/biz/ - Business & Finance

>>53391563
>Then skipping that part puts out the same effect.
Nope, if a validator reports a bad or incorrect price, they get punished by the protocol. The whole point is for the nodes to reach majority consensus, they're supposed to keep each other in check so that nobody can price-fix. And they all query like 4-5 same locations (mostly cexes like Binance which have their own internal mechanisms).

>The validators have to agree to make this proposal have an effect, so it's still not market manipulation when it would be voted to be done as so.
You're mixing up validators voting in governance, with validators processing the blocks in the chain with their nodes.

>Again, it's more like a stable coin for a stable coin.
Well yeah, but it's manipulated by manual price-fixing after consensus is reached by the protocol. You can't do shit like that, it goes against the very foundation the system was designed on (validator consensus and punishment for erroneous token-price reports).

>The same parameters are given to make USTC stabilize at $1 or mint trillions of LUNC when under $1 until Do Kwon shuts it off.
Nope, that's the Market Module. It's separate from the protocol and price validation via the Oracle.

>Speaking of which...Do Kwon shutting the minting function of USTC to keep LUNC from minting forever would be "market manipulation" in your terms.
In a way it was, I agree.

>So I don't understand why this proposal should be shot down.
Because it's based on manipulating the price of an asset that goes against the market's consensus. If the market says a BTC is worth $20,000 but I say it's worth $50,000 then who's correct? The market, obviously, through decentralized consensus.

>Tell me what happens next if it does go through? We repeg and burn LUNC rapidly before someone shuts it down?
Duncan's prop is hollow. Even ignoring the price-fixing issue, it still relies on the same system that led to the chain's hyperinflation.

>>51131162
>INTC
>Terra India
looks like the jeets had the last laugh after all