Hello everyone. I just want to make a topic here explaining my current thoughts of Terra Classic. Firstly, I believe that Terra Classic is at serious risk. I want to explain why I feel like this and my current thoughts about Terra Classic - not for my personal gain per se - but more to try and alleviate my own disappointment.
Firstly, I am not a super long term Terra Classicer - I entered in probably around June - or at least before the big increase. I probably should have sold then, having doubled my money - but I thought I’d stick with the project and hope that it might go up leaps and bounds more in the future. I staked using Terra Station and learnt so much about everything.
I even learnt about NFTs and minted one or two using Talis - I also messed around with Docker and other stuff (the test network) - I joined Discord and even made a couple Twitter pages and joined in with everyone raving about LUNC. I put quite a lot of time and interest into it. I battled with the idea that some people were selfish and staking more and more - and realised that the crypto itself was treading water - as more people staked and any increase in the crypto’s price was basically being spread out across staking rewards. This was generally fine and I increased my staking also - and tried to find a balance.
I did have a few problems with it all but overall I was still quite happy with LUNC and felt like the community was growing stronger - and we got a few good increases/jumps which rebuilt confidence. However, now we can see that LUNC is really struggling compared to other cryptos. The market cap hasn’t gone up a whole lot and honestly looks like it might fall below 1b again. I unstaked all of my LUNC a couple days after the new Station app was released and let me explain why.
I found the new Station app represented to me… something which was against a lot of the principles of what I was hoping to be a part of. Firstly, I’d like to say that I think already the fees had gone up massively - suddenly it was looking like it was 400 LUNC to withdraw rewards, whereas before it was just costing me like 80 LUNC or something. Maybe I’m wrong about that? But also these fees changing massively destroyed a lot of what I believed about with LUNC.
Also, the new Station simply reeked of ‘LUNA’. It feels very much like the main leaders of this project are still massively focused on LUNA and not LUNC at all. The fact that basically Station wasn’t even directed at LUNC originally just emphasises this point. It wasn’t until the last moment that suddenly Station was fully geared up for LUNC. Once again, I might be wrong there as generally piecing together bits of information from wherever.
Secondly, Station itself, I felt, was a massive let down. It was now measuring everything in terms of dollars. Personally I found this sickening. One of the whole reasons for being a part of a crypto project is to get away from this - from any direct attachment to other currency in this manner - let alone one that I never use or handle in my day to day life. This is so AMERICAN it sickens me. Why should I support what I hoped was a global system which then hides away my ‘LUNC’ and starts working in dollars - which has NOTHING to do with me or my life.
Aside from this - the app itself just felt messy and confusing and it didn’t feel at all as clear to me. And at that moment I thought ‘eff it’, I’m going to unstake and no longer support this crypto.
Further to this, I saw that LUNC was struggling with general ‘going up’ alongside many other cryptos seeing 25% rises, and also saw that LUNA was disproportionately going up compared to LUNC - in my mind this was emphasising the idea that LUNA was gaining more ‘official’ support than LUNC.
I now have a couple of weeks to wait and I will probably sell / trade all and begin to support other currencies. There have also been other things which have damaged my belief in LUNC in general - and as I say I am bit disappointed by it all. Another thing is that I think the Validator system is a bit messy and unreliable. We’re still not entirely sure what happens if a validator disappears? Will I lose anything? Why do we just accept these 130 validators - yet lots of ‘good’ validators seem to disappear even within a few months of me using them… It doesn’t feel reliable.
Like I said at the start, I’m honestly not really here for my own agenda and to hurt people’s feelings. I really do want to let you know how I feel - having been a strong supporter for 5 or so months. And maybe I’m wrong, maybe after I leave I’ll see LUNC skyrocket and become amazing - but we have slipped down to about 50 in the charts now… and honestly it looks like a lot of positivity has gone - particularly due to this SHOCKING update with Station. Please try and see it very clearly - and try and understand what I am saying. You have destroyed your own crypto with 2 or 3 very, very poor decisions. In order to save LUNC I believe you must reduce fees back to how they were - and quickly rework Station to bring Terra Classic back to the forefront - and remove anything to do with dollars from the forefront. I really do wish you all the best of luck but “I’m out” - at least for the time being. If you want to bring Terra Classic back into strength then this must be the focus. I don’t know what other focuses you have - but whatever is happening… is not correct.
Thank you for reading