They should be treated as UST holders IMHO
How can you delete 100B$ of trading volume per day without going in Jail.
This proposal is pure shit, exchange will never permit this, and FTX that is a luna VC investor will never permit that.
I just signed up here to put out my thoughts;
First of all, I would like to mention that I was not a holder before the attack - Just wanted to make that clear from the start.
I think this proposal is immensely biased toward OP’s (most likely) current holding before the attack and it honestly reward (probably even more so) those who panicked and bailed out the second they could. What if someone held 100k UST right before the attack and emptied his/her position at @ 0.90? They’re the one who will make a tons of profit.
Then there’s the other ones, like me (who’s far from being a whale) where I’ve put my last $5000 savings into trying to save LUNA at ~$7. What am I going to get? Me, and plenty of other small fish in the pond are the ones who tried to right the ship and held on. This proposal does absolutely nothing to those who tried to save the ecosystem & give quite the bailout to those who most likely jumped off a burning ship to save themselves. Does that remind you of something? 2008 crisis with banks, no? It kinda looks like a big bailout? So much for decentralization and never trusting the banking system ever again.
Although my opinion isn’t worth much, I still wanted to give a side of the medal that doesn’t get discussed here much. I understand everyone is out there save their own pocket (this proposal shows it) and it is human nature to try to get the best deal out of it.
However, let me tell you something; Those, who like me, tried to save LUNA will probably never ever put a dime back into the ecosystem if nothing is done to help salvage our loss as well. We matter as much as those who stayed for a few weeks to leverage a 20% APY ok a stablecoin. I’d say we matter even more.
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Agree, the only way forward is to make UST holders whole as well. If not what kind of trust will a revival get? It would be good to do a snapshot “restart”.
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completely agree. TERRA is based on UST. LUNA is there just to absorb the volatility. LUNA hodlers knew the risk and rewards they were getting into. UST was supposed to be the stablecoin, and the main objective of TERRA is to peg UST to a dollar.
Its written clearly in the whitepaper that in case of any such condition, LUNA will be the scapegoat to save UST from de-pegging.
Without UST, there is no TERRA.
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what will happen to our UST in exchanges? i can’t withdraw to wallet in the moment.
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Removing TFL seems like a part of the plan.
I think like you
if it is impossible to distinguish the holders, I think it should be based on the quantity. Those with too high LUNA quantity may be speculators or attackers. On the contrary, those with low quantity should be good holders. 1~500,000 or 1~1,000,000 luna or LunaV2 above a certain number will be excluded
For example: Holders of 10,000 luna, after replacing LunaV2, get 10,000 new luna,
Those who hold more than 1 million will not get new luna in LunaV2
Or set a maximum cap for holding
When LUNA V2 comes out, the LUNA in the exchange will also be automatically replaced with LUNA V2, excluding those with a large number
UST, also according to a certain amount of replacement
Or UST doesn’t change and keeps him at $0.1
Let UST go up slowly
It’s fair to most people , and exclude speculators and attackers
Because anyone who buys LUNA under $1,
His LUNA is absolutely huge, which can exclude most people
Also, if you do not change any of the above
The only goal at present is to make UST return to 1
Or let LUNA reverse arbitrage to break the death spiral of profits
And to those who exchange LUNA for UST arbitrage, lock up their positions for a while?
What do you guys think or have a better opinion?
Also I saw someone mentioned ,
『You can easily scoop investor’s buying/selling activites from various exchanges to know at what price they bought LUNA & related coins/UST - & just only refund that amount (irrespective if they can profit or were in loss). This is not only fair, but will 100% reinstall the trust in TERRA as an organization coz no one will lose in this model - not even TFL, anyone.』
holders who bought after the attack
Just refund the amount he spent?
This also sounds ok, or let the holder
Provide transaction hash yourself? But don’t know if it’s feasible
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Billions of dollars worth of value have been sold with hyperinflation on LUNA.
Everyone wants push the old times back. It happened, it is history.
Billions worth of USD entered the market while hyperinflating LUNA.
It means: UST will be pegged to USD 1:1
As it should been, UST peg is the priority.
Even if you just hit ‘magical restore’ it will not worth the value that you had, not even close.
No one buys that LUNA if the UST is not restored first 1:1
I understand for selfish reasons and greed everyone wants to go back ‘before the liquidation’ times.
But even if we do that, it will rekt everyone, as the values will not be as it was.
No one buys LUNA if the UST 1:1 peg is not restored, by bringing back trust to UST value, we can bring value to LUNA, and than: eventually overtime, with fees we can use some ‘relief package’ to those who got hurt on the ‘manipulative attack’.
But the UST 1:1 is priority, without that, you can mint as much luna as you want, it will worth shit…
Plus even stablekwon would argue that it’s simply dumb idea, restore ammounts while the value of the LUNA tokens can’t be restored.
Plus: A lot of people bought up LUNA when hyper inflating. to: 6,907,376,873,996 It made all the money for restoring UST, and than we have the exchanges and trust back, and grow forward, with token burns, fee relief packages for those who got hurt the most etc.
But to reach that point: UST must be pegged correctly, or it’s a fully lost idiotic oh lets reset and maybe everyone buys on the same value it was. No 
It’s not how it works. You mint the reset again, and it will go to ZERO.
UST gives value to luna token, nothing else.
Save UST to save luna
Than with saved UST and saved LUNA we can save and send relief packages from the network fees!
This is the way to go! SAVE UST → SAVE LUNA → SAVE PEOPLE
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why doesn’t the team discuss with binance to help users?
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Does this include LUNA staked in Stader’s community pool?
We play and most of us lost it all, some others took the money and now smile.
Find a way to make possible the relisting for old Luna and UST,any other way will keep both
at hell permanently.
Burn some for both too,market price will find the way up in time but only if can trade the coins.
Despite the losses most people will support you,if we see a honest effort to save the project.
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I understand that there are some difficulties with ust holders.
With snapshot taken during the attack it might be that coins were withdrawn and sold afterwards. This way they will be getting money from the sell and also from the airdrop.
But some of people just withdrawn their bags to exchange and observe the situation. Maybe if you talk with CZ you could include those who deposit on exchange and didn’t move it afterwards. Ofc talk with all concerned exchanges would be needed.
Maybe those who sell with looses might be rewarded to cover their looses as well?
I think technically it can be very hard process. And those who were trading ust during this time… That’s also hard decision. How to include them? Logically they should not get more reward than they put into the market. Otherwise this is not a compensation but a reward for their speculation.
There is however an issue with not including people who have their ust on exchanges or those who panic withdrawn from anchor. They might feel forgotten and this may cause a lot of negativity around new Luna issuance.
Also what to do with those who sold with super losses. Is it possible to compensate them?
Many speculators bought ust with a discount. Should they have access to full airdrop in case they bought ust with 90% discount?
If we cover both groups - those who sold and those who bought we are creating double of Luna tokens. It doesn’t have sense.
But for those that staked Luna and unstaked during attack had no option to save their coin as it takes 21 days to undelegate which is not our choice
I sold my Luna and UST so I could report losses on my tax return. Will you guys take snapshot from Terrastation before the attack? Also, what happens to Luna holders who bought from exchanges after the attack like who are buying now?
I second suggestions to cap reimbursements per wallet for three reasons.
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Despite some pleas here to principles of treating everyone equally, the fact is we are not all equal due to personal circumstances. Average people with modest financial standing genuinely suffer when they lose an investment. If you don’t believe me, read about the suicide attempts this week. Big investors do not suffer personally when they lose, they have plenty of reserves. Wasn’t the original idea of Terra Luna to make financing accessible to the average person? It certainly wasn’t to feed whales.
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The greatest gain in public respect is to better reimburse the average person, because this is the most humane thing to do. The humanity of the community’s decision from here on in is what will be remembered in time. Whether a whale gets $25k back or $2.5m back, they’re not going to care much either way and will forget the loss soon enough. If reimbursement favours the small holders, who form the majority, this could actually make a difference to a lot of peoples lives.
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From the mathematical perspective, a flat cap provides an elegant solution to the distribution problem, which obviously many people in this thread are occupied with. All hodlers, stakers, speculators, and even bad actors, could be included in the redistribution, in an economical fashion. A flat cap would eliminate the unsolvable problem of trying to make a ‘fair’ split.
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Please re-think on percentage allocation to the marginal holder who bought between the attack n halt as many have put their complete life savings in Luna at low prices only due to the trust in Luna. Had this happened to any other token, then people would have stayed further away instead of buying at low.
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So, we are discriminating people here?
You can’t discriminate people on the basis of their reasons of buying.
There are only two types of people as we can all agree: 1. HODLERS 2. Bad actors
I think to be fair, there has to be some time value based LUNA redemption.
agree, should have locking mechanism
What happens to those Luna that are still stake. I just realized this morning that my tone of luna staked are nor worth zero.