A fork is an instant burn of Luna. It is like groundhog day movie reset where you get to try better strategy on reset (defend UST at cheaper price point). Can still provide rewards to unforked coin holders.
One thing that should be considered is what price people bought at and what was the supply at this moment, I had no idea about this whole inflation mechanism, bought at $15 and 0.1 but then I saw 0.0000001 so miserable lost 99,9999% …
Absolutely agree with this solution. There is 1.2 billion in BTC reserves unaccounted for as of this moment. Reserves are for emergency purposes only which this easily qualifies as.
If LFG used that 1.2 BN in BTC reserves to buy and then burn LUNA it will help reduce the total LUNA in circulation to a somewhat respectable number to restore some value to the token for those who are hodling through this mess.
UST is done. There is no faith and credit in it anymore which is vital for a currency with no true backing. No one would have faith in it anymore regardless if it restored the 1-1 peg to the dollar.
What is worth preserving are the developers and community of LUNA. The ecosystem still has viability and if it is restored then a new stable coin can be minted with true backing at some point in the future.
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Burning Luna and restoring Luna as a governance token to keep the system alive without a stablecoin such as UST.
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Check what CZ tweeted… he also says buyback with the BTC the project holds and burn this to reduce supply… fork dont work!!! Dont fool the community!!!
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What are your thoughts about this proposal?
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The problem that TERRA faced is described in all anti-crisis sources of management!!!
This was the case with the currency in Germany after the war, when inflation was 10,000,000x and it could not be suppressed, as well as in many other countries.
In this case, it is necessary to open futures trading with leverage ONLY EXCLUSIVELY for the purchase of TERRA.
It is necessary to make a commission for the unprofitability of speculation, namely - for the sale of 15%, for the purchase of 1%. The entire commission should be directed exclusively to the burning of coins.
Thus, we will cope with the situation at the current volumes in less than 2 weeks!
!!!
PLEASE. Share this message. PUT TAGS:
#Terra_Luna #Terra #LUNA #lunacoin #burn
@cz_binance @stablekwon
!!!
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Buybacks and burning are a long road, but better than any shortcut action to patch current situation. Only thing needed is to add code to the terra core to automatically charge a higher fee and use these for actual real burns. @dokwon
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This copy of my reply on other proposals. I’m for a burn of some kind and no fork.
Terra has the chance to get through this probably rather quicker than it first seems. There are now tens of thousands of new luna holders. People bringing volume and use to Terra chain, especially with some new tax or other tx burn mechanism ideas people have come up with… If it gets out that Terra chain plans to fix and continue onward and not fork and LUNA becomes deflationary, even if slowly deflationary, Terra and LUNA will probably go huge. Maybe even mainstream.
Bringing trust and value to the current chain and burning will reward validators. Believe me validators ARE getting crazy staking returns in LUNA right now, bring it value.
All the low price buys around the world are also propping up the price and even helpi g UST by buying LUNA. Have you seen the trading volume? Amazing. And all the free advertising. Save the current chain, bring value to current LUNA, setup a fund of some sort to cover UST holders over time. World community would love LUNA. Crypto community would too and assist.
Do it this way easier to bring in all these new LUNA holders to developers’ applications. There are a TON more wallet holders with no idea yet how useful LUNA is on chain, a campaign getting people in will bring value and trade volume to Terra dApps.
Ditching this opportunity by forking and airdrops etc gotta be kidding me. Just scared. Terra chain has a ton of value and a lot more to offer. As another said in another post welcome to further decetralization. This meltdown inflation might just be a blessing with so many new luna holders around the world. Show them a home.
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I think this is a very good proposal
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Kick DO KWON and his dev team out of this space. I just cant think of how they pulled up a plan to launch LUNA2 after they messed up the system and made hundreds of people go rekt. Pure criminals.
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I like this plan over all other plans. Its simple, its organic and seem the most natural one that can not only create the Moon effect but also make Luna soar to never before seen heights because of the underdog effect.
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Couldn’t agree more.
Restore the value of LUNA, explore third party stables coins to temporarily (or permanently) substitute $UST.
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Lets get to burning!
Grow up. We all lost you jackass
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Buy back burn, add a burn fee and create a fund to payout current UST holders over time
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Hi Everyone, after cooling down over the weekends, some thoughts and perspective here for your reference. The purpose is to hopefully provide some objective thinking process, amid all the hate, sadness and complaints
I know its painful for you to lose your money. It is painful for everyone and everyone still cant believe what happened.
Alot people keep believing that there is hope for recovery. Yes, I hope so too. I have lost quite alot in this saga and it was excruciating painful. But the truth is still the truth no matter how painful. The earlier we accept it and move on, the earlier we can get back on our feet. You bunch have already lost money, try to limit your losses in the mental and time aspects, if you know what I mean.
Let’s take a look at some of the simple truths below.
- There is simply not enough reserve to save all UST holders.
Think about it. 11bn supply of UST to go and at best 2bn of reserve left? Not to mention that some of these reserve also belongs to the Luna holders. DK knows this. Thats why DK proposes this plan. and there is more to it, on why DK propose this plan. See item 2.
- For Terra to continue, the devs must continue to be motivated and continue to build.
Think about it. the thing critical about Terra survival is the dev continue to stay and build after this saga. If you are a dev and your your past luna get crashed in 2-3 nights, will you still be motivated if there is no plan to help you to recover some money? You might even jump ship to other network - brain drain of talents. This will definitely be a death blow to Terra.
That is why, in this new luna plan, old luna holders get 40%. that is to also help the devs who have been exceptional in developing. Considering 2bn reserve left, circulating luna supply of 380mil before depeg and the new luna supply of 1bn, Old Luna holders get approx. $2.10 of value back.
Math: 2bn * 40% / 380mil = $2.10
This is done at the expense of UST holders. Why? See item 3 below.
- UST holders will be the biggest losers in this new luna plan.
UST holders who pay $1 for each UST will be diluted to $0.07 of value under new luna.
Math: 2bn * 40% / 11bn = $0.07
There simply too much UST circulating supply despite the massive burnt.
- A fork like this will instantly destroy trusts of the community and ensure that CEXs will not dare to list the new luna in the future.
The ones who will be protected the most under this new luna plan will be the old luna holders. DK has to do this to keep the talent pool so that there is a future for new Terra. In doing so, others have to be burnt and trust will definitely be lost.
- This new luna plan will likely to go through. Why?
Look at who control the majority of the votes? The old luna holders, my friends.
- Even lawsuit cant help you recover any money back. At most, they will just make DK declare bankrupt and send him to jail. You have to suffer the pain of losing money and the mental pain of following the news everyday to keep updated on the “punishment” or even hopes of recovery. You will be the one who lose the most, financially and mentally.
Conclusions:
-
For UST holders, try to salvage any value above $0.07 while you still can. If you find my math correct of cos.
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Luna holders, move on.
Of cos, the above are not advice and they are just for reference. Ultimately you must make your own decision and take ownership of your decision.
This will be my last post for the Terra community.
Goodbye everyone! Let’s not let sunk in cost and emotions cloud our judgement.
Regards,
CryptoTTM
Agreed, buy back and burn. Fix the code so this exploit cannot happen again and value will return organically to UST and Luna. It wont be quick but it will be real value, not some made up one from a forked coin.
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no way people who attack luna waiting buyback.
ust had a fail, an experimental concept who fail. Need to find new kind of money
Anyone knows why these two threads got locked for few hours?
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