I see many proposals that UST should be abandoned to “save LUNA”, both on this forum and on social media.
Abandoning UST would be theft. UST is an obligation. Paying UST holders is not a choice: It is the fulfillment of a promise already made. It is the fulfillment of that promise to people who paid money for it.
Furthermore, as I have said in numerous recent posts, UST is what gives LUNA its value. If UST is abandoned, then LUNA will be properly worth zero.
I am not a thief. I am not a scammer. As a LUNA holder, I do not want to steal from UST holders.
Furthermore, I want to protect the potential future value of my LUNA. That means I must seek to restore confidence—to earn back lost trust, insofar as that can be done at all. The only way to achieve that is by making each and every UST holder whole, 1:1, $1 per 1 UST.
The thoughtless, criminal-minded subset of LUNA holders who want to steal from UST holders are destroying the potential future value of my LUNA. They are making LUNA look horrible to the public. And LUNA is hyperinflated. There is just way too much LUNA out there.
Let’s kill two birds with one stone: Reduce the LUNA supply, and get rid of thieves who want to steal from UST holders. Hardfork the Terra network with a new consensus rule that burns the LUNA of everyone who wants to abandon UST. Bonus: It will do wonders for public trust and confidence in Terra.
On a technical level, I have no idea how to implement that. Perhaps we should use a psychic oracle that reads the minds attached to public keys. Anyway, that is an implementation detail.
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Please vote for my Modest Proposal by liking it, sharing it on social media, and explaining the basic ethics and morality of “do not steal other people’s money” on an ELI5 level to anyone who wants to abandon UST to “save LUNA”.