Hi Everyone, after cooling down over the weekends, some thoughts and perspective here for your reference. The purpose is to hopefully provide some objective thinking process, amid all the hate, sadness and complaints
I know its painful for you to lose your money. It is painful for everyone and everyone still cant believe what happened.
Alot people keep believing that there is hope for recovery. Yes, I hope so too. I have lost quite alot in this saga and it was excruciating painful. But the truth is still the truth no matter how painful. The earlier we accept it and move on, the earlier we can get back on our feet. You bunch have already lost money, try to limit your losses in the mental and time aspects, if you know what I mean.
Let’s take a look at some of the simple truths below.
- There is simply not enough reserve to save all UST holders.
Think about it. 11bn supply of UST to go and at best 2bn of reserve left? Not to mention that some of these reserve also belongs to the Luna holders. DK knows this. Thats why DK proposes this plan. and there is more to it, on why DK propose this plan. See item 2.
- For Terra to continue, the devs must continue to be motivated and continue to build.
Think about it. the thing critical about Terra survival is the dev continue to stay and build after this saga. If you are a dev and your your past luna get crashed in 2-3 nights, will you still be motivated if there is no plan to help you to recover some money? You might even jump ship to other network - brain drain of talents. This will definitely be a death blow to Terra.
That is why, in this new luna plan, old luna holders get 40%. that is to also help the devs who have been exceptional in developing. Considering 2bn reserve left, circulating luna supply of 380mil before depeg and the new luna supply of 1bn, Old Luna holders get approx. $2.10 of value back.
Math: 2bn * 40% / 380mil = $2.10
This is done at the expense of UST holders. Why? See item 3 below.
- UST holders will be the biggest losers in this new luna plan.
UST holders who pay $1 for each UST will be diluted to $0.07 of value under new luna.
Math: 2bn * 40% / 11bn = $0.07
There simply too much UST circulating supply despite the massive burnt.
- A fork like this will instantly destroy trusts of the community and ensure that CEXs will not dare to list the new luna in the future.
The ones who will be protected the most under this new luna plan will be the old luna holders. DK has to do this to keep the talent pool so that there is a future for new Terra. In doing so, others have to be burnt and trust will definitely be lost.
- This new luna plan will likely to go through. Why?
Look at who control the majority of the votes? The old luna holders, my friends.
- Even lawsuit cant help you recover any money back. At most, they will just make DK declare bankrupt and send him to jail. You have to suffer the pain of losing money and the mental pain of following the news everyday to keep updated on the “punishment” or even hopes of recovery. You will be the one who lose the most, financially and mentally.
Conclusions:
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For UST holders, try to salvage any value above $0.07 while you still can. If you find my math correct of cos.
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Luna holders, move on.
Of cos, the above are not advice and they are just for reference. Ultimately you must make your own decision and take ownership of your decision.
This will be my last post for the Terra community.
Goodbye everyone! Let’s not let sunk in cost and emotions cloud our judgement.
Regards,
CryptoTTM