Guys, I understand most people want to receive sort of CASH now, I feel for everyone and everything I share here is not against any person. But we need to be realistic.
Do we believe there is a future for Terra/LUNA (under any other name) or not? Many projects are moving away. If we believe it’s possible then the FORK is the best way. Why?
If we burn LUNA then sure its price can recover a bit but it’s so infiltrated by blood sucking speculators that it won’t hold. We won’t gain much from that. The name, the team, the token… everything is related to failure now and it will remain like that forever.
But if we fork, we can have a “LUNAv2” which of course would need to be renamed. So what’s the advantage? This new token would NOT be listed on exchanges, nobody would want to list it, Binance has already announced it. So why is that good? Because it won’t have a market price, it will FORCE us, builders, to continue working and making the chain the best possible.
This is the ONLY way to motivate builders remain and build. If we think there is no hope for that then fair enough, let’s burn (through tx cost on exchanges). But if we believe there is a future, we need to start with a new token which is not listed on the market and cannot be dumped. We would build and all together give it value, maybe even higher than LUNA.
If you want quick compensation for UST because you put your savings, I understand that and I hope funds can be found somewhere. But forking is a much better long term solution than burning.
This has been one the least intelligent arguments I’ve seen on this forum.
Fork is death. I mean, if they fix present LUNA, i’m more confident to buy and hold knowing this team can fix issues if they appear, even more confident than in other projects, because they yet can fail and I won’t know if they would be able to roll a fix. But forking means, if V2 will fail, I lose all again, they fork to make V3 and so on, trust lost 100%. Beside, no one in sane mind will support V2.
Whatever the solution TFL takes, I think it would be best to hasten the decision-making process before the governments start to weigh in in light of the recent events. (As you guys know how bureaucracy is slow and painful )
Not a good idea at all. You mention builders but then you fail to consider what will be their incentive to build and work towards something that exchanges won’t even list?
There was never an issue with LUNA blockchain that requires fixing. The only issue was its peg functionality with UST. Now that UST won’t be pegged there is nothing to fix.
If you want to motivate builders and investors then coin must be listed on exchanges and a revenue generating mechanism must be available. Otherwise everyone will move elsewhere where there is better incentives.
Forking makes no sense!
Do you honestly think anyone would come within a mile of a V2.0?? Why would they.
The main argument for forking seems to be you assume all that have bought are just taking advantage to make money? What about the 90% of holders that bought as it went down to average down?
And if it’s true that many would do a quick trade for profit… what do you care. If they sell and others buy at a higher level then those new buyers would want it higher to profit?
This argument for forking is childish. How many were mad when it went from $1 to 90+? Where you mad when you made a stupid profit?
And any talk of V2 will require money and investment of time and energy. Maybe out of Do’s pocket, maybe from investors Right?? Why not spend the similar energy to save and grow the existing platform?
So either support it as it exists today or it’s over 100%! Who would want this project on their resume??
I had the same thinking but there is a problem which is how validators would get money to pay for their infra?
I looked at the largest projects on Terra and most if not all have no value without UST. Would a new version use any stablecoin or not? I believe it’s impossible for us to keep UST or even anything else on short term, the pain is still alive.
So in theory I think this is a good idea to make us pretend we start again. But in practice it’s too difficult to implement, we need to pay those involved, they need to have a market price unless we find other incentives but then we need to complete the fork by something else.
Whatever we decide, I think we need fresh money to be injected. Without that, all the discussions won’t bring us back on track and won’t be able to compensate. I also don’t believe in the burning solution for long term because I believe LUNA the token is now controlled by different people than those who built all this. So it will eventually fade away.