The only viable solution at this stage
This + finding a new investor to restructure the debt towards ust holders
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Andrew, please confirm where this figure was obtained from, according to https://dashboard.lfg.org/ the balance is only 91M, will not be enough to cover anyone.
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You are right.
The saddest thing is to see how faith in decentralization is being destroyed. 
I live on the wreckage of the USSR, since its collapse, it has been difficult for ordinary people here to earn money for a living. The savings accounts of absolutely all people burned down in the 1990s. Later, some banks gave people a loan at 49%. At the same time, there were credit organizations giving loans at 150+% to those with a bad credit rating or a small income (~$ 150 per month) - banks did not need such clients. And they just ruined people. Today we have been made outcasts and isolated from the world, although half of the people do not want war, and half have become victims of propaganda (their condition is similar to Stockholm syndrome). The central bank draws us the ruble exchange rate at least 2 times less than the real one, and now they tell us that they want to withdraw $ 100 bills from circulation. This happens after in February, most people who still had a stock of legal dollars in their account preferred to withdraw them in cash from ATMs, and all ATMs issued $100 in bills. There is some kind of global deception going on here. 4 horsemen of the apocalypse: disease, war, famine, death. It seems that we have become a testing ground for biblical prophecies.
But I continue to believe that people, not governments, will one day take power into their own hands and decide for themselves how to live.
I apologize for the possibly poor translation into English.
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The plan assumes 0 reserves.
Goal is to convince the institutional partners to provide a bailout convertible funding in the form of separate tranches. This would of course only be possible with a complex plan for restructuring that improves the upside.
In return, they to receive a stake in the project (potentially by diluting founders and/or TFL).
The proposed $1B would be divided into 6 monthly tranches. Each tranche to follow the previous one.
First goal would be to secure 166M, of which the 92M present is actually a positive surprise to me, as it means that 55% of the first tranche is already there and buyback can begin immediately. I am sure with a solid plan, the institutions backing the project will be more than willing to invest as this will be an opportunity for them.
I may be able to discuss this with our institutional partners as well if there’s the will.
I think the community should show character and get itself organized and start acting. There are pretty smart people in here, but the governance voting portal is a mess. Lots of spam, lots of the good proposals get lost quickly. I checked it today and was completely lost. Couldn’t find anything there.
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Now that he is going to fork the chain, the node runners should implement this on classic luna and still save that chain this way.
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Everything is purposely as it is, that includes community voting board. The messier the better, nothing except main (pinned) narrative should gain traction. If it was other way around it would be delt with immediately of course.
They are set to take the path they want disregarding community and community wishes. I hope it works out, but I am afraid that it won’t.
Crazy scenario would be that Luna(or now luna classic) does manage to turn things around, elects new leadership and puts in place some of the proposals community wanted. That would be a helluva story!
I think exchanges will relist with trust. You work to reestablish trust, and the exchanges will fall in line
Great plan!
Just wanted to bump with my agreement. I support this proposal in favor of Do Kwon’s.
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This goes over my head for the most part, but in general makes the most sense to me. A fork is a terrible idea. Fork feels like an arrogant self serving move. Who’s gonna trust a small team of people who made just a stupid mistake in the first place. They crashed the whole crypto market. People lost the dry powder they were going to invest at the lows. And they want to try again? Let the market try to fix this with this proposal #8
Proposal for those with UST
1- let’s negotiate with Do know, he is only distributing 250M of Luna v2 and the first proposal was 400M. for UST holders
We have to stop crying and negotiate.
We want the UST reserve funds he has.
Let’s create governance and start with that value.
We just need to Create a Ust v2 to make the UST useful worldwide.
People to use it, we already have many here in the prejudice
ust V2 will be stable with reserve at 1 and
the old ust, can be staked without recovery date with low APY)(earnings can be used immediately)
Anyone who doesn’t want to be part of the redemption doesn’t need to, just don’t make a stake and can sell at whatever price they want.
But notice that the stake will make us all committed to dynamizing and always using the UST v2
UST v2 will have liquidity reserves of 85% and we will redeem the other whenever the reserve increases.
If we manage to include UST v2 in many places of business, transactions. Announcing that it serves to rescue the lives of many people… surely many will adopt.
It doesn’t hurt to try, who proposes to govern?
What is more difficult to achieve?
Adoption
But we have a giant community already.
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Thanks for the clarification. ser
The governance of Terra Station does feel deeply apocalyptic.
Assuming that the future chooses to fork, it may be to leave the builder first, which I can understand.
But I still hope that the original system and the classic LUNA and UST can be repaired, and I still think this is a better way and will bring more respect and trust.
I will continue to promote this proposal, thank you.
Here is a thread I wrote, which may not be very well written. I hope it will help to promote it. Please share with those who agree with this proposal.
on Twitter: “I have always believed that if the original system can be improved and restored gradually. It’s able gain more trust and respect, rather than fork. Here is the best proposal I think. 1/ 
https://t.co/5ATMvdJzbv #LUNA #UST @terra_money @stablekwon” / Twitter
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Apologies this proposal from us was very light on detail. We wouldn’t normally publish something like this and in all honestly I’d written it in about 10 minutes. There’s lots of detail missing eg restructuring waterfalls / voting mechanisms / chain layer incentives and a lot of work needs to go into bail-in / issuance mechanics. None of it is particularly complex but needs concentrated efforts to create a dynamic autonomous system.
The bigger issue I see for Luna is that any restructuring should include the appointment of an independent entity that can (1) carry out a post mortem for stakeholders (2) collect proposals from the community and put together a coherent plan (or plans) that can then be voted on by the stakeholders.
The current approach of random people throwing in ideas (including ourselves!) isn’t efficient. It’s much worse in a situation like Luna due to the prevalence of retail investors in a complex product ( which in tradfi would not be the case).
Even worse, a restructuring should not be proposed and enforced by the incumbent controlling entities. That makes no sense.
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Precise analysis and the best solution.
If he forks and steals my coins then I am glad seeing him go to jail.
Still the best proposal.
Good one here.
＠do know You prove that you are not a fraud, please read this proposal and work with him, not self-righteous
This is a wonderful approach to reestablish trust, fixing the errors and as a result in mid-term bringing UST back to 1 USD.
@dokwon you should really look at this proposal.
We don’t need a fork. A fork will remain with a massive reputational stain. Serious investors will not trust in this if you just walk away from UST and LUNA like this.
Fuck it up and FIX it.
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