The people on Telegram are low IQ degenerates, I wouldn’t hold my breath on that one.
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I made a thread on the Anchor reddit that has gotten a lot of eyes (9.8k views so far!). link You could share it around or replicate it on other subreddits if you like. I agree we need to overpower Do Kwon’s proposal though that’s quite a challenge. Most of our posts here are support while a lot on his are disagreement.
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Asking UST not be 1:1 - is like asking people to make the decision to trade in and out of UST, like at which point and then at what price. why should they be making this sort of decision when they did NOT buy UST for that purpose in the first place?
Shall we set up a pre-depeg small UST holder protection committee led by Fatman and try to contact TFL/LFG? And anyone with lawyer and liquidator background from the community shall be welcomed to join the committee. Let’s gather as many victims as possible from different channels (shameful that terra and anchor discords have suspended), and reach a consensus on 1) the min threshold for refund, $50k, $100k, or $200k etc. 2) only cover the actual loss of principal, no need to cover return of 20% yield from anchor. maybe create a channel in TG or discord?
As for @dokwon @dokwon.terra’s proposal (if they chose to proceed), I think whale UST holders could join the debt-equity swap plan, as they are mostly VCs and terra backers, and maybe more willing to support ecosystem building. While there is no point for small UST holders to get a new speculative token, what they want is stable conservative investment, even if they get the new tokens, they will probably dump in the market, as the trust on terra will be gone, not good for the ecosystem.
Disclaimer: I hold Luna pre and post depeg, which I always view it is a speculative bet, while my UST is life saving for the rainy days, as it is deemed to be pegged to $1. That’s why I support @FatMan proposal and think UST holders esp small holders who have lost their life savings should have higher priority to get refund.
By the way, now Luna market cap is gradually catching up with that of UST. If the team /VCs keep buying up Luna and burn more, maybe there is still chance to get UST back to repeg? Afterall restoring repeg is the most important for restoring the confidence in whole terra ecosystem.
If it is not feasible, maybe the best is to get UST collateralized, cut the link with Luna to stop inflating Luna supply, then Luna will be emerged as L1 token, and UST re-emerges as a collateralized stablecoin. I think TFL will need to work with outside parties for new funds (heard many Korean corporates are in the same boat, hopefully they could take additional steps to restore the confidence), and it is also time for Dokwon to show his commitment and put in part of his wealth to rebuild the system.
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Agree
I agree with what you wrote. I will be happy to wait and get payments at a later point and some initials as everyone else, but I’m missing something in this puzzle: if the idea is only to repay from the 1.5B that is left, how on earth will the whales get their share in the future? We are talking about many more billions invested. The only way it will happen is that if the ecosystem will fully recover to the degree it was before the crash.
If that won’t happen, the whales will be left with future promises only.
A second point that nobody talks about:
After the depeg, many of us started selling our UST for a loss, me included. I sold 500k of my 1.5M at a $0.47 UST price. So basically I already got 250K back (unfortunately this money will pay the taxes for my crypto profits but it doesn’t cover all my taxes and I have no idea how I’ll pay the full amount yet, but that’s a different story now and nobody should care about my personal problem….)
The point is that I f we just return to people what they had before the attack without deducting what they already withdrew , we will end up with people actually making profit from this situation.
So in this example I withdrew 500k but got 240K as the peg was at $0.47, then from my initial 1.5M we deduct 240k (and not 500k), and that’s the balance I have left.
Any thoughts about that?
Hi Buddy,
This proposal is absolutely the best I have seen.
We MUST take care of the 80%, this is almost our entire, active community. These people are what Terra is about, these are the millions of installed wallets, the word to mouth, and so forth.
Without them being supported, Terra will end up merely as a broken billionaires club with dead community.
You have my vote.
Regarding how to deal with future payments: perhaps we can propose a temporary transaction fee of lets say 0.1% that goes to the refund treasury and is used to pay out the wealthy wallets? Futhermore we could think about setting up staking mechanisms where they can get more value back over time then the poorer wallets. Or just simply airdrop.
I am sure
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If you’re after survive then thrive, @FatMan 's plan is the best option I’ve read so far. Admittedly, I have more DD to do on several of the other proposals. Point here is, people are taking their own lives right now. Human life of fellow community members should be prioritized. Giving people their families savings back will save lives in my opinion. My only tweak to the plan laid out here would be to consider changing “made whole” to something lower pending more actual data with regards to funds available now. Saying Do can raise billions of dollars casually may be true but may not be. Haven’t we all learned that taking things for granted, assuming things or having blind faith in anything or anyone is a recipe for disaster?? If there is money enough to make everyone whole, I’m all for it (minus the attackers of course) but I don’t think anyone would take issue with walking away with 95% or even 80%, would you? I’d wager those looking at bankruptcy, house foreclosures, suicide, divorce, etc would be grateful for the fact that they could have nothing right now. Zero or 90%? No brainer imo.
I had around 80k (USD) with 20k of that in Anchor savings and the majority of the remianing funds as staked LUNA. So it would benefit me to ‘vote’ for LUNA staker priority. However I knew there was risks to investing in crypto just as there is risks investing in ANYTHING. I learned some expensive lessons this week and while I’d love nothing more than to have my 80k back, I am willing to subordinate my needs for the greater good of the community, especially when we are talking about a matter of life and death. Even when someone made a foolish mistake of putting all of their net worth in one basket.
Thank you for putting this proposal forward FatMan, I support it and hope it is at least considered by the powers that be. Be well and take care of one another. As a member of the Terra community we are all setting a precedent for how an event like this week should be dealt with that will echo through time in the years to come. Don’t take this responsibility lightly. Let’s show the world what’s possible when people work together with respect, pride and humility.
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agreed
Amen. Thank you for sharing your story, mine is pretty similar. I’m incredibly proud that we’ve become one of the top community proposals and have attracted relatively broad support. If it turns out that TFL/LFG has less in the reserves than expected, I think we’d be okay as long as we abide by the same principle that we start from the bottom up and try to help as many people as possible.
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Also, I think it would be good if Cz reads this. If we can all tweet him this proposal to look at, im sure chances are higher. As he is a peoples person. His acts have always been in line with the same meaning and intention im seeing here. I hope he can too echo this proposal.
Please, if you have twitter, tag him and present this proposal. His twitter: @cz_binance
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This is the way. powerful
totally agree… the only way to make the ecosystem survive…
I appreciate and agree with your proposal. I had a question. I had 40,000 UST in anchor protocol before the depeg, but transferred it all out after and now have it all stored in my okcoin exchange account. Will my 40,000 UST be compensated in this case? I assume yes but only thing is, I had okcoin do the deposit/withdrawals of my UST through their EARN platform. Will that cause a problem with verifying if my UST was in Anchor Protocol?
Extra note: I never sold any of my UST either so all $40,000 is in there now worth around 1% of its value. I assume there will be a way for terra to know I originally had 40,000 and all i need to do us exchange that for 40,000 USDC? Thanks so much in advance.
great post man. Totally agree but it has to be done fast…
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Brilliant idea.
Guys let’s tag @cz_binance on twitter and let him know about this proposal!
CZ might be the guy who can make this happen.
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Hi.
Thanks for your answer. Do you use Nexo? Do you think they will distribute to Nexo and then Nexo to their users or how would the process be?
I say this because in Nexo I cannot see my addresses or withdraw USTs. Swap only.
Thanks again!
Please share the original tweet link here, so we can retweet. Thanks.
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It seems like the proposal only considers Anchor depositors. I’ve been holding my UST in a wallet without depositing in Anchor. The reason for that was because I didn’t want to take extra risk even if 20% APY was appealing. Why would I get punished for just holding UST?
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It wouldn’t be just Anchor (aUST) but UST as well, mirror LPs and other UST derivatives from the ecosystem (per edits discussed earlier to the proposal)