Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
Cardano founder Charles Hoskinson came out yesterday to share his thoughts on the nascent space through a Twitter video titled A Few Musings. He started by sharing Bitcoin’s (BTC’s) history. Specifically, he recalled when it traded below $1 and its recent climb to over $60,000 before plummeting again.
He also discussed various events over the years, including the collapse of Mt. Gox and Silk Road. Hoskinson also spoke of interesting ventures like Mastercoin and Colored Coins.
However, despite these ups and downs, the Cardano founder claims there is a constant rhyming of the attitude. Hoskinson said that nothing phases him about the performance of the crypto market. However, he claims new enthusiasts panic at the sight of any negative event in the sector.
Institutional investors are manipulating the crypto space
Hoskinson further noted that the world’s economy is unhealthy due to hyperinflation. According to him, inflation has risen steadily over the past 20 years. The US government has been printing so much money, increasing its debt. He claimed the debt is so high that it takes $1 trillion per year to service it.
Moreover, the gap between retail and institutional investors is wider now, more than ever. Hoskinson went on to say that it was not a good idea to invest Wall Street into crypto. This is because they treat crypto’s like any other assets and dump them when they underperform.
On the other hand, retail investors are HODLing because they want to exit a rigged global system. However, despite the crypto community growing stronger every day, the markets are becoming weaker because of institutional manipulation.
A Strategy to beat market manipulation
According to Hoskinson, crypto developers need to have good engineering practices and principles. He added that developers need to build something well if they intend to serve everyone for a long time. Also, he said it only matters if a product is the best, not the first to hit the market.
Moreover, he urged projects to exhibit stability and resilience in the bad times to survive. He gave an example of Cardano, saying it is stronger than before due to the above traits.
Explaining why projects need to be resilient, Hoskinson said that despite all this growth, neither the media nor prices have reflected it.
This news comes as the crypto market continues floundering. At the time of writing, Cardano (ADA) is changing hands at $0.4422 after losing 27.66% over the past 24 hours. BTC is down 10.34% in the day to change hands at $27,539.38. Like ADA and BTC, most coins in the top-100 list of leading cryptos have recorded double-digit losses.