UST is finished… please understand this first. There is a reason why they are launching LUNA 2 and not UST 2… it cannot be fixed… before you try to play games with experimental products keep in mind that thousands of lives will be destroyed… you are welcome to play silly games with your own money.
It’s a catch 22. You are correct that this discussion needs to happen with the CEX’s immediatly. Unfortunately it’s a proposed plan, not a plan of action yet. So without a plan of action we can make all the noise we want, but they won’t listen.
This is why I have said from the beginning time is short and running out. Once they launch the fork, on May 27TH without a plan it’s done. For that reason I rushed to post this plan so at least we have a chance to get to them before the 27TH providing that there is progress being made on the yes side.
So if we CAN get some momentom and start gaining yes votes then we may be able to initiate that conversation and get their attention before its too late.
Then why would Justin Sun and the Tron network launch their own decentralized algorithmic stablecoin if it doesn’t work?
Others are now looking at doing the same. The value UST has to this community is way more than the $0.05 its trading at right now. It can be repegged.
This IS no game, people ALREADY lost their money and lives have ALREADY been destroyed. By fixing and repegging UST we can undue almost all that damage that was done, and hopefully this dumb fork idea helps with the rest.
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Show us what you have built till today that justifies you have the knowledge and capacity to built anything at all… all your posts are vague with no technical specifications… you sound more like a church priest who’s here to deceive a group of innocent members…
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“Where there’s a will there’s a way”, as they say.
There’s is value in UST being listed on exchanges like Kraken where not even BUSD managed to get listed, while USDD is only listed or low profile exchanges so far.
Someone has to see the opportunity here. It could be an interesting reverse merger bid involving Binance/BUSD or Tron/USDD.
I also think the current team together with the VCs that stuck around like Su Zhu of Three Arrows Capital may have a plan for UST they’re not ready to announce yet. They probably want to let drama subside and get it over with the fork before talking about it.
In any case, I think we should put together a plan for UST in case top exchanges don’t want to keep it listed as a stable coin. UST could be turned into a sister Luna Classic network similar to Kusama. Kusama is an experimental chain for Polkadot. I think we should explore this option if exchanges don’t want to wait months for UST to repeg. An alternative plan has to be put forward.
Do Kwon already said on twitter he will be paying back UST holders with reserves starting with smaller wallets though. Probably won’t be able to get everyone but it’s a start.
Because that’s what he is. A random clown with only the tiniest bit of competence on this matter, wanting to take over a valuable project out of nowhere because he’s “been into crypto since the beginning”, to make god-knows-what with it, absolutely ridiculous both him and the fact people are even taking him seriously. Trying to attract poor people with zero competence with his fake big words.
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There are 100’s of listed pairs of UST with exchanges from around the world.
Honestly the fastest wat to get all their attention would be a tonn of press talking about the plan to save LUNA(C) & UST returning billions to those that lost money. A press release can be made but there needs to be reason for them to pick up the story. A voted on plan would make some noise. If they know a plan exists it may buy some time and help bridge that conversation.
There is a lot of work that needs to be done fixing UST. It will take a lot of man hours from a team of developers. Which is why part of my plan involves doing everything possible to retain some of the old team including Kwon. This is to save time as they already know the code.
UST as it’s own coin and dropping the stablecoin feature will bring no real value back to it. It will still get de listed from many exchanges, and loose most of the trading pairs it currently has.
It’s currently trading at about the value if it was just a coin, maybe even over valued now, so no monetary upside. It will take years to gain value it it ever does. Also it would drop on that news before rising so your waiting months is a minimum no matter what direction UST goes in.
Believe me, I hope I’m wrong and that it can be faster. For everyone.
That said the fastest way (imo) to recovery is a burn tax, collateralized debt used to purchase and burn, and maintaining it’s status as a stablecoin and repegging it. All of which are in my plan, and all of it is doable.
HobЯ думаю, что было бы справедливо сделать 3 снимка в 3 раза. 1 - За мгновение до LUNA при нападении. 2 - Время до остановки блокчейна LUNA (13 мая). Биржи DEX теперь приостанавливают торговлю по цене 0,00005. Потому что за это время, хотя общее предложение увеличилось, не было объявления о покупателе. 3 - Время после повторного открытия блокчейна (13 мая - 27 мая). После повторного открытия было много покупателей и продали обратно по цене x50,x100. Если есть только 2 выстрела в качестве предложения, это несправедливо по отношению к людям, которые не знают о проблеме поставок LUNA, и они пытались купить LUNA, чтобы избежать дальнейшего падения цен.
Contrary to what some other posters have said, I think combining Luna(c) with stablecoins is crucial.
I’m convinced the previous problem was the unlimited minting of Luna tokens and thus the crash of the anchor currency. If we can make Luna(c) deflationary, it would re-create trust in UST and other stables.
I myself am coming from a ML background and one thing I learned is: The best parameter is the one you don’t have to set. Transferring this paradigm to Luna means setting some rules that create a self-balancing system. For example, when a stable coin is at 90% of it’s face value, 10% of taxes are used to burn the stable, the rest is used to burn Luna. In a situation like now this would mean, mostly only UST is burned and the closer we get to re-peg, the more Luna is burned. Then no one has to make a decision like “okay, now it’s enough”.
All valid points.
I would like to point out that I’m not “buying” LUNA/UST as it’s owned by all the holders (including myself) already. Who would I pay money to?
I am honestly adding LUNA daily to keep lowering my average price, while increasing my ownership stake.
Another example
Elon Musk does not own Tesla. He built that company and owns a large stake in it via shares. He does not build the cars, he’s a software engineer he put together the right people to build them, to sell them, to get financing when needed, but still he is it’s leader. Yes he did invest cash in the begining as it wasn’t built yet.
My point is that the money needed to fix LUNA(C) & UST needs to come from within as we are ALL the owners. It is FULLY capable of providing it’s own initial financing, and due to it’s investment attractiveness it can get collateraized debt from within the crypto space. This is the most efficient way.
That said no one would invest in or lend to the ecosystem without a plan and without someone leading it in the right direction.
Yes the algorythmic relationship between LUNA<>UST was flawed and vulnerable to attacks. In theory an algorithmic stablecoin paired with another coin is an amazing concept, and if it can be achieved successfully would imo create a top ecosystem. Im not saying it can overtake Etherium or Bitcoin in marketcap but can at least give them both a run for their money.
I also agree that the unlimited minting was what caused LUNA’s crash, but it was UST that broke first. The UST vulnerability NEEDS to be fixed as well as disalowing unlimited coins to be minted on either side. Paramiters need to be set to pause when xxx number of coins within x amount of time are being minted. Alarm bells should have been going off well before any dilution occured. In theory niether should have been able to be diluted as its a back and forth relationship so to speak.
As I have said I would never jeopardize the ecosystem if the algorythmic system is in any way flawed.
Further to use LUNA as the backing asset was a secondary flaw of this network. LUNA’s collapse in price then further exasperated the depegging of UST. Then on top of all that they sold nearly 3 Billion dollars worth of Bitcoin even further removing asset backed collateral, and ausing UST to crash to the levels where it’s at today.
THIS can never be allowed happen again. It was pure negligence and it WAS avoidable if as I said above they put in the proper gatekeepers to secure the system from such an event.
i like this one
Your plan of saving Luna/UST seems feasible, but the leadership part doesn’t make any sense:
Terraform Labs is the software company (which currently holds the infrastructure and source code of the Terra blockchain). The Luna Foundation Guard is the organization that (supposedly) fosters the growth of the ecosystem. If you do not intend to have a role in either of these companies nor intend to have your own company to take ownership of said companies, what kind of leadership are you bidding for???
Like I said earlier: if you don’t have the money (to take ownership of these companies, and/or to buy back and burn hundreds of billions of Luna), or if you don’t have the connections (to bring investments, attract developers, etc), nor the technical knowledge (to put up parameters-change proposals to vote), than all of this is just wishful thinking…
I asked specific questions. You answered with good intentions. This is not enough.
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Why don’t you hold a Twitter space to talk about your plan and invite exchange and VCs to participate?
How about this:
Half of the tax income is used to burn Luna. The other half is used to burn UST. If re-pegging has been achieved, that second half of the tax income is used as battle funds and is used as soon as UST is lower than 100% of it’s face value. I’m convinced automatically pushing a stable from 99.99% of it’s face value back to 100% is better than letting it fall to 70% and then discussing what to do. Again: Key is doing it automatically.
I agree. We do not need leaders that lead with words, but with actions. Sure, if CZ or Vitalik took care of LUNA, it would be a good PR move, even if they only lead with words.
But here on the forum, we’re most likely all random people. So if someone wants to lead, don’t lead with words, lead with actions. Propose technical solutions, and let the community vote on them.
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well, at this point most of the infrastructure seems controlled by do. From these forums, to even developers and validators… So I’d say a big part of the community is currently cut-off from voting.
Even on these forums, his proposal is pinned while others aren’t (is that fair?). On TerraStation, his proposal is visible while others are hidden and need ‘approval’ to be shown under governance… And I could go on and on…
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Terraform Labs and Luna Foundation are not for sale. Those companies are moving forward with the New Coin. They are likley abandoning this current ecosystem in favor of the new one. There is nothing there to buy.
A new “software” Company will be set up to handle the ownership of the source code of the old blockchain if it is availableto be transfered, as well as deal with financing, and other corporate related duties. The tokens themselves are not going to be owned by this Newco at all. In fact even Kwon himself has stated they don’t own them, the community of holders own them.
The software company may not even be able to take any ownership of the source code or IP as that would be up to Terraform Labs to decide to divest it or not. It may be too similar to the new LUNA for example so parting with it could affect the new coin.
Therefore owning anything cannot be handled by this plan. It will require separate negotiations with TFL.
This plan can move forward even if TFL decides to retain ownership of its source code and grant Newco full rights to use it, and or a partnership and work with us.
Who do I need to pay this money too and what am I getting in return for it?
Do you know how I will make money doing this? Hint, it is the same as you and every other Luna/UST holder…By returning value to the tokens.
As I said, I do keep buying more tokens daily and have accumulated a large holding. So I have already invested in this ecosystem, and have skin in the game as it were.
This is true. Even my plan is not on the Station main governance page. This forum is put i to slow mode which inhibits discussions regardingcthe future of our ecosystem and tokens. I have pointed this out before in fact.