Step 1 repeg UST and start to burn LUNAC. This is how I propose we do that!
Set up one way transfers of Luna to UST dollar for dollar. Then resell (not burn) Luna and put proceeds into other top coins like BTC/ETH/BNB as well as other stable coins.
Burn as much UST as possible to bring it’s circulating supply down by buying at low distressed levels, then once repegged begin to sell new UST at $1 again.
Maybe I misunderstood #1, it sounded like you are saying you will allow people to exchange LUNA and get UST - leading to more UST in circulation. It should be the opposite which matches what you said in #5 about bringing the supply of UST down.
I think this proposal has many great points to help with restoring and maintaining the peg of UST. Can you incorporate it into your plans?
Wow, so you wanna back it with crypto in a bear market. Right. More than 90% of all crypto assets created are gone, went to zero. You also want to include NFTs to the mix? Illiquid crappy NFTs.
USDT isn’t the most reliable stablecoin. USDC or BUSD could be used to peg it, one fully audited with proven reserves.
What if Bitcoin goes to 10k-5k in this bear market? Know what this would mean for other coins? Total wipeout. Your proposal is completely insane.
I do need to better explain that. Thanks for pointing it out.
The idea is temporary, and must have limits per day, as to not over dilute UST. At current prices it will take 515 LUNA to equal 1 UST. Honestly at the time of writing that UST was a lot higher but at the current price it will probobly not even be feasible any longer so I might drop this part alltogether.
The idea was resell the LUNA (right away). And put that cash into a different assets including BTC, ETH, BNB, & Tether.
I understand that this process has a net zero gain/loss on current value even though there is some dillution its being offset with capitalization. The idea was that by purchasing distressed assets, it gives us future added value down the road.
The LUNA transaction tax will compliment this process by adding 3% of LUNA transactions to UST to sell and further add more quality backed assets while not dilluting UST at all.
Then we get financing and use these funds to buy back the UST to mostly burn. My calculation had buying approx 1 Billion worth of UST for between $50 - $100 million at current rates. So in theory we burn 80 percent of what we buy then hold the other 20 percent in UST reserves to eventually payback the loan and profit from once UST is repegged.
Hope this helps and I will try to work on updating that section.
Actually You are correct in suggesting BUSD over Tether. It would also help forge a strong relationship with CZ & Binance. I actually like that suggestion.
Sorry, I meant minting and or selling NFT’s for profit as a business that generates funds to back UST. Not hold them.
Honestly if the market was to collapse and BTC goes to $5 - $10k, it’s game over for the entire market including all fiat backed stablecoins, CEX’s, and that wouldd ripple into the real world destroying businesses, and plunging the world into a sever recession. At that point the argument of what a stablecoin is backed by would be moot as they both would fall.
10k Bitcoin is totally in the cards during this bear market that just started. Just check what Novogratz and others tweeted about macro expectations.
USDC backed by Blackrock and other solid stable coins would be totally safe while most cryptos around would crash and burn. You peg UST to crypto in the next two years you risk repeating same scenario that got us here.
Again, you’re making dumb baseless claims and goes to show you have no business having any leadership role here.
We the community can turn into validators mode, and rejects all new forks, and over take the classic chain. all we need is we just need to setup validators more than they have right now.
You are taking the words of Barry Bannister a stock analyst who is predicting a doomsday demise for crypto? It is very unlikley that the powers that be (Billionare big whales and corporations like Blackrock), won’t allow it.
Again IF BTC drops to $5 - $10k that is game over. Won’t matter where you have your money at that point, crypto or stock markets, they all will crash. That includes stablecoins as they wont be able to handle a run like that. Even Blackrock is not safe from such events. Elon Musk will loose Billions as would Tesla, and many other fortune 500 companies which would crash the stock markets around the world.
I am assuming your money is not all in a stable coin right? As thats like keeping cash under your mattress. A money loosing investment 100 percent of the time. If you really believe this could happen, you should immediatly sell ALL your holdings and stash your cash somewhere safe. Maybe a treasury bond would work for you.
What would happen if Bitcoin instead did the opposite and ran to $100k plus? Which is way more likley to happen then any doomsday prediction from a hack analyst.
In 2019 Billionaires and Large corporations like, Microstrategy, Square and Tesla to to name a few did not hold Billions of dollars worth. In 2019 no one paid up to $63,000 per coin to have it dropping to $10k for a loss of up to $53,000 per coin depending on when they bought.
How would the market react to Tesla taking a loss of nearly 2 Billion? Add to that microstratagy who holds more. Chinese firm Block One who owns 140k BTC.
What “scheme” am I pulling lol. The plan I have presented can return value to the people already “schemmed” by current ownership. If I were to pull a scheme, I would start a new coin from scratch and go that route lol.
If you really believe BTC will drop below $10k and you are actually still in the market, then you really need to get yourself out of the market entirely. Also what are you even doing here or trying to accomplish if you are not a crypto investor and you believe this doomsday prediction?
@flox.ust if BTC drops below $10k then yes it will wreck the markets not just the crypto markets. Crypto currency would loose all confidence from investors, so much so that it would take many years to make any kind of recovery. Not to mention the damage done to not only peoples life savings, but corporations who are suddenly posting losses of Billions from Bitcoin holdings. Billionaires becoming millionaires and millionaires being wiped out.
The big whales won’t allow that to happen, you will see were hitting a bottom soon if we have not hit it already. Before the end of 2023 or early 2024 I believe BTC will pass $100k.
I have been fairly accurate about my BTC price predictions for nearly a decade. You asked for a it about me, well I have managed companies, I have a background in tech and finance. I have been a Crypto enthusiast for like I said about a decade. No I have not launced or ran a blockchain related company, but I know how to team build, and surround myself with qualified competant people. I know numbers, tech and have an understanding of blockchain systems and crypto currency.
I think the “terra team” is thinking more about v2 than saving luna classic. with ignoring the agony of the lunanitc community. I trust that your proposals are in good faith. Do you have any project experience? How to back up your words?
TL; DR everything but I will vote for you if you promise you won’t troll crypto twitter as the new face of Luna
On a serious note, Terra Gold was a proposal I found to be pretty interesting. Also, I don’t know if any of them would respond but asking CZ, Vitalik or even Elon for support because we are the epic Luna crash survivors might be doable, because it doesn’t cost them anything. Maybe a hashtag like #supportforlunaclassic or something like that.
Also, about the transactions tax, I remember reading safemoon having a similar mechanic, so perhaps CZ can give us a picture of what the trading income will look like.
Last but not least, I keep reading Terra and Juno use the same (well, not same but similar) Cosmwasm so perhaps we can ask a few Juno NFT projects like Stargaze or Assetmantle to come inter-chain. They probably need a bigger audience too is my thought.
Something I don’t get is what happened / is happening to Chai. This was supposed to generate constant revenues to back luna value. Any new plan to revive luna needs to consider what is giving luna intrinsic value.
Payments / bridge between crypto and fiat world was a good start, not sure what happened in the process
Something that is very difficult for non-Koreans to know, Chai didn’t take off as much as they thought it would. Google translate doesn’t do this much favour, but if you would like some information you can see it here: 차이(결제) - 나무위키 (namu.wiki)
Only a handful of offline franchises accept Chai Pay. You can of course use the Chai debit/credit card, but the card was consistently losing money for Chai corporation.
I actually like this idea. A multi stablecoin ecosystem, all connected to LUNA (Classic). We can have a fiat, crypto (UST), and precious metals aka gold stable coin set.
