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Terra's official retail-facing documentation has been scrubbed of all mentions of stablecoins or UST (I've attached a before & after). Previously, these contained a promise that 1 UST can always be burned to redeem $1 of LUNA. (1/2)pic.twitter.com/D6n9hlHxJ8
This burnt/mint system was the foundation of Terra/LUNA's value. Terra arbitrarily turned it off citing governance concerns (which could have been mitigated by disabling staking alone rather than Terra's primary economic mechanism). This breaks one of their core promises. (2/2)
PS. Rushing into Terra 2 as an excuse to scrub old documentation won't work here - the internet never forgets. Here's a link to an archive of the old page. https://web.archive.org/web/*/https://docs.terra.money/docs/learn/protocol.html …
So if UST is now burned what happens to LUNA? Is it completely independent now?
LunaC transfer to (shitcoin)
Where will Ust be used in the future???
Unreal. We were sold a misleading product. This constitutes fraud.
@stablekwon @terra_money back my money
It wasn't only governance concerns, at the rate it was going the nodes would crash pretty soon due to inability to store Luna values in variables.
I desperately need your help, man! I've sent an message to you. Cheers!
Luna community at it's dictatorship rule don't allow us to defame them because of frauds and ponzi lunapic.twitter.com/olgjZ09g9a
After v2 launch we could turn back on ust burn/mint mechanism, the only trouble is the chain could die when because of the use int(integer) variable, bigint is used in most places but i heard there was one critical place it wasn't (2/2)
it was not disabled because of governance issues, we already solved that by disabling staking, it was to make sure the chain continues running so that we can try to deliver value to LUNA & UST stakeholders still
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