Direct from the desk of Dane Williams.
Like a wounded animal in the crypto jungle that we choose to play in, Terra needs to be left alone to curl up and die in peace.
STILL, we read headlines and Tweets from Terra’s supreme leader Do Kwon about resurrection plans for the Terra blockchain and LUNA token.
Stop.
Just stop.
The pain and destruction left in this man’s egotistical wake following the collapse of his pet project is horrendous.
There is literally no coming back from this point.
With or without Do Kwon, there is simply no way for Terra to move forward in anything resembling what the chain once had.
Like a wounded animal in the crypto jungle that we choose to play in, Terra needs to be left alone to curl up and die in peace.
Terra (LUNA) is NOT more than UST
Let’s start off by calling a spade a spade.
No matter what Supreme Leader Do Kwon tells you, there is NOT more to the Terra blockchain or the LUNA token, than UST.
Part of the planned Terra fork is to decouple LUNA and UST like this would free the community to organically add value to the LUNA token over time.
But in reality all decoupling the two tokens would do is birth a new centralied chain with zero reason to exist or retain value in its token.
Just like we saw endless dumb money thrown at LUNA when the writing was clearly on the wall that Supreme Leader wasn’t coming to save anyone, the new token will be nothing more than a source of exit liquidity for those in the know.
Marketing money will be spent, the token will rip and then the great unloading of shit for insiders to recoup pennies on the dollar from their original investment will begin.
Ending with duimb money retail left holding the bag and asking for another handout.
Here on Hive we understand the value of a community more than anyone.
But by relying completely on their Supreme Leader, the Terra community was not actually a community at all.
They were nothing more than individuals in a cult.
And now the Supreme Leader has been exposed for the egotistical fraud that he is, we see there is actually no real base for a united Terra community.
dApps that drank the Kool Aid like Loop Finance are looking for a new blockchain to call home.
Because remember that while there is no Terra community as a whole, each dApp has a community of users that they need to look after.
Any team with a promising, let alone working product, would be reckless to stay with the fork.
It’s done.
Everybody will feel like they lose… because they all do
Let me just stress that in no way should Terra’s LUNA be forked and reincarnated by the team that so callously developed a flawed network and oversaw its demise.
When I read claims that Terra’s treasury assets deserve to be returned to investors who lost money, I compound facepalm.
Any money is not the network’s money.
It’s Do Kwon’s company’s money and the VC firms who backed it.
Don’t let words like foundation or guard fool you.
UST’s $1 billion BTC reserve is private capital and has nothing to do with the network itself.
It’s laughable to see that people somehow think they deserve this money because by buying LUNA, they’re somehow a shareholder in the Supreme Leader’s company.
Crypto doesn’t work like that.
So whatever is born from a fork of the Terra blockchain, there will ALWAYS be a cloud hanging over its new form.
So the plan is to redistribute Terra's remaining treasury assets (lol) amongst investors depending on their size and when they invested?
Let’s consider for a second who is more stupid… err, I mean deserving of a bailout from their supreme leader.
Those who left their money tied up in Anchor and the like?
Or all of the opportunistic vultures who bought LUNA on the way down?
Both parties feel they’re equally deserving of a handout.
But mark my words, neither group is going to be happy, no matter how subjectively fair or unfair the split.
And it’ll remain all Supreme Leader Do Kwon’s fault.
Just leave Terra to die already
Everybody needs to just stop and let Terra die in peace.
Terra (LUNA) and UST was a disaster waiting to happen.
Now that it has all come crumbling down, there is zero way forward for those who bought into the hype and were cleaned up by clever marketing from the Supreme Leader Do Kwon.
In order to end on a positive note, this actually doesn’t spell the end for algorithmic stablecoins.
Just like in the jungle, the crypto market just naturally transferred money and life from the weak to the strong.
If you invested money in the LUNA and come out the other side, you’ve no doubt learned your lesson.
Now move forward with the rest of the crypto herd, stronger, smarter and wiser.
You’ve got this.
Best of probabilities to you.