0 sats \ 1 reply \ @cryptocoin 13 May 2022 \ on: 🤡 The Terra blockchain was officially halted at a block height of 7603700. lcd.terra.dev/blocks/latest Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack. bitcoin
UPDATE
The Terra blockchain was resumed after a patch, about an hour later.
Then about 8 hours after resuming, there was this:
The Terra blockchain has officially halted at block 7607789.
Terra Validators have halted the network to come up with a plan to reconstitute it.
More updates to come.
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0 sats \ 0 replies \ @cryptocoin 13 May 2022
And, ... it's gone!!
Likely for good.
Arthur Hayes (BitMEX) just put out another great post, and timely as it is about stablecoins, mostly relating to Luna / Terra, and is worth a read:
The death spiral is no joke. This is a complete confidence game. It’s a confidence game akin to the current debt-based fractional banking system; however, this game does not have governments who can coerce usage of the system with the threat of mortal violence.
Luna Brothers, Inc. | Arthur Hayes #27930 https://cryptohayes.medium.com/luna-brothers-inc-712ec5abe199
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