Do Kwon finally got what he wanted. Despite the controversy in the Terra community, he succeeded in getting his Revival Plan V2 for Terra Luna passed. He had explained that Terra was much more than just the UST, so he went through with his plan.
Terra 2.0 was therefore launched in the last few hours. The original Terra Blockchain has been renamed Terra Classic. The price of LUNC is currently $0.00009581. As for the UST, it has been renamed Terra Classic USD (USTC) and it will now remain depegged from the US dollar. The price of the USTC is $0.03091.
Meanwhile, let's not forget that Do Kwon still threw away over 80K of BTC that Terra had in reserves in his desperate and totally stupid attempt to save UST in the middle of the storm. He probably should have thought before acting on emotion as the Terra ecosystem was collapsing.
Terra 2.0 is doomed to failure. Sooner or later
The new blockchain created as a result of Do Kwon's Revival Plan V2 is called Terra. Apart from some slight cosmetic changes, Terra is thus relaunched with the same flaws as before. Many want to believe it, but my opinion is clear: Terra 2.0 is doomed to fail.
The price of LUNC started at around $18 at the time of the initial airdrop and then dropped drastically. This was logical and it was indeed to be expected that many holders would pull out in an attempt to save some capital. That's why Do Kwon's project is planning new distributions to loyal holders who believe in this Terra 2.0.
Seeing the current price of LUNC around $8.5, there probably won't be many left. That said, Terra 2.0 still has a market cap of $1.8B at the time of writing. That's quite a lot when you think that the initial project of Do Kwon on which this fork is based made investors lose more than $50B.
All of this was due to excessive haste in the development and evolution of the Terra project. The flaws had been seen for a long time. Many had talked about it, but Do Kwon seemed to take it as a joke by challenging people to attack his ecosystem. This was finally done and we see the current result: a disaster.
A disaster that human greed seems to have made some people forget that they still want to believe.
Bitcoin is evolving at the pace it needs to evolve to protect its revolution
It's at times like these that one has to praise the way Bitcoin is evolving. In November 2021, the Taproot upgrade was activated after years of development, testing, and discussion. Many criticize Bitcoin for its allegedly slow evolution. In the eyes of Bitcoin's opponents, who use this opportunity to promote their Sh*tcoin project, Bitcoin's technology is outdated.
These people do not understand that Bitcoin's superiority does not come from its technology but its monetary attributes. Bitcoin's technology only serves to give credibility to the monetary attributes of the Bitcoin system.
So Bitcoin does not need to evolve in a hurry. On the contrary, it should evolve at its own pace. A pace that guarantees the security of the more than $590B of Bitcoin's market cap today. The slightest bug introduced into Bitcoin's source code in haste would be disastrous for Bitcoin, but more importantly for the entire cryptocurrency industry.
Bitcoin is the king of digital currency. A Bitcoin collapse similar to Terra's would mean the end of this adventure and the dream of a better world through encrypted P2P hard money that offers the same opportunities to every user.
The price to pay to satisfy the desire of some people to go faster and faster would be far too high. It's not worth the risk. The Bitcoin revolution must be preserved by all means. And to do that, the Bitcoin source code must remain flawless. I'm a computer developer, and I can tell you that for it to stay that way, there is no secret, you have to give developers and testers time to check and test the Bitcoin client over and over again.
This is the only way to get a system like Bitcoin that has never been hacked in over 13 years of constant operation. Bitcoin's uptime is indeed very close to 100%. Something that not even the web giants can guarantee, as they are always affected from time to time by hacks of greater or lesser magnitude.
This is not the case with Bitcoin, which remains the most secure decentralized system in the world.
Final Thoughts
The collapse of the Terra ecosystem is therefore a tribute to the slow evolution of the Bitcoin system. A slow and virtuous evolution that has allowed the Bitcoin revolution to grow over time, block by block, giving enough confidence for more and more users to join it.
Bitcoin must continue to evolve in this way, and it will because the entire Bitcoin community has understood the importance of keeping a system that is resistant to attacks that are not lacking. A lesson that the founders of Altcoins projects should ponder instead of wasting their time criticizing Bitcoin to promote themselves.
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