Summary
After reading several proposals, including Kwon’s, it seems to me that almost all approaches are dividing the community and no forking will ever fix that. It will make things worse. Do Kwon is LITERALLY running away from the problem and will eventually create an even bigger one.
Proposal
What’s the actual problem? Absurd amount of Luna and guaranteed failure of UST peg to $1 via Luna mint.
Solution?
Abandon UST. I.e. we abandon the token but NOT the debt. We promise to repay the debt as the reserves grow from outside capital, transaction fees, etc. In fact, maybe even add fair (not 20%+ ponzi-style) interest to keep community happy.
Set mint multiplier to 0 or negative. I.e. initiate Luna burn through buyback. This can be done by using outside capital or part of reserve (grown through fees).
Sure, it’s a lot easier to completely wipe everything and move on. However, we would be dividing the community because of selfishness.
I have lost a lot myself but am holding on to the coins. It may never reach the prices i bought at but with a burn mechanism everyone will be rewarded in the long run. As for UST, it needs real collateral. Minting your way out of a problem is never the solution or excluding late buyers from fork rewards.
Let’s stop picking sides (e.g. late buyers wanted a quick buck, well, who doesn’t?.. or maybe it was the whales, earliest buyers, that exploited the chain for their gains and we reward them again?).
Let’s grow up and fix our problems. Running away never solves the actual problem.
I agree wholeheartedly. I believe, correct me if I’m wrong. It would take 1.10 billions USD to buyback around 6.5T LUNA tokens that were minted excess and burn them.
Even CZ also wants LUNA to burn the excess minted tokens and as it’s all fault of Do Kwon to let LUNA mint tokens. He should be responsible for to burn the excess tokens
Do Kwon should be accountable and use his personal assets (likely in the excess of 100M unless he had no money to pay the bets he made) to burn the minted Luna. At least you take out 9% of the excess minted.
Learn from what happened to ETH fork. It destroyed the community. Instead of Forking, I’d rather focus on creating maximum happiness for maximum number of people who lost and create aggressive burn strategy of current LUNA tokens.
I was not looking for a quick buck, I probably put a lot of trust in UST, the lack of communication from the team made me take fast and bad decisions, the people that sold as fast at the could UST right now could buy and get some tokens from the Luna v2, no far from the community that holds to the end until they decided to stop the networks follow by Binance stopping trading, everything was lost for me at that point, when I saw the tweet about network coming back I sold as fast a could at the lowest prices, and some minutes after the announcement about Luna V2 came wich put me on a very bad situation