Hey I think LFG has already sold their BTC, how do you know they have 1.5B left ?
Source please ?
you have my vote !
I second this.
some KOL like Tushar Jain from Multicoin Capital also gave their supports for this in the community
I withdrew from anchor into TERRA station yesterday. Would I still get reimbursed under this proposal or should I redeposit into anchor? Thanks for your work. Amazing work.
This is a disaster I never thought I would experience. I agree with this proposal. Luna is a token where there is expected volatility and you trade at your own risk. However, UST was promoted as a stablecoin, and as such, UST holders and the every day person should be prioritised first. The best Luna foundation and Do Kwon can do is devise a plan swiftly and give a timeline on what to expect. Don’t do a disappearing act please.
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Obviously the whales have already voted no. End of proposal.
Agreed.
Where do you see the vote?
We haven’t defined this yet, after a vote, or after that Do accepts our proposal, which seems most people do, we will write details well. I don’t think it’s important, you could keep staking meanwhile
Did anyone from the luna foundation ended up contacting you? I’m no legal expert but if there are any funds left, LFG will probably have a legally binding obligation to return it to the VCs that provided it, no?
go to goverance in terra station
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This is not one person = one vote.
This 1$ = one vote, so retail can´t win.
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This post is from @mlawyer
Hello @dokwon
I am a FinTech Lawyer working with US DOJ. Following is my understanding of law with regards to current situation. I am sure, you have the best lawyers of the industry by your side. Feel free to discuss my understanding with them.
You led TFL that issued UST, an IOU with USD price guarantee, on Terra Blockchain. It was generated by burning LUNA on Terra Blockchain and was burnt to issue LUNA on Terra Blockchain. This is how USD peg, that was guaranteed by TFL, was maintained. LUNA price was never your responsibility.
Now, you have dissolved TFL, that issued UST, and proposing UST holders to be compensated with LUNA, something for which you have no price liability. This is gross illegal. Let me explain below.
First of all, let me tell you, for which you have no responsibilities about.
1. LUNA on Terra and its IOUs on any other chain and exchanges. Vitalik Buterin or Charlie Lee are not responsible for the crash of ETH or LTC either.
2. ANC, other stablecoins, stocks and any other token issued on Terra Blockchain.
3. aUST. It is Anchor’s responsibility.
4. UST IOUs on other chains and exchanges. It is responsibility of the issuer to be solvent by holding equivalent UST on Terra Blockchain.
Your sole responsibility is giving USD peg to UST holders on Terra Blockchain. Just like Circle is responsible for USDC and Gemini is responsible for GUSD.
Now, let’s say, you deny your responsibility and say community will decide how UST holders on Terra Blockchain will be compensated. You will have to face a class action lawsuit for that. Many institutions hold UST on Terra Blockchain. They pulled out of Anchor on time, but could not get peg. So they are stuck with their client’s money. There are also people who loaned money from Banks and put up on Anchor. Similar situation for them as well. If they declare bankrupt, banks will move to court against you to recover their depositor’s money. As per the information I have, all these people are teaming up. So, please be careful, if you plan to abandon UST peg.
Now, if you want to meet your legal liabilities, here is a roadmap…
1. Find the total amount of liability due to UST on Terra Blockchain.
2. Find total asset held by you through TFL and liquidate.
3. Launch a collateralized SableCoin or buy an existing one, e.g. USDC or GUSD.
4. Allow users to swap out of their UST holding on Terra Blockchain.
I personally believe, if you wait for some time more and buy UST at current price, you may save a lot of cost. Don’t be illusioned if any lawyer suggests you to get rid of UST liabilities. From Mark Karpeles to Alexander Vinnik, none could finally dodge the long hand of law. It is good for a law firm to entangle a Billion Dollar client in legal soup. But, I believe, you are intelligent enough to understand the gravity of the situation on your own.
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Lol what ? I know you are agree, but why would reply to my text and say that lol, I asked a genuine question
@FatMan The problem here is you refer to billionaires, but I had my life savings invested in ust and it was roughly 380k. So how is that fair to cap it at 250k wallets? I am not a billionaire and my life depends on this money which I deposited in a stable coin ‘safe’ savings account and not in a volatile asset e.g. Luna.
How do you decide where and who to exclude? As people with 300 or 400k is nowhere close to being a billionaire who can just write off the money we had in ust.
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It’s not clear yet who decides for funds, whales don’t have a better choice, this is the only proposal which gives them something now and which allow to give them their funds back in form of token or something later with another proposal
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This is probably the only proposal that could revive the Luna ecosystem.
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30% of capital (from 250 to 500k)