LUNA is another run of the mill layer 1 without UST, it will sink very quickly and all of us will lose tons of value. Everyone will capitulate their LUNA2 tokens the first chance they get (under Do Kwon’s current proposal), and it will just compound the infamous final days of Do Kwon and LUNA.
I have made multiples (like most others) on my LUNA investments but am down a ton on my UST.
UST is debt, LUNA is a speculative token that rises and falls in relation to supply of UST.
The Terra ecosystem has a chance to return to prominence if UST is restored and Do Kwon takes a secondary role in operations. Do Kwon and other brilliant devs have created a beautiful ecosystem and infrastructure and it would be a shame for it to go to waste as it becomes a poor man’s Solana.
Lastly, UST is UST, the idea of a snapshot and people who sold, which led to the price drop, and then can double dip is absurd. The people who never sold get screwed and their new shares get heavily diluted. This is coming from someone who hasn’t bought or sold UST in over a month…
Sellers hedged their bets after the depeg and deserve the price they got. Speculators buying now deserve UST whether it ends up being zero or 1 or whatever in between.
Do Kwon and co, please take your time and come to a rational decision. I understand it seems like the end of the world. For me personally, it’s probably been the worst week of my life. Don’t compound your mistakes and lead to more misery for us and yourselves with hasty irrational decision making,