I think you’re right to be skeptical. But from observing how LFG / Do Kwon acted at the time (“steady lads deploying more capital”) and now, it does appear that when we de-pegged to $0.98 they just threw all their money into a burning fire to try and prevent further de-peg.
I agree with you that this would be a crazy strategy to have gone forward with, but this was the risk of giving certain members too much control over the reserve (another argument to upgrade Treasury rather than axe it as in V2).
Loucura! Do Kwon, validadores, exchanges e demais votantes, com todas as combinações e manipulações de votos ocorridas nos bastidores anteriormente à divulgação da proposta, fica claro que a proposta ao final será rejeitada com virada na votação. A imensa maioria dos envolvidos clama que não seja bifurcada a blockchain. Força e vitória pelo “NÃO” divisão da comunidade LUNA!
this is actually a great solution. it might take months maybe a year or two. but this is the responsible way of doing it. DK’s proposal is just running away from the problem. Yes he can hard fork very quick. Get many developers behind him. But the community will forever loss trust in the Terra LUNA brand.
Be responsible. Don’t run away from your duty.
No one hears from community founder of terra is doing what he likes ut reminds me we are here and he ia dictator he does what he likes sorry police, lawsuit, investigation agency failed to arrest him. We finally got ruined in terra i am against new luna launch because of unfair plan
Since the hard forked couldn’t be stopped in the governance vote, I edited a couple of parts of OP to clarify which chain I’m talking about.
In addition to TFL / LFG’s new mandate to buy back $UST when solvency is low, when solvency is high, TFL / LFG should be mandated to build further protections to the $UST peg. I suggest doing so by acquiring high quality collaterals and incentivise LPs to backstop $UST against a solvency crisis.
The issue is clearly that TFL and LFG and co have no interest in taking the $UST debt on, despite 11B UST being valued at just $311 million dollars today today at UST’s current price of $0.03. I’m leaving this proposal up despite the fact that my plan is already 10x cheaper than I initially calculated it to be - wouldn’t have mattered if we had been doing slow burn and slow buyback but that doesn’t seem like LFG’s style.
What I do know is, if $LUNC and $UST continue to discount, we’ll find out very soon whether anybody intends to back it
