Agreed.
Terra can’t run away from the billions they owe to UST stablecoin holders and the thousands of lives and families that are being destroyed. That money belongs to the people and any attempt to wipe away that debt will result in a long drawn out legal process like Mt. Gox.
Some decent thoughts from danku_r.
It will be nice to see the post-mortem and LFG funds update soon.
Crucially, if anyone is able to provide historical blockchain data (@danku_r maybe?), please get in touch. I can update some of the numbers and might be able to establish the potential per-wallet cap with more certainty.
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Use finder.terra.money/mainnet and paste your wallet address to get history.
This proposal doesn’t say anything about running away from paying the money to people that suffered by the crash ;/ Pleas read it carefully.
UST holders say Luna is risky because it is a crypto asset and UST is not risky because it is a stabil coin which had to be $1. But people does not know this. UST is not USDT or BUSD or USDC. UST is algo stabil coin which backed with Luna!! If nobody buys luna how ust can be pegged? People who buy luna helps UST to peg.
So, prioritization is unacceptable. Old luna holders, new luna holders, ust holders are all equal. Crypto is all risky even it is stabil coin.
Also I have a one more question. USDT just dropped to 0,95 and some people sold their USDTS in low price and lost money… Are they crying? What is your priority as a UST holder from USDT holder?
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Yes it is just the format of terra finder that is challenging. Some of the wallets had automated activity with thousands of pages of transactions, that you could more easily jump 1000s of pages to past history to find funding transactions to exchanges/bridges etc.
Thank you so much for your efforts Fatman. For clarification, does prioritization of aUST also include those community members who were participating in Apps such as Aperture? It sounds to me like your proposal would restart all the Apps that used Anchor, Mirror, etc. Am I wrong?
Terra sold the idea that UST was stablecoin, plain simple. USDT slightly lost peg and already recovered because of the UST/Luna fiasco which impacted the whole market.
UST holders shouls be prioritized, they were not speculating with a crypto like BTC/ETH/LUNA, they are just accumulating dollars with UST and deserve their whole USD back.
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To Everyone,
Yes, this proposal isn’t fair. In fact, there is no proposal that is so far. But what’s important is we help those who were badly hurt by this (smaller wallets). Disclaimer, I’m not a small wallet and also have LUNA.
To those who ask how would we know whether you sold after the depeg and therefore get double rewards, I recommend we set up a form that proves your funds.
A form that requires you to enter your Terra wallet and TX IDs of when you sold. Run those numbers against your balance at time of depeg. The difference is what you’d have to buy back from the open market.
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Wow!!! How greedy and selfie. Doesn’t Mr Fatman really feel anything for Luna holders, who are, I suppose as affected if not worse as UST people?
Do’s proposal then, please. At least he was concerned for ALL.
Exactly, it’s easy to check if someone had UST before the depeg, after all this is blockchain!!!
If someone had 10K UST before depeg and had to transfer to Binance to panic sell at 0.40c, this person should get the other 0.60c per coin and that’s it.
The people that bought after the depag trying to get easy money should not be the priority.
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After speaking with multiple communities within the Terra ecosystem, this proposal is unfortunately leaving large wallets unpaid which in most cases are pools of funds managed by a single entity (fund or asset manager), the view that these are single whales is only true in 5% of these cases, such proposals damage a lot of individual investors that are not evident due to the concentration of funds on such wallets.
Great proposal to re-gain trust of the vast majority and help folks most in need.
What is the snapshot timeline to consider? Example: there are folks who were able to off ramp at 0.80-1 peg price. Will they still get refunded the whole amount?
What about cex? I had bought ~10k ust at 0.5 peg price. Because I believed terra will recover. Had sold it off at a loss at 0.12 peg price. I don’t expect a refund here but something to consider in proposal.
Perception of Do Kwon will flip from villain to hero. Executing this proposal will show that he has his followers’ back 100% during a crisis and create faith in him for all future projects. Excellent!
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What about the small to medium holders of LUNA? Are we planning something similar to make us as whole as possible? Not everyone was contributing to the network through UST so it would be unfair to only look after UST holders? Right?
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I think this is a great idea and I really think they should use a snapshot to do this. I understand it’s not fun for people who tried to save this project by buying extra on the way down (I did this myself), but people who panic sold and tried to salvage what they had left cannot be penalized for jumping a sinking ship.
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Well, UST is the stablecoin while Luna was a speculative crypto coin like btc, eth, etc. The focus should be mom and pops who had their savings in UST in the hopes of an honest yeild.
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I agree this would benefit the sentiment towards the ecosystem, it won’t prevent people from withdrawing the refunded ust, but it will allow the terra brand to still be recognized and rebuilt for a longer term perspective.
edit: just noticed the proposal changed to 1:1 ust to usdc. Safest choice in this situation.
Let’s see the available funds when TFL publishes something
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What an amazing suggestion +1100000000
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