It was not a hacking or attack
It could be called as exploitation (if you believe there is an exploiter), but obviously it was not a hacking.
Everything has been working well as designed.
The $UST peg design had a crack, and the crack was much bigger than most thoughts that we all had.
This event cannot be referred to as a “hacking” because of the undesired outcome.
Who the hackers are then? $UST holders who sold to the market because of the volatility?
Where is the blockchain / DeFi spirit?
Why should we split the chain? To save validators or stakers?
I know their efforts to make this amazing growth possible. But why should we save them for all costs?
We have always heard or told others this phrase, “Do your own research, and know your own risk”
Where is the DeFi spirit? It was not a spirit that is not applied for big stakers?
White paper has explained everything, and every stakers should have recognized the risk of holding LUNA.
It is obvious that “at least” heavy stakers or validators have known the potential risk of LUNA and dramatic UST inflation.
Even if they didn’t recognize, such a huge loss is still their responsibility to deserve to take.
There is still ~2B$ investor out there
We should not forget that the market cap of $LUNA & $UST is over $2B. It is a quite huge money.
Current holders are also supporting the Terra Community.
The only difference is who they are.They are not obviously the same with the previous holders.
Nobody can underestimate how loyal they are, compared to the previous stakers.
Previous stakers is currently zero-risk. Because their market share was already significantly diluted.
How about current holders? They are literally taking all risk that is exposed to the success of Terra Community.
Accept the shift in generation
The mans who take the market cap of LUNA from ~$20M to ~$2B (x100 upside movement) were not previous validators.
It was new holders that occupied a high portion of circulation in this disaster.
Buy back $LUNA and compensate the dilution
What I can suggest here is never easy to achieve, but I believe it would be much easier to make a success compared to the current form of chain split.
- Finding a new investor for all costs
- Buy back $LUNA and distribute them to highly diluted stakers to compensate their share
- Printing a debt coin to give them to $UST holder, and rebase (burn) $UST circulation to make them “peg”.
I am confident in LUNA Classic
I am writing this post because I just feel very bad about the TFL’s decision.
I am more then ever confident in $LUNC.
I am also sure $LUNA without $UST has no attraction for investors.
Last sentence I would like to say,
“Do the right thing.”
