I really wish Do didnt say stuff like “hold steady, we’re going to announce a recovery plan” and then be silent for 24 hours.
I know why they did it, but the only people they hurt ended up being the true believers who stuck around like gullible morons.
I didnt sell my UST when it recovered to .94 but I should have. I shouldnt have believed LFG would solve the problem. I couldnt save any of my Luna since it was staked.
They had a 21 day unlocking period for staked luna but they put no locks on the billions of UST. Everyone knew a bank run was possible. Yet they took no measures to stop it from happening even though 80% of UST could be found on one protocol. So stopping the exodus would have been fairly easy.
I guess we can all point fingers but a lot of the blame falls on us too for sticking around like morons. Luna is dead. UST is dead. Maybe they’ll start a new blockchain and do something to help the people who got rekt’d. But I doubt it.
Things might be tough for the next few days, but hang in there.
I really hope this can come to light and gain some traction. I’m hoping for the best. I’m not even sure how I’m going to break the news to my loved ones. I just need a glimmer of hope that the peg will come back, even if I have to wait a long while.
Yeah, feels like a bad dream for me too…I felt numb to the whole situation yesterday but reality is setting in. I felt that UST had pretty strong backing with the BTC reserves but I guess they weren’t automatic/quick enough to use them. It seems fair to me though that UST still on chain be prioritized since we didn’t get to cash out. I’m not losing hope yet…if we fight for this I think we have a decent chance of making it out.
If the snapshot is taken at the onset of the attack for the whitelist you’d be able to swap up to the amount of the original balance you had. At least that’s my understanding of the proposal.
I lost my summer job savings around 1.3K UST as you will see I am not a whale with millions of dollars to spend on anything I am an ordinary person who needs to work for a living… the least I would expect is for them to pay us back The money or part of the stake in anchor, please, I ask you. I agree with this proposal.
Agreed. I understand that the team want us to hold and don’t want people to leave. I have my life savings on Anchor too. Send last batch there week before depeg
So, I think I can wait a week to see positive changes and UST above 0.9. For now, one important chart I was thinking for is going up — new user for gov proposals, and forum activities
Some repayment should be done or at least said that it will be done short term
Also, I would like to see more public relation steps to be done
Razor-blade attentions is good. Informed community is better
As a student who put most of my scholarship and savings here and it’s not that big of an amount compared to other 4k to be exact. UST was supposed to be stable and now I lost everything. For someone like me it takes over a year to accumulate that amount. Imagine now not having the funds to show my government that I have enough money to live by to renew my visa. Imagine risking being evicted from a country just because I trusted ust a supposed stablecoin. I had my funds in USDC but decided to make the switch since it looked more promising. Guess I will regret this all my life. Should’ve just bailed out at 80 cents better than 10. Why not halt the blockchain as soon as it depeg a considerable amount why wait all this time? Why would anyone not take emergency actions early?
100% agree, this would be one of the best moves to do to regain trust and making the project starting again.
I still have over 200k on Anchor, i spent over 15 years of hard work to accumulate that amount. I will never be able to do such an amount back, as right now i’m unemployed, so my life is fucked.
It was not supposed to happen and something must be done to solve this.
I can understand for LUNA investors (where I also lost money) because that was a purely speculative investment, but in the case of UST holders, people just wanted a stable coin, that’s crazy.
100% agree .No currency survive with out trust. I think this is the best way to regain trust especially from those who trust the project to the end.
If you try migrate to new coin there will be no trust and the coin will collapse on the first date.
Hi everyone. Thank you for the support on this proposal. The last 24 hours have been incredibly taxing on everyone. First things first - remember, most of you still have your health and family. Things can get better. Money is not everything. To those of you considering ending your life - wait a few weeks. You never know. There’s always another day and things change fast in the space.
Here are the notable updates worth talking about.
LUNA is dead and unsalvageable. I see a lot of discussion on the forum is being centered around somehow recovering LUNA’s value. There are a lot of problems with this approach that I won’t go into, but obviously it will be impossible to make everyone whole, especially given that people bought all the way down. Making someone who bought LUNA at $30 whole would involve making someone who bought at $0.001 a billionaire. The process is too time-consuming, complex, and expensive. It’s just not happening.
The Terra ecosystem was made for UST, and LUNA was a supportive mechanism. This was all about UST, and Anchor was marketed as a savings account for the ordinary person. I’ve spent a few hours watching Do Kwon’s interviews and TFL’s customer-facing marketing material. Anchor and Mirror were essentially blue chip blockchain products built to replace people’s bank accounts and 401(k) accounts. LUNA was a speculative asset and everyone knew it - people made and lost spectacular amounts, as is par for the course for a volatile altcoin. This was not the expectation with UST and people don’t deserve a 95% haircut on what was promised to be a safe asset.
TFL’s LUNA reserves are now virtually useless. Due to LUNA inflating away, there’s not much money that TFL can salvage from their LUNA reserves. I do appreciate their decision to burn their UST reserves, which shows their commitment to at least trying to defend the peg, but of course, it won’t be good enough because there’s simply too many billions trying to leave the ecosystem. As I mentioned earlier, UST will likely death spiral to zero. My point is, if any TFL funds are now used to buy back UST directly, it will have little to no effect on anything.
LFG’s silence is deafening. The money that Do Kwon pulled out of the ecosystem to protect the peg has been ‘loaned to a market maker’. This money belongs to UST holders, and everyone needs to know exactly where it is, what’s happening with it, and how much is left. These are important figures so a plan can be devised going forward. Keep in mind, from the LUNA machine (including Degenbox’s helpful liquidity boosting), Do Kwon was directly able to cash out hundreds of millions of dollars from UST into other stables. Much of this was designated to protect the peg so we are due an explanation. (I’m also of the opinion that some of the hundreds of millions that entered his personal wealth should be returned to the community, but that is a moral/ethical/legal issue that’s mired in contention, so I won’t suggest it as an official part of the plan.)
Essentially, it’s important now more than ever to execute the refund plan with the leftover money from LFG. We don’t know how much this is - I suspect it’s probably a few hundred million, likely under $0.5B. It should be enough to refund everyone who had under $300k in Anchor. I need to reiterate that this group deserves their money back the most. This group probably earned it through hard work. This group is more likely to commit suicide. They are also the largest (and most reckless?) group, so it is in Do Kwon and TFL’s personal interest to appease them, because to be frank, their lives are in danger. You cannot swindle hundreds of people out of their life savings and expect no pushback. I personally think this is wrong - violence is not the answer - but I don’t speak for everyone.
I really want someone from TFL to reply to this. It is starting to look like the only viable way forward. Seeing all the “LUNA v2” discussions on this forum is just laughable. There is no logic to it.
To clarify, as I stated in the addendum, the snapshot should be taken the moment the first depeg happened. People who held their UST up until now can be fully reimbursed by returning it 1:1 for USDC/USDT. People who panic sold and/or gambled on the market will be eligible to trade back the same amount they had during the snapshot as long as they return the same amount of UST, which will involve buying it back. It’s fair as they don’t get double-rewarded.
I agree with this. This is not your run-of-the-mill DeFi exploit. This was marketed (highly successfully, I might add) as a blue chips savings account and families put their savings in. It’s a little different from losing it on something like Bitconnect. The two are not really comparable.
I dont see this proposal in terrastation, but i would vote for yes. But one thing concerning the compensation method you mentioned, I have moved out UST from Anchor a few days after depeg, but did not sell all of them in CEX. Now it doesnt look like a good idea to commit more capital to buy up to the same amount of UST without knowing if this proposal will be passed or not. Could not it be more easier just compensate the amount we lost by showing the snapshot of transaction history?
“It is clear that LUNA cannot be salvaged and will be used as exit liquidity to retain some of UST’s peg, which is its purpose anyway.”
You’re kidding right? Terra is a proof of stake blockchain. You stake luna on nodes to tell the network which one should process the transaction. Terra cannot function without a consensus mechanism. So without Luna there is no blockchain nor UST… it’s not just exit liquidity for UST holders.
I would like to propose that people who haven’t even bothered to read the white paper stop clogging the governance channel with nonsense proposals
The Terra team just retweeted about how the community is considering many proposals. I hope they’ve seen this one. I posted a reply to stablechen’s tweet about this proposal. Let’s make our voices heard!
And thank you FatMan for all the work you’ve put into this. We are all incredibly grateful.