Luna Fiasco: When In Doubt Just Fork

Just finished reading Do Kwon’s tweet on the future of LUNA and it’s investors. I must say, Do Kwon is looking like someone who might just have hope in reviving his image. We can’t help but agree to the fact that LUNA is gone, the people that invested money before the price crash have lost money. A lot of lives were ruined during and after the price crash. Do Kwon is considering a fork from the current LUNA blockchain to another, giving builders and developers the option of keep building in the old blockchain. But is that the best solution? Why can’t he just do a massive token burn and reduce the supply, or is that so impossible to do?

The new blockchain is expected to have the name Terra and the old blockchain is expected to be named Terra Classic. The token sign will be $LUNAC, the new LUNA coin is expected to the airdropped to LUNA & UST holders who held LUNA and UST before the massive price crash(at least stated by some blogs, but I didn’t see it in the thread). So investors that sold their coins after being on -80% loss will be left out, expect lots of outrage on Twitter, as people complained about how unfair it is.

I saw a comment where an investor was trying to defend the $43k worth of LUNA he bought during the dip that is worthless now. The LUNA/UST mechanism caused an excess minting of these tokens, which then led to decrease in their value, that also led to massive panic selling. Is it fair that only investors who held their tokens after the price crash get to get this airdrop? What of investors that believed in the system and started buying more to keep the price going but unfortunately lost money instead.

But Do Kwon started the thread and announcement with a statement Terra is more than UST, so this might indicate that there will be no UST. The thread only mentioned other coins(Terra and Terra Classic) but no StableCoin, what does that mean? I bought some LUNA days after the price crisis with $10 giving me 26,666 quantities, I am not expecting any airdrop from that but I wonder what this token will worth after the fork. Although I didn’t see anyplace in the thread where he indicated that only investors who invested before the price crash will be getting the airdrop, but blogs circulated that part. But a snapshot is expected to be done to enable 1 billion new Terra coins airdropped to LUNA/UST investors.

Which then got me thinking, lots of ignorant investors who don’t mind buying LUNA because of the airdrop will be investing their money on LUNA. Trying to take the advantage of the airdrop. This is where people are going to be stuck in a casino mode with LUNA.

Will forking LUNA change anything? Absolutely No, it’s hard to get the trust of investors after losing a lot of money from this LUNA fiasco, so what differentiates the old one from the new one when it’s still the same team. LUNA was a falling knife, that lots of people didn’t know was a falling knife, in the process of trying to catch it, they got pierced, that’s for the people who bought the dip. They bought the dip and got rekt, in a matter of months, people will stop talking about LUNA, lots of people will abandon the project. As for the new forked blockchain, I don’t know, good luck to people that will be investing on that, for my case, I am not investing because I have learnt from the early Luna investors lesson.

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