Yeah it will difficult but possible if you provide the tx between terra and the exchange, the tx of the sale and a proof of ownership of both accounts.
Let s be honnest. We can speculate for weeks but the reality is an another thing.
They should communicate so much more but they don t!
I don t think they can find a solution to pay back all ust holders that s why he proposed a fork.
I am all for this 1million or less limit… I agree with you 50K UST is far to low
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- I agree very much. I only took out 300,000 ust from anc on the evening of the 11th, stored in anc since last year， because that is all my savings, but now I have lost 90%. I think the founder should consider the priority compensation plan for this small account, because that is My hope of living, we put all our savings in it because we trusted the team and the founders. Please come up with a plan, upload the snapshot before decoupling, and give us these loyal small accounts priority plan, otherwise I may really not want to live
In fact the amount of refund will depend of LFG reserve if they are low high refund will be impossible
I agree，good idea
What is your proposition to avoid x2 refund for people who sold at 0.9 for example compared to someone like me that sold at 0.1 ?
Please consider at least a 1:1 refund for the first batch of people with smaller wallets, they are the most impacted, people had their whole life savings on anchor, 50k might seem a small number to some people, but are literally years and years of work and saving for others
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this is really messed up now. interacting with what I thought was a forum I divulged my seed. the ust has gone 99k. do yuo know anyone I can contact to see about recovery? Happened 5 min ago.
If it is for the first batch and guarantees/incentives are brought to the table, it is a nice one indeed.
As I said before, it would wipe out a lot of “ponzi” and “rugpull” claims and trolling.
@FatMan I think the proposals are good on the whole, but the 50K threshold is far too low and will not satisfy the maximum number of people.
I think we should have at least two bands for example for the first 150K 100% refund and between 150K and 250K 90% etc… These are only examples of course.
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Agree
It would be straightforward to track every transaction that either swapped UST to another token or sent it to an exchange. Look at the price of UST at that point. Reimburse the difference between the swap price and $1.
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Since the proposal now will include whale wallets in the refund snapshot, the per-wallet cap will have to be significantly reduced. It won’t be $1m anymore. I can’t check the figures because DAIC is down. I don’t even have a rough ballpark. It could be $20,000, it could be $50,000, or it could be $200,000. It depends on how many wallets there are and how much money LFG has left. It is still feasible to make most small investors whole via this method.
This is a behemoth task. You would need to contact all major exchanges, get people’s UST sell basis, and link it to their on-chain wallets for verification. This method is also open to abuse in case a malicious exchange decides to fake numbers to make massive amounts of profit. When it comes to dealing with hundreds of millions of dollars in reimbursements, we must be careful to ensure that everything is verifiable and fraud-proof. The best way to do this is to create a refund allowance based on a blockchain snapshot because that cannot be gamed.
The double reward effect will be ameliorated by making people return their UST in order to get the refund. People who sold their UST on the open market will have to buy it back. This isn’t a perfect solution because some people will definitely make profit, but it’s the lesser of all evils. It’s better than an airdrop to all current UST holders (because this would massively reward whales and speculators who bought UST at the bottom instead of savers who bought it for $1). It’s also better than an airdrop to holders during the snapshot, because many already sold and received a portion of their money back, and they would essentially be freerolling. We have established a middle ground.
The proposal is quite elegant now, because it’s more fair but it still favours small wallets. Everyone will receive a capped refund allowance (say, $50,000), but people who had an amount under the cap will get a 100% refund. Someone with $500 or $5,000 in Anchor will get all of their money back. Whales who want something back won’t be left out as they’ll get an equal max cap to all smaller wallets, similar to how FDIC insurance works. I think it’s a win-win for everyone.
Sorry to hear that. Please don’t ever send your seed to anyone. There are a lot of scammers DMing people on this forum. Be careful out there.
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CZ’s suggested the buyback of UST only. This may not compensate the loss of the pre-depeg UST holders but benefit speculators who bought the UST after depeg. We have to make it very clear that it is the pre and post-depeg UST holders are buying different things: a risk-free product (bond) for the former and a volatile asset (stock) for the later.
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I Agree as well. Thanks for putting this together.
I don’t understand what you mean by “People who have sold will have to buy back their UST in order to make the exchange”.
Let’s say I had $100k UST on Anchor, I sold it at a loss and got $50k USDC out of it.
Taking this example, you will have proof that I had $100k UST on-chain but how can you know how much I sold it for if it was done on Binance for example?
Why don’t you take into account all the on-chain transactions that were made first (on DEX) and then, once it done, focus on the transactions that were made on exchanges?
If this proposal is the one that’s followed without any LUNA fork or v2 LUNA token (or even if there is), the existing LUNA token could be kept around as a meme coin (Ex. DOGE).
It trades (heavily, degens love low priced coins), minter is off (no inflation), txns are fast and cost effective…is there a reason we couldn’t continue building without the UST/LUNA flywheel mechanism while retaining “LUNA Classic” as the base pair?
Same goes in the other direction as well. If you had $100k UST on Anchor, sold at breakeven via THOR or something, and the snapshot gives you another $100k USDC, you just doubled your money.
How would they attempt to track CEX txns? No airdrops consider CEX holdings for a reason.
See my post, above. All that’s needed is to track a swap out of UST on chain or a transfer to an exchange, and reimburse the difference between the price at which the swap/transfer occurred and $1.
Anyone sending UST to an exchange was clearly getting out of UST. If they didn’t, then UST they have now is almost certainly worth less than it was when they transferred in to the exchange, so nobody is being double-rewarded
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