No, I was thinking more about 3% burn + 1% remedy fee. But thatās just a number. What matters is the idea. And I think its a good start. If it gets picked then devs and the team will have to work and analise the perfect solution. This is just a scratch.
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I like your summary of the possible paths for different holders. Personally Iām an āold holderā and āUST holderā but Iām ok with new holders coming in and becoming rich.
I just hope the project devs, validators, and community donāt get torn apart too much so that neither v1 nor v2 make it. But everyone has to make their own choice based on their situation, Iām rooting for ALL of us.
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How many validators are there?
Guys, it is amazing to see everyone so engaged on this. The true is: the team are in absolute silence, we donāt know what are they doing, que donāt know if they gonna move foward with this ideia. But, as someone has said here before, WE ARE LUNA, we need to make some noise if we want this to move on. Burning is the best solution right now, even CZ has said this in public, so It is possible, I propose we rise up a hashtag on twitter: #burnluna lets go mainstream guys!
Ps: not perfect english, but you guys will understand lol
I totally agree with this plan. buy and burn is the only way.
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ETH successfully forked at $1Bish market cap, with DAO hack worth only $50M. This (terra) is over 1000x the loss. It is also the result of a āsocial bugā attack on the ecosystem. That bug makes us understand now that algo-stable cannot be resilient to well funded attack. Fork is needed to give luna to UST holders at pre-attack fork point so that UST can be eliminated. New stablecoin model needed going forward. Luna v1/classic can keep existing and do better than ETC.
Sure a fork is a big deal that shouldnāt be considered lightly or done monthly. But there is 1000x better reason than the ETH decision, to fork Luna now.
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CZ is more experienced in these matters. no forks. utility burn is the way
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I strongly support this proposal against the FatMan Proposal which is just as selfish with only concerned of UST and not considering LUNA which used the most of the TERRA ecosystem. UST can easily peg to 1$ if LUNA gets itās value but not LUNA which made everyone holding just 0.
I hope everyone vote against FatMan proposal which just blindly supports UST and let LUNA deadvalue
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and he has money, Iām sure he could get involved as a long-term investment.
The problem with most proposals is that they are all focused on specific groups of people rather than directly focusing on reviving the project.
Why is that a problem? Because most people act (consciously or not) in self-interest and will end up justifying their solution as the best way to save the project. Its always the same discussion of who deserves what, who should be saved vs who should not.
The issue is that itās just impossible to find a solution that way. Trying to establish merit based on timing or size of holdings is the worst way possible to deal with the issue. Should someone who bought at 5 usd to protect his investments be saved? How about someone who bought at $80 (pre-depeg) just so they would ride the profits and dump it all when it reached $150? How about those buying all the way down to 0.0002 trying to DCA their personal life-savings?
Truth is groups of people will always be left out and when that happens, it effectively destroys trust in the project. Even the ETH hack fork had its share of critics. If a coin can simply be reset like this, whoās to say that power wonāt be yielded again for some other arbitrary reason? And lets not forget, in ETHs case very few people actually lost money. Hence why forking of any sort will be a disaster, even for those who are benefited by it in the short term.
Which is why this burn proposal is in fact the best. It focuses on the project, not groups of people. No arbitrary decisions on who gets what. It accepts the past as a painful fact and opens a way for the project to recover, even if slowly.
Final thoughts: Please focus on on-chain transactions only, stop worrying about taxing CEXs. That would kill liquidity and price discovery, two crucial requirements for this solution to work. And please kill any sort of redistribution discussion, it will only circle back to my first paragraph where a fair solution is impossible.
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No, just fork before depeg
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I agree with you but it feels like most of the āold holdersā, who are too diluted with their holdings, donāt want to get diluted further because of UST, and so are happy to take their chances on a completely new chain where they feel they can preserve some value.
The people who are buying/bought the dip - i.e the ānew holdersā are not gonna get anything in the new system - so they better stick around and put in the work to unlock the huge value that already exists.
One thing is clear that UST devs donāt have a place in the new system - itāll be great to reach out to them for those who are interested in fixing the existing system (which includes all of us here).
Personally I feel there is more value in fixing UST coz the entire Terra ecosystem revolves around it. But we need the UST devs!
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If there is a way to harmonize this proposal and Proposed Recovery Plan (Proposal) - #4 by aeuser999, it would be extremely beneficial towards resolving the crisis.
I support this idea!
Buy back and burn is only way. No Forking!
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And here is their response:
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They didnāt vote yet. All validators are asleep, apart from these 6 that voted for yes. However, Iāve seen some increase in the āyesā votes by community, not validators. So if someone havenāt voted yet please give it a try ^^
For which proposal did these validators vote YES ?
There are 6 voting for āyesā at the moment.
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If exchanges can be asked to re-enable withdrawals back to on-chain that would be helpful too after fee implementation. Deposits to exchanges can wait a little bit I think.
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Proposal:garantee and peg the ust to current price 0.2 dollar, then use half of the income profit from luna price increment to raise ust price with time, and use any other source money to burn as much as luna, and last!Show a plan that this crash would not happen again!
Thanks