I have the easiest way to send LUNA to Musk or V’s account, LUNA’s market value will go to the moon, and UST will benefit then
I kinda agree with something like this. The reason many used and believed in Luna is because of the safety and promise of UST as a stablecoin. Snapshot for UST holders and for CEX / protocols. Claimable through your terra wallet. Only the UST amount on the snapshot should be claimable. Anything after the fact is just regular trading after the depeg. Claimable for a set amount of time (ex; 60 days). Any unclaimed UST to be used for Luna.
Agree with this proposal. I bought UST with savings (not all, but savings at the end) and I did because I didn’t want to be exposed in this bear market.
Hi. How does one gets paid if one has sold a U ST OR UST after depegging ? Needs to buy the exact amount of UST at market price and then exchange it ? How will it work : i sold at 8 cent, 12 cent and some at 50. Smart people sold at 90 cents. So if i get refunded ( current market buy 15 c) i will recoup some losses after buying UST again and exchanging ) but smart people will profit from this situation since they sold at 90c. Now they buy at 15c and exchange at 100c. This is not the situation to take advantage of crisis fund . Somehow incrporation of proof of selling prices eg transaction id should make it work .
So those who, like me, left Anchor after the depeg and sold in desperation at $0.1 will have to buy UST again at a higher price?
What should I do? Buy back now and lose another 40%? But if I do that I take the risk that your proposal will not pass and UST will fall back below my buyback price.
Or I wait for the proposal to pass and the price of UST will go up and I will have to buy it back with an even bigger loss…
This solution seems to me the most adapted, but I think that the snapshot should be made once the depeg was at 0.9$. That way those who came out of Anchor with a depeg below 10% only have a 10% loss at most. Typically these are the people who didn’t trust Terra and were on Anchor just to take advantage of the 20%. They are only profiteers and not members of the Lunatics community in my opinion.
So those who stayed despite a strong depeg, the most valiant, the most believing, those who were there for the project and not to profit, would be rewarded.
Moreover by taking a snapshot with a depeg higher than 10% it would allow to allocate more funds to each portfolio.
But anyway it is difficult to make a decision until we know the remaining funds of TFL. Maybe they only have a few million saved.
And this proposal, which does not benefit the wealthy, will be very difficult to pass if it goes to a vote. The decision would have to come directly from TFL/LFG/Do.
3 Likes
Fully support this! I’m a terra OG who has bled, sweat, battled, and shed tears for this network. I was ideologically driven and truly believed in the vision and leadership. I onboarded SO MANY normal people…I felt comfortable doing it because I believed the liquidity was there and that the stability mechanisms were sound… believed UST would bend but not break…I have hurt so many people by passionately talking about terra and onboarding them into UST. Many normal people have been ruined by UST, not LUNA
Personally, the value erased from my LUNA holdings far outweigh the value lost from UST, but I was always prepared for that risk. I thought if UST liquidity was ran through then LUNA would hyperinflate, there would be a devastating loss, but it would be by design, and that UST would return to 1
I can accept the LUNA loss but I cannot accept the UST loss and the damage it/I have caused to all of these non crypto natives. Friends, family, neighbors, anons…. I’ve ruined so many people. It’s just unbearable. It’s also a TERRIBLE look for this space
Said from the beginning I would support whichever proposal has the best shot at making UST holders whole/partially whole again. This proposal has my full support and I hope the community can look beyond what the most self fulfilling outcome is and rally around what is best for the reputation of this space as a whole and the normal people that will be needed to grow DeFi and add confidence to having a stable coin based savings
I implore everyone to rally around this proposal
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yes, is this a good idea for large wallets who want high profits with little risk while bearing the majority of individual investors?
Hey guys! What about people that held UST but not in Anchor. For example, I didn’t hold UST in Anchor for various reasons such as: protocol hack. But I still held UST because I believed in Terra. How about those people??
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I am from Singapore, and I am very happy with this suggestions.
However, as I read through, I find that the Luna holders are unhappy, as this plan says little if anything about their $luna.
However, to make it worthwhile for them, I suggest we can do this;
1.As we execute the refund of small holders, confidence would get back, and $luna would go up in price and value.
Then the team should burn the $luna tokens created after the depeg as much as possible.
OR
The team can airdrop the extra $luna tokens (provided in the control of the team) to the existing $luna holders as we see the recovery (maybe partial) to $luna holders.
Also at the same time, I am sure that the terra team would possess many of the tokens of the projects using their blockchain, terra may use those tokens (amount to be decided of course) to airdrop to $luna holders.
This is my suggestion, do tell me whether this would make it happy for all, whether be it UST holders or $luna holders.
Thank you agian!
I am Chinese, our country is ruled by a dictator, our people are losing everything, a lot of people are unemployed, including me. Now I have lost all my savings again, I hope TERRA can do something right now and give the money to the victim
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Luna has intrinsic value? You mean to help keep UST on peg?
The Terra ecosystem needs both UST and Luna. Saving junk UST to keep Luna makes absolutely no sense. I’m saying that as someone who had over 100k$ worth of Luna 2 weeks ago.
Like many people have mentioned, we can accept a loss in Luna since that was a speculative investment. UST was not supposed to go down 90%. And that loss is unacceptable.
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no that is not how it would work. What would happen is that if this proposal were to pass you would need to buy back the UST that is required to redeem for USDC.
So lets say for example you had $50K UST that you sold for $0.1 so you got back $5K. Lets say the proposal gives you $50K USDC back. You would need to repurchase $50K UST at the current market price to send to your Terra station wallet and use the redemption tool to redeem $50K UST in order to get $50K USDC back. So the gamble is that if UST current market price is at $0.15 you would end up suffering a 5% loss since you had to rebuy UST at higher price but obviously much better than a 90% loss.
However we don’t know what the hypothetical redemption cap could be. It could be $40K or it could be $100K or more. At this point since you don’t have any UST it is best to wait to see if this proposal passes and what the redemption cap could be so you know exactly how much UST you would need to repurchase to redeem. Buying back UST without even knowing if this proposal will be accepted will most likely exacerbate the problem and cause further losses if you buy UST at a high price. This is going to take time to implement. I hope this makes sense.
The way things are shaping up, I assume this will be settled in a court of law. So don’t expect any money for the next couple of years.
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I am with Fatman
5 Likes
the best idea at this moment
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With police reports lodged everywhere around the world I assume, this will 100% end up in the courts UNLESS they can find a way to make UST holders whole before the court process is initiated because it would mean that there is no loss to litigate.
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Thats what happens when you invest. Could have gone down 1 million percent or gone up 1 million percent.
not sure anyone ever ‘invested’ in a stable coin thinking it can even go up 1 million percent. Generally thinking it could go up or down 1%
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If you only bought UST and didn’t have UST staked in Anchor, I doubt this proposal will apply to you. That is the argument that some people are making about including UST on exchanges and its impossible to satisfy everyone. However most of the UST was bought for the sole purpose of staking it on Anchor or using it within the Terra blockchain ecosystem. If you never had your UST on a Terra Station wallet, I can’t see how you would be included since a snapshot only includes assets that touched the blockchain. Buying UST off an exchange does not include the blockchain.