Bungie has officially removed the Loot Cave in Destiny with it’s new patch. The patch not only removed the cave but also slowed the respawn rate for the area as well. It was good while it lasted. Bungie had this to say about why the cave was removed:
The social experience of a cave farming run is amazing: the herding to get a team of Guardians all behind the line and firing in the right direction, the rush to grab the loot, the scramble when the panic wave starts, the beckoning glow from inside the cave. The speed at which the community organized around this activity was inspiring and humbling to us.But shooting at a black hole for hours on end isn’t our dream for how Destiny is played. Our hope is that social engagement in public spaces is only one part of the Destiny experience. Expect changes soon which decrease the efficiency of cave farming and correspondingly increase engram drops from completing activities.