Disclaimer: cover photo isn't mine. happy to give credit to the artist.
I'm not sure why but my brain pays close attention to language, nuances. While reading Rich man's proposal, a couple paragraphs stood out.
1)"While a decentrailized economy does need decentralized money, UST has lost too much trust with its users to play the role.
So what remains? While UST has been the central narrative of Terra’s growth story over the last year, the Terra ecosystem and its community is what is worth preserving."
My brain: things that are noteworthy? Do admits that UST has lost trust & has no role to play in the ecosystem, with that comes "wtf is UST used for now?" Besides scalping irresponsibly on low time frames. Lol. The founder saying it's a lost cause & of no use. That's telling.
"But the priority now should be to preserve this amazing ecosystem and to make as many users and builders as possible. Terra should first preserve its L1, and the community should gather to discuss decentralized money once the dust has settled.
My brain: Rich man emphasizes the priority: the terra ecosystem & community. But what does community mean? Unless people are made whole or partly, those badly burnt by this ain't staying nor coming back. No mention of a UST & certainly not LUNA compensation. Preserving L1, who does that benefit?*
With regards to the allocation of how the new tokens are to be distributed based on the proposal, while he does say to exclude the TFL wallet, it doesn't talk about his own.Dont know how much he owns personally but still, he would stand to benefit nicely via his personal holdings does he not?
*Side note: i haven't looked into it & might be wrong. But from the outside, it looks as though TFL has its hands inside a lot of cookie jars, well most of the dapps at least. So don't quote me.
==Personal opinion==: while he does make comments about making ust holders whole. It feels more like a passing comment rather than a priority. Rich man admits defeat to UST now being useless(not even fit for a paperweight). Regardless of what proposal goes through, highly unlikely that should there be a new chain, that anyone who bought after the meltdown would be entitled to much. If any. Also I'm sure the "10% proposed for Luna holders at the final moment of the chain halt" would be based on balances on-chain. Not on CEXs.
I'm just ranting on my phone. There will be spelling,grammar & factual mistakes. It is what it is. Though I should make it clear i feel for those that lost it all or majority of their holdings. I don't take pleasure in seeing others fail.
However, you might see me constantly rubbing it in whenever this specific person tweets but that's only because, in the words of Tony Montana "I never fucked anybody over in my life didn't have it coming to them."
- Loading comments...