Agreed
On a bit of a side note.
Over the last few days I have received several DMs and seen several posts. I have read heart-wrenching stories and seen more than enough sadness for a lifetime. There is a father who put money for his daughter’s surgery in Anchor for a few months. There is a man from Iran who put his life savings into Anchor, and now his wife can’t sleep without taking pills. There are people who are unable to feed their families. People have lost their children’s tuition funds, house deposits, and years upon years of hard work. UST depegging this severely has stolen decades from people’s past and future. Some lives have already been lost and will never come back.
Granted, there are lessons in risk management here. Crypto skeptics will say people should have known the risk. Bogleheads will tell you it’s silly to put your life savings into any one coin. Maybe they are right. But, what’s done is done. The truth is, Anchor was marketed to be far safer than it really was, and with the massive amount of confidence both from large investors and the founders, you can’t blame laypeople for falling into the trap.
With this proposal, we can restore relief to people who were affected by this the most. I know it’s not perfect. I know it won’t make everyone whole. But I truly believe it will achieve the most societal good possible. People who have nothing now will be able to get back on their feet. People with a reasonable chunk of savings will get everything back. People with larger amounts of money will take a large percentage haircut (as they are currently doing anyway), but will be given a fair and equal amount nominally.
My heart breaks for everyone. I know this has affected many, many lives, and I hope to heal as many people as humanly possible. We need to come together on this one.
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@FatMan I’ve been stating that with this proposal, there will be folks that will profit big. So, let’s reward those that left shortly after it depegged with a good chunk of their money which INCLUDED the yield and screw the ones that tried to hang on until close to the end and sold out for pennies on the dollar because Do Kwon’s “recovery” plan wasn’t working!!! The ones that left immediately will profit pretty much 100% when that money could be for those that actually lost almost all their money. How do you not see this scenario to be unacceptable?
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I understand you’re probably feeling horrible from having lost all your money. Trust me, I’m right there with you. I get the frustration and sense of hopelessness and anger.
This proposal isn’t singling out anyone though. It’s simply saying:
In terms of PURELY reimbursement with money, the majority of UST holders get priority. This is what a court of law would uphold.
It’s not abandoning Luna holders. It’s just a first step to make a large number of people relatively whole quickly. The Luna side of the problem would take much more time to figure out. Think of it like a company that had issued both stock and debt. If you had shares of stock and and I had corporate bonds, in a bankruptcy or restructuring – which is where we’re at with Terra – bondholders would get paid first, and stockholders would receive new stock in a new, improved venture. Paying people is just the first step because it’s quick, meanwhile the rebuilding will take time.
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Well if u look at the circulating supply of ust right now and the market price. You can reconstitute into a new token and smaller investors can chose to swap this token for USDC or USDT and make themselves whole. The old terra was centered around an algorithmic stablecoin that failed. The new terra will be something different. Small UST holders could swap their new equity for USDC before launch
So how about someone like me that has never been part of Anchor and simply sold some crypto on binance and had much needed funds parked in UST for 3 days before it all collapsed? Would this be classed as fair to leave me out??
Bondholder is holding debt in this case UST is the debt and LUNA is a stock, isn’t?
Yes. This !!
Once small investors are made whole, this will significantly speed up the recovery. This is what we need.
We need to build back the trust and this proposal will make it happen.
Holy shit, there’s actually a chance. If this thing happened it will change the crypto world forever.
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Do you still hold Ust or did you sell it all?
Correct.
@roger I made a similar comment before in that what if those folks don’t have the money to buy back UST since it’s gone? It would be easy to show what you had before the depeg happened and what you sold it for on the exchange and they just need to give back the difference. I agree that making folks having to go buy it back (and depending how much they sold it for and buy it back for they could still be at a loss) would just add on more stress they don’t need.
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This is the way.
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People who sold UST during the crisis should not get anything IMO
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@FatMan 100% agree please save us…we are poor people saving our money in UST in anchorprotocol…my whole money in life is 12.5k ust and now i have nothing do somthing for us…1:1 convert sound perfect i dont want yeild
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Agree
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Let get this done, most logical proposal, is there a voting yet?
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I do understand you and person who sold their UST during crash.
Think about people who have to pay kids and loan, just after the event.
Everyone have a bad time.
Do they trust UST to keep their wealth to put all the money in it> YES!
What is considered to be the exact date and time of the depeg?
I have seen different times offered up in different threads and want to confirm.
Thanks!
Hello guys,
I think this is a good idea if the numbers do pay out (and this LFG fund actually still exists). However I would also say that we should also have a remedy plan for the “whales”
i’ve described a realistic solution for them here, have a look:
Folks, FYI: voting here or using the on-chain governance mechanism is irrelevant to this proposal.
A proposal like this can only be enacted by TFL unilaterally because it concerns their funds. And they will only enact it if they:
1. See it, first of all!
2A. Understand and agree with the reasoning behind it voluntarily, or
2B. Are pressured by enough people or by law enforcement.
Continue getting the word out. We already have support from @cz_binance, @VitalikButerin, and @Maxwell_Maher. Voting here or in Terra Station is irrelevant to this. We have to make TFL acknowledge us and acknowledge their responsibility.
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