In reset, your database can be started:
rake db:schema:load
Your database will be created from the schema.rb file (supported by your migrations). This will further protect you from migrations that may subsequently fail due to code changes.
Your developer database should be different from your environment - if you need certain data, add it to the seed.rb file. Do not share the dev database, as you will quickly find yourself in situations where other changes make your version incompatible.
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