Great proposal and itâs aligned to what CZ mentioned as well. Bumping this proposal up! Hope some mods can pin this!
3 Likes
i think the first step before any revival can be even thought about is to identify the bad actors⌠specifically the wallet addresses of the bad actorsâŚor we are just creating more money for those actors as all this burning doesnât guarantee another depegging event
By far the best solution.
2 Likes
This is the way. I hope do kwon listen to the community and he doesnât make a mistake again like he did while trying to save UST by sacrificing LUNA
2 Likes
Now, it has 3 yes votes. This shall pass, letâs 
pin it
3 Likes
One of the biggest exchange (Binance) support the burning idea, what are you guys waiting for?
7 Likes
Good to hear! We should try to reach out to the other voters as well
2 Likes
excellent proposal, The idea of BUYing and BURNing LUNA tokens so that their total supply returns to an âacceptableâ level over time will restore Trust in the whole Terra Ecosystem.
As well as help UST to maintain the peg and Luna to recover.
GROW UP and TAKE RESPONSIBILITY for your financial choices.
No one is entitled to always profit a financial investment.
Please DO NOT CRY when of your financial decisions turns out badly. Learn to risk manage your investments
5 Likes
Agree with burning solutions; in crypto there are not refunds, snapshots but dips and recovers.
Here we had an attack but a proper manage and use of the funds to keep the peg and avoiding to print 6.5 Trillions (Trillions!!!) of coins could have prevented this massive dilution.
We have a coin Luna and a stable coin UST that should remain peg to the USD. We need to focus on those.
We should stop with proposals trying to help this group or that group (pre/post attack, UST holders vs. Luna holders), we are all in the same ship. I do not favor the proposal to abandon this ship for a new coin artificially allocated.
Funds that are still available should be used to save UST and Luna not for refunds. If you save Luna you bring back itâs value for Luna holder and as collateral for UST bringing back its value.
We need to get clarity of where are the funds and how they are being used as well as we need to ensure the mistake of printing 6,500 Billions Luna get undone with buy and burn.
If you want the circulation to be 1 B donât create a new coin with that circulation but buy and burn 6,499 Billion Luna that you minted!
Buying and burning will help all groups.
People who bought the dips at 50-40-30-20-10 or even now can see the value of the going getting restored and their support during crash getting compensated. People who owned before the crash will see the value getting back on track (will take time but slowly can go back). In addition, if they believe in Luna and its team they can buy more now and average down their entry price.
UST holder will see the value going back towards 1 USD if Luna value goes up (they can also buy to average down their entry point).
13 Likes
how do we proceed to effectively support the BUY and BURN policy? Can you give directions? I thought that this was the forum to make proposals that then got implemented in Terra?
Is it not the right place?
GROW UP and TAKE RESPONSIBILITY for your financial choices.
2 Likes
Very nice! I had a similar proposal here
The main idea is the same, save the ecosystem by getting money from the transaction volume.
Hopefully they go this way because it doesnât hurt finances (implementation costs are exteemely low), and the plan published by @dokwon is not even trying to save anything, is giving up and relaunching.
Also, minting tokens wonât work since it does not create any money, it just lowers the value of each existing token, it makes no economic sense.
6 Likes
yes, this is the direction that Terra Luna Foundation should implement.
A BUY and BURN policy!
GROW UP and TAKE RESPONSIBILITY for your financial choices.
2 Likes
20% is higher than what someone with bad credit pays for a used car?
Honestly, This is the only proposal that makes sense.
No one should have placed their life savings on one coin and they certainly should not be âreimbursedâ for their losses. Thatâs life and the cost of investing. Creating a fork is going back in time and you simply cannot do that in real life. â
Accept your losses. Learn from your mistakes and begin DCAâing into the current state of LUNA.
If you really are here for the community then you will stick with the community during the rough times as well.
10 Likes
It would be nice if I got a refund every time I lost money in the crypto space. But I donât. Every investment has a risk associated with it. NEVER put all your eggs in one basket - no matter how strong the basket may seem.
Owned and lost money on LUNA then bought more at the bottom.
If people are truly here for the community then they will do the same.
5 Likes
very well said. I agree!
GROW UP and TAKE RESPONSIBILITY for your financial choices.
Do risk manage your investment portfolio.
4 Likes
incompetence and poorly done work caused a defect that must be borne by those responsible. Unlike market volatility or industry downturns. His idea is itself an accomplice of bad faith.
In the crypto space, every L1 is like a sovereign state. Most States on earth impose taxes on their own economic activities. This tax revenue usually goes to public services such as healthcare, transportation, security and defense systems, etc.
In Terra, we pay a gas fee for every transaction, which is a form of tax to ensure our transaction is secure. Thatâs fair and sound. But Tax revenue can achieve other goals as long as we can secure its source.
From what I understand, this solution proposes an additional tax (burning is also another form of tax) for trading activities. This is similar to States setting up tourism taxes or importing goods taxes. This kind of tax will generate income from foreign capital and increase the wealth of the States.
As long as Terra has a source of income from outside capital, the current situation will improve. Even after the crisis, we can consider keeping this tax at a minimal percentage level to build up a SAFU fund like Binance to prevent this kind of crisis from happening again.
1 Like
I read about many revival plans but none of them equal in terms of fair. So
1.Delist UST (you cannot control a.k.a make stable coin while it depend on market conditions).
2 Offer hight APY on UST stakers (20-40%)
3. Remove staking options from LUNA but kept it in exchanghes.
4 Make UST/LUNA swap only in your platforms, with 1-2% commission.
5. Commissions will be burn in terms of LUNA.
6 Separate UST from LUNA in terms of chain.
7. LFG should be responsible for theyer inactions .
8. Use part of proffits for commulate other type of actives like : BTC , ETH, gold or similar products wich holds value.
This is optimal way to safe both LUNA and UST.
Your biggest mistake was that you allow stable coin to be manipulated by market.
With this proposal you defend both UST and LUNA holders.
3 Likes
P.S dont even mind to offer compensation only to holder who stake before the attack. Community must stay by your side not only when you are on top of a wave but also in critical moments. Investor who try to revive both coins after the shock have theier respctive role both tokens not to be history today. I lost 3 BTC last 3 days in term to help revive LUNA coin so i am sure i deserve such respect as investors who put money 6-7 months ago.
4 Likes