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Terra 2.0 A Lesson In Crypto
Terra seems to be relaunching a 2.0 version. From a overview standpoint it will gut UST and LUNA and rename them to Classic. Then it will relaunch LUNA and have no decartelized token UST attached to it which was the downfall of the first. This is somewhat something we have seen in the past with platforms like Ethereum mainly and I guess you could toss Bitcoin in there. When something goes bad with enough votes the platform should be able to kick and move to a new chain.
What I Support
Community and the ability for it to push for things they way no matter if they are right or wrong. What's important is they voted and action was taken. This is somewhat what we are seeing happen on LUNA but of course very skewed in nature. A truly decentralized world would put it to a anonymous vote to all token holds and vote the direction of the platform. As much as they say this is what happened I personally don't really believe it.
However I fully support that the community and its people that own it are able to make these types of choices and that in itself is a very powerful thing.
The Next Steps
LUNA due to a "vote" will split off of the original chain and start a new one. This new chain will have no backed UST or stablecoin attached to it. It simply will be a blockchain and crypto called LUNA. The older versions of LUNA will be LUNA Classic and UST Classic. I also support this, I personally hate the idea of stablecoins, I always have no matter how much someone tries to talk it up to me you'll noticed I hardly deal with them. Sure it might bring in more adoption and so forth to crypto but at the core of it all I feel a stablecoin destroys everything the blockchain, bitcoin and crypto was built for. That's my own personally opinion and thoughts though and doesn't mean they are right but guess what I am entitled to have them :)
What we need to understand about this split however is there really is no capital and most likely wont be other then people trying to pump and inflate it to try and recover losses. At least in the short term, it's very possible that luna will have assets and application in which use it which drive in demand and thus value which is just the nature of how these things work. I for sure don't see it recovering anywhere near its highs anytime soon however.
What we do know also is exchanges are already signaling their support for this move so it's going to happen. There's a lot of lessons to be learned from what happened with LUNA including personal ones by many people. My hopes are at least some of them have learned their lesson on investing and wont expect a free forked hand out every time the market crashes.
Posted Using LeoFinance Beta
Well, exit liquidity for insiders has to comes from somewhere.
Posted Using LeoFinance Beta
😂
Why LUNA? What will it offer that's unique? Especially after all that have happened.
Posted Using LeoFinance Beta
nothing lol that's part of my post it's simply people trying to cry and recoup some money and remove UST stablecoin which was flawed from it.
Lol.
Inconceivable they are doing this to create bag holders
Posted Using LeoFinance Beta
I like the idea of just plain LUNA. Back to basics.
Posted Using LeoFinance Beta
Yay! 🤗
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I haven't heard of any plan for LUNA to succeed after this hard fork so I am not very optimistic about it really working out. Their advantage was UST and without it, I don't see why people would want to build or use the chain.
Posted Using LeoFinance Beta
So there will be 3 Luna coins on 1 new Blockchain?
LUNA,LUNA Classic and UST Classic?