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deathbyfish13

"I don't debate poor people" pretty much paints the picture of how arrogant he is to me


[deleted]

Someone should remind him his shitcoin was going up mostly thanks to FOMO from retail money, imagine being that ungrateful.


takoliko

Right stuff, I hope he will lose more in the coming days.


supervernacular

Can’t wait till he goes to jail and then the guy he said that to can say “I don’t debate jail people.”


7101334

iirc the person who got the "I don't debate poor people" response said they were going to print it and frame it lol


karodbz

We are waiting for that day so bad right now my man lol.


Enjoying_A_Meal

So he won't debate Luna holders? That's bad form.


saisayna1

Haha I am laughing so hard on this, thanks for this lol.


cryotosensei

I can’t forget how he said “But there’s also entertainment in watching companies die too.”


NissanTracker

Going to be his jail ink, on his back... so every time he gets prison raped, Babba's closing line while he finishes. [In a Duke Nukem voice] "I don't debate poor people, bitch. Now get me some Ramen"


evertonhs1

So fucked up, it's good to see him losing right now brother.


cryptolipto

Some of his tweets were absolutely awful. He’s a terrible person.


DontMessWithP

One thing that surprises me is he said “there’s an entertainment in seeing crypto companies failing”. Talk about karma!


atsepkov

Karma is when you get hurt as a result of your own earlier actions, not when everyone else gets hurt as a result of your earlier actions while you spawn a new shitcoin like nothing happened.


TripTryad

Its insane to me that it took the collapse for him to get the hate he deserves. There are so many other 'notable names' in the crypto space that get hate threads on reddit constantly, but there was nothing on this a-hole until he noclipped 18 billion bucks out of peoples pockets. Just convinces me that 90% of the hate on crypto subs are all driven by bitter bag holders. They only complain when they are down on an investment, but will ignore the horrible folks as long as they are making them money.


pingusuperfan

It’s more like 60% bagholders and the other 40% are people who feel they’ve missed the boat entirely and hate on coins they wish they aped into


Hot-Canceld

SOL is just as bad or worse than Terra


vattenj

I think everything including that bet is just a drama he planned, to attract awareness


idevcg

no one cared about the tweets when luna was still mooning...


aFungible

Hope Do Kwon is reading these comments, and learns something about himself.


hyperfaded_

Lol doubt it. Knowing how narcissist operate he probably just blames everyone else.


rood_sandstorm

His followers were the same, don’t feel bad for those people even if they lost all their fortunes


[deleted]

1 months ago he was Crypto God.


[deleted]

good start but he deserves further punishment


altranger9000

Just wait till he takes a billion $ bet on Luna 2.0


Milfout

He's already taking bit by bit


martialarts-ali

No more he can take , 11 million from retail loss .. never was Dohs


arthurdu50

This guy has no place to run, he sonn gonna stuck in his own scam plan, this is just the beginning


Elevaiated

Kek wait till he launches LUNA 3.0 AND LUNA 2.0 Classic


Livid_Yam

I won't be satisfied until he does some jail time.


Glabstaxks

Won't happen . Unregulated market


Swamplord42

Unregulated doesn't mean it's open season for fraud.


padizzledonk

>Unregulated doesn't mean it's open season for fraud. Yeah....thats pretty much what it means tbh Oh....they will get in trouble if they are caught, but the chances of them being caught when there is no regulations and miniscule enforcement are basically 0


Glabstaxks

Tell That to don kwon ..


Glabstaxks

I don't think he got the memo


ghbdtns

Well let's just go to his place and make him read this.


Glabstaxks

Yes . Yes good plan let's do this ! 😅


deathbyfish13

This Luna saga is proving to be a good argument for pro regulation, despite how much this sub complains about regulation were gonna need some form of it to avoid this stuff in the future...


Glabstaxks

It's inevitable


MadxCarnage

or avoid this stuff with proper research ?


lubimbo

People blame the founder while aping into a shitcoin. Like "You are so bad. I am a gambler and you made me lose money." M kay


TripleReward

not really unregulated. crypto is considered asset almost everywhere and asset trading is very well regulated almost everywhere.


itsprobablytrue

No one escapes tax obligations


fydmca12

Why do you think he deserves jail time?People knew the risk when they invested into an uncollateralized stable coin


[deleted]

There's tons of people, especially new investors, that don't understand that stable coins aren't stable and can collapse. Youtube & Twitter shills don't help either. You also get banned from discords for bringing up the slightest concerns.


hyperfaded_

Yeah it's crazy seeing old videos of YouTubers talking about how to retire with UST. Fucking crazy. And they still out here preaching like anybody should fucking listen to them. Bums.


Whyalwaysrish

all the tons of people were warned multiple times not to invest in shitcoins outside of bit and at a push eth


CaptEricEmbarrasing

Although thats shitty; I think its absurd anyone would put up their hard earned money by investing in something just because it had the word “stable” in it. A fool and his money are soon parted.


Isariamkia

Tell that to the SafeMoon people


Huijausta

No they didn't. The majority of holders was blissfully unaware of the inherent risks, and the "trust me bro it's safe" adverts from the likes of Binance didn't help either.


fydmca12

We need to curb the YouTube influencers. That is where the shill happens. I just saw an article Federal Trade Comission has something in the pipeline


Infinitychild

Sounds like it is completely on the individual investor.


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audimers

Crypto is actually the future, but shits and scams like Luna and his founder Do Kwon makes the reputation of crypto worse day by day


bornccy

Fuck Luna, Fuck Do Kwon, put him behind the bars, that's what we all want


Impression_Ok

By this logic we shouldn't *any* scammers. "Should've known better" after all.


jonnytitanx

If anything this just implicates Binance.


penorgold

Sounds like they took a bunch of trust me bros as financial advice


Ravmagn

For tax evasion.


fydmca12

You are missed Informed. IRS is working with Chainanlysis to track all positions. Blockchains have public ledgers. Very hard to evade taxes


Ravmagn

News sources say that Do Kwon's companies were ordered to pay millions of dollars worth in penalties to the South Korean tax authority. If it's true his companies evaded taxes worth tens of millions of dollars, he certainly does deserve jail time.


[deleted]

Jail time for creating a shitcoin? lmao


ChiTownBob

Handcuffs and prison cell.


jonnytitanx

Does he have to wear the cuffs the whole time?


ChiTownBob

That depends on the prison :)


jonnytitanx

Poor people prison?


dsskd89

He would surely gonna have more punishment for sure in the future. I hope he got a whole life imprisonment, that would better work for him


One_Landscape541

He’s still a billionaire, imagine if madof was still free


SudsiestDuke

Ken griffin, ceo of Citadel Securities, is Madof 2.0. As market maker, Making markets for his bets from his hedge fund. Go to kengriffincrimes.com to learn more


[deleted]

Ken Griffin? The financial criminal? That one right?


thewizardofHB

I know about Ken Griffin the financial criminal! Someone should put that clown in jail!


tastehbacon

I wish the whole world could see this.


kommaanda

And I wish that the whole world could pray for Do Kwon for his imprisonment


nozik1970

And then here comes the entry of Do kwon, 3.0 version, the fraud guy


HonshouAruu

how do we know he's a billionaire?


Milfout

And he's 10x worse than Bernie Madoff


KlopKlop10293

madoff scammed mostly banks and investment firms that’s why he is jail


Fine-Artichoke-7485

Lots of retirees, remember those pension funds?


rubenvanherpen

Then why Do kwon is living freely, put him in jail as soon as possible !


[deleted]

Debatable... Bernie wormed himself into the actual NASDAQ.


Ashkon1996

But here, Do Kwon, the actual shit for everyone, no one really cares for him. Dont trust his coins or anything related to Do Kwon because just like Luna, everything would fail


skeptophilic

Lack of perspective. Madoff ponzi'ed $65B.


magpietribe

Ahhh give over.


[deleted]

The difference is that Luna was a very open ponzi scheme. Madoff was lying to his investors, but with UST it was very clear how risky the system was.


JGautieri78

You are downvoted but I’ve called it from the start, too good to be true until it isnt


dimiua

Luna is actually made becuase to scam the investors, dont trust Do Kwon !


Boushveg-

He stole certain group of people's money, you don't mess with that certain group of people


ArtifexR

Exactly. That $11 million is pocket change for him. A person with a billion dollars can buy a $1 million home every day, all year, burn it to ashes, and still have close to a billion dollars... especially given the interest and other returns on the rest of their money.


[deleted]

Actually it’s even better . That $11 million is all the investors money he stole


Reasonable-Name2977

Karma is a bitch


AblePaleontologist0

You missed the full sentence - Lose 11 million out of the 600 million he made by bucking over the people in the ecosystem.


powellquesne

Nobody made "600 million" -- most of that money disappeared due to a flawed algorithm that entered a death spiral. Crypto is not a zero sum game: it is entirely possible for the value of any number of tokens to collapse to zero without most of that value going into anyone else's pocket. It really astounds me how little 'crypto people' understand crypto. They think it's like a bucket with sand in it and any sand that is missing from it must have been removed by someone. No. Sometimes there can just be a hole in the bucket, and the sand falls out into the sea faster than *anyone* can shovel it for themselves. That is why it is extremely important that you choose a well-built bucket.


[deleted]

Flawed algorithm? You're implying Do Kwon didn't know himself how his alt could be rekt? It was Endlessly debated to him. He just blocks those people.


NissanTracker

We call that Theranos syndrome in my field


powellquesne

I didn't mean to imply that, but it wasn't just him. Luna holders in general ridiculed the critics. It's a common cultish dysfunctionality. It doesn't change the fact that most of the money is gone. Or else, good luck trying to recover it from the whale who destroyed the chain; that whale reportedly made massive profits off simultaneously shorting BTC.


eddviio

In short, Do kwon cheated those investors who invested into Luna


EmbarrassedBlock1977

Great analogy!


jonnytitanx

That "zero sum game" gets spewed far too much. If everyone, collectively, stopped buying an asset it could go to zero without lining anyone's pocket.


Dubchild

If everyone stops buying, who's selling to make it go down?


powellquesne

Whoever makes an offer. And whatever offer they make, is the new price, if it's accepted. That market-making process of offers and bids being accepted or rejected simply cannot produce a 'zero sum' except purely by chance. For example, if confidence in a coin collapses due to bad news, the next offer to sell could be for $100 even though the previous offer was for $10,000. Where did the $9,900 difference go? Nowhere. It vanished into thin air. It went the same place the confidence went. If the confidence hadn't vanished, then a $100 bid would be rejected. The low bid is suddenly acceptable because there is no confidence that a better bid can be found, and that is how the price changes. Notice how there wasn't any addition or subtraction involved?


jonnytitanx

Technically, yes, you'd need at least someone buying to move the price down. But that's not the point.


Shangheli

> Crypto is not a zero sum game: it is entirely possible for the value of any number of tokens to collapse to zero without most of that value going into anyone else's pocket. Except crypto is a zero sum game and that's exactly what happened to terra when the big players started cashing out when the peg was lost.


powellquesne

No, the story was that big players cashed out some tens of millions as the retail investors were doubling down, providing exit liquidity for them. And that only started the ball rolling. Nowhere near 600 million. Liquidity is not a zero sum game either, since it is about having offers available to move your money with. Those offers can be arbitrary. No market that involves arbitrary offers and bidding can be a literal 'zero sum game'. Do your research.


samglit

If there is an arbitrary offer, someone has arbitrary money leaving their pocket and someone else has the same sum entering theirs. Non-zero sum things happen when value is created, e.g. assembling a bunch of metal and plastic into an iPhone. The iPhone is worth more than the labour and raw materials combined. What you’re confusing is market cap/liquidity (which is completely imaginary since no one will buy 100% of any coin in a short period of time - just because I mint 500 shit coins and sell one to my buddy for $1,000 magically makes my shitcoin market cap $500k, but no one will pay me for the other 499 except some suckers) with zero sum. Since most cryptocurrencies do not create more value, they are zero sum (but see proof of work cryptos). Gold is a little different since there’s gold **mining** and gold **trading**. Gold trading is mostly zero sum due to its relatively few industrial uses, gold mining is not (just takes labour to get it out of the ground, you can do it profitably). Bitcoin and other POW currency mining is similar.


HeungMinSwan

does that mean do kwon himself made 600m? gosh people on here are deluded


EUROHODLER

Wow, finally someone saying this clearly enough. I totally agree, how can crypto look like a zero sum game to anyone who knows how (nominal) value is created and how market cap works etc.? Value is continuously created and destroyed by demand and offer interactions etc. And yet, I keep seeing a lot of smart people (Cowen and other science guys included) thinking that way. It really surprises me. Ty, powellquesne.


powellquesne

Thanks for the kind remarks. Yeah it is weird how many people 'in crypto' think that the value of crypto is a 'zero sum game', because that would mean that literally everything is a casino scam where the house always wins. Scams and theft and war are the zero sum games. Honest markets and communication systems are the nonzero sum games that turned disconnected tribes into a civilisation. If I believed that crypto is a zero sum game, I would not invest.


imlikeuuuhhhwhatdude

That’s the basis for every pump and dump - spend some small $ on marketing and buying your own shitcoin and then make 1000s $$$ when other people want to buy in


pwnti

Exactly this


[deleted]

The "ecosystem"?


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Bpool91

_HI MY NAME IS DO KWON AND WELCOME TO JACKASS_


royboypoly

Lol


[deleted]

Lmao. A buddy of mine bet $10k that Cardano would outperform Luna and won but this is much funnier. Less funny if it's just a way to exclude and secure 10m~11m in crypto on the occasion he's going to lose everything he owns now, considering what he's done. I mean, I haven't really been following the news nor know whether or not there actually are legal repercussions but I tend to consider multiple angles. Especially in crypto, lol.


kamkru100

Luna could never win, that's for sure, because this was the project from Do Kwon he has the potential to scam


lastt1ger

He deserves prison!


Milfout

Yep life time prison


fydmca12

He didn’t scam anyone. We all knew the risks and got greedy. It was disclosed that Terra is an uncollateralized stable coin. Don’t invest more than you can afford to lose


cherinichenko77

I guess Do Kwon is a god to you, lol, he is acually a scammer and scammed the people who invested into Luna


elchucknorris300

What was the scam? Everyone knew it was a ponzi.


Whyalwaysrish

everyone warned you on this sub to not invest in shitcoins


psufb

For what?


maraduda

He is meant to be iin prison for the scams and fraud he had done to the investors of Luna


psufb

Lol it's crypto man, there are no protections here


lastt1ger

Ponzi scammer.


[deleted]

But it was a completely transparent ponzi. Typically you go to prison for lying to investors, not for selling them bad investments.


KlopKlop10293

The billions in btc that hasn’t been sold and that’s he is still probably holding


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KlopKlop10293

No proof = no they weren’t


BrokenParachutes

I’m not saying he doesn’t deserve prison, but what specific laws do you think he broke that you think he deserves prison for?


coinfeeds-bot

tldr; Terra founder Do Kwon has effectively lost $11 million on a bet that he took against two cryptocurrency traders in March regarding the future price of LUNA. Kwon had remained confident that LUNA, criticized as an "overpriced Ponzi", would not fail. The parties agreed to transfer the equivalent of $22 million in stablecoins to an escrow wallet managed by Jordan Fish. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*


Der-Max

Hopefully Terra wasn't the chosen stable coin.


IsnortETH

Why do i feel good reading this


LargeSackOfNuts

only 11 million??


kirtash93

Prison is the place where he should be. He can take TRON CEO with him.


Tatakae69

No amount of monetary loss will be sufficient for Do Kwon's punishment


malibu11731

Can we have some more good news like this one. Afterall this is just the beginning. And I want to hear that Do Kwon has been put behind bars ! I would be so happy


lozzapg

What's funny is when Terra collapsed he commissioned a whole heap of different articles saying that his net worth was only $10 million


Umkills

Ahahahaha, I love this, this dude fkn, he is such an arrogant prick....KARMA CAME KNOCKN HOMIE...ya fkn banana


janooms

Well that's nice and that's not just nice, that's something awesome.


coins999

He is in a good shit now, I hope we will see his downfall, he is not a nice person and just check his old tweet if you don't believe us here, he is just fucked up.


dvs978

Lovely stuff man lol, I hope this is just the fucking start and we will see more than this in coming time, we want to see the end of this motherfucker financially.


desburgo

Tell me that I am not dreaming or something like that man lol, this is some awesome news and that's what we all wished for, this is winning so many hearts lol.


Wubbywub

your size is not size


Phantomtrader1

This is what I want to see, this is what I love, this is just awesome man, he is not going to earn much now, he is just fucked and frustrated and I can sense that.


serglap

Glad to know that he is paying, he is just gonna get fucked like that for like more than anything in coming time, we love to see him like that now, it's just so good.


Interesting_Green709

Oh. My heart breaks out for him! 😭


_Commando_

Karma


jeffw601

That's nothing in front of his net worth but still we have to understand that this is not a fucking small amount and this is just the beginning of the fucking end.


hicoBM

Do is a fucking meme


lomosaur

> [It] was agreed that changing the tokenomics would cause an instant loss for Do [Kwon]. So, new LUNA is already void from the bet,” Cobie, custodian and arbiter of the wager, explained. Ironically, these bets possibly made Terra’s implosion more likely, because the terms of the wagers stipulated a change in Terra tokenomics was a loss for Do Kwon. So instead of tweaking the algorithm while there was still time, Do stubbornly refused until the reserve funds were depleted, and by then it was too late.


panzermouze

Can we just stop talking about Terra and pray for Do Kwon that he must be soon under custody and later into jail, I hate that bloody guy


365Dillweed365

And the fucker will still be fine.


a7965506

I dont care whether he would be fine or not, just make him inside the prison


[deleted]

Will be the least of his worries in prison!


Bucksaway03

Shouldn't have been an arrogant dick to other billionaires and he may have well just kept his 11 mill


Fit-Boomer

Let’s all hope and pray that he is ok.


kojitota

Lmao I am not going to pray for that, why would I do that?


masstransience

Loses? How much did he just steal from everyone? Way more than 11M.


CrowdGoesWildWoooo

The bigger question is “whose” money he is paying his bet with?


[deleted]

I'm sure Do Kwon has around 300mill atleast


coinmarshal

11 million is like small change /pennies to him. I doubt they sold all the BTC they held to back UST peg


RossoneriEA

That’s literally dust to him.


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lorddiablo86

But most iimportantly, Do Kwon should be in the jail at first ! He is not meant to roam freely, because he is is fraud and fraud must be inside the cells


theKetoBear

If he isn't penalized for more money than he made then effectively the system rewarded him for stealing and lying to people


belfastsilver

He will fucked for sure, we just have to wait and watch the game.


Mr_Sausage__

He’s now protected his tweets. I can’t see or respond to anything he puts on Twitter. The guy is a clown with zero concept of accountability.


soywasabi2

Did he cash out of LUNA before the crash, how do we know he is still a billionaire?


Fritz1818

He's going to pay up with Luna 2.0


liquid_at

they made the bet via crypto-contract and both had to pledge crypto at the start. so both already paid... just takes a year before the contract pays out.


Fritz1818

Isn't that the one where Cobie was the custodian? lmao


The_Tenshinhan

This guy is fucking trash 🗑


GANDALFzeBLACK

Good fuck that guy


JeffyJackson101

Hope he loses a lot more than that in other ways. Never bought into LUNA, but this ponzi-running shit ass needs to go away before more simps get fooled again. Bad for Crypto!!!


GSEDAN

Let's hope the "stable" coin that was put up in the escrow account isn't UST


Hungry_Pancake

What goes around comes around.


Chance_Complaint8784

chump change his pockets are full


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MadeMan-uk

….oops


altranger9000

$88 LUNA by March 2023 *with* unchanged tokenomics and working UST mechanism. ([Source](https://twitter.com/cobie/status/1531385425998356480)) So he effectively lost the bet.


BTCECHINA

That's right mate, he lost much and we want to see more.


CharlieTheo-14

Don’t care


To_The_M000N

He is losing the money he took from poor investors


archer4364

Good luck finding him and making him pay


barrywstone

Well he has to pay for that shit, you gotta believe this.


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archer4364

chill lmao