Guys this is triple bullshit and garbage of the inferior order. This is not gonna happen. Who would reward me, the LUNA holder? I never held UST, should I be omitted as a subject for refund? Lol. You sold your UST, you converted yourself to a speculator by the very instance of selling. You sold for 10%, 20%, 30%, you got your recuperation rate, end of story. The very moment you sold you got your refund. I have not sold a dime. I am a holder. Compensation goes to the holder. Each holder balance defines the chunk of the refund assigned to each network participant.
End this bullshit.
No snapshots.
No hardforks.
No offhand deals.
No sham proposals.
No personal bias.
Buyback and burn. The only way.
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Go read the Terra go forward plan. That applies to Luna holders not here.
rule number 1 of crypto: only put money in that you are willing to loose… you could aswell go into a casino with your life savings… risks have been discussed… luna was for speculating… if anything people who had UST should have the attention as victim… luna holders arent victims, they have speculated and in it for the money and not the tech or any other bogus excuse… you are in it for the gains…cool, but do your research and also take the Losses like a man. sorry to be that direct
Agreed here.
If you sell you sell. Done. If you believe in ust stability then you don’t sell.
I don’t have anything against you I’m just saying that this is how things work
I don’t understand why we keep going in circles. This has been discussed. If you are only looking at on chain wallets in any case then cost base is not difficult to determine. So you do an airdrop based on the cost base of the wallets.
The vast majority of UST sales happened off-chain. Compare UST volume on Binance and FTX to decentralized exchanges on Terra. It’s not even close…
Hi FatMan,
You want to set a cap for each address. This is not fair on my opinion.
If someone with a 50000 UST wallet will get reimbursed 100% against someone who held 100000 UST, that gonna be reimbursed 50%.
I liked #1 #2 updates, but i don’t like the #3, because if you want to make the things so fair, put % in this, not fixed values.
You initial idea i did think, wanted to follow FDIC Insurances setting a cap of 250k. Which will be painful for whales and good for the poorest ones.
You still keep your position?
I don’t find any merit in the UST buyback plan.
If someone sold at 90c and bought at 10c, what do you gain from it?
If someone sold at 25c and bought at 20c, again what do you gain from it?
Right now the biggest questions are-
is there any money left?
is LFG ever going to consider this plan, given the possible lawsuits?
I think you could take multiple snapshots like (maybe) 6 hours before depeg and 6 hrs after depeg, or maybe 1/2 days before/after to kinda analyze who came after depeg. Or any number which makes sense.
But the focus should be on paying a larger number of people something, say $100k-$250k, rather than making them go through the hoops of buying UST again in speculation and might hurting themselves more (in case this plan is not implemented).
If there is less money, pay everyone lesser. But stop trying to make a perfect plan. That might hurt more people than help.
Also, many of the people are in financial distress and asking them to buy UST again is a really really bad idea. It does not serve any purpose.
Focus on covering more people vs efficiency.
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It needs to be fair and putting more risk on people to rebuy is not a solution. That’s the point that many have made. There are ways of figuring out cost basis. It needs to happen, this method you propose is flawed.
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@FatMan First of all let me express my admiration for all the great work you are doing.
If I can suggest, the snapshot should not be done at the last block when UST was at 1$.
Infact UST was at 1$ on May 4th for the last time, days before the big event. Then it stayed at the price of 0.999x for some days, from May 4th to May 7th.
Many have bought in those days, not because they wanted to profit, but simply because they were not paying too much attention to that slight depeg (cents of cents of dollars). They bouht thinking everything was normal (who buys at 0.9995 doesn’t want to scalp).
So I think it would be more fair to do the snapshot at the moment it was clear that something wasn’t working, like the first time UST lost the 99 cents, at least.
Let me know what you think, and again thank you for the amazing job!
Speculators cannot be buying up UST to take advantage of this proposal because u cannot reverse snapshot activity. Its not open to everyone when there will be a master whitelist address that will determine if your terra address wallet qualifies for redemption. You present an extreme scenario of 0.50 that has a very low chance of happening and if it didmay last 1 second before it is heavily sold back to down 0.40 and then to 0.20. You will have to have patience in your UST repurchases. Learn to buy in batches instead of all at once. You wouldn’t have to buy $50K all in one shot.
Right now you have $5K in hand, if you are that concerned you can rebuy UST right now with a 5% loss for your peace of mind. However if this proposal does not get passed and UST continues to further dump then u would have wished you kept your $5K, right? Again this proposal is not guaranteed until TFL/LFG accepts this.
One strategy you can do is if this proposal is accepted you can immediately buy back UST at the market price and then hope that it will execute within a reasonable amoutn of time. For me until I see the proposal passed and a redemption tool is live with the expected number of UST I need to repurchase, nothing is guaranteed.
Why is this being limited to Terra? Some of us bought UST and we have it in Solana defi protocols. I have UST in Solend and I also had some in Soluna. Can this proposal be extended to include users from other blockchains as well? This did not just affect Terra users alone. It literally affected the entire community.
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I don’t decide the cap. The FDIC example is to describe methodology, not to determine the cap amount. The cap amount entirely depends on how much money will be available to us.
I would love a $100k cap but it probably won’t be that high. The truth is we have finite money.
There wouldn’t be risk - people can check their refund allocation and will be allowed to redeem UST for a USDC at a guaranteed profit.
I have explained over 20 times why calculating sell basis using exchange data is highly exploitable. Sorry if I sound rude but I don’t see the need to rehash this over and over.
Yes, I agree with this completely.
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No it cannot. Even scoping this to be on Anchor protocol is already a tall task without a gazillion staff members analyzing onchain data. This proposal has the most steam and I hope this proposal passes.
That should be possible. But I think these protocols need to be involved.
- Wormhole
- Soluna
- Solend etc
Once there is an agreement on this happening (which is highly unlikely, these protocols can all join and create a list of more addresses which help wrapped UST etc)
i am sorry i dont have the time to read all this got family to care… would this proposal also mean i get my 30k ust on binance back?.. i mean the value of it …couse it sounds good… all the best to you!
Yeah, ideally we would include off-chain groups like this at a lower priority rung. It’s easier to knock out the most obvious group first, Terra on-chain holders, since they are by far the largest and easiest to parse.
Any chance to clarify this point with the LFG?
And have you heard back soemthing fromt them, about your proposal?
For now, no. We are sticking to on-chain data at the moment since it is easy to verify and completely unexploitable. Exchange users could be group 2.
Nothing yet - the LFG council is quite silent in the Discord. People are expecting an update from TFL on Monday though.