Leave Terra (LUNA) to die in peace

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Leave Terra (LUNA) to die in peace.

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 is still trying to fork instead of dying 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.

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43 comments
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I completely agree. I don't think there is any way for Terra 2.0 to succeed. Removing UST will not help them much because that was what set them apart from the crowd.

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Not just that.

UST was the entire use case for the Terra blockchain.

Saying that's not the case right now is just lip service.

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TERRA had many supporters. I think it's hard to make the decision to let her die without making a desperate attempt to revive her. A recovery attempt will have to do it, then if it does not happen, it will be useful to let her die.

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Do you believe that it should be Do Kwon leading the recovery attempt?

How can anyone ever trust him and his company again?

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I think he will get help from CZ, he doesn't have many other alternatives

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My condolences to those who lost money.

Focus on the lesson, not the loss.
  • As for Luna, it’s time to fill the hole the token is in with dirt.
  • Burying it and moving on maybe the best thing for it.

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Personally, I just can't see a way forward for the project that won't cause a million more problems and fights down the line...

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No doubt, those who lost their money would want to find ways to get their money back at first... Finding it hard to believe that they've lost their money.

But the reality is the truth, Terra is gone with very little chance of being what it was before so no need crying over spilled milk.

Like you said, Terra should be left alone to die away and let's focus on better opportunities with other Cryptocurrency to invest in.

Too bad that a lot had to learn their lessons this way, losing so much but they should pick up their broken bottles and start over even more better with wiser moves.

Thanks for this 🙌

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This project is already dead and they should thinking saving it, even if they come up with perfect way to make everything workout do you believe people will still pump in billions

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That's the thing though.

There is no perfect way to save it.

No matter what they do, especially if the recovery is led by Do Kwon, they will screw people over.

With whatever version that moves forward always having that hanging over the project.

Just let it die...

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It is true, it has been demonstrated that the project is a fraud that only seeks the interests of large investors and leaves aside retail investors.

Even the recovery plans are extremely ridiculous and the word centralization is everywhere.

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Yep, just looking after early investors and those in the know.

No way can you trust any reincarnation led by Do Kwon.

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It just makes me think of the Rick and Morty episode where Beth is doing surgery on the deer. The lawyer says she's performing surgery on venison. Terra is that venison. Just let it rest.

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UST’s $1 billion BTC reserve is private capital and has nothing to do with the network itself.

This is why I didn't like it when a similar proposal came to back HBD. HIVE's version could have been far more decentralized. But that is still added complexity and an additional attack vector. It is best to keep everything simple yet robust.
!PIZZA

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LMAO. Supreme Leader Do Kwom sounds about right! 😂

I have stopped following what's happening with LUNA. It's getting boring day by day. Most Lunatics have moved on already. Shouldn't rely on one network. The future is multichain anyway.

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That’s the wisest thing to do, the damage has been done, moving on right now is the healthy thing to do. I really feel sad for those ones that lost their life savings there.

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Upvoted for an interesting take and I doubt Luna will ever make it back, but if they do have a dedicated community anything like Hive, I expect some of them will try to rebuild and maybe make a little progress.

I hear your valid points though, loud and clear, I doubt they will ever put a massive project back together.

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Yep, it will be entirely up to their community.

I just can't see how Terra v2 in any form can move forward under Do Kwon.

No matter what they do, certain groups are going to feel like they've been screwed over again.

As they already don't trust their leader, this iteration would be set up to fail just as hard as the first.

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You are probably right. I feel badly for the dedicated community, I read a guy saying he had 2.5 million one day and $1,200 when he got back online 3 days later.

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The shame is that from my understanding the technology worked very well. The blockchain was fast and cheap, I liked the fact that you could choose which token to use to pay gas fees.
I do find it somewhat ironic that this has been posted on Hive which was born from a cataclysmic event on Steemit, there were probably a few people at the time saying that Steemit should be left to die but the rest of us said no we'll keep going and Hive was born.
I feel sorry for those that were using Anchor (mainly) as a savings platform, they weren't part of the "wen Lambo" crowd.
It's clear that it's going to be a stretch for any reincarnation to succeed with such a tainted "brand" but who knows.
I'm not sure about it not spelling the end for algorithmic stablecoins, it's going to take a lot of work and very efficient marketing to restore the wider crypto worlds faith in such coins, the concept is very tainted.

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Yep, touche.

If the community goes forward alone and forges something from Do Kwon's Terra's ashes, then great.

But it has to be without their Justin Sun.

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Haha interesting choice of words "from Do Kwons ashes" or is that just my darker side putting a spin on it.

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You're right. It is very very difficult for LUNA to get back up. To my limited understanding, people who invested in it in the first place rely on trust. And now, that trust is wiped clean. With no utility/community, there is little to no benefit investing on it.
Though, I am sure, there are some people who would buy in and think that it may rise again. Well, let's see how it would end. :)

!1UP

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Thanks

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