"Reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin.
I don’t own any LUNA or UST either. Just commenting."
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So basically like we said!
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Calling those who bought extra low people “who tried to rescue the coin” is laughable.
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It will literally drop to $0 if people are not buying. Stop blaming and be bitter at the low price. You can also become a low price holder at any given moment. In fact if you’re willing to spare a couple hundreds a day earlier you’d already have 100x your bags.
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it’s still low you’re allowed to buy
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Completely agree with CZ, also wrote in previous comments below the proposal. That proposal is an arbitrary allocation of an arbitrary number of new coins. Without the trust no-one will believe in the new coin, will Terra/Luna print again 6.5Trillions of coins? First recover the trust by undoing the mistake of minting 6.5Trillion coins. People who trust Luna did not sell; bring back the value of Luna with burn of the new coins
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Terra is more than a price. It’s a great community that has been building. Just looking at the market price is the wrong thinking. Someone who owned 1 LUNA before depeg probably believed and contributed more than someone with 1 million LUNAs bought at 0.00002.
You are so focused on the price that you forget that people spent money, time, energy to build this great ecosystem. You are insulting them by putting them at the same level as those who “bought the dip” (the real word should be gambled).
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中国人了，你们敢不听吗，敢坚持自己的提案吗
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lmao so if you aren’t concerned about the price why are you sitting here complaining? If you believe terra is the future why does it matter what’s its price per usd? The project is going fine if you don’t look at the price.
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This hyena behaviour is not relevant. Those who built the ecosystem are those who can give it value in the future. You buying so low don’t contribute to anything positive. You are not saving the project, you are gambling on the market price.
I’m proposing a better revival plan that cost nothing but everyone will be happy
Here’s a better solution that will not cost the community members their coins and will regain everyones trust
It’s driven by Supply and Demand which is what Terra Luna is supposed to be doing
This will help both UST and LUNA recover
LUNA
- LUNA holders stake their LUNA to support the network (This will get every stakeholder who lost money involved to get the network stronger)
(I’m willing to do it myself) - this is a trade-off every member is willing to take for the sake of the ecosystem and his/her funds
Or if you must give an incentive: keep incentives locked and release them at later time when LUNA supply is back to 500M
This will keep the coins in circulation at a decent amount
-
The staked get unlocked overtime so supply will not flood the market
-
Burn every minted LUNA automatically to keep its supply in control
first mechanism to save LUNA pricE -
Create a price floor using LFG funds and every Luna bought for touching the price floor will be partially burnt so the LFG funds paid will be recovered at a later price point
Preferably well after the 1 dollar
Here’s an initial example with figures:
Initial floor 0.0001 or whatever equivalent in BTC which is the price now and it moves up gradually
and it would absorb 50% at the most from a 6.91T in supply and the budget for that 50% would be 345.5M USD
Every 1 LUNA absorbed gets partially burnt so if the price is 0.0001
and LFG redemption price (as an example) 2 USD
1−(0.0001 devided by 2)=0.99995 is burned
The 0.00005 will be equal to the 0.0001 paid when bought it at a lower rate
The market does the rest as the supply decreases
As soon as LUNA passes the $1 mark the burn will be faster and the market will react to it creating demand.
This is simple math, as an example at the current LUNA price 1 UST minted if UST is back to peg would burn 10K LUNA
How to get UST to peg;
- Resume BTCUST which is trading at a much higher price that USD, it even reached 138K
Sell some LFG BTC to UST at the rates of 60K to kore than 100K
This will bring UST to 0.5 at least
Selling BTC for UST would remove UST supply just like treasury stocks
The algorithm, arbitrage bots, market makers and the free markets will assist in a quick peg
Bought UST at a lower than 1 USD rate should be burned and only enough to recover the funds paid will remain and locked until LUNA recovers past 1 USD (Preferably 2 USD so it burns UST at an exponential rate)
An example:
BTC/USD trades at 30K
BTCUST trades at 150K since USTUSD is at 0.2 (it’s actually even less at the time of writing)
For every 1 UST at that rate, 0.8 gets burnt and 0.2 remain to be redeemed when UST is pegged and LUNA recovers well about 1 USD
Simply:
UST pegged
lock the purchased UST
LUNA Recovers
LFG gets their funds used to revive Terra Luna back
Everyone is happy, no one is losing anything
It requires a time and the community would use the blockchain more which will increase usability and therefore eventually price
This would:
- have LFG take responsibility of their creation and support it with temporary loans
- Keep the community trust in Terra Luna and LFG
- Community member continued usage of Terra Luna which will bring in more users
- A no-loss recovery that would salvage the reputation
Extra steps to be taken:
- Eliminate the loop-holes
- Ban the address/adresses causing the depeg
- Burn the holdings of the address holder who caused the depeg to reduce the supply further
The current proposal by Mr. Do Kwon is not bad but it will destroy a lot of people when it’s done
Late investors as an example will get less than 6 LUNA out of more than 35000 USD investments over multiple periods and that’s if they kept adding to their holdings luckily prior to the peg otherwise they are completely screwed… others will get even a smaller share
You want to build it together hand in hand as a community. This proposal may be the only right way to do it.
Please vote for this
26 Likes
you can call it what you want it doesn’t change anything, they tried to save themselves, by cost averaging down !
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That’s exactly what I’m saying. Builders and long term holders are those who built and helped. It’s not about the price, it’s about who was in the project compared to the blood suckers who are here just for the price. I am all for considering only pre-depeg wallets and leaving out all the rest or at least to certain level.
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Yes and many made money, that’s very good and I’m glad if someone managed to get something back or even made more. But we cannot now consider current holders at the same level as those who were holding before. CZ seems to suggest this.
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If u lost 99% because u didnt sell after 370x
And invseror B bought at 1$ and lost 99%
What makes u special? Other than greedy selfish wants to be compensated alone ?
Imagine buying btc at 3k and who bought at 20k ask to fork and airdrop only who bought at higher prices lol
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I disagree - I was holding Luna for a long time and I bought more to support after the crash - there will always be ones who bottom feed but discriminating will not help solve the problem
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This time, you must listen to the advice of zc. The last decision you thought was right led to 6.5 trillion of your mistakes. Facts have proved that you are wrong again and again, and people will not approve of issuing new coins. Please give everyone a way to live. behind everyone is a family.
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Your comparison with BTC doesn’t make sense. LUNA is the mining power of Terra, BTC is not. There is no staking in BTC. You are essentially giving the governance of Terra to new buyers, this doesn’t make sense.
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Lol there is a a fork for every price
If someone bought ethereum @ 80 gets different coin
The one who bought at 1400$ gets special airdrop
ANYONE WHO OWN LUNA IS PART OF THE NETWORK!
you bought at 120 or 1$ it deosnt matter
U was staking for rewaeds thats why u didnt sell
Its all about money, opportunity and timing!
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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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