LUNA is now truly decentralized. The collective ownership moved from a few whales, to 100000s of small crypto investors across the globe.
Publicity: Luna got $10 billion worth of publicity in last two days. It got media coverage, youtube videos, Twitter posts, print media coverage, so on. It would take $10billion to do the same. Even noncrypto general people knows about luna and are opening accounts for the first time to buy it. This is called Truly DECENTRALIZATION
Acquiring 1 client: Just to acquire one client, any tech company invests at least $100 in referral or so. Calculate how many new people came into the terra eco system. Acquiring them would cost us $1 billion. Now even if a whale wants to bring it down, 10000s of small fish are there to grab it. This is true decentralizing of LUNA coin.
Now we got the pubilicity & Huge decentralised community. All that you need to do is introduce small portion of burning and sit back for a week to pan out the situation.
Burn the coins. Plain and simple. No need of forking. No snapshot. Snapshot and forking will not only harm LUNA but the entire crypto ecosystem.
Save the eco system now by burning Luna, people will recover their losses and investment in a years time if they HOLD.
It’s true, the whales have left the ship and have been replaced by many other holders, this is a real opportunity.
Regarding the “publicity” I agree, but we need to communicate more about the fact that we were victims of an attack.
Governance must also communicate more in times of crisis as we live today.
This event that Terra is experiencing should allow us to refocus, to consolidate the community (with newcomers), and to work on the values of humility and transparency.
LUNA needs help, this crisis is not that serious in the end, but we have to communicate, and propose a generous plan to boost confidence
@CZ tweeted few mins back. He is offering his support. If you to Forking, you will lose investor confidence once for all. No new ones will join the community and old ones will jump as soon as they get a chance.
You dont even need huge funds to begin burn. Initiate a 0.005% transactional burn. I simply dont understand why no one from team is responding about transactional burn.
I just got into crypto last month. I made accounts at all the exchanges. Researched projects and ecosystems. Found terra and bought at 30$. Continued researching and decided I liked terra/Luna. I spent all crypto funds defending the peg, and buying Luna on the way down. When I woke up it was mostly gone. I didn’t care because all money I put in crypto I assume possibility of complete loss. So I bought more. And I keep buying. I have 200,000 Luna and some UST. Just bought more this morning. My wife noticed my attention was spent learning about the ecosystem. I told my wife I believed in this project and I will buy more even the chance to lose it all still existed. Cuz that’s what u do with beliefs and conviction. My wife who never touched crypto created her own wallet and bought Luna and UST yesterday. We are the new lunatics now. I’m 36 years old. 2 kids. Married for 10 years. Biologist/agribusiness/fisheries background.
I’m learning to code and have many ideas for my contribution to terra.
Now my question is do u want whales or people like me to make up your ecosystem?
They taking it all in…watch…listening and observe it is a governance platform a decentralised system…so different from the single character edge style from a centralised system.
4rchiiTech is spot on. Getting a message out now would be really good for LUNA in both confidence and reach.
At a previous job I had, our playerbase was made up of over 300,000 subscribers and at least that number in fans and ex-players. One thing that kept the community strong and was a big part of the brand is that we always communicated, quickly and with a detailed plan for the road ahead. One thing that is clear from the hundreds and hundreds of messages I have read here is that LUNA has a strong and passionate following. You’ve evidently been doing something right; keep that ball rolling.
Another thing to remember is that on the internet, the first one to push a message, controls the message. You want your take - your truth - broadcast loud and wide, not whatever narrative (or worse, conspiracy theory) someone else puts out there.
[Proposal] Help UST Pegging again. Increase estimated minting again.
UST has lost peg to $1 for multiple days starting from May 8th, 2022.
UST is only a couple billion away from the 1:1 peg.
LUNA right now is trading at 2B, while the newLUNA token gives: 0.0000142 newLUNA for every oldLUNA token.
newLUNA’s market cap is trading at 20 billion right now as the oldLUNA price is: ~0.0003$.
We have to use this opportunity.
Where is the opportunity in this? Wake up! newLUNA tokens right now trading at 20 BILLION marketcap.
This would be a good opportunity to earn through minting the leftover billions, as an addition with the left over reserve, the UST will be pegged again 1:1 in usd value.
In short: It saves UST first, which ends up putting trust back & a lot more buy pressure towards LUNA would arrive when they notice the UST is stabilized.
Which increases the value of LUNA obviously, with community agreement that no more minting of LUNA will happen.
As an addition: Later we inflate the 0.0000142 newLUNA for 1 oldLUNA, with the same ratio that will be the supply inflated. This way, we all would have the same newLUNA ammounts. But we with selling inflated LUNA to the market we help repegging the UST 1:1.
While in the end: those who simple held at these values, will earn the same newLUNA ammounts that they would been after first hyperinflation wave.
After the first hyperinflation wave, we got closer to repeg the UST.
After the second hyperinflation wave that would come (-50% now) or max (-100% now) would mean we got a lot more closer to repeg the UST.
But only after the newLUNA chain with the increased ratio of newLUNA/oldLUNA with the newLUNA token distribution will be able to fully repeg the UST 1:1 USD.
And than the newLUNA chain will be very well stabilized to develope forward.
Hyperinflation didn’t solve with one big wave.
But the whole world is watching, and buying now.
Second time hyperinflation is likely to earn us a couple billion.
Repegging UST is priority… and even with inflated oldLUNA tokens, we will earn the same newLUNAS in the end, as we keep the same newLUNA/oldLUNA valued-ratios. (ie: newLUNA 0.0000142 / 1 oldLUNA now → 50% inflation on oldLUNA plus deflation later on ratio means : → 0.0000071newLUNA / 0.5 oldLUNA. Yes it’s the delayed same ratio. Everyone who believes the project and held will be on the same values when the newLUNA/oldLUNA exchange ratios happen, as if we inflate 50% on oldLUNA supply, we will DELAYED increase the newLUNA exchange ratio via 2x as stated above.
Yes it allows heavy speculations to those who are active on the forum and what’s happening with TERRA.
Yes, it may will earn us to repeg the 1:1 UST with only a couple billion $ and still not be enough. But even if we will have 6-7 billion needed to repeg the UST after the hyperinflation second wave, while adjusting the newLUNA ratios too/oldLUNA. It will repegging all the UST when newLUNA migration will happen in next days. Than we can have burn mechanism, buyback. Everything, but specially: THE WHOLE WORLD WATCHING AND WE CAN EARN THEIR TRUST BACK.
US SEC IS AWARE. IF UST IS NOT PEGGED 1:1 , THE CRYPTO SPACE WILL BE EFFECTED.
This is our biggest opportunity of a life time to prove them they are wrong, and we can repeg the UST, and repeg LUNATICS in top15 mcap coins.
Together we can make it! Who is with us in this?!
If you want this to become a reality, please comment, like, and share, so we as a community can have the proper network effect to bring the change for the better outcome for all of us! <3 lunatics
As founder and Chief Steward of Quantum One DAO, I completely agree with the statement. Dont fork, keep simple, you still have an amazing ecosystem. Stand back from everything as if you are watching all of this unfold and happening to someone else. And think what you would advise that person.
In the end, you have two choices -
allow this moment to break you
or
allow this moment to fuel a strength greater then you ever imagined
why didn’t they stop trading immediately?
why CZ returned trades?
where did the btc reserves go?
why did Do sell assets for $80-90 before the crash?
why are they taking their time now?
why biggest investors do not audit?
Why wasn’t Do arrsted?
because they are trying to save UST where all the corporate investors are. They know they have the power to take them to court or sway prosecutors to go after Do Kwan if he doesn’t play ball. He is simply only giving a shit about not going to jail or losing his own funds. People who can’t sacrifice their freedom in pursuit of an idea is nothing but a hypocrite to me. The funny part is even if they saved UST the backlash from that would be huge and no one would care about them going forward, they are simply trying to allow institutional investors an out by trying to save UST instead of Luna. which is really sad. They also are doing it for the small group of whales at the top of the UST that weren’t institutions. If they would just stabilize Luna put UST on the back burner and come up with a plan to save UST while burning and buying back the excess Luna then this would create a positive feedback loop. Saving Luna = people not so angry= ecosystem trust = gains = Terra selling some Luna to start working towards solution for UST = people not so angry = trust = people buying UST = gains = UST repeg
Projects would love to start with Terra’s current community and market cap. There is so much to build on.
Forking and walking away from this opportunity is imitating central banks and issuing a new currency after runaway inflation. Crypto was born for this reason.
If the Terra team has the courage to rebound, rebuild, and burn back up, they will be crypto heroes. It is the best way forward.
Hi I totally agree with this and hope the burning processes have already started. It will bring back value faster that any other option. There is plenty of traffic trading and as trust returns so will the price. Keep up the good work.
Totally agree.
Forking now destroys the decentralization dream and, with it, the trust on the vision. To me, abstractly, decentralization also means that whether or not the project shall fail is ultimately up to the people investing.
I understand if someone feels responsible for the investors’ losses. It is really sad. But, after all, shit happens when you trust an algorithm for all your money. And surely nobody reimburses anybody when the stock market crashes. Don’t panic when the market panic is like the first rule. So please, don’t panic.
Building from ashes, fixing the algorithm and getting the UST on track again shows resilience and strength of the community and the idea. And with resilience and strength comes the trust.
