Terra blockchain was officially halted at a block height of 7603700 | Hacker News Reader

Terra blockchain was officially halted at a block height of 7603700

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44 points0xedb22 comments

Within the now practically vanished ~40B market cap in the Terra ecosystem, were the hopes and life savings of many poor souls. No matter how bad it looked like in hindsight, they're still human and deserve empathy. For anyone who lost: it's just money, don't let that prevent you from moving on.

I worked as an arbitrageur within Terra for over one year. I'm happy to say I profited by keeping that market healthy. I wish I could have done more, and in pro free-market spirit I don't judge anyone's actions here. This week, I took a hit, but I'm moving forward still. The associated institutions and validators did a great job in this crisis and deserve respect as well, I wasn't even able to keep my full nodes running with all the challenges. Perhaps if we were better market makers in the start, no bank run would happen, but that's in the past now.

It's a giant pyramid scheme. Last one holding gets zero.

> deserve empathy

Maybe sympathy sure, but definitely not empathy.

No, it was right the first time. I'm not a crypto bagholder, so I can't sympathize. However, because I can imagine what it's like to be a feckless dipshit I can empathize.

I can feel pity for someone who suffered a significant financial loss. But I can't imagine being a degenerate gambler and pissing away my life savings with an instrument that makes no sense.

I feel that way about your average day traders, leveraged buyers and short sellers, but these were largely people who thought they were getting 20%. Not quite degenerate gambler metrics.

I don't know any degenerate gamblers that expect 20% returns

Fair enough.

It’s sad when scams shut down as innocent people get hurt.

But I think the positive is that things that were clearly never sustainable in the long run, like Terra seems to be, blows up sooner rather than later to limit the negative impact.

I don't understand. How can a decentralized currency be unilaterally shut down?

It does make sense for a committee to halt the blockchain to apply software updates.

Production has resumed: https://twitter.com/terra_money/status/1524812171179327488

Is this the first Circuit Breaker in Cryptoland?

Paging John D. Rockefeller, Mr. Rockefeller, you're wanted on the trading floor.

Exchanges trigger circuit breakers all the time. It's just that they call it unscheduled maintenance.

I am wondering if this round of collapse and decline will turn to the end of crypto as an asset.

It didn’t the last n times

Some coins like Bitcoin and Monero have utility outside of speculation, so probably not.

Disclaimer: I own some XMR, but not much.

Painful as it is, this is still just a correction. Reverting to more realistic valuations after a period of hyper growth and reckless speculation can hurt but it’s not the end.

That's the problem, though. What's a "more realistic valuation" for something that has no intrinsic value?

https://www.bitcoinisdead.org/

It was started again

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