i hope but lack of information is really scary, we don’t know if we have to buy back our ust & possibly take a 2nd loss on top of a -90%
Yes, I agree.
You don’t have to buy back anything right now as the proposal hasn’t been enacted. If you have to you will be told.
True, but if they’re still watching I think we’ve come up with some very good ideas on this thread for them to consider. We can also discuss how to raise additional capital for the reserve, through advocacy on twitter (see Justin Sun’s donation) or proposals for how an equity raise of LUNA v2 might be structured.
Good plan. If there is 1:1 replacement between USTD and UST, Cowley may need to destroy the replacement UST. Not if it’s compensation. In addition, 0.4% May include exchanges, where many users share the same address.
Thanks, much appreciated.
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I have been UST holder in CEX since before depeg. Will I be compensated?
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Yeap, double compensation must be avoided. I agree it’s not rocket science to trace everyone’s transactions. But idk if the exchange can help. Hence my worry about many of us transfer from chain to CEX.
It would be awesome if we could get this passed, this is the only plan that makes sense to me, a fork and new tokens does not compensate the value that was lost.
Even if we use the marginal approach I don’t see how it helps us figure out everyone’s cost basis, we run into the same problem as before where we need to collate data from every exchange and trust them on it. Maybe I’m missing something from your suggestion but I don’t see how it solves the original issue.
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I’d expect major exchanges to announce their support/participation in the restitution for their UST holders. Just like when chain forks occur e.g. ETH and ETC. This is a pretty high profile event with many users affected so I think they’d be for it. If the law is involved at all, I think it’ll be done this way anyway.
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It definitely relies on the cooperation of exchanges. I just think the savings from avoiding double repayment would greatly outweigh the risks of any fraud. Large/reputable exchanges could be whitelisted for participation in such a process.
@FatMan this is the fairest decision for everyone. Compensation is received by the one who has not sold anything by this time! Including at CEX, there should be cooperation here! I stacked on to CEX until May 11th. I didn’t sink this ship! Why will those who ran away from anchor from depeg receive compensation?
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The amendments make this plan fantastic. I couldn’t agree more that the best course is to repay initial deposits only. The 800lb gorilla, I think, is where do the repayment funds come from? Are we not assuming the Foundation still has some assets (BTC)? It’s been kinda shady in recent days about where exactly the BTC is, or went.
For me, it is clear, that compensation for small investors ( to trust recover ) and lets the new chain rebuild to whales…
I am stunned by what the LFG communicates.
The funds being limited, it will be necessary to make a disctintion between the people who left and those who stayed!
The people who left decided that they no longer had confidence and went to the market to sell, thus cutting themselves off from an eventual reimbursement system.
But let’s make an effort to think in reverse, if for example the coffers were really empty, the people who would have stayed would not have been entitled to anything, that’s for sure.
Do you think that those who left would have helped those who stayed with the money they could have got, the answer is obviously NO!
- Conclusion:
It will be necessary to distinguish between the people who are there until now and the others! - Secondly, shouldn’t we pay cash to the small ones (ceiling to be defined) and for the others give a pension indexed on the inflation and who still believe in the Luna project, in exchange their UST would be burned).
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Good luck to you, you are the kind of folks who should be compensated first. Not the LUNA speculators or the people who bailed on UST at the very first hint of trouble.
Unfortunately the reserve is about 10x smaller than we expected it might be. About 80m in AVAX for the most part, plus 10m donated by Justin Sun. I think the best chance we have at increasing that is an equity raise for the Terra ecosystem, as a large allocation of LUNA v2, to interested parties in exchange for reserve funds. Even 300M or so would go a long way.
Perfect proposal…… It needs to be accepted urgently! Even to restore the credibility of all involved
As I have said, we don’t have a one-size-fit-all solution that is simple but accurate enough to compensate every penny for eveyone. Simplicity and preciseness are things that we can’t own at the same time. That’s when assumptions come into play.
I don’t think people who need money at the moment can wait months/years for us to trace every single transaction one by one, provided that there are 200k wallets and each wallet can have multiple transactions on exchange at different timeslots. If we go for seeking transaction records, we are also assuming exchanges are willing to spend a huge amount of administrative cost to help, their help is prompt and the figures are accurate.
Regarding the price, UST price keeps dropping day by day since its depeg. The only exception is 15 May with the highest price of ~$0.28 vs 14 May of ~$0.24. This difference to me is nearly neglectable. So if people withdrew their UST earlier and sold later, they will not have double compensation. This fits our principle.