- [Morgan Freeman] This story is about a man
with a vision to re-invent the world's financial system
by creating a truly decentralized currency for the masses.
That currency was Terra
and his name was Do Kwon.
- So I said to his face,
"Your size is not size."
- Right.
Sorry, the question was,
"State your name and your date of birth,"
but, uh, moving on, so...
- Sorry to interrupt,
but Francis Coppola said our self correction mechanisms
won't work when people start panicking.
- Dude, I don't have time to talk to the poor.
Okay? Especially not on Twitter.
So tell her I ain't got no time to debate her
and I ain't got no change on me to give her. (chuckles)
Actually don't tweet that.
That's kind of mean.
- So in the past month I've been covering stablecoins a lot.
And my question is, what makes UST different
from other stablecoins?
- UST is not just a stablecoin.
- [Narrator] It was.
- Sure, it's pegged at a dollar.
- [Narrator] Not for long.
- But that in itself isn't what makes stablecoins
so vital to an ecosystem.
- [Narrator] Here we go again.
- A decentralized currency is the key
to building financial infrastructure
that is beyond the reach of regulations and borders.
And to achieve this, we need mass adoption,
and to get mass adoption, we need scalability.
UST is the only stablecoin that is yield bearing,
interchain, and most importantly, scalable,
unlike another stablecoin that I won't name.
It's DAI.
You know, DAI from MakerDAO, yeah.
It's the most unscalable piece of shit I've ever seen.
- And what if UST were
to break the peg?
Then it would depend on Luna to save UST.
But the fact that it's depegged,
investors will pull out of Luna and tank the price.
So, it's literally a death spiral.
- (chuckles) Investors pulling out.
Luna is trading at $80 right now.
UST's market cap is at 30 billion,
making us the third biggest stablecoin.
Does that look like pulling out to you?
'Cause I know what pulling out looks like, right?
- [Woman] Yep!
- And that's definitely not it.
So if you're trying to spread fud
with your little article,
then you're gonna have to try a little harder than that.
- I'm just trying to get my questions answered.
- Oh really?
Are you really?
Or are you actually from MakerDAO
trying to write a hit piece on Terra?
Well, here's something you can write about.
Ticker, where we at?
- Luna's at $83, up 4%.
UST is exactly at a dollar, sir.
- Beautiful.
Jimin, how much Bitcoin do we have in reserve?
- We bought 1.5 billion worth so far.
- Make it 10 billion.
We're gonna be the largest holder of Bitcoin in the world.
Jungkook, update.
- 4pool has been deployed.
All CVX emissions will go to it.
- You hear that?
We're going to starve 3pool to death.
It's over for DAI.
- You're crazy.
- Why don't you report back to your little guys
at Maker DAO that I'm here to stay.
And not only that, but I'm here to destroy
every other stablecoin in my way.
- And by my hand, DAI will die!
(team cheering)
- Yeah, let's go.
- This is not sustainable and you know it.
The economics of it makes no sense.
- You see my team?
This is my head of research.
Look at him!
He has a cryptopunk as his profile,
so don't talk to me about economics.
Anyone here dissatisfied
with how much they've made with Terra?
Anyone here wanna work on another blockchain?
- Fuck no.
- Looks pretty sustainable to me.
- All you detractors,
don't you see what you're missing out on?
So either you shut the fuck up
and buy some Luna, or keep tweeting
and stay fuckin' poor!
(team cheering)
- UST, UST,
UST, UST!
- [Team] UST, UST!
UST, UST, UST!
UST, UST, UST.
- We're trading a bit below a dollar.
We're at 0.998 now.
- Thanks, Ticker.
- Well, some people are worried
about it getting depegged again.
- Tweet this for me:
"Anon, you could listen to CT influencers
about UST depegging for the 69th time,
or go for a run instead."
- Uh, sorry to interrupt.
We're depegged at 0.998 now.
- It's all good.
Yeah. Yeah, we're good.
We're good, right?
- Binance is calling.
You wanna pick up?
Do?
- All right.
Let's sell some fuckin' Bitcoins to pay our market makers.
- Sir, with that size it might tank the whole crypto market.
- I don't care if it tanks the whole market!
Defend the peg for fuck sakes!
- Sending out a 700 million Bitcoin to our market makers.
- If UST goes down,
I'm bringing the whole fucking market with me.
- Do?
- What is it?
- It's trading below 90 cents now.
Do? Do?
It's at 87 cents now.
Are you there?
- [Narrator] And just like that,
when Terra needed him the most, he vanished.
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All right, now back to the video.
I just...
I don't know what to do anymore.
- You know what to do.
Like everything in life,
you need to make a sacrifice.
- No, no, no, no, no.
Okay, I, I need my UST.
I need my stablecoin.
- Why do you think you're so attached to your stablecoin?
- Well, I, I mean,
isn't that the whole point of Terra?
- When you were a child,
did you have a good relationship with your parents?
- Oh, for fuck's sakes.
Not everything is about childhood traumas, okay?
- Stability, Do-Hyung. We need stability.
You need to get a stable job.
Do you think you can get that with a B+?
Huh?
How do you expect to get into Stanford
if you're playing Starcraft all day?
Go study for SATs.
You'll thank me once you get a stable job.
Daebak, these stables looks amazing.
(Do panting)
- Go on, embrace them.
- Dad, I got into Stanford.
(Dad laughing)
- [Dad] That's great.
Let's go celebrate.
Where do you wanna eat?
- Ddukbokki?
- I forgive you, Appa.
(team chattering)
- He's back. - Did he cry?
- [Team Member] Is he gonna pump my bags?
- Terra is more than UST.
We are strong,
not because of how stable UST was,
not because of how high the price of Luna rose,
we're strong cause of our people,
because we're Lunatics.
They can attack UST.
They can break our peg,
but they cannot kill our passion.
We are a team.
We've always been and we will always be.
Nothing's changed.
Terra is still the most robust blockchain
with the best talent pool right now.
This ecosystem will not fail,
as long as together, we fight for it.
So I've decided to proceed and save this ecosystem.
No, to save our ecosystem,
our invention, our baby.
We will fork the current chain and start anew.
Reborn into Luna 2.0.
(team applauding)
The Terra community is my family.
I will always be here,
no matter how hard it gets.
Let's build it back up again, together.
(team applauding)
- But this time there will be no stablecoin, right?
But this time there will be no stablecoin, right?