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

Thoughts on the fact that he suggested it is up to the community? If they won’t do it by quorum on terra station, I wonder what will determine what “the community wants”.

1 Like

You got the point.

Luna was so risky unlikely UST.

UST is a lot of things for the people, dreams like:

Travel, Wedding, Pay for University, Retire, Pay Rents, Food, Monthly Expenses, Hospital for some Urgency… a lot of things.

I have LUNA, and I will not take away people’s desire to fulfill these dreams.

I was really shocked by the death letters on reddit. Suicide reports.

3 Likes

I think this is very sensible. I hope this become a formal proposal.

Yes, it would make most sense and this would be the case in the traditional finance world. Can you link or let me know where to find Do’s thread? Thanks!

Hi I am a specialist in bank risks . I understand this is a stable coin.
You don´t have to keep assymetric “benefits”. make it equal. So the best option is to burn, reverse splt.
it was supposed to be a convertible EXCHANGE coin. So you must respect equal rights to everybody.
Otherwise , next crash they will create rules for “special holders”:
the whole function of a stable coin is that EXCHANGE any time.
Don´t hold the people here. Allow everybody GO if they want . Let them burn and convert if they want.
If they do that, HONESty reputation will come and the NETWORK may SURIVVE respecting the words.
Of crouse the whales will love to get paid only holders “before the crash”. that will kill the netWORK.
just my 2 cents. Respect everyone right to leave and pay equally . and at least you leave this problem with less reputational risk

Terra Ecosystem Revival Plan

2 Likes

Do you mean that the top 1000 addresses will only get 5% of their balance?

I am a “Whale” that lost everything, just like everyone else.

I had 1.5M locked in Anchor so I am probably among those 1000 addresses.

I started with 50K 2 years ago, and did great with some crypto projects I’ve invested in (and I don’t feel I need to apologize for this, we’re all here to also to make money).

I then moved my profits to Anchor (and stupidly enough, all of them) so I can live from the interest.
I agree that bigger wallets should wait longer, and I will agree to any offer that can get my money back, even if it means waiting, but the question is if this offer also guarantees a full return of our losses for the “whales” among us, that might be “new whales” and still lost everything…

Will appreciate your response.

2 Likes

Here’s the thing though, a “stable coin” with no actual collateral giving 20% apy is just as risky. I’m not on either side but you can’t cherry pick bits of half reasoned analysis to suit a point. The stablecoin technically had little if any value to begin with and anyone that actually did DD knew that. Everyone should be compensated a portion of what they lost imo.

1:1 UST for USDC/USDT will be the right way to end this sad week

3 Likes

You don’t think that Luna was those things for other people? I see so much desperation and greed hear in trying to discount one side or another. You both made equally risky investments. It was never a real stable coin and this could have happened at any point. There was nothing of any value backing it. It’s clear most people here saw the 20% APY being advertised and jumped in without knowing or researching much of anything. You really can’t choose to reward one side or the other on this if you’re going to refund anyone.

HELLO! UST was my favorite stable coin ever and i know it can sometimes be unstable like many coins can but I swap my tokens only in my wallet, so when I saw Bitcoin going down, I decided to swap bitcoin to ust. After a few minutes I noticed that I don’t have enough USD in my UST and started worrying! I didn’t know what to do, but it was about 0.9 per UST for that time. So I decided to move my UST to Huobi so I can swap it to another stable coin if something goes wrong. And it started to go down! 0.8 then 0.7 and then 0.1… :sob: I was very scared to lose all of my savings when it started to go absolutely crazy. But I decided to wait and believed it can go back. I wanted to sell but I decided to wait so what now? I know I swapped my Bitcoin to UST when it was a bit under 1 dollar but I thought it happens to stable coins and it’s OK. It wasn’t crazy at that time and I didn’t think it would ever be. What do I do now? This was actually all of my money savings and I need your help and compensation. It was 1700 dollars. It was all my money. Please do something

1 Like

Great proposal, but only worry is how this will be voted upon.

TBH I’m not clear how governance works, but won’t the larger holders have more sway in the decision making and be more likely to vote against this?

LUNA was speculative investment UST was “stablecoin”

5 Likes

UST is not intended to survive in its current form.

Below is the better approach, IMO. LUNA is Terra. Without LUNA, there is no Terra. UST is a derivative instrument of LUNA. This effort is now about restoring and rebuilding the economic value of a functioning Terra network, which cannot occur absent LUNA.

Please give the below proposal your most thoughtful contemplation.

Thank you for putting this proposal and giving it so much work - for me as anchor user it is real tragedy what happened to my family savings.
I would totally agree with your proposal and I suggest considering the option mentioned earlier that the amount should be fixed as max cap per account based on available funds. In this way we avoid situation when for example someone who had 251.000 UST would not qualify and someone with 249.000 UST would qualify.

agree.

The main thing this will do it to rebuild TRUST in the ecosystem.

Else all will call this a rugpool. But taking care of investors, LUNA and TERRA can attempt the greatest comeback in the history of CRYPTO.

Its easy to fail but supremely tough to stand up and fight back! Lets go!

1 Like

I don’t think. UST is a counted money… not speculation as you can do with LUNA.

Would you put your emergency money on LUNA? Knowing that it could go lower due to the volatility? Would you put your money to pay your rent in LUNA? Food money? If you get sick and need the hospital… would you put that money on LUNA? I don’t judge, but, if you say yes… this is not a smart choice.

UST was a passive income for all of us and a safe place, almost 100% guaranted for your money. Do Kwon believed in that as a Descentralized Money. Where you are your own bank. Where you do the rules. I’m saying about money, not asset.

I’m not a whale, far from this, i’ve lost 12k worth in LUNA. I bought more LUNA when it was falling from $2 to $1, because i still believed on Terra Ecosystem as a whole, but it was just speculation.

I believed on the project too.

I’m not choosing to reward only one side, i’m just saying that if i just have two options to choose ( LUNA or UST ) i would go with UST. UST was a retirement of many people, that now, will need to work like a hamster to recover that money.

I’m not saying I’m right and you’re wrong. They are just different points of view. I will never take away your reason about your thoughts. I’m nobody for that.

8 Likes

What about the people that held aUST and UST before the peg and sold during the depeg thinking they were going to lose their savings, like me, I had to sell at 0.06 UST or else i would’ve been left with nothing…
You’re saying I would have to buy back at 0.06 the same amount iI sold and hold it, in order to be compensated?
What if I can’t buy back at that value and the peg continues to rise?

Couldn’t I get my original investment, paying the same price I was given, for my de-pegged UST?
For example, I lost 6.6k UST for 500 BUSD…
I have every proof, transfer, sell order.

How would this be dealt with?
I almost already fully gave up on the money.

So what, everyone holding UST on a CEX isn’t part of this proposal? Or did I read this wrong.