Why this radio silence? Why not working with other exchanges on finding a solution?
15 Likes
Absolutely agree - transparency is critical to start to rebuild trust
5 Likes
has to abandon the project because most investors don’t want a fork. exclude UST by BUSD, USDC!
could be the new leader of this project as well or any other qualified developer, not the one who is looking to kill the biggest project so far. We really need a new and responsible leader!!
10 Likes
HERE’S A SOLUTION FOR THE ALGORITHM
The US dollar used to be backed by gold because gold is a resilient asset. Gold does not devaluate easily. Luna, on the other hand, became a weak asset because there is no limit for its dillution.
When a currency is backed by a weak asset, it has the systemic risk of being devalued along with its backing. This proposal aim at fixing this, by preventing the death spiral from ever happening again to Luna.
The death spiral is when the algorithm drives the price down without ever letting it go back up. In other words, it locks the price trajectory in a single direction. To fix this, we must ensure that the price is allowed to reverse its course. And there is a way to do this.
Luna’s death spiral taught us that when UST depegs by a substantial amount, Luna’s price falls much faster than the UST price because there aren’t enough buyers for the amount of Luna that needs to be minted in order to restore the UST peg. So, we must limit the minting of new Luna to prevent a price crash, but we must limit it in a way that still allows for UST to recover its peg.
The way to do this is by taking the speed of the price movement in consideration. To ensure that Luna is a strong asset, its price must not fall faster than the price of UST.
Let’s say that the price of UST is falling 10%, and the price of Luna is falling 5%. The amount of new Luna minted must not surpass the minimum amount that would make the fall of Luna’s price surpass the fall of UST price.
In this case, let’s say that enough Luna is minted to reduce the fall of UST to 7.5%, while increasing the fall of Luna to 7.5%. At this point, no new Luna should be minted.
Afterwards, if the price of UST keeps recovering while the price of Luna stays at the 7.5% loss, nothing else should be done until UST fully recovers its peg. Luna holders will have to wait until UST become overvalued (above $1) for Luna to be burned.
The core of the idea is that while the interaction between UST and Luna is a closed system, the interactions between UST & USD and Luna & USD are an open system that can’t be fully controlled by the algorithm. It’s inevitable that the US Dollar price of both UST and Luna can fall at the same time. So, what the algorithm can do is to direct the flow of USD between UST and Luna to make UST as stable as possible (which doesn’t mean 100% stable) while never unbalancing the value of Luna.
The more resilient Luna becomes, the better it can back UST. This proposal ensures that Luna will never be weaker than UST on the way down, while UST will always have a stronger price recovery.
Someone please share this with TerraLuna devs.
1 Like
Most of the 4M wallets on Terra would do better with a fork. Those who bought below 0.01 have all the current voting power, but it is not most investors.
CZ can lead v1 chain. Most investors can back v2 chain, but will still hold v1 chain assets too, and want v1 to succeed…
We just have to stop thinking that secession must mean war. Friendly divorce planning is what is needed not a fight over who deserves to own the slaves.
Fork are a crime against investors
10 Likes
SEC and many other organizations still looking what the team will decide.
#fork are a crime
7 Likes
Hope they come with a final resolution, so SEC can step in
2 Likes
Why are you Do Kwon so selfish and unwilling to take out your reserves to buyback Luna & ust to burn let them back to their due price.
If you guys still stubbornly want to fork and ignore mostly people, that is same as rug. You guy will go to hell absolutely.
7 Likes
indeed
1 Like
We need someone who will be fully transparent. Anyone who wants to fork and create a new token is unwilling to fix the mistakes of the past that allowed him to profit heavily from other peoples pain. Screwing over investors who bought blood goes against everything crypto stands for. How are you going to turn your back on those who want to see this thing rise from the ashes? I understand that those who got screwed by the depeg deserve some sort of reimbursement. But that should not be at the expense of the new investors. They need to burn and go from there quite simply. WHERE IS THE LFG BTC RESERVE? That should be the biggest question. People will believe in UST again if you simply restabilize it for now while working on another peg. I bet CZ would help financially if Do Kwons team had full transparency. It seems like they dont want the help. They are hiding something.
CZ doesn’t have time and 100% sure no desire to lead a project, especially taking over one with such a bad reputation now where major VC investors and retail got destroyed. Dude is running the most profitable crypto company in the world. They have 5+ exchanges, Binance Launchpad, Investment Group, 5000+ employees, etc. An he’s flying all over the world to swing new deals, help develop new gov policies to ensure crypto stays forever, make new connections in the right industries, and trying to have a life for himself.
Do Kwon post a story on instagram about AI platform. Does anyone know what is it?
For me looks like another scam
Fake account
How do we know which proposal will win? Will there be a vote or will Do Kwon announce his choice tomorrow?
Get Binance involved - let them help you recover and burn tokens. You will come out of this that way, and only that way.
Everyone needs to know - You can’t fork & create a new token-to do this the team needed to have all token trading suspended immediately across all exchanges they’re listed with.
We already heard that the team wasn’t communicating very well - but to fork and create a new token - you’re giving all new buyers and owners of the token - whatever their reasons to have purchased are - not even cents for their money.
Knowingly letting it continue to be traded and letting people purchase with their money is now conspiracy to commit fraud when you are making plans to remove it-leading to loss of more funds.
All people involved in the decision and validation of it will be legally accountable for x more amount of billions of dollars. Listen to CZ at Binance - engage their help - incentivise it for them. You stage a recovery over time over just pressing delete, restart - you stay out of jail first, and the system will rapidly recover, supply will go down and you’ll maybe become known as the project that revived from the ashes - no-one will touch the second project.
This needs to be spread. People need to know. Go with the proposals to increase transaction fees to accelerate burning of tokens even. New fork and new token for cents on the dollar for new users - no system survives when the project leaders are in jail.