One of the best proposals. Need to put it up for vote.
Thanks for taking the time to respond.
However, going back to the LUNAv1 discussion, once the new LUNA is out, wouldn’t the users just try to escape the system as the trust is broken now and sell out everything? Wouldn’t this be a second crash! Is it worth it to keep the USTv1 and LUNAv1?
Also, if Do wants to get out of the debt and the whole picture, how feasible it is for him to handover everything to the community, validators let’s say!
Given the dire situation that we are in and TFL’s complete abandonment of the full community (his community is just builders and VCs), that by getting UST holders to agree to move short-term debt to long-term debt and be granted ~1/3 of their debt as LUNAv2 shares, that it will be the UST holders who have full incentives to stay on the network. If they sell before any value is restored then it is a double jeopardy. Both their new LUNAv2 and long-term debt in bonds would be worthless. People can separately recover the value of the debt directly from Do Kwon and company. We want Terra v1 to remain functioning until a proper upgrade (no fork) to Terra v2 when ready so that ownership is preserved and we begin to repair the issue through working toward increasing commerce which everyone should agree that it is the only real driver of taxes and not much taxes would be collected from CEX.
As per your question on handing over everything to the community, let us discuss with Do Kwon and LFG after this proposal passes. Our offer to him will be in terms of salary and performance bonuses, bonuses which can be used to buy LUNAs cheaply and restore some wealth the right way. To carve out shares now is to get risk-free shares. To buy shares later is to put your faith into your own performance.
It is interesting how the organization behaves the moment the pressure is on. How do 6.5T LUNA voters get to vote if the staking is disabled. The voter suppression is strong with this one. No court will recognize the outcome.
This is a precise & excellent application of solutions to an utter & total failure. I can tell it’s been created by someone that understands how to extrapolate complex data. It’s exactly what is needed.
@alagiz Would you mind adding Prop 1691 (Terra Station) to the whitelist? Thank you for your help.
Governance Section Not Showing New Proposals In Voting Section - #8 by alagiz
We made a post to the support forum but it shows that all post visibility have to be approved by forum administrators. Please approve it so that we can have our vote visible.
Any community member that have a success with getting a vote visible, please help weigh in. Time is of the essence.
The coverup for DoK continues when a simple functionality of a proposal can’t be voted on. What a thief. Love the extra work - this is awesome - has my vote
All validators, please vote: no to veto, because Terra’s reputation in the entire encryption circle has been stinkied, 2.0 is just because Do kwon wants to steal more money, if you really want the future of Terra, you should maintain 1.0 and take back Terra’s reputation.
@ERG Furthermore, in regards to my proposal, wouldn’t it better (if feasible of course) to initiate a vote to “buyout” TFL? The xLUNA holders (mainly the validators) will become the new owners of the company and become to some extent the “Board of Directors”. Eventually, the main reason behind any venture is to make money, so if TFL (as a new company) for example makes a 1$ B profit a year, they will distribute these profits to the shareholders?
Both LUNA’s and UST’s market caps at the moment is around 1$ B USD each, can’t the validators and new VCs just buy and burn the excess by swapping to xLUNA and continue with the existing blockchain and everyone will be happy
- Added 5/19:
In the event that any forking plan is approved, all mentions of Terra v2 from this proposal shall become Terra v1.1 for which we call Terra Original (not Terra Classic), and make it a priority to elect a new independent community leadership team within 7 days of passing the vote, operate Terra v1 branch in coordination with the TFL and LFG to transition IP and funds remaining, prioritize infrastructure on life support then addressing the problems outlined in the overall master plan, and work with central exchanges to manage upgrades.
@0xab3d We must not buy TFL and seek to transfer ownership of Terra Original (Terra v1) because we only want the IP and NOT their liability.
The 1st post can no longer be edited. The highest risk for everyone who voted for a fork is that the debt to customers (UST) is not eliminated via creating a new commercial product (Terra v2) and substitutions of shares from LUNAv2 to provide to USTv1 holders is not a like-kind exchange, thus the utility of it is not equivalent to a cash/stablecoin product that was originally advertised by TFL, the company. We believe there is an extremely high risk that even with Terra v2 airdrops, given the lock ups gifted to existing holders, would result in a collapse of value when TFL cease operations.
It is now a fact that Terra’s PoS decentralized platforms is centralized. Allowing only the top 130 validators to participate in governance effectively leads to governance hijacking and this was shown on display when staking was disabled. This is not representative of the community governance that the company advertised, and this will become another charge added on TFL’s plate.
When the governance votes for something illegal the TFL is not obligated to follow through. Executives at TFL will not be able to hide behind the corporate veil of responsibility when it is they who decided to move forward with accepting the handful of co-conspiring validators to hijack the governance system in order to preserve their individual wealth.
The sadness to this is that all these young innovators are mislead that cryptos protect them from financial crimes. We have noted repeated that the word “money” in any advertisement cannot be escaped. It is a blackhole for which executives at TFL has already went past the event horizon. All those who purchased UST are customers of Terra who promised essentially their company credits are redeemable for goods and services, and this promise is shown on full display being actively disregarded and deprioritized with no fast and frequent show of remorse, apology, or remediation. Essentially customers bought a bunch of in-store credits and the store now says your in-store credits are worthless and its the customers’ fault for trusting their money in the company in the first place, and as a consolidation prize have some worthless equity which may never appreciate and taking the airdrops means you agree. As said before, a company that is in technical default cannot dictate any terms. The entire company at that point is owned by the remaining shareholder investors and customers with the customers first in line to get out.
On May 18, 2022: South Korean financial crimes (Grim Reapers) unit was reactivated to investigate Do Kwon and TFL. The reason they’re nicknamed for Grim Reapers is they have an extremely high success rate for any case they take on.
As more financial crime units dig into the issues they will find something that sticks and until all wrong doings and civil litigations have been cleared, Do Kwon and friends are radioactive to capital investments. For the next 1-2 years TFL will become uninvestable to the big whales. The risk of getting their new capital investments frozen and redistributed to litigants is extremely high. This causes all versions of Terra to have maximum low demand pressures as everyone’s first priority is to jump ship for any price as soon as they can. This is why we added a contingency plan [source] so that in the event TFL’s business is frozen, that the infrastructure is still running on life support. It is imperative for the community to help provide continuity as we seek to heal the ecosystem the right way.
Well, but basically what you’re trying to prove me: we will solve fundamental issues after we made a new project success. It never happens this way, rather wise versa.
As to debtholders representation, the groups are getting organized around the world, country-specific and global. Do Kwon and TFL/LFG teams will face a very tough several years of litigation. One can transfer ownership and do whatever tricks, the new project will always be associated with Do Kwon, and while Do Kwon is associated with poor communication, community collapse and legal prosecution, no new project pitching will be successful.
XXX Edit worked again.
More details about the Yeouido Grim Reaper unit. This team is merged with the Lime-Optimus case with TerraForm Labs taking priority. The unit consists of 48 people, 7 prosecutors, and employees dispatched to related institutions such as the Financial Services Commission and the Financial Supervisory Service.
- An official from the prosecution explained the background, “As the Luna and Terra case is a case of multiple damage to the common people, it was designated as the first investigation case by the Hap Sudan after an internal review by the Ministry of Justice.”
- The so-called ‘P-onzi scheme’, which returns promised profits to existing investors with new investment, is suspected.
Separately, South Korea is seeking $78M for tax evasion and believes premeditation of the scheme to avoid debt was made in the country before TFL went to Singapore, thus South Korea considers this debt still owed to it
While all the bones in the closet falls out piece by piece the company is simply radioactive.
Must form an independent leadership now before the company is frozen.
You have sold yourself the idea of making a new project successful mandatory. Terra v2 has already failed before it started. For us, we need to preserve the current enterprise value before it rapidly falls to $0. That is right. $0. Without a credit system the enterprise cannot run. With USTv2 in our proposal enacted, you need to pay interests with USTv2. Jumpstarts the industry with real money again while there are still loans in play. The independent leadership of the community project restores confidence and we can rebrand to stay away from the thermal nuclear legal issues coming to Do Kwon.
well thought plan, at least much better than Do Kwon’s. This should be voted…
If someone here can do the maths and tell me how much Luna will someone have it this proposal goes through if they have 1 million Luna currently?
If you have 1 million LUNAs, then you still have 1 million LUNAs afterwards. What matters is how many more LUNAs would be added. This was already posted in the plan in the annotations.
Without debt restructuring you are looking at this distribution after burning the worthless LUNAv1 and USTv1 from LFG Reserves and converting all USTv1 to LUNAv1 holders so that everyone is holding properties.
With debt restructuring you can see the total LUNAv1 is significantly smaller.
The Relative to 1B Circulation was just showing technically what Terra v2 should look like at genesis in TFL+TBA plan if it were really fair. However, since TFL+TBA is creating a new service product they could argue it is worth whatever it is as long as they do not stop servicing their Terra v1 service product and they still owe all UST customers $9.4B of debt irrespectively of our plan. The $9.4B is a debt liability between TFL and its UST customers. Our plan assumes TFL is unable to pay back and they may go under.
What about baby girl Luna? Rename here too?