Welcome back everybody to Altcoin Daily where you subscribe for daily videos on everything going on
in cryptocurrency. Major update to Terra Luna! If you hold UST, if you hold Terra, if you know
somebody this affects (and quite honestly this affects the entire cryptocurrency ecosystem)
pay attention because we have breaking news this just happened today i'm going to share
with you all the details. Smash the like button if you appreciate us keeping you updated on a
daily basis. Curious to hear your thoughts on all of this below listen to this Do Kwon
the now infamous co-creator of tara luna wants to and is actually putting measures in place
to fork luna's block chain to make terra classic where the luna that is around right now
would be renamed terra classic and the forked luna would just be named terra same ticker luna under
a new plan proposed by dokwan the current chain would be renamed tara classic the new chain would
actually ditch their stable coin ust would be no more he introduced this concept to his community
in a twitter thread and blog post beginning tara is more than ust in the blog post he laid out the
motivation for this change he says while ust has been the central narrative of tara's growth story
over the last year the distribution of usd has led to the development of one of the strongest
developer ecosystems in crypto the terra ecosystem and its community are worth preserving tara's app
ecosystem contains hundreds of developers working on everything from defy to fungible labor markets
state of the art infrastructure and community experience terra station has a large install base
with million plus users across the world although distressed strong brand recognition and a name
that almost everyone in the world will have heard about ust peg failure is tara's dow hack moment
a chance to rise up anew from the ashes he's saying terror is more than just a stable coin
in his opinion although it might be hurt right now the terror brand is strong according to him
we don't need the stable coin this is just tara's defy ecosystem but according to him it's worth
preserving along with any ecosystem that's growing in terra that is not the stable coin
let's cut right to it what exactly is dokuan planning to do the tara chain as it currently
exists should be forked into a new chain without algorithmic stable coins it will be called terra
the same name it will have the same ticker the old chain will change and be called terra classic with
a new ticker l u and c both chains will coexist the new luna will be airdropped to old luna
stakers holders residual ust holders and essential app developers also the luna foundation's wallet
will be removed from the airdrop making terra a fully community owned chain stakers holders and
stablecoin residual holders and stakers and essential app developers well who are these
essential apps he's referring to that will get the airdrop it's everything from infrastructure
to dex to explore payments wallets lending analytics staking derivatives launch pad bridges
stable coins which aren't algorithmic nft exchanges insurance d5 strategies games and others
again there is an ecosystem worth preserving according to dokuan we believe this token
distribution in addition to best efforts by the luna foundation to make ust stablecoin holders
whole best solves for the varying interests and time preferences for each stakeholder group
and most important creates the most viable path to revive the terra ecosystem tara 2.0 is focused
on developers developers will get an immediate emergency allocation of luna tokens to fund runway
as well as a pool of tokens earmarked to align the interests of the base layer with its builders
now he can't just do this by himself he must have support from the terra developers and he puts out
a call to action we encourage terror developers to signal support and commit to build on the
fork on public channels as soon as possible he wants them to signal support as soon as possible
in my opinion they will signal support they want that airdrop they want to be made whole
if they hold terra or if they hold the stablecoin which are both down the luna foundation will be
initiating a governance proposal for the network fork in the next few hours it's going on right now
if the proposal passes then it will coordinate the fork with validators next friday the 27th quickly
take two seconds comment what you think should be done in the comment section below should they
go through with this should they signal to go forward is this too little too late should they
abandon the project altogether let me know your thoughts below i'll be reading the comments i will
be responding to some of the comments if you hold luna or if you hold ust i would think surely you
would want this to go through to be clear the new chain will be air dropping 1 billion luna tokens
between developers ust holders and those who held or staked luna or its derivative projects before
the price of the stable coin d-pegs so you can't just go buy some right now the redistribution will
include vesting schedules and token lockups for most of the luna so everybody can't just sell it
once ostensibly to avoid a steep price decline as terra determines how to move forward without ust
at its center for full details visit the blog post you'll find out the motivation which we went over
the tldr the essential app developers the token distribution the technical details
roles and responsibilities and of course the exact timeline again if this goes through the 27th
of this month a new terror will appear personally i think this needs to go through a lot of people
have lost a lot of money with tara used to be over a hundred dollars now a fraction
of a penny ust supposed to be pegged at one dollar currently 10 cents it's really
unfortunate that tara imploded this hurts the whole cryptocurrency market but this specifically
hurts the people that were actually holding tara luna or holding the stable coin i feel for you
i know a lot of people that got burned hundreds of dollars thousands of dollars hundreds of thousands
of dollars if you are a victim in this i'd appreciate if you were to share your story below
and let us know if you think what they're doing with their 2.0 is going to make you whole
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of this let me know if you did i wanna highlight this because we should count our blessings finance
revealed their 15 million luna tokens worth 1.6 billion at all-time highs are now valued at 300
000 never sold they kept holding and now they barely have anything props to binance but this
is a big loss for them also they held 12 million ust stable coins from staking now that's valued at
just 1.5 million again another burn this is the biggest loss as far as i can tell in the whole
luna debacle this was cz's tweet alerting the community about where binance stands with all of
this he says never moved never sold again props to binance for not selling and trying to get out as
everything was tanking and again this affected the whole market bitcoin still below 30 000
it might go lower but what an opportunity right people loved bitcoin at 69 000 but thought it was
expensive now bitcoin is a lot cheaper than 69 000 at 29 000 but people aren't interested funny how
that works so how low could bitcoin go well let's take a look at a few metrics so the last time
bitcoin lost the log channel was march 2020 this is when bitcoin also dipped below the 200 sma
right here log channel clearly shows bitcoin is entering a period of outsized opportunity
but does price need to drop as low as the 200 sma to completely bottom which would put bitcoin
much closer to twenty thousand dollars the last all-time high
obviously if any of us knew the future we'd all be rich you're never gonna time the exact bottom
we've entered into a level where i have begun to cost average much more heavily check out this
bitcoin volume at these levels have marked the bottom the last three times huge volume spike
huge volume spike for this bottom huge volume spike for this bottom huge volume spike
for this bottom are we there yet well even if we are i don't expect bitcoin to go back up tomorrow
you know there's going to be a lot of ranging a lot of chop consolidation
just like there always is yet bitcoin from a network perspective looking strong its hash
rate is making all-time highs and in this case its layered two lightning network capacity continues
to hit all-time high levels anyways i hope i was able to provide you with value in today's video
feel free to subscribe to the channel join the team we update you on a daily basis smash
the like button if you got value in today's video and i will see you tomorrow my friends