To those who are interested, here’s some more information about where the LFG bitcoins went: What happened to the $3.5 billion Terra reserve? Elliptic follows the bitcoin
It provides a tiny bit of additional context but in order to know how much is actually left in LFG’s possession we still have to wait for their announcement.
if CZ is on the topic, he should know if that BTC’s are still there.
I agree there is no perfect solution but as CZ from Binance said you cannot delete the history to suit your needs both on-chain and off-chain (exchanges). I think rewarding people based on historical snapshots is a bad idea.
If we turn the argument around where you are saying that folks need to buy UST in order to get their USDC, isn’t it the same thing as having to hold the UST so there is no need for snapshots. If there will be an announcement that you need UST to get compensated 1:1 it will create buying pressure on UST so the outcome will be the same. Even if someone sold the UST pennies to a $ they can simply buy back now as the price is at its lowest. Nothing stopping them now to buy it back and wait for the outcome? As you can see there are pros-cons for every argument hence the simplest solution would be to reward UST holders irrespective of when they bough it as it is an impossible task to verify who bought when at what price and who sold when and at what price.
If we apply simple mechanism of pre-depegg snapshot we might end up rewarding the traders who sold it immediately after the de-pegg and at the same time completely ignore those who might have bought UST at 95c or even 98cents and now are the present UST holder sitting at 80-90% loss. All settlements needs to be done at the time of when network was halted and all current UST holders need to be made whole as much as possible. The biggest mistake was not halting the network earlier as this would have avoided lot of complications @dokwon.terra
Withdrew out ust but NOT sell. Withdrew out before they locked chain. Everything was simply so ambiguous nobody knows for sure whether when they can have access again.
Some others were unbonding beth or transferrg out.
Do know youre the one who did us wrong, not the other way round.
So major exchanges should be onboarded on the reimbursement process if that ever happens.
For whoever asked, I’ve made a Twitter: https://twitter.com/FatManTerra
It’ll probably be useless but you can follow me there.
Oh, hey @BTFD. I was wondering where your account went.
Do you know under what grounds they deleted that thread and your account? I actually managed to screenshot some of the posts before it got deleted. Seems very fishy that they brazenly did that.
It will end the Terra ecosystem.
lfg funds should be used for terra ecosystem restoration, not for claim for damages.
I don’t agree. Why refund only ust proportionally? Why not all of the Terra chain
LUNA and UST is the Terra ecosystem. The system is already dead. Plowing more money into a dead horse won’t solve anything. People with money stuck in UST are trying to flood the exits.
Restoring confidence showing a will to protect community will help the Terra renewal. Wide repayment and damages reparations would massively help in that sense.
This is actually a good idea. Where is terra entity is based? maybe not only Korea FSC, but also Monetary Authority of Singapore?
Added: Terraform Labs was founded in 2018 by Daniel Shin and Do Kwon. The company is headquartered in Seoul, Seoul, South Korea .
I propose a slightly tweaked version of this proposal to give the maximal benefit given updates to the Luna token.
Proposal:
-Refund 99.6% of UST holders via a USDC conversion funded by LFG’s reserves
-Give UST whales and Luna holders a new network token proportional to their pre-depeg holdings, similar to Do Kwon’s plan Terra Ecosystem Revival Plan
This will:
-Right the smallest UST investors who weren’t signing up for volatility (anyone with less than a million in UST)
-Create a ton of goodwill increasing the odds that UST and Luna holders actually use the new token
-Ensure Luna holders and whales aren’t left out
İ was staking on binance and , on anchor , and totally i had 8 k then after peg is not stabile i invest 2k more to support , what will i do now ?? İ dont have money anymore and just still holding
don’t forget that CZ has the skin in the game, as a lot of people were “staking” UST on Binance.
Hey Fatman to improve your proposition my thoughts are:
It could be necessary to create a webpage, to enter the tx of the UST sale to avoid a x2 refund and calculate the exact refund amount with the depeg.
What do you think about it ?
Most UST sales happened on exchanges so this would be impossible to verify.
@FatMan to be honest I don’t care how they do it but I want my 300k UST in USDC or USDT …but with your tweaked proposal seems like I will have to be happy with 50K and say thank you? far too low limit should be 500K/1Million or lower to make more people feel alive again
in my case what would happen to the remainder of UST still owed to me? feeling smelling like a lawsuit
This looks like the best proposal so far, at least for most people, terra was always about the UST stablecoin, even at the end they still tried to save the peg with hyperinflation, can i also suggest to please rethink the anchor yield part, obviously getting at least the deposited part is a big deal, but in a tier system only the smaller guys would loose the yield part, if for example we cap the first batch of refunds on waller smaller than 50k only those with less than 40ish k would be affected, for someone in anchor from day1 it would be like getting 80% out, that is better than nothing and would be great, but a lot of people counted on that yield too, also please consider help from big cex/dex, they made a lot of money from fees in these days with UST/Luna trading, maybe they are willing to give back something to the small fishes out there that were the most affected, that would also be an enormous good marketing/PR for them, CZ for example already tweeted about all the UST situation saying that maintaining the peg was so important, they can help too, also we need to consider that this proposal can still be executed in parallel with other proposal to get something back for Luna holder too, too many people already took their lives and that is the worst part of all of that, at least giving some relief to people that lost years of savings on anchor should be the priority in my opinion
Keep up the work! We are getting lot of tractions, although Fatman, i have to say 50k is bit low. Persian Capital also tweeted about helping the bottom % of wallet below 1M UST