TERRA LUNA REMINDS ME OF SOMETHINGS TO BE THANKFUL FOR ON HIVE

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There are so many things I have found on the hive platform that one needs to be grateful for.
It is only with patience that I get to discover them.
The latest happenings of the Terra Luna crash crush have brought a lot of attention to other stable tokens and the blockchain and there's also dragged my attention to consider are dear HBD.
I read a post here by @taskmaster4450 clearly stating the defence protocols that are put in place to ensure that we don't stand a chance of being liquidated over our hard-earned assets.

It's sad to consider but many people have fallen into the mire of the luna dive and for this, no one is excited.

The speculations abound if there can be a comeback from such, but it is likelier that it is dead.

CZ of Binance has been trying his best to proffer solutions to the total crumbling of the whole system, he has called out Do Kwon and the entire terra Luna team to question them about all that has been happening.
https://twitter.com/cz_binance/status/1525754770165837824?t=PSKDJnqSuvH29wE-pQCH4A&s=19

Has also suggested donating the worth of UST that they have in their treasury for compensation for those who lost in the crash.

However, speaking of our dear hbd taskmaster4450 has done a good job at showing us the things that are in place and even speculating that there could be more and I must say as well that more people should come up with ideas that can give us a more secure network on our blockchain.

These securities may have somehow played the role of making people not want to come onto the platform. It is not as juicy as Terra-Luna-ust may have been, but we now see the reasons why the securities are in place. Some people even accused Terra to be a Ponzi due to how easy it appeared.

Already the security of the key system where each person holds ownership of their account by keys to the account so the loss of your keys is the loss of your accounts and the assets in it. This is well known to everyone and we also inform newbies to put this in check.

Our 13weeks of full power down is also a very healthy security measure put in place to prevent rapid withdrawal in case your account is compromised. This particular measure saved a lot of people's asses after the accounts were compromised and they had their Hives all powered up.

SO WHEN THE POWER DOWN IS INITIATED IT WILL TAKE ONE WEEK FOR 1/13 OF YOUR HP THAT YOU INTENDED TO POWER DOWN TO BE RELEASED AS LIQUID HIVE.

by then it is expected that you have made the necessary complaint to someone who can help with restoring your account to you.

However in the place where a general attack is on the system as it happened to the Luna guys.

There is a 5% payment for every conversion from hive to hbd.

This means that when anyone wants to convert hive to hbd, the person suffers a blowback of 5% payment. Unlike it is on the 13 and chain where it is free which was one of the things that tractor a lot of people to the platform so whoever might have initiated the transaction that triggered the downfall got away scot-free.

It takes 3.5 days to convert HBD to Hive.

The conversion between the two forms of talking sticks is 3.5 days for complete conversion as 50% of the total amount will be subject to the changes in the market within that period. To that effect, such he rapid downfall cannot happen without being stopped by the system or truncated. Muscle one of the things that created the scare on the lunar platform was the speed at which things fell apart.

The Haircut cut cut
The haircut phenomena tell the volume of HBD in percentage that could be converted before there is no more available for it to convert at that time from my understanding. So this limits the degree to which any hacker or anyone can create a disaster as it happened on the Luna blockchain.

It's all speculations about what happened to the terra chain, but it is first a lesson to all the chains on the crypto-verse and more so one to caution. It's so sad a lot of people were affected, however, this is a blow to the entire blockchain. It is all part of the game, securing your chain should be a priority. Some are out there mainly searching for loopholes to steal your money.

To everyone who was affected, sorry about that, better days are ahead on the blockchain. Events like this only stimulate an improved system for the future. And if Terra even bounces back to at least $1 well then good luck.

Posted Using LeoFinance Beta



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5 comments
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What an awesome article you have here. The HBD has so much security measures to ensure the safety of us the users and the ecosystem as a whole.

!PIZZA

!1UP

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It was really great to see HBD hold up in the crash. Just wish I had gotten out of my OSMO/UST before hand and moved over but yeah, that didn’t happen, lol. Oh well grass isn’t always greener on other chains. Hive is proving to be one of the most resilient blockchain communities in the space!

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Sorry about that. For me I put in some little cash into the falling rock. It fell even more deeply but I m in to see just how it plays out.

Hive has made it's Mark for real. Stable currencies like HBD are hard to come by. Most of them are really hoping they be not made the same issues culpable to the lunatic crash.

Well, it is crypto, it has taught us that anything can happen. We can only boast a little.

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