Luna CEO Taking Lone walk To Luna 2.0

[yazher]

Such a big move by the coun owner to do I different direction from the suggestions of the public for the sake of sanity let the project do whatever it can get back investors who lost so much already.

To upgrade to such a version take longer than we think because this is might just some kind of propaganda to ease the pain of those who lost their wealth due to this ultra volatile project which is not worth it from the start. This is just full trash, if I am one of those guys who lost their investment, I better move on and use the experience I gathered from this event to be careful in my next investment rather than trusting the same CEO who ruined my dreams and suck my savings.

[livingfree]

His decision is going to be alike as Ethereum Classic and Ethereum.

The existing and older luna will be named Luna Classic (Terra Classic), correct me if I'm wrong. And the new one will be named the same as Luna (Terra).

I don't know if this is going to be an impressive move and will result to a better economy of the Terra foundation and its stakeholders and as well as the investors and holders.

[tvplus006]

...Did you still believing with dev have make many investor losing their money?

If you look closely at other algorithmic stablecoins, you will see that they have the same problem as UST. We saw this earlier with the Waves network's stablecoin, when USDN lost its peg to the dollar, and the same thing is observed now, when the price of the DEI stablecoin on the Fantom blockchain also decreased in price to $0.55. So maybe the problem is not in Do Kwan, but in this kind of stablecoin, which is called algorithmic?

[d3nz]

His decision is going to be alike as Ethereum Classic and Ethereum.

The existing and older luna will be named Luna Classic (Terra Classic), correct me if I'm wrong. And the new one will be named the same as Luna (Terra).

I don't know if this is going to be an impressive move and will result to a better economy of the Terra foundation and its stakeholders and as well as the investors and holders.

Most likely it will happen, the only difference is that a lot of Luna Classic has a lot of holders with an asset of 1M+ Luna which the value might stay at it or might go up in the future. And, I think they will also get benefit if they have two Luna on Terra Foundation since a lot of investors will invest in it.

[Dervish doff]

I think this concept will make things worse than the existing one, it is better to return the UST and LUNA prices to their previous prices, but instead create new problems by replacing the new concept in the network, I am more in favor of improving the existing network, therefore many stakeholders stock run from terra, many cons to LUNA owner's new concept to recover from price drop, he'd better sell 100 percent of his shares to someone else, where the right people in developing LUNA terra, create new problems to cover old problems, if this is crazy concept from LUNA owner, it's not profit, but loss for LUNA asset owner.

[shinratensei_]

Feel curious about what will be the conversion rate since the current total supply of luna is around 7 trillions in the market and how will be 1 billion divided among all of holders in the market? The community disagreed this proposal but since luna doesn't have any money left again and it's so hard to did another refund. The money has gone and people can only hope the new token will have equal price with the old lune when the supply was not so big like this time but yeah im feeling doubt this gonna be happening soon.

[WalkerIVIV]

it’s more like he’s just taking a lone walk for some useless effort of regaining back its former glory that’s not gonna happening anytime soon.
I mean what really a fork could do if all the money and holders already escaping from this platform, this gonna hardly increase the value of even the newer forked coin at all.
Luna has become a disappointment and I think that anyone should get over with that truth, anything being done by do kwon gonna results in mundane effort and if any it’s just gonna recover a little of its former capitalization back.

[South Park]

As CZ stated, the forking of the Terra Luna isn't the right answer for the existing problem.  It will only deepen the hate of the people and think of the move as another money grab.  I wouldn't buy and stay away from this new fork.  This shows how very dull Kwon is towards Luna's investors and supporters.

When some of the most powerful members of the community, like exchanges, give you some advice you better listen, and the CEO of luna is doing the exact opposite of what he was advised by those people, so it is clear that this is just another money grab before moving on and then inventing some dumb excuse about why the forked coin failed and try to get away with his crimes, I really hope the SEC is already behind him as it is incredible that such a huge scam can take place and that this person will not face some consequences for his actions.

[bbc.reporter]

Terra Luna is dead and Do Kwon's imprisonment might become a certainty. If I was Do Kwon I would take every coin I have and keep it in a safe place and save them as payment for legal fees which he will certainly need.

Luna's legal team has also quit the project. Do Kwon's own legal team for the project do not want to defend it themselves once the regulators begin their investigations. I hope none of you lost much of your money in this failure.



The in-house legal team at Terraform Labs resigned shortly after the collapse of Terra’s algorithmic stablecoin wrought havoc on crypto markets.

A person familiar with the matter told The Block that legal operations are now being handled by outside counsel.

The LinkedIn profiles of Terraform Labs’ general counsel Marc Goldich, chief corporate counsel Lawrence Florio, and chief litigation and regulatory counsel Noah Axler show that all three stopped working for the company in May — all after less than a year at the company.

Source https://www.theblockcrypto.com/post/147390/terraform-labs-legal-team-resigns-after-ust-collapse

[fortuner]

Feel curious about what will be the conversion rate since the current total supply of luna is around 7 trillions in the market and how will be 1 billion divided among all of holders in the market? The community disagreed this proposal but since luna doesn't have any money left again and it's so hard to did another refund. The money has gone and people can only hope the new token will have equal price with the old lune when the supply was not so big like this time but yeah im feeling doubt this gonna be happening soon.

Even though Luna is considered to have no money anymore, Luna has now released 3 billion US dollars or equivalent to Rp. 44 trillion in bitcoins in order to save the slumping stablecoin TerraUSD (UST) from being destroyed.
And I think Luna will rise again even though it may take a long time.

[livingfree]

His decision is going to be alike as Ethereum Classic and Ethereum.

The existing and older luna will be named Luna Classic (Terra Classic), correct me if I'm wrong. And the new one will be named the same as Luna (Terra).

I don't know if this is going to be an impressive move and will result to a better economy of the Terra foundation and its stakeholders and as well as the investors and holders.

Most likely it will happen, the only difference is that a lot of Luna Classic has a lot of holders with an asset of 1M+ Luna which the value might stay at it or might go up in the future. And, I think they will also get benefit if they have two Luna on Terra Foundation since a lot of investors will invest in it.

I don't think that it's value will go up again for now.

People have decided to just get it as an incentive will eventually have to sell to cover their losses. Well, many have said that it's not going to work as expected and it's like a compensation for those that have lost a lot of money.

But will that ever be enough? The truth is not but let's see if this is going to amend the suffering of those people that have lost almost everything from it.

[SilverCoin300]

It would be crazy to invest in Luna 2.0. They basically ignoring their community and going ahead with the fork. Even if you still have trust in them, they blew 80K Bitcoins. Why would you invest with this guy?

[Ojima-ojo]

This idea is a bad one switching chain will lead to more devaluation of the coin and will just end up making multiple coins within circulation is that what the CEO wants,

[hd49728]

Their team don't want to keep developing LUNA version 1 and they don't want to use their money to buy back and burn those tokens over minted after the attack.

It looks like they only care about their money and benefit, the community, Lunatics are left behind.

Novogratz - CEO and Founder of Galaxy wrote a letter on this. They had a big loss in Terra Luna but his advice contains 4 points that I think makes sense to remind people about a good and safe capital and risk management. Should read.

[Little_Sister]

It would be crazy to invest in Luna 2.0. They basically ignoring their community and going ahead with the fork. Even if you still have trust in them, they blew 80K Bitcoins. Why would you invest with this guy?

Luna team is still in trouble but surprisingly they ignore the community for no reason, I think they should collaborate with the community to improve everything but in fact they themselves are very arrogant but don't realize that without the support of the community the luna project will die.

[Ultegra134]

I don't know what Do Kwon intentions are, and even if he wants to fix his mistakes, I will definitely avoid all his projects. I am convinced that a large majority of investors will do this same.
If he wanted to fix the errors that were in the LUNA algorithm, he should do it much earlier.
Unfortunately, but after such a huge catastrophe associated with a whole series of mistakes he made, he will never be able to regain confidence in the cryptocurrency market. In my opinion, he should just change the industry.

That's more likely the best approach. Despite that the whole incident didn't look intentional, it's currently of minimal importance whether it was on purpose or not. Now, I wouldn't trust a single penny to any of his projects, I seriously doubt that any of his recovery plans will have an effect at all. Thousands of people have lost money, including myself, he's not going to compensate any of the losses, and no matter how unfortunate that is, it's understandable, he's not a bank with insured assets, no one forced us to trust him and his projects.

[btc_angela]

I don't know what Do Kwon intentions are, and even if he wants to fix his mistakes, I will definitely avoid all his projects. I am convinced that a large majority of investors will do this same.
If he wanted to fix the errors that were in the LUNA algorithm, he should do it much earlier.
Unfortunately, but after such a huge catastrophe associated with a whole series of mistakes he made, he will never be able to regain confidence in the cryptocurrency market. In my opinion, he should just change the industry.

That's more likely the best approach. Despite that the whole incident didn't look intentional, it's currently of minimal importance whether it was on purpose or not. Now, I wouldn't trust a single penny to any of his projects, I seriously doubt that any of his recovery plans will have an effect at all. Thousands of people have lost money, including myself, he's not going to compensate any of the losses, and no matter how unfortunate that is, it's understandable, he's not a bank with insured assets, no one forced us to trust him and his projects.

Not sure about it though, it seems to be something fishy going on as there are a lot of news that this might be their plan and there are companies benefited from the catastrophe like there is connivance and insider trading.

He is trying to compensate but we don't know how he will do it. So yeah, if you think you lost your money here so it's better to move on. And hopefully learn our lessons from this.

[diminizio]

It's still not clear how the LUNA v2 ecosystem works, what I want is in the future they really see where the gaps are that their project might get hit again and then fix it as soon as possible. Otherwise, for the second time I'm sure the name do kwon is really missing from crypto or is really being branded a criminal. But CEO luna's good intentions this time must be respected, they are responsible for the attack on LUNA.

[evilgreed]

               It's nice to see that at least the CEO of Terra Luna is somehow trying to revive the project and didn't leave the investors and supporters. Not that he yas any choice but yeah, some still run because of being overwhelmed with the problem and the negativity of the people which is understandable being an investor. I just wish though that the CEO makes the best decisions from now on. His bravery is great but it would also be nice if he'd be able to support his decisions properly having countermeasures prepared if ever some things go wrong again.

[Ultegra134]

I don't know what Do Kwon intentions are, and even if he wants to fix his mistakes, I will definitely avoid all his projects. I am convinced that a large majority of investors will do this same.
If he wanted to fix the errors that were in the LUNA algorithm, he should do it much earlier.
Unfortunately, but after such a huge catastrophe associated with a whole series of mistakes he made, he will never be able to regain confidence in the cryptocurrency market. In my opinion, he should just change the industry.

That's more likely the best approach. Despite that the whole incident didn't look intentional, it's currently of minimal importance whether it was on purpose or not. Now, I wouldn't trust a single penny to any of his projects, I seriously doubt that any of his recovery plans will have an effect at all. Thousands of people have lost money, including myself, he's not going to compensate any of the losses, and no matter how unfortunate that is, it's understandable, he's not a bank with insured assets, no one forced us to trust him and his projects.

Not sure about it though, it seems to be something fishy going on as there are a lot of news that this might be their plan and there are companies benefited from the catastrophe like there is connivance and insider trading.

He is trying to compensate but we don't know how he will do it. So yeah, if you think you lost your money here so it's better to move on. And hopefully learn our lessons from this.

Fortunately, I managed to swap my UST tokens to another stablecoin before it severely crashed, reducing my losses. I'm pretty sure that quite a few people benefited from the incident and wouldn't be surprised if that also included Do Kwon and his team as well. On top of that, a few hours before the second major crash, Do Kwon was tweeting about his so-called recovery plans and to remain calm, without giving out any valid details that could potentially save UST and Luna, probably to just keep the hype going. It seemed extremely fishy, like he actually knew what was about to happen.