But what would you base this repayment on? People have now bought and sold UST like crazy. Would they be required to trade the equivalent amount of UST for instance, based on what the snapshot says? So that there can’t be any double repayment?
That would force people who sold their UST obligated to buy it back in order to trade, but it would still be a good deal as currently UST trades around 10-15 cents.
If you had UST on Terra at the time of the depeg but moved it off to an exchange, you will be able to return it for your refund, so it doesn’t matter. You will be included.
up for this proposal !
Yes, people who sold would be obligated to buy back their UST to get the full refund. Yes, it would be a good deal for some. Some people will make money and some (like those who sold at $0.05) will lose money. Unfortunately given the prevalence of off-chain UST trading that’s a zero-sum portion that we can’t really account for; this is the only clean way to do it in a manner that doesn’t double-reward people who sold and punish people who moved funds off-chain briefly.
I like the proposal, it seems fair I gotta be honest, but I’m not sure how my scenario fits into this.
I have had my whole portfolio in LUNA and UST on Anchor for over a year and did manage to get UST out, at a huge loss at 0.50 since I saw that we’re in this death spiral, and from no response from @dokwon it did seem like the only way to go
Does that classify me as a ‘panic seller’ and not a believer, and not worth being included? @FatMan
I have believed in Do since the minute I read about terra whitepaper and have been part of the community since January-2021 I really think it’s all about reputation at this moment, and a proposal like this would go a long way.
I’m trying to figure out when the snapshot of the account is being considered. Even if it doesn’t include me I’ll live with it, but I agree that the scale of this event is massive and people are suicidal.
Agree. The first step MUST be to demonstrate trustworthiness and reestablish trust. Reimbursing UST holders according to the principles of this proposal is by far the best and frankly ONLY way to do that. Everything else can come afterward.
Right now your reputation is shot, @dokwon . If you want to redeem your credibility, something like this proposal is a disproportionately excellent chance to do it. A mega-comeback story that will endear you again to retail and big investors alike.
It’s rare that interests align this well and that the smart choice and the ethical choice overlap as neatly as this. @dokwon Please review and work with us on this.
This is assuming there is still 1.5B $ available. Is this the case?
Here’s what would happen in your case. Let’s say you had 10,000 UST in Anchor during the depeg. Two days after the depeg, you panic and move the funds to an exchange to sell it off.
Your refund eligibility will be set at 10,000 USDC because that’s what you had during the depeg - however, in order to redeem it, you will have to buy back 10,000 UST on the open market (the price may be higher once this proposal kicks in due to additional buy pressure). This prevents you from pocketing the free 50%, but you can still get your 1:1 refund on the original amount. You may lose/gain a bit of money due to UST’s volatility.
People who had money sitting in Anchor the whole time without moving it or selling it will receive a clean 1:1 refund.
This is not my proposal. That would be unfair. My proposal involves taking the snapshot at the moment the depeg happened.
Do Kwon is suggesting we take the snapshot for UST holders now, which obviously doesn’t make much sense.
Probably not. This is why LFG’s silence is so infuriating.
I imagine they might still have something like $0.5b left, which should still be enough to refund over 80% of Anchor users theoretically. Even something like a $100k allowance per wallet would be incredibly beneficial. We need the numbers and we are being given the cold shoulder when it matters most.
That makes sense @FatMan It’s fair. considering it will all go smoothly, I mean the UST might in the meantime repeg to 0.98 and there will be no point at all in re-buying it.
But I do really admire what you did put together here, even if I won’t benefit from this
Terra community is truly one of a kind.
And It’s very difficult for me to digest this, as to how this ended is compared to Bitconnect and we’re not a bitconnect.
We need to come back stronger.
My apologies. I don’t like editing posts too much so people don’t think there’s a bait-and-switch going on. In my second post on this thread, I had made an addendum.
Hopefully this is more clear.
I just want to note, I held my funds in Anchor until yesterday, when I withdrew them to my Terra Station wallet. I hope I would still be covered by this proposal. I withdrew from Anchor because the network seemed busted and I didn’t know what ELSE was going to happen.
You would be covered because you held aUST at the time of the depeg.
I really want this proposal to pass, it’s the best way and all UST holders will be happy.
How can we, as a community, help it?
Do proposal is RIDICULOUS and he doesn’t even deserve the ability to write here.
I agree. Your proposal is better, and I like the fact that you want to include small investors as much as possible.
Ultimately it’s up to LFG to put this plan into action, but as a community, you can always spread the word (share this proposal with your friends or in Terra circles etc.) so more people can talk about this solution. I truly believe it’s the best way out and I’ve seen it work before. Not to be rude but Do’s proposal is really bad and it won’t solve anything.
Since that’s the people that don’t have the emotional stamina to digest that kind of loss.
It’s just simply devastating, i know many people that put all their life savings in anchor and lost all of it, because they couldn’t act on it - not everyone is checking their balance everyday etc
I have used anchor for over a year and it was the most seamless experience in the space, from the UI to terra network, i have been always amazed by this, that’s why it cannot end like this.
Sorry if I just don’t understand after reading through all the posts here, but where exactly are we going to get the funds to reimburse UST holders? I see a lot of good proposals on here but it seems like the biggest hurdle is actually obtaining the funding to make UST holders whole again.
Do we know if the team has any funding left? It’s now been 2 and a half days since we’ve heard anything substantial from them, it seems that CZ of Binance spoke with them and he claims that had he not pushed the issue the chain would still be halted. What motive does the team even have to pay us back when they can just keep whatever funding they have left to themselves and wipe their hands clean of the whole ecosystem? Do Kwon claimed to have a recovery plan 3 days ago but hasn’t actually given us anything concrete since, he could at least come out and confirm he’s still attempting to make UST collateralized.
Sorry I’m not trying to sound pessimistic, but as time continues to go on without any official word from the team or Do Kwon I’m finding it harder to believe they sincerely have our best interests in mind. I know you can’t expect this all to be solved in just a few hours, days, or weeks, but the least they could do is be communicative with the community about what they’re doing. The Discord is closed, the subreddit is closed, the team twitter isn’t informative, and Kwon is MIA. I wish they could just give us something really
Alright, advice taken - I’ll edit it now
