[Proposal] Help UST Pegging. Increase estimated minting capacity to $1200M

Can’t we meme our way out of this? Like GameStop. We can all do our bit in memeing the shit out of the internet and rallying to the cause.

Post memes everywhere about the rebirth of Luna, rising from the ashes, etc etc, get a fucking movement going

Luna is up 600% today! Going in the right direction…
Hes Beginning To Believe GIFs - Get the best GIF on GIPHY

Not too bad when you haven’t got hedge funds shitting all over you

It’s going up becase no more LUNA has been mint in the past hours thanks fcking lord!
I have been screaming that in this same post for the last 5 fcking days while the supply was still around 3bn and the price over $1.
THEY ARE FCKING lDlOTS!!!

this is the worst idea ever. when market cap of luna goes below ust, you would not be able to print enough for all the ust redemption. this idea only works when market cap of luna is much higher than ust

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yea ^^’

what you might want to do is to stop redemption so it doesn’t dilute luna supporter’s holdings. since it is no longer possible to back all ust (even if we print more luna because when ust is burned, luna will be market sold, which means the next ust burn will require even more luna print aka death spiral).

issue debt tokens to ust holders and repay ust holders as much as possible with treasury funds or negotiate a single price to swap all ust to luna

if you think you can revive LUNA like a phoenix. And you can’t choose between your creations like Elon Musk. I think that many will support you! #saveluna.

Given what has happened, is this proposal still going to be enforced in 4 days?

When does this proposal go into effect, or has it already?

Is there data on the backlog of UST waiting to be burned into LUNA?

exactly, didn’t they have a back up plan for such things? In addition to that, the most logical response was to burn the new minted coins, even CZ from Binance suggested that but also 99% of the comments below, yet Terra team seems to have other plans… for some reason…

In addition to that, there seems to exist some rumour that there is 1.5B in BTC unaccounted for, why no one is replying to this? Would you know?

I agree with you.
I would like to understand something, I had the UST in Anchor, when the incident occurred, for fear that they will not let me take out the UST, I transferred it to Binance, what happens?
I imagine that many people will be in the same situation as me.
In addition, many people will have left their UST in the exchanges, which gave the same API function, how would the recovery process be?

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no one has info, do kwon is keeping things hush hush for some reason

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Indeed, quite sad! No transparency, after all this, it is very surprising that the Terra community which is not 1 person is not really taking any action. So much for a “DeCentrilized” asset which seems to be run by one person’s ego!

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The top main whales control more 70% of supply.

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Voting ends in 3 days. Not sure how long after that

They are trying to reset everything and win back their lost fortunes because in spite of the fact the system had a major flaw and they royally screwed up their response when someone exploited it, they do not think it is “fair” and so like in any ecosystem that wants to prove it is not open or market-based, they have flooded the market with LUNA that a load of people purchased via trades, and now propose to essentially discard all LUNA for “new LUNA” that they’ll distribute to themselves (UST holders and ‘special’ entities).

In a regulated system this would be a pretty clear case of fraudulent exchange and anyone living in a country with basic laws related to fraud who participates in this “re-start” and personally gains anything from it is likely going to learn that even in an unregulated market, laws still apply and they’ll be breaking some really obvious ones.

The only way this thing survives is if if someone decides to plow enough into LUNA to get it back to a level where the entire algo around pegging it with UST can work and holding on until then.

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Unfortunately, I didn’t know what a death spiral was.

I only know that yesterday I tried to commit suicide, I was hospitalized and I am taking medication.

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Mike Novogratz dropped out of public after Galaxy Digital’s earning call on Monday. Some crypto journalists were poking around looking for him to see if he had anything to say. You know, he got the big LUNA wolf tattoo on his arm. I think one reached out to Galaxy Digital and someone snapped that they don’t know what an algorithmic stable coin is, and they don’t touch things they don’t understand.

There are also other huge players that have said nothing or little more than “We’re sorry. Sorry.”

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Same here without the suicide thing (please money is not everything, be well) didn’t know about the whole death spiral, when I put money on the way down at $15 and below