The founder of collapsed stablecoin tara, usd wants to build another blockchain from its network's ashes. Oh dokuan! What do you have up your sleeve? What's going on? This is just another insane update from the whole tara luna plummet crash debacle, basically they're trying to not pull a rabbit out of the hat they're looking to pull a phoenix out of the hat and really within that hat is also the ashes of tara, which a Lot of people lost a lot of money. The guy who runs the show do quan is saying hey, we can come back and a lot of other people are saying how about don't do that tara, usd founder dokwan has put forward a new revival plan literally trying to bring tara back from the dead. For the terror ecosystem, after the collapse of its stable coin and sister token luna fed a wider cryptocurrency meltdown last week that, among other things, obviously the fed's not being the nicest right now so anyway, here's what the current pitch is the current plan for all those Of you, who might still be in tara, looney you're, like i'm already down 99, what's going on, so this plan would involve ditching the failed terra usd stable coin altogether and creating a new community owned chain.

So, basically, the old chain, the one that just died, could be dubbed terra classic with the token renamed luna classic has the same. I guess naming stuff of what there is an ethereum classic type of a deal um, so they're. Looking at l-u-n-c, the new chain would be known as terra and its native token would be known as luna. So the names that we're already familiar with would be the new ones and they would basically just rename the old ones ust peg.

Failure is tara's, d-a-o hack moment and the a chance to rise up anew from the ashes according to dokwan. I i don't think it will. I think, when you're talking about algorithmic stable coins, it's all about trust in the ecosystem, trust in the community and that's the major thing that terror does not have right now: terror, ecosystem and its community are worth preserving. You know i don't know how i need to really sort through my own opinions on dokwan um, very interesting use of his twitter lately, but my heart does go out to all the people who lost their hard-earned money on this.

Under the proposal, people who hold luna on the existing classic chain will get an airdrop of the new luna token, as will the blockchain's developers and ust holders. Terraform labs won't receive any of the one billion new tokens distributed. The airdrop will go ahead on may 27th, so mark calendars, depending on whether the proposal gets the green light in a vote expected to begin on wednesday, which would be may the 18th looking to use its remaining assets to compensate the remaining users of ust smallest holders. First, so the reason i'm bringing this up is because there have been some interesting allegations, not really yet proven of the entire lfg or really the terra.

The people running the show kind of helping the big boys out before things got absolutely decimated. There are some interesting on-chain analytics, but on the flip side of it, you see things like this of even in what might potentially become terra classic luna the money that's left, going to the smallest holders, first so kind of going the opposite of supporting the whales. Now that's kind of a side point. A very important question here is: could this work should i hold my luna? Should i hold my tara? Am i gon na make my money back and even if i don't make my money back, maybe i wasn't involved.

Is this new effort of financial opportunity? I don't think so, as i previously alluded to, i think the trust has left the system and that's of paramount importance, but also big players like the binance, ceo personal opinion, nfa forking does not give the new fork any value. That's wishful thinking. I'm fully aware that this could be extraordinarily painful to hear, but it's just what's going on, it's the reality of the situation. I think the money that was put into this ended up just being a bad bet and people got got tara's luna gains.

Then slides after dogwon's fork proposal, so on the proposal we did see a bit of a spike, but it's already like in real time, we'll check it right now. It's clearly already coming back down it's even hard to zoom in on this uh ust, currently training at nine cents, but that's coming down as well. So at first there was a little bit of an excitement. But if you zoom out relative to really the cluster that this has become, it's not much of a bounce, there are still pros.

There are still cons, and i want to do my best to give you a balanced argument. It is still the earliest days of algorithmic stable coins, which is terror. There will be many failures along the way to hold the peg as they, mostly in the experimental phase. We have to accept the failures along the path.

More of potentially the argument of like hey, you have to fail a lot of times in making a light bulb to make an actual light bulb. But on the flip side it sounds like just a crypto version of a pyramid scheme, and this is according to bill. Ackman investors were promised 20 returns, backed by a token whose value is driven by only by demand from new investors. In the token, there's no fundamental underlying business also a fair point, and that's really what people were arguing.

The anchor protocol was susceptible to anyway, of it sounds like a ponzi scheme of it only working by the fact that people are getting other people to join in schemes like luna threatened the entire crypto ecosystem. The crypto industry should self-regulate away other crypto projects with no underlying business models before crippling regulations shut down the good and the bad. So this once again was from ackman. These are his words, not mine, it's one of those things of okay.

Is it the boomer wall? Streeters, just don't get the new age of business and don't get the new age of crypto, or are they just bringing up something inherently true of supply and demand functions on the fact that you need to have like actually something to offer a true fundamental business model? If you will so i don't know what side you fall on, i just wanted to present both sides of like okay. Is this just a work in progress, or was it doomed to start from the get-go uh? So that's. The newest update on luna looks like they're going to try to do a revival. I'm of the opinion and remember this is not financial advice that it is not worth your hard-earned money.

I think, like tara, it's doomed to fail the go round number two in the future. I see a way in which algorithmic stable coins could work. I just don't think it's going to be terra or dokwan that ends up pulling it off, and it's by the simple fact that there's no trust, there's no trust in this system and definitely not from the big institutional players.