I agree that within this proposal, which itself should be the first step in resolving this whole debacle, the utmost and highest priority should be given to people who NEVER SOLD.
There are many of us who have a very simple claim: we bought UST a while ago as a savings instrument, and because we trusted Do Kwon’s assurances throughout this whole meltdown, we did not sell. We did nothing to contribute to the “bank run.”
Among all the various groups this proposal would attempt to make whole, THIS group described should be reimbursed first.
Users should not have to buy back aUST to redeem it, it should be airdropped, the last thing we want is to use the small amount of money we have left to buy UST in the open market again and turn it into aUST. We have gone through enough stress. Please just airdrop the USDC to aUST holders in the snapshot, what if UST repegs due to the meme effect and we’re unable to recover our losses? And I held until the very end as well, i wasn’t a weak hand.
Exactly, they have to make sure that those who trusted UST as a savings vehicle should be fully compensated first before opening doors for people to profit off the proposal.
The redemption method will be UST to USDC. You wouldn’t need aUST at this point. You would simply unstake from Anchor protocol to redeem your aUST into UST and then use the redemption tool to redeem the UST into USDC.
This is not possible, as explained, we can’t know. Also note that many people are still holding, so they could sell, get 20% and then again 100%, there are no moneys for everybody, imagine giving back with profit to everybody!
You will be fine. If you held until the end, you won’t have to buy anything back. You just have to give back your UST and you’ll get the USDC refund. The buyback only applies to people who sold their UST on the open market as an attempt to salvage some of their money back.
But think about us that held aUST till the very end when luna went to zero and the chain stopped, some of us recently just sold that UST and now we would have to buy back from the market price, that’s not fair. We should just get aidropped a claimable token for USDC according to the snapshot, if the bottom end of the users can be fully made whole this should be the main priority, and they should not have to go through the hassle of buying back UST at the market price again.
The upgrade hasn’t happened yet - it was a suggestion. Do Kwon wants to airdrop new tokens to people who will be holding UST at the time, which is a bit silly because a) it screws over people like you who sold to salvage some money, b) it massively rewards bottom-buying speculators, and c) it doesn’t actually explain where the money will come from or how/why the new token will have value.
I think he means at the time of ‘V2’ upgrade, which hasn’t happened yet. Still not clear and in any case people would dump and you can imagine what will happen
But thats the thing I don’t have any UST left i sold it at a huge loss at the very end when Luna hit zero, so why do we now have to buy UST again and buy it at the market price? We should just get aidropped USDC tokens/claimable tokens to those wallets.
no, this is just for the refund of UST, which has priority because it was guaranteed to be stable by Do. For LUNA you would have to wait for after-proposals, someone is talking about adding a tx fee which could include you. In any case not this proposal.
You are suggesting giving everyone a 1:1 USDC airdrop and letting people who sold keep the extra funds at a massive personal gain. This is not the best solution because people who sold UST like yourself will get a huge undeserved profit. The goal here is to make people’s savings whole. The best way IMO to ameliorate this double reward problem is to make people return the UST they sold to get their refund. You may not agree with this, and it is admittedly not a perfect solution, but it’s the best we have.
That’s absolutely ridiculous. So I could just sell my UST right now for more than $50k. My LIFE savings was on anchor. You’re proposing to wipe it out just to pay the little depositors. How about a certain flat percent to all? Just because I believed in Anchor and Terra, I’m fucked? No way.
How would I get a huge underserved profit? I sold it at a total loss at a couple of cents after luna hit zero. I deserve the money back since this was a “savings protocol” and I did not contribute to the bank run until it was all over.
People have to return their UST for the price they sold for or they should be reimbursed the fraction they lost when they panic sold. For example, who sold for 0.6 should be reimbursed only 0.4. This eliminates profiteering and avoids situations like @roger when you sold under the current market price.
No idea how he intend to proceed, but let’s imagine for a moment… let’s say he is going to announce it before. In any case price is going up fast. He announce that on twitter or whatever it is… there would be a lot of people faster than you buying a lot of UST, so they will have a lot of moneys and the price keeps going up… you or somebody else slower could end up buying near $1 to have 40% back, while who knows first (he, his friends, faster people?) could end up with big profits. Say he doesn’t say anything… you could end up with nothing. This proposal, which isn’t perfect and FatMan admitted it, seems the best one to me.