Transcription
Hey, what's going on guys? Welcome back to the channel. It's been a minute, as always. The gaps seem to be getting further and further apart with my content, but I am trying my utmost best at the moment just to try and get as much done behind the scenes.
So, I'm still kind of working and pushing towards all of the data and still working with the SEC and really kind of chauffeurring them through the process of verifying all of these funds that are remaining that TfL left behind. But what I want to do is really talk about what's current, what's relevant, and really take a look at these USC rep ideas. And what I'm going to be doing in this video is not really targeting any specific one. We'll be looking at the one that's up for proposal for sure. But what I want to do is give you guys my honest perspective as to how you should really perceive any kind of USC rep and the pitfalls that you really need to look out for in the future.
But just quickly going over and looking at this article, I'm going to be doing a video on this because I thought it was really interesting and the fact that CZ is supposed to be warning people and saying to scammers, "Do not use my image. You'll get a cease and desist. I'll be chasing you." I find this quite funny because he clearly sees everything that's going on in the Terra Luna Classic blockchain. And Binance is the same because they're burning LUNC, which means they've got a vested interest. So they know the ins and outs of the blockchain enough to notice that we were minting coins at one point that were being burned and then reminted. They picked up on that, right? So why wouldn't they pick up on scammers and people using his image? And yeah, I'm going to be pointing out Greenpeace because essentially, right, a lot of his movements, everything that he's really done has been based off of this idea that he's in contact with Binance and calling them be and all of these different things. It's hilarious, but hopefully this isn't just a fishwife's tale, if you will. They're actually going to do something about this.
But from my perspective, I think Binance is just as complicit as any other person that really goes out and does wrongdoings at this point, especially with all of the data that I have got available, which tells us that TfL left a substantial amount of USTC on Binance's exchange and Binance being so vocal and so active during the crash and having so much to say, yet they didn't ever once pause to say, "Hang on a minute. TfL have actually left a significant portion of those USTC assets on our blockchain. Why have they not been dealt with?" This isn't the ball game for a CEX like Binance. This isn't the idea and the route that you would go down if you are someone like CZ Binance. Instead, it is very beneficial for you to say absolutely nothing, do nothing, and keep those assets on your exchange. It provides so many benefits. The list becomes endless at this point.
So, what I want to do is just quickly get you guys up to speed uh with what is really going on with this data. Again, I'm chauffeurring the SEC through the process and really guiding them as to how they go and they verify all of these transactions. And we're talking about 10,000 plus transactions that have to be verified one by one. Each one needs to show the exact amount of assets that are remaining. and then it can be tallied into the sheet and then they can bring back all of those seed phrases and then they can go in and they can burn the assets that correlate to those specific wallets, whether it's a CEX wallet or an on-chain wallet.
But I'm going to be doing a major update video of getting you guys up to speed because I've been looking at some new data and as you probably have thought to yourself, he's likely going to start looking at the other CEXs that were listed in trial exhibit P301. And that's exactly what I have been doing. I've been searching down a lot of TfL's illicit assets that they left behind, not just on Binance, but some of these other exchanges like Upbit, uh, KuCoin, for example. But I've also been looking at their non-TerraClassic assets. On top of that, I've been looking at the Terra Luna assets they also left behind. And the reason why I've been looking at the Terra Luna assets is if we can rally Terra Luna communities to our cause, right? And we can get them vocal about the burning and getting TfL to come back, the process might just go a little bit faster and it might kind of bring the blockchains a little bit closer together, if you will.
So anyway, less rambling on here. Let's go over and let's talk about this USTC rep situation. And there's really not a lot of positive sentiment behind it. And it's understandable at this stage. We've had so many different rep ideas that have been put forward and each one of them gets rejected. We've got rep efforts that have been ongoing for around two years and you're still to see anything materialize. And what I'm going to be doing in this video is not specifically targeting anyone. What I want to do is get everybody into the mindset and get you guys to understand exactly what would happen if you were to devalue USTC in its current form or bring in a new stablecoin, which again would devalue USTC in its current form.
Before we go any further, you've got to understand that the Oracle pool is what pays out your rewards as a TerraClassic holder that is delegating. And it's the same for a validator. They're also getting paid out LUNC and USTC. So if you go ahead, right, and you devalue USTC, you make it defunct and it is now in a situation where it's worth nothing, that means you're getting 35% less, right, in value for your rewards. Now the USTC that you were getting from the Oracle pool is no longer valued at what it was. This means again you are now only getting value from your LUNC. So do you think as a delegate, right, it is a good idea to bring in a stablecoin rep effort that's going to either introduce a new stablecoin for USTC or it's going to devalue USTC in its current form? Is this beneficial for you or is this going to be very bad for you? Is this going to be good for validators or is it going to be bad for validators? It's going to be bad for absolutely everybody across the board. If you want to accelerate the crashing process that we're currently in, the best way to do it is to try to introduce some kind of new USTC stable asset and devalue USTC in its current form.
Right now, where we're sitting, three to four validators are making money and everybody else is running at a loss at this point. Myself running at a complete loss and needing to go to work a 9-to-5 job just to keep the lights on here to keep LUNC Dash running. So, what does that tell you? Yes, we are at a critical point. We're now at a stage where if we go ahead, right, with one of these USTC reps, it is going to accelerate the death of this chain very fast. In fact, a validator like me would just completely have to close down at this stage because you have so much voting power, it costs you a lot more to run the machinery to have a validator. So the more voting power a validator has, the more expensive it becomes. The less voting power you've got, the cheaper your machinery needs to be. And it's a real kind of sucky situation. But again, I cannot stress this to the community enough. If you go ahead and you devalue USTC, you're going to lose 35% of the value of your current rewards that you're getting for delegating. And if you're a validator, you're going to be losing again 35% of your current income. Is this good or is this bad? I'll let you guys make up a verdict on this.
From my perspective, I think you get where I'm going with this. It's not going to be beneficial for anybody. But you've got to make that decision. You've really got to think not just about what the repeg itself could provide, right? The after-effects, the ripples, if you will, in the pond that could get created from introducing a new native stablecoin asset. Like I was saying, I've got a few videos that I'm working on. I am desperately trying to get back into a routine and produce content either in the mornings or in the evenings, but I've got a few videos lined up. We're going to be going in through that CZ stuff. We're going to be looking at some of the assets that TfL left behind on other exchanges. We're also going to be looking at where everything is at the moment and how I think it's really going to play out and see a lot of these assets burned.
But look guys, stay safe, stay humble, stay aware, and I'm going catch you in the next one.