Dogecoin Co-Founder Billy Markus Believes Terra 2.0 Will Attract 'Dumb' Gamblers

A new Terra chain will be launched on May 27 with no algorithmic stablecoin being created this time around.

By Shomik Sen Bhattacharjee | Updated: 26 May 2022 19:45 IST

Highlights

An online spat last week forced Terra's Do Kwon to block Billy Markus
Markus has been critical of Terra's Do Kwon since the May 13 crash
The old LUNA token will be labelled LUNA Classic on May 27

Dogecoin co-founder Billy Markus has ramped up his criticism of Terra

Photo Credit: Terraform Labs

Dogecoin co-founder Billy Markus who's been very vocal on Twitter about the TerraUSD stablecoin debacle, now claims that the upcoming launch of Terra 2.0 — the new iteration of the failed blockchain project, will show the world how "dumb" cryptocurrency gamblers really are. The reboot, tabled by Terra CEO Do Kwon over a week back amongst staunch criticism, has been greenlit by the community after the proposal won a vote with a 65 percent majority. Per Kwon's proposal, the current LUNA token will be renamed LUNA Classic, while a new LUNA-only blockchain will be launched at block 0 on May 27.

While Marcus did not discuss in detail what he meant by the statement, based on recent developments surrounding the Terra project, it is easy to conclude that the Dogecoin founder believes things may still get worse even after Terra launches its new chain.

luna 2.0 will show the world just how truly dumb crypto gamblers really are
— Shibetoshi Nakamoto (@BillyM2k) May 25, 2022

Just over a week back, Markus put out a controversial tweet following the TerraUSD crash labelling 95 percent of cryptocurrency projects as "scams and garbage." Adding to his original tweet, Markus said that the people who are going to be "triggered" and "lash out" at his tweet are "scammers." While the Dogecoin creator's tweets came along at a time when the crypto market appears to be booming with scam projects, it also seems like a blatant jibe at the Terra community.

Markus' "scams and garbage" jibe also happened after he'd blasted Terra's Do Kwon as one of the “tech bros” — a move that eventually led to Kwon blocking Markus on Twitter.

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Meanwhile, the Terra team, as part of its revival plan, is working closely with several centralised exchanges to support an upcoming airdrop to its community. 35 percent of the LUNA tokens will be airdropped to holders of pre-attack LUNA and UST. A large chunk of the token distribution will also be allocated for Terra dApp developers and to the overall ecosystem.

Do Kwon's Terra Revival Plan Passes Community Vote Despite Criticism

Terra's founder, the charismatic but polarising South Korean entrepreneur Do Kwon, said the motivation for rebooting the currency was to support the wider platform that had built up around Terra.

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