Terraform Labs CEO on US Crypto Regulation: 'It's Not That Interesting'
ฝัง
- เผยแพร่เมื่อ 30 พ.ค. 2024
- Amidst a legal battle with the U.S. SEC, CEO of Terraform Labs Do Kwon and a top 10 winner of CoinDesk's Most Influential 2021, discusses his take on the impact of U.S. crypto regulation on his business operations and the global industry. "I'm not particularly interested in how U.S. policy shapes around crypto ... or algorithmic stablecoins," Kwon said. "It doesn't really impact my life." Plus, insights into founding Terraform Labs as its LUNA token continues to test all-time highs.
#cryptocurrency #digitalfinance #finance #bitcoin #crypto
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7:03 Holy shit, her question was exactly how Luna went down.
This is so awkward, like they were trying to set him up CNN style and buddy looks so hung over too. They just can't believe he's not interested in clown Gensler politics.
Bahaha! Awkward was the word I was looking for. This interview is like a quantum physicist trying to teach toddlers
@@sliggyy oops
mmmmmm....ouch. This didn't age well.
@@sliggyy Lol
@@sliggyy quantum physics? He can't even handle gravity!
It's hilarious going back in time and watching him brush off EXACTLY what was ultimately going to happen to Terra. This guy's smugness should have been a red flag. I feel bad for anyone who lost money on Terra.
There is a YT video on here that predicts exactly what went on. I think this is simply another case of Emperor with no Cloths like any of the other Horse Stables out there. Anyone invesing in cripto, whether its classified safe or not should have the general expectation that there is a hella hello lot of risk. Just because something is called a StableCoin seems to connote stability, doesnt protect you from ignance. BTC grew from doubious roots, why should anything else be different.
I believe he is a shill used as an example to regulate crypto.
The commenters on here calling the interviewers clowns are actually the clowns themselves. They had Do Kwon on a pedestal because they thought he was making them money. The tough questions being asked by the interviewers were threatening their bag. Look what happened.
And you came here to comment this after the project fell down? Why didn't you comment before?
Moreover, regardless of what happened to Terra project or whether Do Kwon was arrogant, the interviewers were asking few stupid questions indeed.
I was never invested in LUNA or UST but after the recent incident, algorithmic stablecoins caught my attention.
Decentralised stablecoins are very important and required in the ecosystem.
Why support USDC, USDT when they are centralised and heavily controlled by a single entity?
@@tedlietz1279 It doesn't take much for USDC to keep the price stable when it is backed by the actual US dollar itself. Why not just keep the original USD then or are you the one who supports the idea of CBDC?
USDC is as centralised as it gets, backed by Circle, Coinbase and of course, the US government.
I would any day support a decentralised stable coin. Terra / LUNA had flaws, issues which need to be addressed. I'm here for the decentralisation, no matter what.
Even if it takes a 100 more failed experiments before success.
Only central bank and government followers / sheep will support currency such as USDC.
@@tedlietz1279 Agreed that there should be more thorough testing. There are certain scenarios they may not be able to test in the testnet. Maybe some form of stress testing is possible. I think for crypto projects, more than just attacks focused on flaws in the code, they should also consider economic security attacks.
@@tedlietz1279 Security audits of code are no guarantee of no hacks. There have been multiple DeFi projects which got hacked despite being audited by the biggest and recognised auditing experts. Some of the bugs were even easy to exploit and yet the auditors missed them.
So, it is easy to say that you can consider all the scenarios during audit phase but it isn't that simple.
The only problem with LUNA was - the attack which happened was not a mystery but a scenario which was considered by many in the past.
Algorithmic stablecoins will never have the same form of stability as a stablecoin which is backed by an actual asset or commodity. The stability is achieved with the help of software code and where there is code, there is an opportunity for exploitation.
And you cannot test out all those scenarios in testnet unless code hits the production.
@@tedlietz1279 One good example of testing in production is Polkadot project. It used the concept of a canary network called Kusama. So basically parachains went live on Kusama network first (which is production but kinda stripped down version of Polkadot).
Testnet testing is cool but one cannot expect everything to be fixed in testnets. This is why certain scenarios have to be tested in production.
Kusama network concept worked so well that it was even adopted by other projects such as Flare network which released a canary network called Songbird into production and has kept it live there for more than 6 months before moving the main Flare network to production.
This aged like milk. my condolense to anyone that lost money on Luna. The market gives and it takes, yall will be fine keep playing the game.
Fundamentally if you're investing significant parts of your net worth into products based on complicated financial algorithms you should know the ins and outs of the technology. There were many signs that this product was vulnerable and some credible allegations of fraudulent activity from Terra Labs that could hurt coin holders.
I feel a lot of sympathy for people whose well being and financial security has been affected by this but people need to at least learn a serious lesson from getting burned this way if they're going to keep playing the game
What they gonna play with? Their life savings got nuked!
Coindesk is not qualified to have this discussion with Do kwon, complete embarrassment!
do kwon is a complete embarrassment
I'm sorry, I didn't hear you. You were saying?
did u lose money bitch ahhaha
This didn't age well
Who’s embarrassed now. What an idiot. Buy Kadena
Half the smug commentators in this comment section already committed self-RIP and made the world a better place.
I think this was the interview that eventually landed Terra Luna in the current disaster
scam
He looks guilty
No it's wasn't. Cut the crap. The issues Luna are currently experiencing is due to the depegging of ust.
SEC doesn't mean shit outside of the US lol
@@MooNwALKER.... Well the rumor going around it was a ponzi scheme. This is what typically happens when people discover the truth.
algostables are a game of musical chairs, Do is gaslighting everyone
Bye bye Luna, it was worth nothing at the start and worth nothing now.
8:23 that was a boss moment look at him drink water to cool off he knows how cool he sounded 😂😂😂
Definitely a 'mic drop' moment! 😂
@@sjay4673 The smirk on his face after that answer. Interviewer is asian american too, what was she thinking lol
even funnier now!
@@ArvoVenkatron that he's an arrogant crook
Dude comes off as such an arrogant hubristic individual here, it's hard not to somewhat chuckle at what's happening now, were it not so tragic for investors who fell for his ridiculous schtick.
biggest scammer of all time in
crypto industry
Do Kwon's hubris is off the charts. He almost can't help but smile when he addresses US regulator's concerns about safety. lol RIP
Everyone around the globe needs to realize the US is the centre of the universe at they need to be talking about the the US at all times
@@anitabonghit2758 Hey, just saying he shouldn't laugh off any huge economy's regulations, US or otherwise.
What a clown show. This is what happens when there’s a large gap in intelligence between the interviewers and the interviewee. Sheesh….
Yeah, the interviewers are smart enough not to create a ponzi that lands them in jail 😂
Post didn't age well.
After watch this interview, i could say he never meant to create a ponzi. Luna and ust marketcap just wasn't big enough to handle a big drop from 69k and Do kwon as Terra CEO started to use their foundation treasury to buy a lot of btc way too early that he had to sold it at a lower price after. Also investors panic sold their tokens and exchanges didn't close their Luna's futures after it drops below to 0. Luna's stablecoin algorith just was not ready for this but somehow it could be interesting as blockchain for the next decades. Im not hodl any luna token.
@@NikOxP100 Anchor was the ponzi
What say you now??
she seemed very worried. i knew everytime he drinks water, or looks to the far right, i knew he was lying. Plus, the reason he was started everything in Korea instead of US even though he was raised mostly in the states, that he was preparing everything from the beginning, that the law in Korea is punishable than US. what a scammer.
Yup tbh I knew luna was a ponzi types scheme
He should go to jail. SEC Please charge him
I rather the russian mafia get to him.
Coin Desk this interview was unprofessional and contextually trapping. This is poor journalism and offers no form of enlightenment to the general public. You guys wasted Mr. Kwon's time. The world is not flat and consists of other countries, other perspectives, and other human beings that are positively impacting the world. This interview demonstrates that you are viewing the world from the view of the Americanized lens and that is ignorant and unfortunate. Please evaluate and adjust your lens.
They definitely had an agenda for the interview
Well spoken!
Felt like I was watching CNN or Fox or some other clown show. WTF
Mr Kwons my ass. The little punk scammer. Deserves jail time for sure with that ponzi. Luna is worth 0.002$ right now. That was a scam project and I feel very sorry for the people who lost everything.
They were right to be unprofessional. Luna was clearly a problem from the start
the whole thing was pretty awkward wasn't it?
If any project owner does not care about U.S. policy towards crypto they will not make it far. The financial capital of the world is the U.S. so to say I don't care showed a lot about his decision making and here we are in this mess because of him.
Ouch. "Silence is a perfectly good option for stupid!"
He should've stayed silent then 😂
This hasn't aged well...
CoinDesk more like CLOWNdesk with this interview. You could have asked him far more impactful things than to ask about US policy. And then you belabored the dead point
did u lose money bitch ahhaha
You still here?🤣🤣🤣
you're still alive aren't you?
Who's the clown now? Lmao
"WHHHHAATTTTT" really? thats your response?
Lawerence is a typical Manhattan investment banker who got into crypto.
Arrest Do Kwon
Terra Luna is a very difficult concept to understand, especially when you realize there can be a stable coin without regulation.
It's not a difficult concept at all. And Terraforms labs can easily be taken over by the South Korean Government, on a whim.
Rip
This aged well
@@OldManNutcakez lol
How is that even possible??? By definition stable = regulated... Otherwise the force that wants to derail the stability would win out... The mere effort to fight off the destabilizing forces is a regulation in its simplest and rawest form.
WHERE ARE ALL THE DO KWON SWALLOWERS NOW???? KWON RUNNING OFF WITH YOUR FIAT LOLLLLLLLLLL
Man I had no idea coin desk were full of people who can't read a room. They should cancel their show.
A decentralized entity should have a less centralized figure.
Horrible Journalism. You all should be ashamed for acting, speaking and asking questions like you did. No harm in hard hitting questions and keeps big people like Do in the industry in check. BUT when you act and treat the way these two journalist have done... you all need to be checked yourself. Crypto community as a whole is very different then your US equities community. Finally, as CRYPTO only news desk/network please hire poeple more knowledgeable who "GOOD" questions. Just reading the comments in this video will give you insight into what level crypto community holds itself. smh
he is the Elon Musk of StableCoin 🤣
Nah, he is the bernie madoff of crypto
More like Elizabeth Holmes lmao
Watching this today is pure bliss!
reading the old comments even better
This doesnt age well. Snobbish attitude will be your downfall, as proven in your LUNA price. From $120 to 2 cent? What a epic "pump".
Now it’s 0.00005
The way the interview was cut off at the end makes me think that Do Kwon just told them to f#%k off and shut the connection down.
He was sounding pretty stupid here, but he is sounding massively stupid now... hahahahah
This is the funniest crypto interview I have ever seen and I practically fell of my chair when Do Kwon answered the question about 'not being interested in US regulation' viz. the interviewers' incredulity at his view that the US is not the centre of the entire universe. The thing that they couldn't seem to grasp is that the crypto world is decentralised and, increasingly, not dependent on the US (or any other nation state) for anything. That these two represent a channel called 'CoinDesk' is just mind boggling.
Totally agree with all of the above. Loved how he handled their ethnocentric bias which led me to start questioning how they even have their jobs given their narrow previews.
LOL, get a clue. USD rules the world and crypto. UST is still a USD based stablecoin.
At the end of the day, it's all about the "Number Go UP" in USD terms.
Lmao fucking tools
@@OldManNutcakez US is not the Center of the Universe yep 100% agree! All the US Government care a bout is the stupid taxes from the hard earned money!
He has a currency (allegedly) pegged to the USD but claims to not care about what the US government thinks about it, lmao. You have to be a special kind of naive to buy all that bs.
Crypto is as global as the internet. There are many hot spots/projects outside the US especially during the time when regulators are not as friendly and pushing out innovations.
Rip to the people invested in this 🙏🏻
This interview did not age well
this dude thought he was vitalik hahahaha
Yeah they didn't ask stable kwon how UST is minted. By burning LUNA to transfer the economic energy to mint UST, as LUNA becomes more scarce and more valuable with supply shock. Luna is now backing UST with a valuable decentralized asset. NOT like the centralized USDC backed by debt. as regulated securities.
L. M. F. A. O. !!!!!!!!!!!!!
L. M. F. A. O. !!!!!!!!!!!!! X2
😂
aged well
You still here buddy?
The real issue w crypto is that no one knows if any of the exchanges have any coins or are just selling ious. If someone funds an exchange with 100k and buys a bunch of coins they can just keep the 100k and change a few digits on a screen without actually having any coins. This pushes the price down in the short term. The only time they actually need to purchase the coin is if you send it to a cold storage wallet or pay for something which over 90% of customers will never do. I read that Kwon took 3.5bb and bought btc and hid the assets before crashing luna. I still think in the long term each btc that is not on any exchange ( cold storage ) goes to 7 figures.
Watch the new Cold Fusion video on this. Also, TerraLabs closed down about 10 days before the crash. The timing is suspicious.. Someone made $950 million in the attack shorting Luna all the way down. Massively manipulated. Also, can anyone prove that the Terra Foundation actually spent the Bitcoin trying to stabilize the 2 coins? There's still about $9.3 million left, according to various sources. Do Kwon hasn't been heard from since the crash. Who is to say he's not walking with any Bitcoin left? I agree with what you wrote 100%. Who can prove where that BTC is and in who's wallet? He could walk with 1.8 billion. And yes! Cold (offline) storage! It's recorded on the chain but the keys are on the storage device.
Theranos "Your blood is safe with us" / Terra Luna "Your money is safe with us"
Do Kwon is a legendary visionary. He sees and understands things that most people don't or are barely scratching the surface..
He is extremely intelligent, the passive aggressiveness of the woman in pink is astounding. His answers were superb.
So intelligent he rug pulled 10b
well this statement didnt end well. RIP
As Nassim Taleb says, it takes 5 years to learn how to make money and 25 years to learn how not to lose it.
did not age well
$63b?? It’s $26 billion
Haha. Exactly what I thought when the video started. Wtf..
Fully diluted market cap honey
How much is it now?
@@dingdongchingchong8659 i can probably absorb the rest of luna with my spare change🤣🤣🤣
Hahahaha..I love this interview 😂 😆
3 minutes in and this questioning already fucked
"I think we will get ther (smirk face)"..... hahahha that aged well
The kid was so full of himself, and shady answers when asked about being grilled by regulators, he might have committed fraud
This aged aged well.
This did not age pretty well.
There was a certain point when Do was explaining the nuances of algorithmic stablecoins at ~6 min mark, where you can just tell the interviewers are way out of their depth.
aged well
@@tomhacks1851 It is still true, the journalists were still way out of their depth, and despite the downfall of Terra, this doesn't change the fact that if they are to approach other interviews with other projects in the same way, it would be a terrible showing.
@@rousseau327 looks like do kwan is out of his depth. Ill give him credit, he did fail harder than madoff and elizabeth holmes combined
@@lk5388 funny how you posted this days after the terra crash, and not 5 months ago lmfao
@@rousseau327 you salty? You put your faith in a dog eater, and he didn't so much as to leave you the bone!
Had to look up his age, it all makes sense. He is the Elizabeth Holmes of Crypto.
At least she had a nice pair of tiddies.
BitKwonnect!!! 😂😂🤣
This guy really just said, "You can't seize assets that don't exist." His whole job is reporting on cryptocurrency markets! And he thinks cryptocurrencies aren't a real asset class🤦♀️🤡
Also, what's with all the dismissive laughter at the end?! Exponential growth isn't a novel thing for crypto markets. 7x is less than 3 doublings!
Dude literally had no idea.
I don't think he exists right now either.
@@N1rOx i am sure you are clueless too 🤫🤣
@@zaf2643 probably. That's the honest part about being human
“I think we’ll get there” - Do Kwon famous last words
HEY HEY HEEEEYYYYYYYYYYY
HEY HEY HEEEEYYYYYYYYYYY
Wassa Wassa Wassa Wassa Wassa Wassa Wassa Wasss Up!
BITCONNEEEEEEECT!
This guy will be looking over his shoulder for the rest of his life lol
Lol good
Yikes. Awful handling of this.
Do Kwon almost said in the same sentence iron falled because it's only use case was unsustainable yield, and that one of the great use cases of UST was collecting 20 percent yield.. it's a shame the interviewers didn't pick up on that..
But then again, I'm sure I wouldn't have..
@@GaaikeEuwema e all picked up on it, but we did not want to believe, otherwise the pipdream comes to an end.
The fact that these interviewers think that a decentralized asset should feel threatened by 1 country in the world and not understanding that is the definition of CENTRALIZATION, gives me the idea of the preparation of those 2 journalists.
I love the way he addresses the ethnocentric American bias “it’s quite possible that countries outside of the US might have different interests and priorities” 🤣 the interviewers just don’t understand and keep pushing their perspective… “but what about the US what about the SEC what about …etc etc etc” this guy (Kwon) is brilliant.
how about now
Kadena. Bro.
So brilliant.
Fire that lady, worst interviewer ever!!!
did u lose money bitch ahhaha
do kwon is one brilliant scammer.. he planned all this from the get go and he already escaped to singapore..
anybody looking for the specific section: @09:34
Coin Desks clowns 🤡 are trying so hard to convince him that US policies are good for crypto. 😂
Uhm.....
I'm sure your beliefs worked out well for you in the end unlike those clowns huh
@@user-kn3nl8cl7c my beliefs are working fine.
@@Zulfibf Rip Bozo 🤣🤣🤣🤣
The difference in opinions between old and new comments on this video is staggering 😁
Maybe he should have paid more interest to the USA after all
Watching this on 5/11/22 is hilarious... best part by far: the last sentence AHAHAHAH
Do Kwon doesn't particularly care about US regulators? Better check the extradition treaties against the last stamp on his passport or he might learn what to be concerned about the hard way
Oof valid point
This has aged well :)
Question at 7.03, he should have heeded her warning.
this interview didnt age very well
Always feels good to see brillant minds like him
Is this still true?
rip
@@dingdongchingchong8659 Not at all. I was so wrong.
This aged like milk
@@yaronmartin at least you are still here, unlike half the 5 month old commenters
7:25
LOL, "you can't seize something that doesn't exist", the host nailed it, very sharp ............ and at the rate it's dropping, it may very well not exist by the end of the day ......... each time i check the price on CMC, i need to wear out my scroll wheel some more ........
It's entertaining watching the comments now, 13 May 2022.
they must be very happy now that dislike button is gone
did u lose money bitch ahhaha
Nah dude, we lovin it now!
So the regulators where right
That woman looks very worried.
You just need to watch the last 30sec, 14:30
his naievity is in full blossom here
More than 50% of all terra tvl is from anchor protocol. Anchor has problems. Kwon needs to pour money to compensate stakers as it doesn't work and feels like ponzi. The apy must drop, if they don't come up with something. Ust will be then less used as there will be same level apys in evm protocols. Interviewers did a great job.
Spot on with what’s going on now
Do Kwon you have my respect.
age well
Lol
@@tomhacks1851 lmao
Aged like rotten milk 😂😂😂
@@RonHeartt at least you still here
She gets it....lol (5555). Try to heavy Do Kwon with USA regulation fear. 🤣
Wen Prison ?
You shouldn't fuck with Do. He's orders of magnitude above your level and has most of crypto behind him. We stand with the man with the diamond balls! You should learn from his integrity.
Ps. Now I understand why I never watch your stuff.
And now???
This aged well
His integrity? He's a self-absorbed, arrogant, pretentious, and insecure narcissistic individual that clearly only cares about protecting and feeding his own ego.
Lol, still a shitty interview. Agree with you though. That level of arrogance and ego grew to unsustainable levels. Was not a fan of his behaviour later on. I was wrong and don't agree with that comment any more, obviously.
Hope your doing well in the market. Cheers
@@zeroism6036 lemme know what you intend to buy next, im gonna short it!
"I think we'll get there (the bottom or jail)"
"US crypto doesn't impact your life? 😲😲😲😲😲😲😲"
He's gentleman 🙂
Do Kwon OG
Do Kwon , you famous now.
Legend Do Kwon 🙌🙌
age well
Terrible interview. These journalists were ill equipped to even have a basic conversation with this man. Too big a difference in intelligence between them probably. Completely missed the mark CoinDesk.
This didn’t age well but other video did . That predicted the insane drop.
Tbf is was bound to happen
Dudes ego is off the charts lol
RIP hodlers
But , but but, the us dollar omg
Speaking of decentralization model, but most of the people behind funding in this network are all using fiat currencies / centralized - the real world money (one way or the other).
Do Kwon should educate himself in financial system. He was taught a big lesson by being jailed himself
Gotta start to question where did all the money people put in go to? This is the biggest scam in all of crypto since Mt. Gox
Merica baby