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Will Do Kwon’s revival plan and Binance support for Terra ecosystem save Luna

Do Kwon the South Korean cryptocurrency developer and CEO & co-founder of Terraform Labs has come out with a ‘recovery plan’ to save Luna. The plan is based on revival of Terra network with a new ‘hard fork’. Do Known claims that his plan will solve the design flaws of Terra network.

LUNA Hard Fork

A hard fork can simply be explained as change to the blockchain’s underlying protocol (cointelegraph.com). In hard fork the rules governing the protocol are changed and may have a wide ranging implications on the cryptocurrency entire protocol. It is important to know that the hard fork would make previous transactions and blocks either valid or invalid. A hard fork is the result of several reasons like for adding new functionality to the protocol, improving the security , solving any disagreement in a cryptocurrency’s community or reverse transactions on blockchain.

For LUNA, Terra 2.0 hard fork has been proposed. The Luna hard fork will result in creation of new cryptocurrencies, Terra (LUNA) and a Terra Classic. The proposal was also tweeted by Do known on twitter.

However,the LUNA community is divided on the Luna hard fork proposal. The twitter voting for Luna will remain open for a week. Out of the validators 38 have voted Yes and 5 have voted no (including stake.systems, DSRV, Allnodes.com, SolidStake and Stake5 Labs). So far, 82.48% have voted in favor of the proposal while 17.7% have favored No with veto power.

Will the Luna Revival Plan Work?

Do Kwon has a big task ahead. His team has to build a new network and distribute 1 billion tokens to Terra’s stakeholders or affected parties. Kwon plans to air drop the new LUNA tokens to his developer team, stakers, holders as well as residual UST holders.

It is hard to predict whether Kwon Luna ‘recovery plan’ will work or not. Luna dropped from $80 earlier this month to almost zero last week. At the time of writing LUNA/BUSD pair is trading at 0.000132 on Binance. Even the recovery to $1 seems impossible. The current market supply of Luna is 6,533.67 billion, means a $1 value per Luna will result in its market cap of 6.53 trillion. The current total market cap of cryptocurrency is $1.29 Trillion. So those thinking of large gains from Luna must look in these simple mathematical calculations. The only possibility is burning large circulating supply of Luna. Moreover, despite a large market cap, trust building of investors and community will be hard after major crash of Luna.

Binance CEO Response on Luna Hard Fork

Crypto exchange Binance CEO Changpeng “CZ” Zhao also few days back revealed that:

“He’s ‘poor again’ after its Luna holdings once worth $1.6 billion crashed and are now worth just $2,200”

On Luna recovery plan Zhao commented in a tweet that:

Personal opinion. NFA.

This won’t work.

forking does not give the new fork any value. That’s wishful thinking.
one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges).

Where is all the BTC that was supposed to be used as reserves?

Binance has also offered its BNB Chain support to Terra ecosystem projects. Zhao tweeted

Gwendolyn Regina, BNB Chain’s investment director, told Cointelegraph about the latest development and said:

“The Terra ecosystem has a lot of talented creators and developers, and our support is aimed at helping those builders and teams, building new projects on the BNB Chain. Hence, we are simply interested in supporting developers and projects so that they do not miss out on future potential.”

Sprint Nextel Corp acquires Clearwire Corp.

Sprint Nextel Corp. to acquire wireless carrier Clearwire Corp. for $2.2 billion

Sprint Nextel Corp. has finalized a deal to acquire wireless carrier Clearwire Corp. for $2.2 billion said Sprint Nextel Corp on Monday.

After acquiring Sprint’s Clearwire Corp and get regulation from federal regulators Sprint will be able to compete agrisively with larger rivals Verizon Wireless and AT&T Inc. Currently,Sprint Nextel Corp is the country’s third largest carrier.

Chief Executive Dan Hesse said that the finalization of deal marks another significant step by Sprint to compete its rivals and offer customers better products and services with more.
In early hours on Monday Sprint’s stock slided down slightly. Sprint already has 51 percent of Clearwire shares. Sprint offer for the company was $2.60 a share for the remaining of company shares that it offered last month which it later on Thursday upped to $2.90 a share. With this offer the overall bid was worth $2.1 billion. However Sprint further gearing up and rised the share value to $2.97 a share to finally secure the deal.

BT announced agreement worth’s £60m with Gloucestershire and Herefordshire councils

BT broadband has announced of signing a joint agreement which worth’s roughly £60m with Gloucestershire and Herefordshire councils.

Under the deal BT will provide the entire homes and businesses centers with a minimum connection of 2Mbit/s with 24 Mbit/s and above for all those want it by 2018.

The overall contract worths £56.6m and BT is that main share holder with £20.9m. Other companies like Broadband Delivery UK (BDUK) will invest £18.17m and £10.1 million from Herefordshire Council whereas £7.5m from Gloucestershire County Council.

The project will bring a number of economic benefits as agreed by council chiefs of twin districts.

The project will attract more businesses to county while helping existing ones to nurture and will connect rural properties, said John Jarvis Herefordshire council leader.

BT will now work on the project road map by analyzing the process of reaching all 1,40,000 premises across the two cities to get more and more people connected in less span of time.

U.S. stocks fell after a sharp decline in Apple and Best Buy co shares

The U.S. stocks saw a sharp decline after yesterday’s fall in Apple (AAPL) Inc. by 3.8 percent and news of data showing China’s rapid manufacturing pace.

Apple dropped to $509.79. UBS also has cut its price estimate by $80 i-e $700 from $780 over concerns of slow growth for the iPhone & iPad in coming months.

Best Buy Co. shares also fell by 15 percent to $12.05 after founder Richard Schulze’s announcement of extending the deadline to offer the company as private. Smith & Wesson Holding Corp. (SWHC) shares declined by 4.3 per cent to $9.13 as the murder of children at a Connecticut school encouraged speculation of enhanced gun control laws. Sturm Ruger & Co. declined by 4.5 per cent to $45.57. Schlumberger Ltd. the world’s largest oilfield services provider declined 5 per cent to $68.91 .

The Standard & Poor’s 500 Index were downed by 0.4 per cent to 1413.58 . The Dow Jones Industrial Average fell 0.3 per cent or 35.71 points to 13135.01 today.
The S&P 500 this month has dropped by 0.2 percent with overall drop of 12 per cent in 2012.

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Apple Inc. (NASDAQ:AAPL) shares falling after AT&T CEO Ralph de la Vega statement

At the moment Apple Inc. (NASDAQ:AAPL) is falling with minus $26.72, or – 4.64%, to $549.13.It opened at 568.91.Apple Inc. (NASDAQ:AAPL) dropped from $700 to about $525 per share from 15 September to 15 November with overall loss of 25 percent .

The rapid fall may be the result of AT&T CEO Ralph de la Vega statement that they had some good Android products and AT&T has seen good acceptance of new Windows smartphones. He added that AT&T has also managed to improve its iPhone LG optinmus G and Nokia Lumia 920 sales. Moreover, AT&T has earned good revenue from its mobile data share plan and also attracted huge number of customers.

Ralph de la Vega, CEO of AT&T has announced record smartphones sales of 6.4 million in first two months of fourth quarter. He also said that the carrier is expecting 26 million smartphones sales by end of this year.Last year AT&T sold 25 million smartphones.

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4G Auction To Make Just £3.5B in UK

For full implementation and sale of 4G spectrum frequencies in U.K. by January 2013 Chancellor George Osbourne has announced a price tag of sum of £3.5 billion.

Ofcom will finalize the auction by March 2013. The figure is far below from 3G spectrum sales with price tag of £22.5 billion as carriers had poor experience of raising enough revenue from 3G and 2G technologies.

Last month the Guardian quoted Brian Potterill, director in PwC’s telecoms strategy team, suggesting that the total raised for the U.K. government’s coffers from the 4G sale would amount to between £2bn and £4bn. Osbourne’s estimate sits within that bracket.

Although the U.K.’s 4G spectrum is still to go under the hammer, the first 4G network is already up and running. Carrier EE was able to refarm existing 2G spectrum holdings for 4G services after getting the go-ahead from telecoms regulator Ofcom — launching a 4G network at the end of October.

Rival U.K. carriers O2 and Vodafone will be among the bidders for the 4G spectrum frequencies next year.Source : techcrunch

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Citigroup to cut 11,000 jobs and save $1.1 billion

Citigroup Inc which is the third largest bank of U.S. is planning to cut 11000 jobs. It is about 4 percent of total jobs at Citi and will bring a revenue of $1.1 billion.
Michael Corbat , Chief Executive Officer in Citi in a statement said that these actions are logical for bank’s transformation.

He also said that while the bank continues to improve its global network but is full aware of potential stoppers in its growth and areas which are not providing meaningful returns.

The plan will cut 1,900 jobs in the institutional clients group, 6,200 jobs from the global consumer banking business and 2,600 jobs in the operations and technology group.

Keep refreshing for update

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Ford motor Co. is recalling its 73,320 Escape and 15,833 Fusion cars to fix engine overheating problems

Ford motor Co. is recalling its Escape and Fusion cars to fix engine overheating problems. On several complaints by users about engine heating up which may catch fire Ford is recalling about 73,320 Escape and 15,833 Fusion cars. Overall this is third time Ford is recalling Escapes. All the cars that are recalled were built and sold only in the Canada and U.S.

Fusion and Escape are among Ford’s top selling cars. According to Autodata Corp, in 2012 the Dearborn, Mich, automaker has sold nearly 220,000 Escapes and 207,000 Fusions.

Both vehicles seat five. The 2013 Escape has a starting price of $22,470, while the Fusion starts at $21,700

Drivers in past have been complaining that their Escape and Fusion gauges often display warning messages that includes “Engine over temp’ and “Engine Power Reduced to Lower Temps”. Some other drivers complained their cars red warning lights illuminate most often.

All recalls involves only Ford’s 2013 models, equipped with a 1.6 liter, four cylinder engine.

Earlier a month after the Escape’s launch in July it recalled about 11,500 models to fix crack-prone fuel lines. Later in September Ford recalled 7,600 Escapes to fix coolant

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Zynga shares dropped to $2.45 almost touching 52 week low value

Zynga, social gaming company, shares dropped by 6 percent after it signed a contract with Facebook.

Zynga’s shares stands at $2.45 after downed by 6.5 percent . The shares are near its 52 week low value of $2.09. Zynga shares earlier touched $15.91.

According to the agreement Zynga donot require to display Facebook advertisements on its website or use Facebook Credits.

Earlier Zynga reported that it is earning 80 percent of revenues from Facebook.

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Samsung fined a penalty of $129,000 per day over violating Apple’s patent in netherland

Apple and Samsung tug of war continues as Apple got another victory over samsung by winning a patent in Netherlands.

The Dutch court put a ban on Samsung’s Galaxy due to a patent covering a way to navigate images using a touchscreen.Galaxy products running Android 2.0 or higher will be subject to a sales ban.The patent covers the way Apple’s iOS allow users to scroll past the edge of a zoomed-in photo to see a glimpse of the next in series of images. Samsung initially used the feature in some of its Galaxy devices, but the company’s own proprietary photo gallery software replaces the feature with a blue flash illuminating the edge of an image.

The court ordered that, should Samsung continue to infringe on the patent, it would be subject to a penalty of $129,000 per day for every day it is in violation of the sales ban

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Category Archives: Finance

LUNA Hard Fork

Will the Luna Revival Plan Work?

Binance CEO Response on Luna Hard Fork