This article is from:StocktwitsThis article is from:

, Translator: Odaily Azuma

This article is an exclusive interview by Stocktwits with FatMan, the most popular public opinion leader in the current Terra community. The latter is the first in the industry to publicly propose that LFG should give priority to guaranteeing the redemption of small UST holdersproposalproposal

Due to the length of the interview, for the convenience of reading, Odaily has made certain deletions and changes without affecting FatMan's original intention, please see below for details.

Q1

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Stocktwits: Can you introduce yourself first?

At the end of the day, I want to push for a scheme (preferentially honoring small UST holders) - I think I have a good proposal, and the community also happens to rally around it after this horrible event . I'm really not that special, I don't think I'm an authority that needs to be respected, I believe that every idea should be measured based on value and community consensus.

Q2

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Stocktwits: What do you think of the collapse of LUNA and UST? Did you expect it?

FatMan: I know the crash will definitely come eventually, because UST demand will eventually drop sharply, LUNA will also drop sharply, however considering the impact of some related events, such as 3AC's massive investment, Do Kwon hinting that another 1 billion will be added Yield reserves, Anchor gaining popularity as a mass savings tool...I predict it will take 1.5-2 years for this to happen.

I didn't expect two things, one is that the UST will be unanchored so quickly, and the other is that LUNA will go to zero within a few days, which is the main mistake I made. A collapse of this scale and speed is unprecedented in crypto history, and the sudden disappearance of a project with such a high market capitalization is both terrifying and shocking. I don't want anyone to see their hard-earned 5 years of savings go down the drain.

Over the next few months, there will be a lot of hindsight in the market and a general understanding that this crash was entirely predictable. Indeed, if you know exactly where to look and how to look, you can see it coming, and a few people do. But the fact is, if you go back four weeks, the vast majority of people could not have foreseen this ending, at least it was impossible to foresee this situation. A lot of very smart people also lost a lot this time.(Odaily Note: It should refer to the unconfirmed but widely circulated fact that Terra was sniped by short-selling institutions.)

Q3

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Stocktwits: According to your own understanding, how big is the difference between Terra's actual risk level and ordinary investors' understanding of its risk?

FatMan: I have a writing background in crypto-related technologies, so I have a bit more knowledge in the field than the average retail investor, but that hasn't stopped me from putting a sizable portion of my savings into Terra, a testament to how easy it is stick it in.

I know the mechanism of LUNA/UST, but I misjudged the risk, the responsibility for the loss must be on me, every investment is like this. Although I have carefully reviewed the algorithm model of UST, there are still many factors that make me ignore the loopholes in the entire system, such as the skyrocketing price of LUNA, the huge investment of large VCs, the boasting of Do Kwon on Twitter, and the The story of UST being unanchored and quickly re-anchored influenced my decision.

Crucially, retail investors are not provided with disclosures about its algorithmic mechanics and potential risks when buying and selling UST, making it nearly impossible for a layman to understand.

Q4

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Stocktwits: Do you think Do Kwon and the LUNA community are intentionally misinterpreting the risks of Terra and UST? Do you think they knew the crash was coming?

FatMan: If you dig into Terra's history, there are many ways that Do Kwon knew that the system was going to break down.

The marketing hype around Anchor and UST (especially the description coming directly from Do Kwon) is incredibly dubious, it seems like it's just about getting as many retail investors as possible into the market, and there's no denying that Do Kwon has done a great job of doing it all.

Q5

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Stocktwits: I think it's time to talk about your proposal, can you tell us the basis of the proposal? What do you think should be done about the collapse of LUNA and UST?

FatMan: I have seen firsthand the devastating impact this disaster has had on people's lives. A friend from Singapore in the community committed suicide because of this incident, and more people lost their families, children's surgery fees, school fees, and years of life to continue.

This is the best remedy for using available resources to generate the greatest social benefit. In times of crisis, we must come together and save ourselves as a community, which is the best route forward, both in terms of recovery and future development.

Q6

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Stocktwits: This proposal to focus on Xiaosan has turned you into a celebrity in the Terra community. You have become popular on forums and Twitter. How are you doing these days? How do you feel about the attention?

FatMan: I actually created a Twitter account just for this, because someone on Agora (Terra governance forum) suggested I do it.

I have received so many words of thanks and encouragement, which is a relief because helping others is exactly what I want to do, and a constant reminder that things are going well. Of course, I could do nothing without the community, thanks to which my proposal was taken up and approved by the LFG (albeit in a preliminary form).

Q7

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Stocktwits: One point I'd love to talk about...Do Kwon himself doesn't seem to acknowledge your proposal to put retail investors first, it doesn't seem like he's sincerely trying to refund the lost UST. Why do you think this is? What do you think this means for Terra and its future?

At the same time, Do Kwon and the others are also helping large funds execute OTC transactions (see "Terra's self-help is full of doubts: 80,000 BTC are spent on the back of the knifeTerra's self-help is full of doubts: 80,000 BTC are spent on the back of the knife

That being said, I still think the new Terra blockchain has a bright future - it has some amazing builders and applications - it just needs to shed the taint of Do Kwon's reputation when he left.

Q8

secondary titleStocktwits: As you said, Do Kwon has been focusing on his proposal. I'd love to know what you think about his latest fork proposal(Odaily Note: Considering the interview time, this proposal refers to Do Kwon's first version of the reconstruction proposal)

the opinion of. I know community members think it sucks, despite the support it has from major protocols. Do you have any idea?

FatMan: Overall, I don't think this proposal is good for several reasons, but I also understand that there is nothing Do Kwon can do, he has been cornered.

First of all, there is a problem with the new token distribution mechanism, on the airdrop of new tokens to LUNA holders, Do Kwon will attack the former holders (giant whales and VCs) and invest in buying LUNA at extremely low prices after the event All airdrops (which in my opinion get too much distribution of new coins) are taken into account; but on UST, all airdrops will belong to the current holders, and holders who sell at a loss due to panic will not was ignored. This is a strange double standard, and it can be seen that this is a premature suggestion that has not been fully considered or properly weighed.

Overall, I think the Do Kwon proposal is for the community to see that he seems to be doing something meaningful, but at the same time he can compensate the victims directly related to him through new tokens - no doubt VC will get a considerable portion of the value.

Q9

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Stocktwits: In your opinion, will this proposal by Do Kwon pass? If so, what do you think will happen?

FatMan: This proposal is likely to pass because TFL has a lot of influence among validators and governance token holders. The community votes we see don't matter because whales don't care about community consensus. The distribution model of the new currency is very flawed, but I still believe that the builders can give the new chain a bright future, and TFL will no longer be able to use the black box to suck huge amounts of money from the ecosystem.

Personally, I don't think the new chain should be in debt to TFL - it should be its own business. I also suggest renaming the new chain as I feel the name Terra is permanently tainted.

Q10

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Stocktwits: You said that Do Kwon and LFG pulled out a sizeable portion of their positions. I'm curious if you think LFG and Do Kwon helped certain privileged members of the ecosystem (like whales) to withdraw at the expense of Xiao San?FatMan: We already know the fact that when Do Kwon told his believers to stay strong on Twitter, he used the bitcoin in the reserve fund to undertake a large number of LUNAs from the giant whales (Odaily Note: It should refer to LFG trading a huge amount of bitcoin otc into UST and then converting it into LUNA

). When he told people that a plan was in place to help UST get back to anchor (he claimed he would be staking UST, which never happened), he was executing a huge sale of UST, which may also be for his Withdrawal of "friends". Reserve funds are running low, and the odds are now going to be distributed to victims who have lost their savings in this crisis. What can I say.

A good portion of the people I spoke to had said they were prepared to sell at $0.7 or $0.6 when the breakaway intensified, but held on because of Do Kwon's misleading tweet, Now only $0.08 is left. In my view, this is a clear case of market manipulation, exacerbating the massive transfer of wealth from retail investors to whales that occurred last week.

The community should get a clear report on the use of reserve funds, we should know who all the bitcoins were sold to, and whether they have an interest in LFG. All of this money is taken directly out of the pockets of LUNA and UST holders.

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Remarks

Stocktwits has reached out to LFG's official contact channel for comment on FatMan's interview, and as of (8:30 GMT on May 19th), LFG has not responded to any requests for comment.