Once we have accepted that UST cannot be saved, the only question that remains is: should we let Terra die along with its stablecoin?
Do Kwon’s proposal tries to throw anyone who attempted to save the project under the bus. It cannot be allowed to happen.
If we are serious about saving Terra Island for the many excellent projects which have built here, there is only one real option: buy back and burn the newly minted $LUNA supply to restore economic stability.
Please show your support if you agree. This is Terra’s last chance saloon. Let’s be smart.
There was literally a Twitter movement to save the project/peg by buying after the collapse. Do Kwon’s proposal suggests such charitable people were mercenaries hoping to make a quick buck. Anyway, I don’t think Binance will ever support a fork that screws over thousands of people who bought a coin on their exchange. Let’s not forget that $LUNA is still trading there (and on many other reputable exchanges). If the fork goes ahead, it will not be allowed to list on Binance or other top exchanges, and will quickly die.
I agree and at this point I believe this is the least the Terra team could and should do for its Luna investors. Use whatever money they have in store and buy as much Luna as they can while the price is still low.
Reducing LUNA’s supply is a must going forward with this project. Otherwise it is going to fall in the abyss of pump and dump coins.
If we limit UST to ($1 worth of) LUNA minting to only when market cap of LUNA > UST circulation we could see organic re-peg.
And obviously limit the amount that can be converted to a small percentage of the market cap per day.
We only need like a 6x from here to possibly save both LUNA and UST with no fork, no snapshot, no new tokens. Use organic crowdsourced input and let everyone who believes see if we can do it.
As I have written here we could add sth more then a burn tax. A lot of people lost money of their life so why not add two taxes. One will lower supply (BURN tax). The other will be used as a remedy (REMEDY tax) for people that lost the most. This way everyone is happy. Both taxes would be temporary of course
They have BTC reserve. Buyback the minted LUNA and burn!!! Then we will see new ATH before end of the year… Community is getting bigger and stronger after the collapse… LFG
What do the numbers say? Will that work? Or after the buy back, will those who hold UST at restored peg, dump their holdings knowing that the mechanism is not stable.
I think the echosystem and mexhamism needs to upgrade. Do was right. Airdropping a new governance coin and having a stablecoin collateralized is the way to go forward
Creating new coin to save UST not gonna work because UST mechanics is broken and cannot be used again. First they need to save Luna and turn it to be deflationary and keep UST free on the market. Then they should renew UST mechanism with over colleteral one and try to make peg back to 1 USD.
They can demand help from community and exchanges to help with burning Luna. For a while nodes shouldn’t demand any income and fees should be burned.
