From what I see, proposals in favor of a fork are getting more traction, especially from builders. The question is why and how could we convince people that doing a fork is not the right path ?
This proposal is the best so far, can probably be combined with other good ideas, but mostly needs to get more traction. Any ideas ?
Honestly, if CZ’s voice isn’t being heard with regards to the fork, we have no chance of being any louder.
It’s the hands of the validators at this point - many of them don’t seem to believe that the people (like myself) who purchased to support the price of luna post block stop deserve anything at all.
yup, i’m not a fan of exchange owners (been here since 2011) but after reading, reviewing, tormentation I can respect him and I agree with your view here @CryptoKMS
I long for the days when UST was $0.441.
Think of the losses on many other options, you still got an out
What could be done to incentivize validators / builders to stay ? I think that’s the main part missing at this stage : the proposal is very sound and a path to recovery, but builders might not see their interests in saving the boat
Get rid of the fork option immediately with all your might, and boycott Luna v2 if it ever comes out because they’ll be printing Luna 2 and taking advantage of the community again.s
Hi Everyone,
After cooling down over the weekends, some thoughts and perspective here for your reference. The purpose is to hopefully provide some objective thinking process, amid all the hate, sadness and complaints. I know its painful for you to lose your money. It is painful for everyone and everyone still cant believe what happened.
Alot people keep believing that there is hope for recovery. Yes, I hope so too. I have lost quite alot in this saga and it was excruciating painful. But the truth is still the truth no matter how painful. The earlier we accept it and move on, the earlier we can get back on our feet. You bunch have already lost money, try to limit your losses in the mental and time aspects, if you know what I mean.
Let’s take a look at some of the simple truths below.
- There is simply not enough reserve to save all UST holders.
Think about it. 11bn supply of UST to go and at best 2bn of reserve left? Not to mention that some of these reserve also belongs to the Luna holders. DK knows this. Thats why DK proposes this plan. and there is more to it, on why DK propose this plan. See item 2.
- For Terra to continue, the devs must continue to be motivated and continue to build.
Think about it. the thing critical about Terra survival is the dev continue to stay and build after this saga. If you are a dev and your your past luna get crashed in 2-3 nights, will you still be motivated if there is no plan to help you to recover some money? You might even jump ship to other network - brain drain of talents. This will definitely be a death blow to Terra.
That is why, in this new luna plan, old luna holders get 40%. that is to also help the devs who have been exceptional in developing. Considering 2bn reserve left, circulating luna supply of 380mil before depeg and the new luna supply of 1bn, Old Luna holders get approx. $2.10 of value back.
Math: 2bn * 40% / 380mil = $2.10
This is done at the expense of UST holders. Why? See item 3 below.
- UST holders will be the biggest losers in this new luna plan.
UST holders who pay $1 for each UST will be diluted to $0.07 of value under new luna.
Math: 2bn * 40% / 11bn = $0.07
There simply too much UST circulating supply despite the massive burnt.
- A fork like this will instantly destroy trusts of the community and ensure that CEXs will not dare to list the new luna in the future.
The ones who will be protected the most under this new luna plan will be the old luna holders. DK has to do this to keep the talent pool so that there is a future for new Terra. In doing so, others have to be burnt and trust will definitely be lost.
- This new luna plan by DK will likely to go through.
Why?
Look at who control the majority of the votes? The old luna holders, my friends.
- Even lawsuit cant help you recover any money back. At most, they will just make DK declare bankrupt and send him to jail. You have to suffer the pain of losing money and the mental pain of following the news everyday to keep updated on the “punishment” or even hopes of recovery. You will be the one who lose the most, financially and mentally.
Conclusions:
For UST holders, try to salvage any value above $0.07 while you still can. If you find my math correct of cos.
Luna holders, move on.
Of cos, the above are not advice and they are just for reference. Ultimately you must make your own decision and take ownership of your decision.
This will be my last post for the Terra community.
Goodbye everyone! Let’s not let sunk in cost and emotions cloud our judgement.
Regards,
CryptoTTM
please stop
whats wrong with you
I agree with you that builders are to be incentivized to stay.
But a few things:
Yes, please help to spread the message. UST holder cant back full value. This is a reality and basing on very optimistic projection that they still have 2bn reserves left.
This reserves also belongs to the luna holders.
The pie is too small for an impactful split. Rebuild is the only option they have left.
Btw if that spammer jumps on here ignore them. Someone’s been writing posts intentionally to get flagged which if enough then threads get closed and censored. Ignore them instead let them up the reply count while bumping the proposal up at the same time.
I agree with this proposal.
This is the best proposal！
Good propose, but too many sound. Choose direction for better progress…
they, the old leaders gradually to the disaster of Luna are looking for a fork to regain ownership after running away and fooling all the investors and former holders. They continued to trick new holders into trying DCA to save Luna. Get rid of the fork option immediately with all your might, and boycott Luna v2 if it ever comes out because they’ll be printing Luna 2 and taking advantage of the community again.
The most important question right now: Where are the Bitcoins and Luna’s reserves and the Luna leaders are responsible for the destruction of the reserve and decided to print Luna on these investorsi
Hi Nikola,
I have read Fatman’s proposal and compared to yours his looks like its written by 3 y.o. kindergarden kid.
Regarding leftover funds. I guess team or governance should use all money they have left to stabilize, fix and revive ecosystem, rather than directly reimburse users.
There should also be a plan in motion, once project is stable again, and self sufficient, to reimburse victims slowly over a longer period of time.
Finally, someone who gets it.
Luna is everything. And take this from someone with a large chunk of my portfolio in UST and 0 Luna. The selfish me would love to get $1 for each UST but that’s not how this works. UST is just a portion of the Luna MC. If I’m being honest I didn’t quite understand this concept when aping in but that’s on me.
I have zero sympathy for the “Luna hodlers are speculators, let them burn and save UST”-mentality. UST hodlers are equally, if not more, degen. Again, if you (like me) didn’t get that when buying UST: THAT. IS. ON. YOU.
In my opinion there are two ways out of this mess:
I vote for 2.
There are of course lots of considerations on how to go about this. Personally, I think all UST should be liquidated into Luna at the current price (dollar price adjusted, 1 UST bought for $.3 is worth 30% of 1 pre-depeg UST or $.3 Luna). To me it’s the logical thing to do on so many levels, the only guarantee we got when buying UST was that: UST are redeemable for an equal $ value of Luna Let’s stick to that promise.
Then all effort can be put into rebuilding Luna. If an algro stable should be one of the products, great. But let’s build it from the ground up and give all Luna hodlers a fair share.
Luna might be hurt but it can be revived. UST? Not so much.