This is really a plea to our founder and majority holders to not make TerraLuna another cautionary tale of the cryptospace.
We have all lost value in our investment, probably none more than Do and the other majority holders. But if this so called ‘recovery’ becomes just one big cash grab to claim whatever value is left in the platform it will do irreparable damage to the entire blockchain ecosystem. We are at a point in the development of blockchain tech where more and more regulators are beginning to focus on crypto markets with an eye toward regulation. This would limit the freedom that we have all enjoyed and stifle the growth that is needed for the technology to achieve its full potential. Another major scandal could easily be the excuse needed for that axe to fall.
Critics of blockchain love to point to the scams, claiming that all blockchains are ponzi schemes. We really don’t want to see this platform become a fulfillment of those erroneous claims. The plans that are being proposed to redistribute assets to long time holders is the very definition of a ponzi scheme. Worse, the post event supply inflation followed by such a redistribution looks like prices were intentionally driven down to attract new money, with the knowledge that it would be redistributed to long time holders.
We shouldn’t let one of the top blockchain platforms to become a prime example of a crypto scam. Not just for the good of the investors in TerraLuna, but for the whole blockchain ecosystem.
This event has devastated many, and the desire to quickly regain losses is appealing at first glance, but will have even worse consequences. But there is another opportunity that this crisis has presented; the opportunity to prove critics wrong. To take responsible actions, to repair and improve the platform and slowly rebuild trust and value. No matter how long it takes, a plan to restore confidence and stabilize the system would be the most beneficial to everyone.
So to @dokwon and all the majority holders, please don’t take the easy route. Prove that you are worthy of the trust and capital we have all placed in this platform; and prove that Crypto and DeFi is more than what the critics claim it to be.
I don’t understand why the leaders are still silent. Do you really think it’s over? Are you really not afraid of someone hurting you and your family?
The honest and respectable way forward is to Burn. Buy and burn or Burn on every transaction. If you do forking or Snapshot, there is no respect and honor. The world will see it only as a ponzi scheme to grab money from small and New Lunatics.
That’s not going to help any of the pre depeg buyers. It’s simply impossible because people bought millions of LUNA for cents.
Thats not true, a compensation plan would never be able to repay what was lost even to a smaller number of investors. But a responsible recovery plan that restores stability, and eventually the UST peg, could potentially attract enough investment to restore much of the value that was lost, but it will take time.
Yes. The fall of Terra will undermine the confidence, investment and overall adoption of all cryptocurrencies.
If Terra falls, all Cryptocurrencies fall
If $UST falls, all stablecoins fall
Stablecoins will no longer be trusted as a long-term store of $USD denominated capital.
Everyone in the crypto space now has a responsibility to do everything they can to help restore the value of $UST & $LUNA !!
Otherwise cryptocurrencies will see an outflow of capital, like we’ve never seen before
This situation should be seized upon as a perfect opportunity to prove the crypto-doubters wrong.
Eventually UST should (in theory) reach parity with the USD.
The pre-depeg Luna buyers would ideally need to find a way to gain some additional exposure to Luna at the new prices.
Also, part of the new transaction tax could be used to slowly compensate pre-depeg Luna holders over time.
The above is speculation and not financial advice. Do your own research.
I hope the Terra team is quietly buying all the LUNA below $0.0003 for a burn announcement. This would be a reasonable explanation for the current silence since the price will be driven up if that plan is announced.
If this forking disaster moves forward, it will be another cautionary tale of power corrupting idealism. We will be forced to consider whether decentralized money is ever possible.
hi, your post is so well versed and encapsulates whole impact of this debacle in broad light of crypto
as you said:
This event has devastated many, and the desire to quickly regain losses is appealing at first glance, but will have even worse consequences. But there is another opportunity that this crisis has presented; the opportunity to prove critics wrong.
yes, outcomes of current situation and solution will have tremendous impact in the future of DEFI and crypto regulations
core team, lets not waste the opportunity to proof them wrong and repair Terra ecosystem
call me naive but, I hope it will regain its trust and new investors