Summary
UST was backed by LUNA orderbook, we just need to restore the demand in the orderbook. Hear me out.
Motivation
New chain will lead to total annihilation of the price permanently so preventing this disaster is the main motivation. Current situation is solvable, LUNA is probably the most widely distributed altcoin right now because of this crash and we can use this to our advantage. Network effect is the most valuable thing LUNA has presently.
Proposal
Current circulating UST should be locked in smart contract to be eligible for redemption, then they should burn as much LUNA as possible and add a burn rate for all tx to decrease supply even more. Meanwhile LFG reserves should be buying LUNA back aggressively and when enough market momentum acquired all locked UST can be exchanged for $1 worth of Luna. By this way at least people will receive their money in form of LUNA while it is in an upward momentum, not in a death spiral. This will definitely attract new money to LUNA and UST holders can even end up in profit when they wish to cash out, if they wish so. That’s it very applicable IMO, managing expectations of people and creating new value is the way, otherwise you can’t obstruct people from selling what they got in panic and more de-pegging and dumping as a result.
Out of daily likes. But I like this and these types. We have a HUGE potential market of wide spread holders now. Invite them onboard to use their LUNA. Excitement of getting in on Terra chain at practically the ground floor one of hugest things in crypto and finance. Don’t waste it by forking.
Absolutely agree. People are worried about governance being ruined by LUNA being bought up and staked. Governance can slowly reopen as we figure it out, but NEWSFLASH no matter what LUNA costs or how many tokens exist someone could buy a billion dollars worth and own a good chunk that’s nothing new. Gov prob I see is how to integrate so many new gov stakers.
Too much talking, no action. Please lets get to something and start the implementation. The fact, no one wants to see Luna gone. So why can’t we save the poor algorithm from itself? Are we not the ones who created it? now its like some god that needs to be appease and we don’t even know how. Hey! guys. Wake up people. Let’s fight this stiff.
Two things that we have to settle on. i.e. are we burning or Forking. From what i sense, forking is the bad idea most new inverstors dont want to hear. But which one is better for all and for the once more stabilty of the system? even if its hard, that’s what we should be going by. We need to act now!!! Bla bla bla has not help for the past days since the fall.
Please friends, let’s safe people’s lives, no one deserves this please. People are in pain and if we dont do something like really quick, i fear what karma holds for all those who have chose to let this go down knowing there is a way out. Please this is time for sacrifice, I don’t have much in Luna but i am willing to sacrifice even my shoes if it means the thousands of wrecked lives due to this mistake are once going to smile. This could be the biggest project in the world of Crypto if we act now. I have talked to people and most just wish to see that the system is restored. Please, Luna means moon not hell. Please brothers and sisters behind the keyboard, breath peace and feel something for those hundreds out there with no where else to turn because they trusted this project. We are all human. Please lets do something. I beg you all. Please!
Barely anyone is using the terra blockchain anymore. You cant tax imaginary transactions. This proposal will never work.
You want LFG to use their reserves to buy a token that’s been inflated into oblivion? Talk about throwing good money after bad. Do you really expect reasonable investors to invest in a token that lost 99.999% of its value in 48 hours?
Sorry, but this is a lost cause. Luna cannot be saved.
where are the superheroes, where are those who have aspirations of saving the world? Those who desire the freedom of all peoples? Please guys, Luna needs you, save the Luna save the world of thousands. Please somebody do something! I feel deeply punished by the way we keep talking and up till now, nothing is being done. Where is the expertise we claim to possess, where are all the computers wizards? who wishes to crack the codes of heaven and cannot rise up now and save a neighbor? My Appeal is that, lets be objective, think of the many lives across the globe who are in ruin right now, think of something different from our individual gain. if Luna stands, we all have the potentials of making good rewards from it. Why not act now? why? Please people, let’s do what is right . Thank you all.
I fully agree, tons of discussion which is right way going forward but silence from Mr. Do and core devs on what has been decided if anything at all,
remember no information is still information
this gives a lot of ground to speculation and negative response or harassment from whole community here and crypto community at large, other projects are watching what unfolds now
people are people and drastic reactions are expected in such critical situation
in other worlds normal reaction to abnormal situation
there is at lest 2 proposals forwarded by experienced people in economics and blockchain, and
as of now we have 2 discussions locked and still silence from core team or Mr. DO
if you ask me what by stander would think of it ?
would this be fare to hear response like:
its becoming the swamp!
my 2 cents
thank you
You’re forgetting something here…I DCA all the way down to scratch together most of my LUNA from 60 to .13 (you read that right total cost $14000.00 CAD) In the end I did DCA at the 0.000xxx to get me down to .000565. Now any jackass can come along and drop 2000.00CAD and get the same amount of LUNA as I did for $14000.00. If any plan is to be considered you need to address the deflation value for my LUNA as opposed to arbitrarily treating me as if I just got into the trade at 0.000xxx
…maybe burn my coins for a higher rate? Or a lower rate I guess…just some reward or bonus for sticking it out and keeping it alive.
Could be on a scale such as:
$0 to $5 burn percent multiplier/divider percent
$5 to $10 burn percent multiplier/divider percent
$10 to $15 burn percent multiplier/divider percent
$15 to $20 burn percent multiplier/divider percent
$20 to $25 burn percent multiplier/divider percent
etc etc…all the way back the point of dpeg.
I totally understand your situation but it doesn’t work this way. If you are unhappy with the average price of your current holdings then buy more to bring it down. Be a “jackass” and DCA more, otherwise in any market crypto or traditional no one doesn’t owe you anything and won’t make up for your losses.
To sum up; a lot of people bought BTC at 20k top, and some “jackass” came just paid 3k for a BTC after the 2018 crash. If someone called for a resetting the blockchain or some kind of favor for buying at an “expensive” price that would only be laughable to say the least.
This is the starting point for my very detailed plan. You should check it out. The tax is only a part of what is needed to save LUNA but an important one.
The tax is not only for burning. Part goes to burn, part goes to UST and part goes to those that stake, with a more realistic payout, not 20%. UST needs to be backed up with more top coins like BTC, BNB, ETH, and not LUNA (currently and a spread in future), also a reserve pool needs to be created to overfund UST to help further protect it in the future.