[Proposal] Tiered repayment: 1:1 USDC refund to all UST holders up to a certain cap per-wallet using LFG funds, favouring small wallets

Supporting this! I still have aUST in anchor under wallet terra1cy3lllqh0jm6938mj3hpz4w5hyllj4e3jennp8

How about UST inside LPs ???

Linked tool do not showing my UST inside LPs

Refunds should be included UST inside LPs

@dokwon please

+1 I agree a lot

@Linguo06 @Marquisco

There are a few of us organizing legal action. I’ve begun reaching out to lawyers and law enforcement in Singapore. Not what I want to do, but TFL hasn’t yet demonstrated interest in discussing this in good faith with us. Not that they’ve rebuffed us or even disappeared, but there’s no active response either. Just more of the same frankly shitty communication. So we have to cover our bases in case they don’t even engage us.

There are a few legal remedies we can enact - crypto actually makes it more possible than fiat currency. In particular, there is one tool available to us immediately which, like I said, I don’t want to do, but we have to be sensible. PM me for more info if you’d like. Trying to keep discussion of it off here. Either way, we are proceeding.

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I like Fatman’s proposal but what if the US government bailed us all out and bought UST as the official US token lol We Can Dream :us::rocket:

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Thanks, that gave me a chuckle.

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Isn’t this also create double spending. If I have 100K aUST deposited and panic selling when depeg and get 40K, now I have the cap at 100K. You said there will be no double spending, since the aUST already gone, but they can actually bought it again in open market at lower cost and redeem it at $1. They make a lot of profit this way plus the 40K they already pocketed.

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I lost >250K from my 390K savings I had invested in UST in Anchor.

I am not a whale, nor a billionare.

What’s the rationale of the cut at 250K$?

I think that the if Anchor was being marketed as a “savings” product, we should also cover for what someone who worked his entire live may have saved (at least cover until 500K!)

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250k is just an example. The cap isn’t known yet because we don’t know the size of the LFG reserve remaining. The rationale is that there isn’t enough money to bail out all UST so we have to prioritize the good for the most people possible.

The double reward effect can only be mitigated. It can’t be erased entirely due to how highly volatile UST became. It walked up and down through several price levels so people exited at various times. We can’t track every single buy/sell for the aforementioned reasons (primarily due to fraud risk), so the best alternative we have is to make people return the UST in order to get their refund. Yes, some people will make money, but they’ll make less money than if we just do a direct airdrop to holders at the time of the depeg.

I agree. I think you should get all of your money back. Sadly there’s not enough money left for everyone to get everything back, and we need to ration it out. The cap won’t be $250k - it will likely be lower. You will get something back. You will get more back via this proposal compared to if the loss was completely socialized amongst all UST holders, though, since this proposal is weighted towards smaller holders with an FDIC-like restitution system where each wallet is prioritized individually up to a certain cap.

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We can follow Do Kwon’s proposal for Luna holders. Give them the new token that’s being proposed. UST holders get the tiered repayment up to a certain amount.

Good proposal Fatman, you have my support. I really hope TFL listens and follows through but I’m not sure how much they have left. Do they still have the BTC they purchased? Even if they do, it’s lost over 30% of its value at the very least.

and One more thing

Why we refunds for people already withdrawn their fund ?

They sell their asset at pegged 0.94 or 0.6 or 0.7

They already backed their money 90% 80% 70% and they will received airdrop more ?

This is not fair

Snapshot should be after de-pegged but prevent to cheating

Snapshot keep it secret

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Wasn’t LFG btc reveves established for UST pegging? Of course no one would expect things could gone bad like this! LFG not mentioning anything about that is really disappointing. I 100% agree with the proposal. Thank you @FatMan for you effort. Another possible option for them now is that when the UST is so cheap, they could buy most of the UST from market. I don’t get why they didn’t do it in the beginning. Maybe they have or are buying now. That’s probably why there’s is no response from them to keep the UST cheap.

This is a horrible idea doing this is just giving up they should burn burn burn why is everyone thinking of just getting free money sheesh try focusing on fixing the problems everyone lost money grow up

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I have been considering this. I posited it as a theory earlier.

It may be a bit wacky, and you can definitely call me a conspiracy theorist. But I think there’s a very real chance that the current buy pressure we’re witnessing on UST at the $0.20 mark is Do Kwon buying it up to clear as much debt overhang as possible before announcing some sort of refund or repeg measures. It would make sense, since where else could the LFG funds be going?

Of course, this is complete speculation and is not to be taken seriously. I’m just starting to think it’s a slightly likely possibility.

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That video is trash we need to focus on fixing the problem which is burning and getting rid of supply stop asking for money sheesh bums

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Wait, I thought your proposal said we’ll take a snapshot before the de-peg. Not make people return UST to get the refund.

I sold my UST on May 11/12 for 50-60% haircut. Why should I be punished for trying to protect my life savings?

I stuck around for 2 days like a m**on thinking TFL was going to get funding to re-peg the system. Otherwise, I would have sold when the peg was still at $0.95.

I understand not wanting to include people who sold and contributed to the de-peg so why not exclude the whales who sold on May 9/10?

If there is a cap of say $50,000 for people who return their UST. Perhaps we can offer $25,000 cap for small investors who sold their UST at a massive loss based of a snapshot before the de-peg. Sure, some people might come out ahead on this, but it’ll help make the community whole again.

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if an asset holders receiving 20% interest, isn’t the instrument usually a junk bond?