Refund and Burn
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This proposal just talks about bailing out UST holders
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They can apply same for Luna tokens too. Basicly make a snaphot before attack, refund the tokens brought and still holding original price as paid and burn. Airdrop tokens as in snapshot
I AGREE 100%. Refund the UST holders before Depeg must be the best way forward. I mean we saved our money like in a Bank in this “Stable” coin. We did not gamble with our money rather the opposite…
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Hey… If LFG still holds large amounts of UST they could dump that on the open market if the price where to cross a certain “threshold” and that would allow people to cash out without loses and WITHOUT market makers taking advantage of such a scenario.
Dumping UST into the market wouldn’t do any harm as only the affected people should be the ones actually interested in buying UST and they wouldn’t be able to claim more than they once had.
LFG would forfeit the opportunity to redeem their UST but they shouldn’t be redeeming anyways so…
What do you think? That could be added to the “proposal”
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Agree
they, the old leaders gradually to the disaster of Luna are looking for a fork to regain ownership after running away and fooling all the investors and former holders. They continued to trick new holders into trying DCA to save Luna. Get rid of the fork option immediately with all your might, and boycott Luna v2 if it ever comes out because they’ll be printing Luna 2 and taking advantage of the community again.sd
The most important question right now: Where are the Bitcoins and Luna’s reserves and the Luna leaders are responsible for the destruction of the reserve and decided to print Luna on these investors.
Do you know any details on how refunding would work from cex, if we have to risk buying back or not ? thanks
Interesting idea. The UST held by LFG could be sold simultaneous to the announcement of compensation for original UST holders. This would allow people who sold at the bottom to get in, though would also exacerbate the issue of “double repayment” for those who sold at the top. I’m kind of mixed on this since it adds a bit of complexity to the issue. If they were to do this though, any UST sold by them would of course have to go towards the LFG reserve fund for compensation of victims.
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I wouldn’t call it not solving the “double repayment issue”. Also, this would not have any additional cost to the curreent proposal. People that sold at the bottom would actually be more benefited. If people take some profit, its from the open market operations… Lets say they got “lucky”. it already would happen with the current proposal anyways, this would just make it more possible.
But more importantly it would help repay the people that held almost until the end and give them a better chance of losing less. Without them having to buy it now and speculate about actually recovering any funds. By doing it this way people don’t have to rush in that much to buy UST and they can just wait until there are official announcements about reedemability.
It’s a simple sale on the open market, it doesnt add any complexity and you don’t need to write any code.
Yeah, exactly! It would help raise some more money for repayments! That would be really helpful also…
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We’re many in that exact same situation…
Strongly agree with you. I would say that just simple plan of bailing out the UST holders without actually making the TERRA ECOSYSTEM to go on and moreover it won’t be accepted by the community or anyone. Nobody will invest in such selfish motive and this won’t gonna generate any trust. Nor any exchange gonna list it.
This is off-topic to the proposal. If you don’t like it, go somewhere else. lol
It’s not clear whether or not someone needed to HODL through all the aftermath of the depeg, or if the whitelist allows a holder of UST at the depeg to purchase UST on the market, and get the full 1:1 value based on their whitelisted amount of UST they are eligible for…
Thoughts? I think that perhaps people should be able to purchase and redeem, if they did hold it at the snap shot date but may have sold for a loss.
OR: Perhaps if they sold under $1 after the depeg, this can be calculated and the wallet can redeem the DIFFERENCE instead of the full redeemable amount.
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This is a good start, but there is no point in refunding only UST holders while ignoring all variations of LUNA holders. No one will invest in this network if those that held the network tokens went bankrupt. Personally I would choose to refund the LUNA holders over UST holders. However a fair distribution would be to refund both equally.
this is very clear on the main post and has been stated numerous times. Read it again carefully.
I totally agree! That’s the message the community needs, and it’s going to be a big step for cryptocurrencies, showing that we don’t need regulators and we can solve our own problems.
seems you don’t even know the difference between ust & luna
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Which post is the main post? This all seems very fragmented (lots of convos happening everywhere) and I also haven’t been following discussion closely. Just tuning in now.
Now that this proposal is gaining a massive amount of popularity and is actually being considered by LFG directly, I see why it’s getting hijacked to some degree. It could be a whale who scooped up some capitulation money at $0.15 and doesn’t want to see savers get their fair share.
No matter what your view on free market capitalism is, some things are irrefutable truths in this situation. People believed in the peg and put their savings into Anchor. Granted, many mismanaged risk. Many didn’t understand the mechanism fully. But the fact of the matter is people lost their livelihoods. People lost chunks of their savings. Surgery money. Tuition money. Mortgage money. Assumptions were made due to impressions created by Anchor’s website and Do Kwon’s dazzling confidence. You may not believe these people deserve some money back, but I think it would be the right thing to do. So do Vitalik and a few other great minds in the space.
It’s not going to be a whole lot - the cap might be a year or two’s worth of living expenses, despite the fact that some people put in 15 years of their life savings - but giving people enough money back to reasonably sustain themselves is a great move for community morale and the goodness of humanity. Most Anchor users will be made whole which could kickstart the next chain. It would be absolutely amazing for optics (imagine the headlines). It would bring crypto back into the forefront but in a good light this time. It would undo a lot of the reputational damage in the finance world created by the downfall of Terra.
Banking insurance across the world works like this for a reason. We protect the little guy with per-wallet allowances first, and the rest comes later. We protect people who put money into UST when it was $1 and give them $1 back. Speculators who picked up UST for pennies on the dollar do not deserve to be the first priority here, but I don’t doubt that their time for profit may come eventually.
Let’s also not forget that this isn’t as free of a kickback as it may look, because the LFG funds are specifically designated to go to UST holders, and this is likely the best possible distribution method as determined both by community consensus and weighing of proposal merits.
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