sorry for such a question, if i sell all my UST currently (at 90% loss), and this plan somehow happens, will I lose my chance to get back more (i really don’t except 100% anymore)? i am really at a lost what to do now. Or should I just hold and hope for the best but risk losing everything. I am open to both options, any kind advice?
So does this mean that LUNA holders won’t get their money back? I bought LUNA when it was spiraling down. I know it was a silly move but it happened. Someone please let me know what will happen to LUNA holders. I invested around $600 (big amount for me).
It’s a DAO but the most powerful person’s idea get the most views while better ones are being drowned out by the noise.
And literally all the admins here seems to be fine with it.
A big farce and manipulation at its finest. I bet my entire $LUNA bag his proposal will pass, while everyone else will just have to suck their thumbs.
DeCenTralisatIon lmao
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yeah, a DAO, Do Autonomous Organization, and he is fucking us all, nothing new under the sun, I just wished I saw this before losing all my savings in anchor
Not fatman, you’re a fatTurd. Shame on you.
This a great proposal, I’d even be open to reimbursing the larger wallet up to a cap. Thanks for putting this forward. It would be a great step for trust in the Terra ecosystem and crypto generally.
Well folks, is it all over, I would love to get your opinions, so I don’t have to put any more work into any of the threads in the community:-
Lets hope the Korean police do their bit, as I said before:-
I think the following needs to happen before and after the new network upgrade:-
-
Determine plan on how to refund people fairly and get on with it - aim to refund everyone asap. To that end a legal document is required by a reputable law firm to be provided to all participants. Determine whether participants need to provide their own evidence of total losses - no-one should gain more than their losses. Participants shouldn’t expect their losses to be refunded on day 1, it should be pro-rota based on their total losses and will take many years.
-
Do Kwon gets back into the business of making money with whatever proposal he comes up with - take on Elon Musk, CZ, Jeff Bezos. Not much point spending money on lengthy lawsuits - Do Kwon already has one coming from the SEC. Do Kwon can’t get on with what he does best if he goes to prison. All the police need to do is keep track of him (no fleeing the country, plastic surgery etc) until he fulfills this promise. Perhaps this will get the police scratching their heads thinking, how do we do that then ? And yes, as a backup he needs to train up a few more budding Do Kwon’s after he has changed his own character for the better.
I would love to hear opinions
Good Luck,
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A small update - yes, the refund is still happening, and LFG is determining the refund method as we speak. The amount will be small.
It looks like current UST holders will get the new LUNA airdrop (which I don’t agree with - the airdrop should take into account pre-depeg UST holders who either panic sold or are still holding now). Hopefully Do Kwon reformulates that part of the plan and makes it closer to LUNA (since for LUNA he’s accounting for pre-attack and post-attack parties).
A semi-important thought: I am now warming up to the idea of having exchanges calculate people’s UST sell basis so that a partial refund can be arranged based on how much they actually got (provided they’re in the pre-depeg snapshot).
I expressed issues with exploitability, but Do Kwon has said the airdrop will be given to exchange holders as well, so he has presumably set up a system safe enough to carry out verified drops to exchange balances. If he has these processes set up already I don’t see why they can’t be used to calculate a UST sell basis for sellers and pro rata refund them accordingly.
@dokwon What do you think, would this be possible? We would need your connections/mechanism for this specific refund type to work, and it would help ameliorate the double reward problem even further than the proposal already has. Thank you.
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The pay out would have to be proportional to the investment done…same pay out percentage of the wallet for every investor…
Will that include UST wormholed or bridged to Eth wallet and not sold? (sorry for sounding like a broken record) Given that it is on eth blockchain, should be able to easily proved that it wasn’t sold and bought back with current price.
Hi fat man, where is the information from?
“UST was supposed to have a pegged value not LUNA.”
Hi @FatMan , as I said I support this proposal fully. May I ask, were you discussing this proposal directly with DK?
Woke up to this…
Quick summary:
- Tron’s Justin Sun has offered to set aside $10 million in USDD to assist the average UST investor affected by the depegging of the stablecoin
- Mr. Sun was responding to a similar idea by Ethereum’s Vitalik Buterin, calling for ‘coordinated sympathy and relief for the average UST smallholder’
- Mr. Butern also cited the existing FDIC insurance and Singapore’s employment laws as possible formulas to help smallholders of digital assets affected by events such as those surrounding UST and LUNA
The founder and CEO of Tron, Justin Sun trons-justin-sun-buys-1m-in-ust-he-has-a-secret-plan-for-the-stablecoin/), has offered to set aside $10 million in the new algorithmic stablecoin of [USDD]
Mr. Sun’s plan is intended to assist the 236k UST holders affected most by the crisis. He also stated that he would provide additional details of the plan very soon.
I sympathize with all in this unforeseen crisis. I would like to commit $10 million USDD to the recovery of the bottom 236k UST holders. I believe this will benefit the ones affected the most and show our unity! Details to be announced soon!
Ethereum’s Vitalik Buterin Had Suggested Coordinated Sympathy and Relief for the Average UST Smallholder
Justin Sun’s $10 million pledge in USDD was in response to an earlier Tweet by Ethereum’s [Vitalik Buterin] where he had suggested a ‘coordinated sympathy and relief for the average UST smallholder who got told something dumb about “20% interest rates on the US dollar” by an influencer, personal responsibility and SFYL for the wealthy.’
Mr. Buterin cited the existing FDIC insurance of up to $250k per affected individual and Singapore’s Employment Law that protects low-income earners as possible blueprints of how to cushion the average UST investors affected by the depegging event.
It’s amazing to me that these other CEO’s (Sun, Buterin, Binance) say UST holders should be made while. Eventhough USDD is like UST an algo stable coin why doesn’t Do Kwon realize this? If Sun does this I think he will get overwhelming backing from the crypto community especially people that were involved. I personally don’t know if I want this new coin of Luna. I want something ha. Just think it’s wrong that Do Kwon thinks Luna is more important than UST. It’s the fact that UST was supposed to be stable.
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I have not spoken directly with Do Kwon or anyone from Terraform Labs. On the bright side, they seem to be reading, because this proposal was implemented at some level by LFG.
I probably come off as quite antagonistic to Do (fair enough, I did accuse him of fraud…) but I actually wouldn’t mind being friends with the guy. I actually quite liked and respected him before his mishandling of the crisis. Maybe all of this is malicious and maybe it isn’t. I just can’t ignore some things staring me in the face like the “stay strong” debacle, the lack of transparency in terms of expense reports, the refusal to make investors whole using some personal funds (Justin Sun donated $10m more than Do did!) and the refusal to engage in Agora debates (his perspective would be quite valuable here, but all he does is drop bad proposals and walk away).
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You are misled. Ust was sold as a stablecoin. But it was backed by speculative assets like btc and avax.
So all people who bought ust speculated just as much as the people who bought luna.
You guys all got tricked because he named it stablecoin.
And his ultimate move was using the twitter handle stablekwon
Hahahahah people wake up.
Hoe can ust be decentralized when the pegging is done by a centralized organisation like the LFG??
A relief fund for 80% of the ust holders could be put together quickly if all of these crypto giants decided to participate. I’ve written a proposal regarding this, with I believe strong arguments in favor of such initiative. Now a person well versed in communication and social networks has to step in…
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Of course they should take into account how long someone has held their UST.
If you bought 2 weeks before the crash you lost everything.
As per Fatman’s proposal you will be refunded your capital minus interest earned. The longer you staked the UST the more interest you earned.
Agree that people that held their UST/aUST till the end should be prioritized. My point was that people that took a big hit on their UST when selling should also be compensated. Not that it should be at the expense or a priority over the HODLERS
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