You are calling for Terra to scam UST holders, plain and simple.
At present, I am a LUNA holder who currently has zero UST. I must protest this type of thinking before it ruins the last shred of confidence that Terra may have. As I have said before:
UST is an obligation. Each UST is a promise that it can be redeemed on-demand 1:1 for a dollar. The nature of a promise is that it must be fulfilled. That is not a choice.
LUNA is an asset encumbered by the liability represented by UST. This is not merely my opinion. It is the entire premise of Terra’s design, and of how Terra has advertised itself all along.
Image source: Dragonfly Research, via Terra’s official Medium site. See also generally the Terra whitepaper, and its discussion couched in terms of monetary policy. (As a LUNA investor, you have read it—haven’t you?)
For Terra to default and renege its obligation to UST holders in favor of LUNA holders is for Terra to break its promises. Period. There is no room for compromise, on that particular point.
And the no-compromise position is the only thing that can possibly restore confidence going forward.
I must say this: Although I currently have no UST, I have held significant amounts of of my savings in UST before. (Long story, irrelevant here.) If I had ever thought for even one moment that Terra may steal value from UST holders for LUNA holders, I would never have touched UST. Any reasonable person would run like hell.
Now, as a LUNA holder, I dearly desire for confidence to be restored. I don’t care if my LUNA goes to a millionth of a dollar, and stays there for awhile. I knowingly bought a treasury reserve asset that is designed to pay off UST obligations. And I know that my LUNA neither has, nor will ever have any value whatsoever—unless Terra proves that it keeps its promises.