Hi DSD,
Is there a way to tell where the 6.5 Trillion coins went very easily? So were they all dumped into the various markets and sold? Meaning the new holders are those of us buying on the way down?
If so, then the ownership is very well decentralized at this point. But are there still a couple trillion let’s say in the ownership that minted it?
Just trying to get my head around where those are for purposes of rebuilding LUNC. If a chunk is still held by Do or TFL or LFG, then we could propose as part of the move forward path that those are burned at one time to make a significant difference here.
Obviously that would require communication from those that have not been very communicative…
What I already have seen is that 1.7 Trillion are in the Binance exchange. What the wallet numbers and values are I am unsure.
This is a double edged sword. IF they hold some LUNC & or USTC that would be incentive for them to help us by allowing a new team to take over, maybe they could remain involved to a limited capacity to help ensure LUNC & USTC’s success. Alternatively we can ask that some of their holdings gets burned, BUT I would rather see some go into a newly created fund run by an independent team to ensure funds go to old holders who lost money. The same fund that is a part of the plan I proposed where a 0.1% transaction tax goes towards.
They sure have not. Very frustrating to say the least.
I like your passion and general idea to revive Terra Classic and USTC. The world needs decentralised money and algo stablecoins. Terra UST was so close to succeed, it scared a lot of people and maybe they decided to end it, sending everyone into deep despair and back to tether & usdc (and regulators).
The single point of failure was the leadership. Everything should be ran by code, transparently.
Do not try to be a leader, instead keep pushing for what you believe in and be a part of a great team that will build a better, fairer system for LUNC/USTC.
In case you haven’t noticed, voting to reactivate IBC is now live on terra 2 and after it passes it will be voted (and pass) on terra classic. I have a feeling that as soon as funds are withdrawn to other chains, they will end the “zombi” as they call it (Terra Classic).
If Terra classic ends, Terra 2 will have the same fate sooner or later. As a holder of all Terra assets I do not wish to see that happening.
A healthy Terra is all it’s products, both old and new. A healthy community is when people come together, discuss, solve problems and look after each other.
We, the Terra community, may have less than 2 weeks to organise a proposal that favours LUNC holders, USTC holders, devs and validators.
Thanks, so focusing on the 1 point of the minting of the 6.5T on the 12th for a minute.
Can we tell where that went? I know there was significant volume there and forward, but does that acct for the 6.5T? So when minted, where did it go?
The point of this question is attempting to understand how to at least partially unwind that devastating event if possible.
Since the decision was made to fork and partially reward certain holders, why wouldn’t it follow that any remaining minted that failed to re-peg be eliminated also? It would be unconscionable to be selling these onto the market now by those that voted to fork and benefited from the fork. This is akin to selling an income property and then after the sale expecting to still receive the rent…
Clearly there is weight on the market for LUNC that can’t be explained by simple trading bots or people selling individually. IMO
YES I fully agree with you. That is why many tax n burn plans are not being supported. The plan that I am proposing does give it value not just by means of burning, but giving it actual use again.
It is mentioned specifically within to realize the value of USTC, the stablecoin is what gave the old LUNA value. It is important and if successfully repegged will give not only value to the Classic Ecosystem, but will help restore faith in our chain. Faith that WILL help attract Dapps and other developed uses.
I also mention creating other sister tokens, to help give solid investment options, each will have different unique qualities, while sharing the same DNA which means easy Dapp integration accross the system.
Within the plan is the need to attract Dapp dev’s, and add other uses like NFT’S, Metaverse integration, payment systems (which would be a sister token feature), etc. Obviously while these are part of the plan The full details are not available as this is a rebuild plan. However once this plan is approved there will be a roadmap created that will allow us to showcase the rebuild as well as what is in store for the future.
What I know is when they restarted the chain the first time, we went from 32 Billion up to 6.5 Trillion (actually 6.9 Trillion total supply). Before the 2ND halt which was less than 24 Hours later.
This would take a large investigation to unravel as the complexities and vast number of transactions that occurred is well very large.
This can’t be done, at least not in a decentralized world. Many transactions occurred on the exchanges and changed hands many, many times, and ultimately into the hands of the LUNC community. That means ALL that have since bought LUNC, whether it’s to support the Token, or speculating that it can return value, it doesn’t matter whatever the reason was to buy. Also this would not only undue the initial transaction, but ALL the subsequent transactions which would wipe out everyone who bought post attack, and likley crash the entire system.
This is why Do Kwon did what he did instead of doing this. This was the way to accomplish it without destroying it.
Thanks and I agree. To be clear, what I was talking about are the tokens Minted but never sold or put on an exchange. If there are any, hard to tell, but based on simple volume there hasn’t been enough volume on exchanges to acct for 6.5T new tokens I don’t think.
This goes to whether the insiders that forked and received what they wanted in V2 are or could continue selling LUNC for whatever they can get?? Even still today?
Sounds like a great pitch. I vote for this proposal. You sound like an egotistical maniac with terrible concept skills, but I have no doubt you are the best leader this project will get.
Sounds like Elon Musk lol. But I’ll take it. Honestly anyone wanting to take over this chain NEEDS to be I guess. Lol Lunatic to the core!
Do you know what the success rate of DAO’s even are? You understand that most of them have gone to 0 right? The current most successful one imo is UNI, But this has tonns of already built purpose into it. It came out of the gates that way. AND STILL… its only worth 3.6 Billion in market cap. That’s only just under 7 times where we stand today. In fact out of the top 10, our market cap is higher than some already. My point is, that leave no room for growth.
As a DAO, we could never reach that kind of success or value as UNI, and most likley will fail. Look around, the community is broken, our governance is broken, our coin is broken, in fact its so broken that they are holding a vote to re-enable IBC on the Terra2.0 governance board for some reason. It will take WAY too much work to fix and rebuild it as a DAO. DAO Governance will impead any legitamate work imo.
So, I disagree and say we need someone to take the bull by the horns and steer this ship in the right direction. Not just one person, but a team to lead us to be precise.
Mind giving more insight as to why you say that? I mean anyone can say what they want, but doesn’t make it correct.
I backed up my points with details explaing why it can work. How does 1.1% destroy anything? Half that is literally funding back and ADDING value monetarily.
About to add the plan to Station, I have now added a summary at the top to summarize the plan, then provide details below. As I am about to post the plan, I may edit the 2ND half only, but it will not change the plan itself, just organize the details better.
Here is a summarized version of the plan.
PART 1 Rebuild
A. Leadership Team Change, Newco, Governance.
Do Kwon & TFL are busy building the new Coin. The community needs leadership that can continue on with rebuilding the Classic Ecosystem.
New Company (NEWCO), not yet named, will take over the operations of the Classic chain lead by myself and a full team, leading the rebuild & development. We do want Do Kwon & TFL to remain part of this system, but not in a leadership role. This will be a discussion to have with them. My hopes are to work with them, but that is up to them.
change the Governance system to be 75% Delegators & 25% Token Holders to equal 100%.
B. Transaction tax of 1.1% on both LUNC and USTC for the following: (fund can be
0.4% Goes to Reduce token supply. Burned
0.4% Goes to USTC Asset fund
0.2% Goes to the Rebuild & Development Fund
0.1% Goes to a fund set up to help pre attack holders.
C. Re-Enable Staking.
This is important to start to help rebuilding trust, and have a positive Governance system moving forward.
Before this however there needs to be work done to fix the code and implement safeguards to prevent attacks like a 51 attack. This could involve % limits of a wallets vote value. 51 attacks will already become limited with the new voting structure.
D. Algorithmic USTC
The algorithmic stablecoin is an amazing concept, and deserves to be seriously considered. If it can work it will be the crown jewel of the network. However we will NOT jeopardize the entire system if it cannot. We will not risk another attack like what happened before.
I believe however it can work. With the proper gatekeepers put in place and limitations an attack can be prevented. For example: If X Tokens are minted in Y amount of time the system stops, alerts the Team, and once resolved is manually restarted.
USTC can remain being a decentralized backed up stablecoin. JUST NOT with LUNC. We need quality tokens like BTC, ETH, BNB, as well as stablecoins like BUSD, USDC, USDT.
Part 2 Future Growth
A. Monitize USTC assets for future profits.
B. Seek funding including collaralized debt
C. Future uses will include the following:
• Crypto payment processor
• Gaming token
• NFT integration
• Metaverse
• Social Media
• And more
D. Family of Tokens
• USTC - backed by crypto and blockchain related assets
• UST Gold - backed by precious metals
• USTD - backed by the USD
• USTM - stock market & fund backed assets.
Token 1. LUNA Classic (LUNC)
Token 2. LUNA Dark/Gold (LUND/LUNG)
Please read full plan on Agora for more details.
We can do so much with the right team in place. WE need to move forward so our Pheonix can rise from the ashes.
