I’m in a similar situation of yours man, but the problem and responsibility is only yours. Learn the risks associated with the investments you are about to make and diversify.
Don’t blame others for your failures. From now on, I guess the only path for us is seeking discomfort to remedy this situation.
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You can buy the UST from other holders then you assume right to collect on that debt. Understand that you also assume the risk that the debt may never be paid. Anyone can do this, same as a collections agency. You can not buy back the UST you sold to the exchange because by selling you accepted the terms of the loss, same as holders selling to you would accept the terms of the loss.
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What you advise to do ; if you have huge portofollio TERRA USD / UST
and you did not sell yet…
Thanks man! You are doing so much work. Joining Discord now! I am open to file in Canada against him.
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I would like to be part of that group fighting by your side for our rights.
I was also injured with the UST.
Argaço more indications please.
Grabenlunacian
Here is an invite to a discord group created by fatman (the author of Tiered Repayment proposal)
I agree with the speaker.
I would never have bought UST tokens if BINANCE had not offered me 14% APY. I place most of the blame on BINANCE!
I believe that all exchanges should close deposits and withdrawals of UST tokens. Close trading on UST. And then exchange them 1 to 1!
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That’s not what he was saying. He was writing a disclosure about the people he was representing personally from his post. He is not at all saying that people holding even for 1 day before depeg or even after the depeg should not be compensated.
Numair, Thank you. I’ve learned a lot from reading your article.
Absolutely powerful and fascinating !
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Not your fault. Do kwon was tweeting on May 11th giving people like me the impression to hang on when I could have sold. He needs to take personal responsibility for this and the chaos afterwards
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thanks for your work
Motion to take this to court in Korea is already happening:
There seems to be consensus of the legal community in Korea that he can be punished. Although we don’t have laws concerning cryptocurrency fraud.
How much individual investor can get back will take a long time to be decided though.
This is a great post. As someone who has a legal career even I myself was thinking of the world of hurt this is going to bring. Even in a best case scenario.
Regardless do as you said in your initial post do kwon and don’t bail on us
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Singapore has already started to first freeze their banking account… Before the money start disappearing. But it not easy to locate the 80k Btc
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great insight, thx for taking time to pen your thoughts. however, i do think we need a 3-prong strategy to maximise the payout for everyone affected:
-
pursue this strategy to make UST holders as whole as possible
be mindful that legal fees would eat up a chunk of any payout, or worse lessen what little asset there is left in TFL. however, imho given the decentralised nature of this, there is limited precedent with a complicated web of geographical legal conundrums - the odds of succeeding here is really quite low. the only people happy here would be the lawyers. -
create new value by reviving the dApps/builders on another platform, with affected holders receiving a stake on its potential future success
this has the best chance of getting any meaningful payout, but only in the future. it has to be either on another chain (preferably not), or branch off the same chain. with NEW management. a fresh start is needed to attract new investors and new money. we need to accept that UST/LUNA as-is is severely damaged, and it will be near impossible to attract new money (imagine trying to raise capital now to revive lehman!). note that if this isn’t done quickly, existing teams can simply decide to move independently to another chain, with no obligation to give holders any stake in their venture - which means more lost value to us. teams are stronger and more valuable when united. -
elevate LUNA to become a meme token
SHIBA has a mkt cap of 6b now, but was 37b at its peak. so it really is possible to revive LUNA fm the ashes. it just takes work to promote and coordinate all efforts. any burn proposal can still be considered, but it would be wise to keep spreads tight to encourage more people to trade the LUNA meme, and make it very popular, rather than discourage trading with wide spreads.
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I was thinking the same. The huge difference between Lehmans and TFL is that Lehmans was a highly regulated financial services entity. Welcome to the libertarian DeFi dream.
This is uncharted territory. It’s possible legal action could work but I don’t think the analogy is that strong. I certainly wouldn’t be buying UST in anticipation of 1:1 restitution.
(Thanks EnricoMaz by the way for quoting the entire text 
)
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