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I have read many replies like yours (well some of them were less niceâŠ) but you have all convinced me that a compensation should be for both UST and Luna holders even if it means less for everyone. And if we go with FatManâs proposal , then maybe the cap per wallet will be smaller. and less people will get their whole back, and whales will get less as well, but more people from both sides of the system will be happy.
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youâre in my thoughts and prayers!
I hope that you get that money back!
Donât lose hope and keep pushin, I believe youâll get it back some how!
How and in what way can I claim compensation?
At the moment there are different offers, but my feeling is that its up to Do Kwon to decide how to proceed from here if at all.
You canât really claim anything at the moment.
This is typical of UST holders who knew 20% was a risky business yet still cry when the token loses value. LUNA was sacrificed to save your greedy asses but somehow youre the victim?
Only solution to this problem is to buyback and burn and remove UST from the ecosystem.
Algorithmic stablecoins will never succeed.
Maybe addding small tax on transactions will burn more coins quicker but handing out compasations to people who sold further putting pressure on the sytem while ignoring those who bought at all levels of the drop to help keep the peg will be the last nail in this coffin.
FYI UST holders. Stop being so fkn greedy & selfish!
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Nothing solid yet, just a proposal (that in my guess has a low chance of actually being implemented any time in the next month).
I think the only solution is salvaging Terra, burn as much as possible through transaction fees and buybacks by any remaining reserve and get our network functioning again. If we have reserves after buybacks it goes to UST holders and we have a fund from the community, protocols and transaction fees to payout remaining UST holders. I think a fork is definitely the death of Terra completely. Burning may not work, but i think abandoning our network and hoping even a portion of the builder and user community comes back is a much longer shot.
First of all, my thoughts are with you for what you are going through, please do not lose hope.
Do you mind reading this proposal and sharing it if you think it is the right thing to do at this time: Plan B - Terra resurrection
After reading the original post and this vitalik retweet, Iâm more convinced this is the right way of going. Everyone on this forum wants their money back except for this ex-whale and vitalik is impartial.
I was a supporter of somehow bringing back terra and itâs awesome staking collateral system and make everyone whole again but even if there was a way now iâm not sure itâs the right thing to do.
Luna wasnât sacrificed. Looks like you have no clue of how this system worked. Luna was balancing UST from de-pegging.
And if you just remove UST from the system like you suggested, Luna has no right to exist as it will simply have no use! Do you even know what UST and all the other stablecoins there for?? The whole idea is that these stablecoin can on ramp money in any currency into the system.
Iâve heard about this idea, but it wonât help. Once there is tax on each transaction, there will no longer be such huge trading volume so you wonât burn much as you think.
Do some learnings before you write⊠remove the UST."âŠ, what a jokeâŠ
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Great views / ideas / rebuttal. Wish you had said them in a way that wouldnât make people double down or discourage more ideas / debates.
Although it is kinda hard.
You completely lost me when you posted the above point. Let me ask you one thing - according to you only those should get back who held UST prior to snapshot? This makes zero sense. According to your own admission you sold some of your UST at 0.50 and recovered some of your losses but you still expect to get paid $1 or some form of compensation even if you sold and reduced your risk by exiting the system to the value of those UST. AT the same time the guy who bought your UST for 0.50 and took on your risk, should get nothing? Can i ask you in which world the guy who sold and reduced its risk should get the compensation but the guy who took on your risk should get no compensation, how does this seems fair to you?
The bottom line is those who exited the system should not get any compensation, specially the UST holders. Compensation should only be given to existing holders. Before you speak about buying cheap UST, the market is still open so all those so called believers can still buy it back and hold those UST so the opportunity still exists.
In terms of Luna holders, its more complicated as they got diluted even if they didnât sold their tokens so the solution is bit more complicated. I donât really know what could be a good solution for them.
There was no end in sight that nightâŠevery time we thought we were at a bottomâŠboomâŠon come another 10000 LUNA and they were 50% undercutting every time! The algorithm was broken and thatâs why LUNA deserves compensation too. When I buy oil stocks its because they know how to find the oil, get it out of the ground, refine and sell it on market. As an investor that was what I would buy into. Now if said oil company had watered down the oil before it got to the refineryâŠthe refinery would sue the latter because their product was not as represented. The algorithm was flawed and left the buyers of LUNA with nothing! Iâd say that this could easily turn into a court battle and saddlebag this company for good!
It canât be worse than this 
Do you guys just think UST is important? So why sacrifice Luna to save UST? We are also investors, we have accepted the mint Luna algorithm to anchor the price for ust, that proves we completely believe in the project, not to pump money for you guys to earn apy. That stake is Do Kwonâs mistake, he needs to pay the price for this lesson
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reading through all the comments these days, i concluded that even if the recovery plan goes through ⊠there will be a run to exit after. thereafter, we will need a recovery plan part II.
I am another person that lost a lot of money in UST, but barely held any LUNA. My main way of interacting was through Binance locked staking, and then a bit on Anchor on-chain.
I think instead of going with the snapshot approach which will always be unfair to certain people (me included), UST should either be redeemed on the current chain, or with a 1:1 swap to the new chain. UST was much bigger than the terra chain with lots of stuff going on on exchanges or other chains through cross-chain mechanisms.
If TFL / this community can agree on trying to re-establish a UST (or UST2) peg of $1, and give people affirmation that theyâll be able to redeem it for the original price later on (maybe put some conditions on it like a time-lock, vest, etc), this in itself will give the current UST more value and should raise the price a bit.
Yes there are people that will take advantage of it and buy lots of âcheap USTâ, but that in itself will raise the price closer to $1, which is what we want here, right? So good for them.
I am against having a new chain and think the current one should be saved by using LFG funds to burn as much LUNA as possible but TFL is very silent currently so who knows whatâs gonna happen.
Just, if a new chain came to exist, my opinion is that a snapshot will never be fair enough and some new mechanism is needed.
Have you considered that the lesson to learn is get out of crypto and earn money from a productive job? Most crypto is a negative sum gameânegative because you need to pay opereting costs.
The only exception is stablecoins that earn through holding a pool of real world assets; but we have money funds that do this more efficiently.
Anything promising high returns with little risk is a scam.
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We need to save both Luna and UST holders! You need Luna to defend the UST peg and you need UST demand to generate more demand for Luna and UST.
Without Luna, there is no UST and without UST, there would be no Luna. Or else, how did the market cap reach more than $50 billion?
Stop suggesting a 100% reimbursement for lost UST and Luna . Itâs just not feasible. Whatâs more feasible is burning Luna and UST without any new mints.
And come up with a plan to at least compensate the UST holders with at least $0.50-$0.6 for each UST held instead based on a snapshot before the attack which also takes into account those who transferred out to CEXs and still holding ALL 100% or Some portion of their USTs. This should not cover new UST holders which bought for dirt cheap prices⊠Only cover those which hold the old UST which were originally $1.
As for Luna, they should be compensated for those that supported the Luna price and UST peg until the price reached $1. Beyond that is a little hard to help because buyers below $1 are mostly gamblers to earn a 300x.
is it even possible to analyse on and offchain including Exchanges to exclude those who earned a huge chunk of profit? We should exclude them! Because they already have +% profits!
ALL REIMBURSEMENTS SHOULD EXCLUDE THE PEOPLE WHO MADE HUGE +% PROFITS!!! IT ISNâT FAIR FOR UST AND LUNA HOLDERS WHO STILL SUPPORTED THE ECOSYSTEM WHILE MAKING LOSSES!