations, including Netflix, have additionally misplaced a minimum of 50% of their worth for the reason that begin of the yr.

Picture supply: Shutterstock


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