Have you even read the whitepaper? Anyone arguing in favor of decoupling LUNA from UST does not understand the purpose of LUNA. It will NOT become a store of value if you decouple it, it will just become another memecoin with no purpose. The peg is the purpose. If you decouple it, all you’re left with is another Shiba Inu clone with no chance of being taken seriously by any business ever again.
I’ve lost a lot too, but this is not the moment to be selfish. By trying to save your own bags, all you’re doing is looting whatever is left of the ecosystem. By helping restore the peg and voting for a permanent fix to this depegging, you may sacrifice your initial bags you had but you now have the opportunity to invest again at the ground level into an ecosystem with some of the best devs. It’s the difference between 1990s Russia reselling stolen assets for pennies on the dollar and 1960s South Korea using the last remaining savings to rebuild itself into a technological powerhouse. Which one would you rather be?
no offence, but guys, you have no idea wtf is ust and luna. Just read about it some basic facts. Without UST - Luna is nothing. There are way more better coins in TOP 100 than bare Luna.
No offence taken. I do understand my investments [substantial], in both UST and LUNA are broken and almost worthless. Long term holder too! I do understand that someone took advantage of the current design and broke the system. I’m way open-minded to think outside-the-box on solution that doesn’t hurt the people that DCAd both UST and LUNA post event. Don’t sh*t on SHIB, because my holdings in SHIB are still liquid, and I can trade on most major CEXs.
Think - in ~2 days people want to get 10% of total capital from bank in cash. Every bank in a world will be default or need to get loan from other bank or national intervention. Now imagine that UST users done the same but not 10%, but 50% or even more ? result ?
Agreed. Don’t like or if I/We could vote, would not agree to issue a new coin to fix the current mess. Have to make the current LUNA/UST holders whole. I’m at a loss on both sides, as many others here too.
The below proposal would be the most impactful first step for the community at large and would help save Terra’s reputation. And it would only cost ~1B-1.5B.
I feel an independent third party that is a financial structural expert, that is impartial, not a holder, and without any affiliation, would be the only party that can possibly draft a fair solution for all. Most current proposals seem slanted. Also, please help keep the SEC out of this, and avoid words like “Debt” and “Equity”.
We all have to accept there will be some loss for eveyone, but the important thing is the revival of the system, talents and community!
we should restart the stable coin right away or at a second stage after deplyment of the network and the distribution of the token been.
The thing we do need to focus on is sustainability, stable coin that is algorithmic and backed, a hybrid that will be better than both separate. Over collaterized so LUNA market cap is 2-3x larger and backed by real assets, which assets and how much we can discuss down the line.
The alternative is complete loss of money, network, builders and community… I think it is an easy choice and the amazing part is that the digital world gives us the chance to take back the time/ reset in a way that is not possible in the real world, we have a unique reset botton.
Old LUNA is finished. However, bypassing the Fed and issuing dollars directly is a huge undertaking that can be done one after another.
If we learn a lesson this time and set the reserve assets to 70%~80% BTC+ETH, 20%~30% LUNA, this is absolutely reliable.
In addition, you can also bring in the Curve’s ve model.
For example, set up N pools, each of which can issue 1 billion UST. Pledge LUNA to get veLUNA, and you can vote for the pool to set the pool’s reserve assets. This is similar to Abracadabra. Each pool must also have a principle that the proportion of BTC and ETH in the pool cannot be lower than 70%.
The new LUNA should airdrop the initial token to the holders of the old LUNA. These holders understand the algorithmic stablecoin better than most people. After they acquire veLUNA, it is beneficial to community governance and can be regarded as compensation for them.
Luna is not finished; the peg will be restored, but it takes time. And folks need to be patient and ride this wave. We need to be resilient as a community! Attacked on not, Luna will come back more robust, and I mean the same, Luna!
All these Luna v2 are pure non-sense! The same Luna can be fixed with proposals like the one above from @nebamon! If you are an admin like @mc_ust, please pass this on to the devs. He’s looking forward to talking to you folks. The proposal is above, but here’s a direct link: LUNA Go Forward Proposal - #734 by nebamon
Yes, the people that held and bought to put their money at risk and kept buying UST and Luna all the way down are the ones that will be punished, when they were the ones that gave the network a small fighting chance to recover while everyone was shorting from the top. Make it very rewarding for new investors to come in and recover as much value from the old chain before migrating.
I think we should consider proposals to fix/patch the existing system before trying to migrate everyone to using a new coin that alienates users because of an unfair distribution system.