Good topic. Sadly dontkwon doesn’t read anything, lol.
hello,here is my suggestions about a burning mechanism to LUNA
All it takes is to attract enough people to participate in painting activities and attract a large number of current luna owners to bid for the NFT, and Luna can be burning in a short period of time,Without incurring too much external cost
and these features are not complicated and should be developed quickly,
by the way,if you think this is a good ideal, please retweet it and let community developers to see it,or let Do Kwon or CZ see it(my twitter was blocked),or Initiate a vote if you can,thanks
Why are people not talking or looking at this solution to fix UST and drive value back into LUNA and remove the inflationary numbers. The algorithmic errors of the systema are the problem. This needs more looking at.
Creo que el equipo El equipo de Luna incluyendo a Do Kwon, deberian acatar, Escuchar La Propuesta de Fatman, Primo, El no se ha pronunciado, solo Ignorado todo lo que la Comunidad Piensa, y Sencillamente, Hacer la Propuesta de Fatman Primero, Luego, El proyecto de Hacer un Nueva Terra Luna v2, sera Posible, Incluyendo Solo Haciendo NFT a para Apoyar el siguiente Proyecto, Y teniendo En cuenta, que Esta comunidad, Estan Fuerte Como la de BITCOIN, Y ellos se estan dando el lujo de perderla,
Hay mucha Gente Mala En youtube, e Informacion, COn la Propuesta de fatman, arreglan la credibilidad, confianza, y haran algo altamente considerado, y van a tener la comunidad para siempre, no hablo de 1 personas sino, millones, incluyo luego pensar en un rescate de empresas, pero urgente es la comunidad.
Excelente proyecto Bien pensado!, pero la Comunidad, Quiere la propuesta de fatman primero.
The burning UST concept aims to reduce the debt burden by looking for whales to invest money, however in distressed markets the whales prefer buying assets near free rather than investing money in an enterprise where their capital is used to pay down debt and will not grow for some time
The TerraBuildersAlliance concept reallocates Do Kwon’s Revival Plan 2 shares to community developers and almost completely disregards the existing debt obligations to LUNAv1 and USTv1 holders
Do Kwon’s Revival 2 distributions:
The native stablecoin concept emphasizes that without a partially or fully collateralized stablecoin that the Terra platform is no different than the thousands of useless crypto coins
The compensate UST/aUST first concept acknowledges that any redefinition of money debt is a crime and that would halt the project so senior debts must be paid first to save the project
The key assumption is that Do Kwon and team have the capital to pay senior debt. We do not believe the organization has much capital left.
The first order of any default is a change of control from executive management to a bankruptcy trustee who acts as a fiduciary for the existing shareholders. This would in effect restore the voting rights of the UST holders as none of the $13B or so people are able to vote against any actions that goes against their best interests. The benefit of putting all LUNAv1 and USTv1 to vote is that they can actually vote on a debt reduction plan because at the moment it is unlikely that anyone will receive any money back. This is in effect debtors defaulting and the bank agreeing to a write off with conditions.
We were disappointed that Do Kwon failed to reach out to the community to acknowledge his error and work with the community to salvage what is left. Not everyone holding USTv1 wants Terra to fail. The idea that money transfers could one day be low cost and unlimited, and loanable is worth saving but not in its current incarnation, nor in any of the reboot proposals from Do Kwon and TerraBuildersAlliance.
The only ulterior motive, unless Do Kwon could provide assurances otherwise, leads the astute to believe the proposals were geared towards rewarding his most loyal VCs and developers. Is not getting paid in cash enough that all employment must now be rewarded with free shares of the enterprise, and is not using bonus money to buy LUNAv2 at low prices not enough? It does not make any sense to us either. It certainly feels like entitlement for free shares without actually risking personal money to support the network, or more subversively, in effect, paying to encourage developers to run PR campaigns on social media.
If Do Kwon goes to jail, then we will discuss with our capital investment partners to seek whether TFL would transfer their IP ownership to us or to a community foundation. The key issue rests with whether the TFL and LFG are willing to accept a change of control for the benefit of the community as we still strongly believe in its potential enterprise value.
Whether TFL/LFG have money or not - does not matter. Kwon et al under criminal prosecution risk in several countries. New project is unlikely to be successful in such environment. Project founders need to secure funding (personal savings, fundraising, etc).
The new project has to be made successful and transferred ownership under a different brand of course. We do not have any confidence in new reboots without solving the fundamental issues.
The reverse staking concept is essentially earning LUNA as interests for Anchor savings deposits and converting them into UST to reduce the LUNA supply
A simpler approach is to have all network exchange fees taxed at 0.1% paid for in LUNAs. Over time the passive tax eats away at the total LUNA supply to raise its value, and new USTs can only be minted by collateralizing with stablecoins. In effect, this burns down LUNAs at the same time the collateralization of USTs goes up. A win-win.
Well yes but in my proposal we are also creating a new stablecoin which can hold its own usecase and bring in more transactions.
I agree however to a transaction fee of 0.1% to burn the current supply as well
Our concern is any new stable created that is not backed by actual stablecoins has very low confidence of succeeding. After this level of blow up, most people will be pretty hesitant to touch anything Do Kwon and Terra Builders Alliance ever creates again, and most likely would need regulatory approval moving forward. These guys are planning to erase all debt obligations to reboot Terra v2 to be all LUNAv2 at first then figure out how to create a USTv2. They are doing this to “wipe out bad debt”. Things make a lot more sense when you read everything that the TFL and the TBA have said from the perspective of major owners that have lost their wealth. See for yourself. The Alliance were allocated at 20% at genesis. Of course they want all of their wealth back and thus they are heavily pushing all over social media for people to accept the best deal for themselves and a pittance for everyone else. They have people thinking that if you give the broke anything they will take it and like it. This is how you destroy communities. The TBA is fine with this because it is really Do Kwon that goes to prison if there is any crime. They do not see themselves as co-conspirators to a elicit a criminal enterprise using the governance voting without all actual LUNAv1 and USTv1 holders in default representing 100% of the remaining assets to weigh in on how to restructure debt that cannot be paid with the assets they currently do not have.
The select a new representative concept seeks to quickly assign a representative for the LUNA “classic” to take control of communications with established central exchanges so that they will recognize the de facto new management of the old project rather than the new project
This is a brilliant suggestion because Binance already said they would only support a burn.
Nov 15, 2018 Binance probably will not replace LUNA with LUNC
May 13, 2022 Binance says (Terra) cannot mint out of bankruptcy all the time
May 13, 2022 Binance requested TFL for response but they were not, says TFL behaved unprofessionally compared to Axie Infinity who had a plan and remained in constant communication with them
May 14, 2022 Binance advises do not abandon the supporters by forking, just burn, and transactions cannot be voided
May 15, 2022 Binance statement:
“5/ The last few days, we tried hard to support the Terra community. In my tweets, I am simply pointing out the potential issues from my understanding. Minting, forking, don’t create value. Buying back, burning does, but requires funds. Funds that the project team may not have.”
What does Terra leadership do? Burning everyone because we know they are trying to regain their own wealth.
Wow this proposal is a real gem.
About Do,if he want v2 to success he need to rebuild his reputation .it is superbad right now.
How can we make this proposal happen!
The reset governance concept allows both LUNA and UST to burn for a new governance token called xLUNA assuming the UST would repeg and balance the system back
Please read the mechanics section of our proposal to see that sentiment for Terra is very low. This means no matter how many tokens are burned the UST would never repeg.
The only way to repeg is by reducing UST debt obligations in a fair way and boot out the TFL and SBA shareholders that want to savage the remaining value to rebuild a new network and ditching their debt responsibilities. All LUNAv1 and USTv1 holders are technically the new master shareholders and Do Kwon and gang are simply pushed out and need to start from scratch.
We have proposed to add tax to fund the system. As the execution team does a good job restoring trust and increase utility, the taxes will naturally collect all the funds we need to get out of this mess.
A lot of people just say burn the LUNA but they have created no demand for it, and on the exchanges LUNAs and USTs barely trigger any tax because the tokens just sit in the CEX’s wallet until withdraw. How much tax are all these campaigns generating? Zero. That is why we focus so heavily on saving the enterprise first with all the pieces together to save the ecosystem.
I see, thanks for sharing this. I would love to be involved in any future plans if you think you can do anything to save the project. For now, I just have to keep my LUNAv1 and USTv1 on the CEX’s?
It depends. Some CEX have announced they’re closing shop. You need to move them to your wallet if you plan to keep them. The wLUNA and wUST are problematic. We have members that hold these from Coinbase and since the inter-bridge chain (IBC) have been disabled there is no way to unwrap them and put them into the wallet. Perhaps as part of this plan if we have the community members who could help run validation nodes to enable the IBC so that we can help everyone freefloating in space unwrap and move into the Terra Station wallet as the issues get fixed and network restoration. Since the wrapped goods are technically ERC20 that it is possible to park them into MetaMask so that when an IBC is ready that we can re-enable them again. The system behind Shuttle is shutting down and we would need all the data files from the network before shutting down to resume it. Will leave this details to later execution when the proposal gathers steam. Do Kwon would probably love to get rid of Terra v1 code support right now so getting the systems handed over might be ok. He still owes the debt obligations. We are not assuming his liabilities. We just want the system back to a condition where it can function again and burn both LUNAs and collateralize USTs.
Has this proposal been put forward for voting? Why aren’t there more discussions around it? What can be done to at least bring more attention to it. The other discussions seem to be at best naïve and Ill thought out at worst have an agenda.