{"id":49914,"date":"2025-09-09T12:28:56","date_gmt":"2025-09-09T12:28:56","guid":{"rendered":"https:\/\/crypto-globe.com\/?p=49914"},"modified":"2025-09-09T12:53:49","modified_gmt":"2025-09-09T12:53:49","slug":"du-kwon-odsudeny-aky-vplyv-to-bude-mat-na-buducnost-stablecoinov","status":"publish","type":"post","link":"https:\/\/crypto-globe.com\/sk\/du-kwon-odsudeny-aky-vplyv-to-bude-mat-na-buducnost-stablecoinov\/","title":{"rendered":"Du Kwon ods\u00faden\u00fd \u2014 Ak\u00fd vplyv to bude ma\u0165 na bud\u00facnos\u0165 stablecoinov?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Zakladate\u013e spolo\u010dnosti Terraform Labs Du Kwon <a href=\"https:\/\/apnews.com\/article\/46d924b4d34e90b850889d711c93c802\">sa v auguste 2025 priznal<\/a> k podvodu v s\u00favislosti s kolapsom stablecoinu TerraUSD v roku 2022. Investori v tom \u010dase stratili viac ako 40 mili\u00e1rd dol\u00e1rov.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Odvtedy \u010del\u00ed Kwon v USA v\u00e1\u017enym obvineniam z podvodu a prania \u0161pinav\u00fdch pe\u0148az\u00ed. Bol nieko\u013ekokr\u00e1t ods\u00faden\u00fd a teraz mu v Ju\u017enej K\u00f3rei hroz\u00ed dvan\u00e1s\u0165 rokov v\u00e4zenia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V tomto \u010dl\u00e1nku sa pok\u00fasime odpoveda\u0165 na ot\u00e1zku, ako jeho mo\u017en\u00e9 ods\u00fadenie ovplyvn\u00ed trh so stablecoinmi a ako sa vyhn\u00fa\u0165 tomu, aby sa nie\u010do podobn\u00e9 stalo aj v\u00e1m.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Obsah \u010dl\u00e1nku \u2013 Du Kwon:<\/h2>\n\n\n<div class=\"wp-block-aioseo-table-of-contents\"><ul><li><a class=\"aioseo-toc-item\" href=\"#aioseo-stablecoiny-mozno-nie-su-az-tak-stabilne\">Stablecoiny mo\u017eno nie s\u00fa a\u017e tak stabiln\u00e9?<\/a><ul><\/ul><\/li><li><a class=\"aioseo-toc-item\" href=\"#aioseo-podstata-problemu-algoritmicky-stablecoin\">Podstata probl\u00e9mu \u2013 algoritmick\u00fd stablecoin<\/a><\/li><li><a class=\"aioseo-toc-item\" href=\"#aioseo-priciny-krachu-ust-krehkost-algoritmickych-stabilnych-minci\">Pr\u00ed\u010diny krachu UST \u2014 Krehkos\u0165 algoritmick\u00fdch stabiln\u00fdch minc\u00ed<\/a><\/li><li><a class=\"aioseo-toc-item\" href=\"#aioseo-poucenie-nie-vsetky-stablecoiny-su-rovnake\">Pou\u010denie \u2013 Nie v\u0161etky stablecoiny s\u00fa rovnak\u00e9<\/a><ul><\/ul><\/li><li><a class=\"aioseo-toc-item\" href=\"#aioseo-du-kwon-mohlo-by-sa-nieco-podobne-stat-aj-inym-stablecoinom\">Du Kwon \u2013 Mohlo by sa nie\u010do podobn\u00e9 sta\u0165 aj in\u00fdm stablecoinom?<\/a><ul><\/ul><\/li><\/ul><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"aioseo-stablecoiny-mozno-nie-su-az-tak-stabilne\">Stablecoiny mo\u017eno nie s\u00fa a\u017e tak stabiln\u00e9?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Stablecoiny s\u00fa digit\u00e1lne tokeny, ktor\u00fdch hodnota je viazan\u00e1 na be\u017en\u00fa menu. Najzn\u00e1mej\u0161ie stablecoiny s\u00fa dnes ofici\u00e1lne tokeny kryt\u00e9 dol\u00e1rom (USDC, USDT) alebo eurom (EUROC). Ich stabilita je zvy\u010dajne garantovan\u00e1 bankami a hodnota ich minc\u00ed je kryt\u00e1 dol\u00e1rmi alebo \u0161t\u00e1tnymi dlhopismi. Investori ich kupuj\u00fa pr\u00e1ve kv\u00f4li ich bezpe\u010dnosti. Ako je teda mo\u017en\u00e9, \u017ee stablecoin TerraUSD skolaboval?<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"aioseo-nenechajte-si-ujst-coinbase-recenzia-burzy-kryptomien\">Nenechajte si ujs\u0165: <a href=\"https:\/\/crypto-globe.com\/sk\/coinbase-recenzia-kryptomenove-burzy\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Coinbase \u2013 recenzia burzy kryptomien<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"aioseo-podstata-problemu-algoritmicky-stablecoin\">Podstata probl\u00e9mu \u2013 algoritmick\u00fd stablecoin<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">TerraUSD (UST) neboli klasick\u00e9 stablecoiny. Boli to takzvan\u00e9 algoritmick\u00e9 stablecoiny, ktor\u00e9 na rozdiel od tradi\u010dn\u00fdch neboli kryt\u00e9 fyzickou menou alebo akt\u00edvami. Ako teda fungovali a ako mohli by\u0165 klasifikovan\u00e9 ako stablecoiny?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">UST fungoval algoritmicky, \u010do znamen\u00e1, \u017ee bol viazan\u00fd na kryptomenu, v tomto pr\u00edpade LUNA, ktor\u00e1 patrila do tej istej platformy Terra. Princ\u00edp jeho fungovania bol nasledovn\u00fd: ak cena UST klesla pod 1 libru, investori mohli UST sp\u00e1li\u0165 a na opl\u00e1tku dosta\u0165 LUNA. Naopak, ak cena UST st\u00fapla nad 1 libru, investori mohli sp\u00e1li\u0165 LUNA a na opl\u00e1tku dosta\u0165 UST. Predpokladalo sa, \u017ee stabiln\u00e1 hodnota UST bude udr\u017eiavan\u00e1 prostredn\u00edctvom ponuky a dopytu medzi UST a LUNA. A teraz u\u017e pravdepodobne viete, v \u010dom bol probl\u00e9m.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"aioseo-priciny-krachu-ust-krehkost-algoritmickych-stabilnych-minci\">Pr\u00ed\u010diny krachu UST \u2014 Krehkos\u0165 algoritmick\u00fdch stabiln\u00fdch minc\u00ed<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">V m\u00e1ji 2022 vypukla na trhu panika, po\u010das ktorej investori za\u010dali hromadne pred\u00e1va\u0165 UST. Jeho cena klesla hlboko pod stanoven\u00fd dol\u00e1r, ale u\u017e nebolo mo\u017en\u00e9 ju stabilizova\u0165. Predaj UST vyvolal obrovsk\u00fd tlak na LUNA, ktorej cena prudko klesla. Algoritmus u\u017e nebol schopn\u00fd stabilizova\u0165 UST, \u010do viedlo k kask\u00e1dov\u00e9mu predaju, ktor\u00fd zni\u010dil obe meny naraz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"aioseo-poucenie-nie-vsetky-stablecoiny-su-rovnake\">Pou\u010denie \u2013 Nie v\u0161etky stablecoiny s\u00fa rovnak\u00e9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Pri poh\u013eade na cel\u00fd pr\u00edpad je jasn\u00e9, kde bola uroben\u00e1 chyba. Algoritmick\u00e1 stabiliz\u00e1cia zlyhala, preto\u017ee fungovala len v rozumnom trhovom prostred\u00ed. Akon\u00e1hle nastala masov\u00e1 panika, cel\u00fd syst\u00e9m bol pr\u00edli\u0161 krehk\u00fd na to, aby sa udr\u017eal. Tak\u00fdto n\u00e1zor zast\u00e1vali aj s\u00fady, ktor\u00e9 tvrdili, \u017ee Du Kwon a Terraform Labs \u00famyselne prezentovali kryptomenu UST ako \u201estabiln\u00fd ekvivalent dol\u00e1ra\u201c, hoci v skuto\u010dnosti nebola kryt\u00e1 menou a bola mimoriadne rizikov\u00e1. Napriek t\u00fdmto skuto\u010dnostiam spolo\u010dnos\u0165 na\u010falej propagovala a odpor\u00fa\u010dala UST ako bezpe\u010dn\u00fa invest\u00edciu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"aioseo-mohlo-by-vas-zaujimat-ethereum-od-aprila-vzrastlo-o-197-velki-investori-nakupuju-vo-velkom\">Mohlo by v\u00e1s zauj\u00edma\u0165: <a href=\"https:\/\/crypto-globe.com\/sk\/ethereum-od-aprila-vzrastlo-o-197-velki-investori-nakupuju-vo-velkom\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Ethereum od apr\u00edla vzr\u00e1stlo o 197 %, ve\u013ek\u00ed investori nakupuj\u00fa vo ve\u013ekom<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"aioseo-du-kwon-mohlo-by-sa-nieco-podobne-stat-aj-inym-stablecoinom\">Du Kwon \u2013 Mohlo by sa nie\u010do podobn\u00e9 sta\u0165 aj in\u00fdm stablecoinom?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Po pre\u010d\u00edtan\u00ed tohto pr\u00edbehu sa v\u00e4\u010d\u0161ina investorov pravdepodobne najviac zauj\u00edma o to, \u010di by sa im mohlo sta\u0165 nie\u010do podobn\u00e9. Odpove\u010f je vlastne celkom jednoduch\u00e1 \u2013 \u00e1no aj nie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ak investujete do klasick\u00fdch kryt\u00fdch stablecoinov (ako USDC alebo EUROC), je to takmer nemo\u017en\u00e9. Ich rezervy s\u00fa transparentn\u00e9 a pravidelne kontrolovan\u00e9. Ak ste si v\u0161ak vybrali algoritmick\u00e9 stablecoiny (USDD, AMPL, DAI, cUSD a in\u00e9), riziko je pomerne v\u00fdznamn\u00e9. Akon\u00e1hle d\u00f4jde k mas\u00edvnemu predajn\u00e9mu tlaku alebo zlyhaniu algoritmu, hodnota stablecoinu m\u00f4\u017ee dramaticky klesn\u00fa\u0165. Investori by sa preto nemali necha\u0165 zl\u00e1ka\u0165 samotn\u00fdm pojmom \u201establecoin\u201c a mali by sa v\u017edy informova\u0165, \u010di je mena kryt\u00e1 re\u00e1lnymi rezervami, alebo \u010di je zalo\u017een\u00e1 v\u00fdlu\u010dne na algoritme a inej kryptomene.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"aioseo-viac-informacii-fx-junction\">Viac inform\u00e1ci\u00ed: <a href=\"https:\/\/crypto-globe.com\/sk\/fx-junction-socialne-obchodovanie-ktore-spaja-obchodnikov-a-zisky\/\" target=\"_blank\" rel=\"noopener\" title=\"\">FX Junction<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Zakladate\u013e spolo\u010dnosti Terraform Labs Du Kwon sa v auguste 2025 priznal k podvodu v s\u00favislosti s kolapsom stablecoinu TerraUSD v roku 2022. Investori v tom \u010dase stratili viac ako 40 mili\u00e1rd dol\u00e1rov. Odvtedy \u010del\u00ed Kwon v USA v\u00e1\u017enym obvineniam z podvodu a prania \u0161pinav\u00fdch pe\u0148az\u00ed. Bol nieko\u013ekokr\u00e1t ods\u00faden\u00fd a teraz mu v Ju\u017enej K\u00f3rei hroz\u00ed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":49897,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[168],"tags":[348,349],"class_list":["post-49914","post","type-post","status-publish","format-standard","has-post-thumbnail","category-kryptomeny-sk","tag-kryptokauzy","tag-stablecoin-5"],"aioseo_notices":[],"yasr_visitor_votes":{"stars_attributes":{"read_only":false,"span_bottom":false},"number_of_votes":0,"sum_votes":0},"aioseo_meta":{"seo_title":"Du Kwon ods\u00faden\u00fd: Ovplyvn\u00ed to stablecoiny #separator_sa #site_title","meta_description":"Zakladate\u013e Terraform Labs Du Kwon sa priznal k podvodu v s\u00favislosti s kolapsom stablecoinu TerraUSD. Investori v tom \u010dase stratili viac ako 40 mili\u00e1rd dol\u00e1rov.","focus_keyword":"Du Kwon"},"_links":{"self":[{"href":"https:\/\/crypto-globe.com\/sk\/wp-json\/wp\/v2\/posts\/49914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crypto-globe.com\/sk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-globe.com\/sk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-globe.com\/sk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-globe.com\/sk\/wp-json\/wp\/v2\/comments?post=49914"}],"version-history":[{"count":3,"href":"https:\/\/crypto-globe.com\/sk\/wp-json\/wp\/v2\/posts\/49914\/revisions"}],"predecessor-version":[{"id":49918,"href":"https:\/\/crypto-globe.com\/sk\/wp-json\/wp\/v2\/posts\/49914\/revisions\/49918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-globe.com\/sk\/wp-json\/wp\/v2\/media\/49897"}],"wp:attachment":[{"href":"https:\/\/crypto-globe.com\/sk\/wp-json\/wp\/v2\/media?parent=49914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-globe.com\/sk\/wp-json\/wp\/v2\/categories?post=49914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-globe.com\/sk\/wp-json\/wp\/v2\/tags?post=49914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}