Anticipating that this thread will not go well for me, but regardless - I am a long time $LUNA holder and staker, and holder of a modest amount of UST. But more than anything a believer in the idea of a decentralized economy. My losses probably pale in comparison to many here, but in relative terms I saw a pretty good part of my net worth evaporate overnight.
What I felt that I needed to say, despite the expectation of being hated here - I have accepted that I invested in the ecosystem with eyes wide open, fully knowing the associated risks. I have accepted that I could have trimmed off profit at any time (after the unbonding period), and chose not to do so out of greed. I have accepted that once it spun out of control, my Luna was locked and there was nothing I could do about it and lost it all.
In summary, I simply ask that you come to grips with the reality of the situation and feel fortunate with whatever you end up with after the fork. Because anything is better than nothing (which is what my investment is worth in its current state). That is where I am, and honestly it feels better that way. Being outraged will simply cause you more stress than you need.
No matter how you react to my post - I wish all of you the very best, and I am truly excited to see what the dev teams come up with next.
I think there needs to be more outrage surrounding the TradFi attackers and the fact that both Binance and Gemini allowed KYCed attackers to violate their Terms of Service and use their exchanges for market manipulation. This is not a mere “coincidence.”
Both reserve the right to freeze and suspend accounts for violating their ToS or suspicious activity, but are we really supposed to believe they did not find dumping $650 million UST and taking a loss to cause a depeg suspicious?
Well here’s the thing - the fork is a ruse. To correct this situation, they need external money - period. Whether it’s coming from Do’s personal asset, whatever LFG left to have, outside investors, loans, goverment bailouts, etc. There needs to be an injection of money of some kind.
Fork is basically having other innocent commoners bailing us out - exactly the definition of a p0nzi scheme. Basically fooling John to pay Paul. It’s a rotten idea.
What they really need to do is to make UST holders whole as a priority, don’t know how, perhaps a multi year plan to make it whole like a treasury bond and they’ll need to get funding to do this. Now why would this work? The depegged UST will be in a different situation if they come up with this plan, since lots of speculators will see it as a potential opportunity to gain on the depegging situation and pour into UST - this would buoy the price of UST faster as the market reaches its own equilibrium - of course the market will be the judge of whether the bond IOU is worth anything. But this is better than fork since the speculators would be consciously be part or not be part of this bet.
Burning also is useless - they need the money back in the system. The fact that LFG spent lavishly taking out money from the system means that there’s a deficit and no amount of burning could solve that as it’s just some accounting trick.