Agree 100%
thank you I pitched it on its own proposal now: Proposal - Save UST and LUNA by using transaction fees on terra to shore up capital
Absolutely agree with the proposal. Community is everything, and when you refund 99% of users, you can build everything again on top of that.
Do we actually know that the team is capable of that and they have the funds to ?
Do Kwon suggested moving to a collateralized form of UST, though in the same tweetstorm he said they were working on raising exogenous capital. They have/had roughly 3 billion dollars when they were accumulating BTC for the reserve. It’s unlikely they deployed all or most of it in my opinion. But since it doesn’t look like they’ll be able to raise the outside capital and the whole system is in shambles, those funds are better spent rescuing the majority of the userbase. Let’s wait and see. It looks like this proposal is gaining steam and I’m sure TFL is watching.
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Back UST with USDT that can be always redemed at 95 %
problem with this is that they have no USDT reserve. They have LUNA and few other coins they need to sell. Obv. luna worth nothing. noone buys it.
also CZ just tweeted that Terra team didn’t reply to their query. WTF
Same! I like this idea! But most of my aust, ust are in kujira, mirror, edge, liquidity pool etc.
What about the bitcoins that are loaned to cex?
Interesting how much money came from VCs?
There are much more people with smaller accounts than millionaires.
Restoring trust with more though smaller stakeholders, I reckon is more productive for trust in future Terra long term.
But it must includes all accounts, incl. CEXes.
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I think they should still have the $ from the bitcoin reserves they sold and potentially a lot more from selling UST for USDT back in March. Do Kwon reveals plan to increase UST’s bitcoin reserve to $3 billion
I strongly agree with this idea.
Some may think it is unfair to the whales, but this is the best option for them as well. The public’s view of Terra will change dramatically once reimbursement is made to the majority of the community.
And restoring some of the public’s reputation will also allow Terra to start a new blockchain. Then investors will come around again. At that time, the UST whales could reap big profits.
Finally, I am truly glad that there are people in this community who are willing to make such a great suggestion. Thank you all.
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I sold ust for “0.1 / ust” on the polygon network on MetaMask today. If refunds are possible, will I lose again?
This is the wallet where you can see the transaction fees that are distributed to LUNA stakers in the form of APY. Current value is $1.2B+. If LUNA stakers voted to forgo future APY and restore small UST holders, it could potentially benefit them because their current option is get diluted as the hyper inflationary death spiral continues, so if you restore some confidence in the system perhaps it would alleviate the death spiral.
I have no clue if this is viable without having to rework UST/LUNA, but if we could do it with existing funds, then you don’t have to hope that TFL will raise outside capital. Their radio silence throughout this crisis has been deafening.
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Hopefully that just means they sold it already and have the funds secure in an exchange or some other custody. On May 8 they said they were deploying 1.5B in capital. Maybe not all of it was used up. Again, they had at least $3B in late march when they were on a bitcoin buying spree so I think they probably have other stables or USD in their possession.
Hi,
I think is one of the best proposals. We are having mental issues because of the crash and the money is critical for our life. It would benefic the TERRA community in trust.
A bad deal for whales, but a whale usually has other millions. But their power of vote would decide everything 
One way would be a web for swap the current holders of UST / aUST for USDC/USDT (those who had an address with those UST the date of the crash).
A hug.
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Re: What if I sold low?
Your allowable refund snapshot would still be in play, but you would have to buy back the UST and return it to get your refund. This is to prevent people from getting both a full refund and some extra money by dumping UST on the market.
Re: The LFG wallet is empty
Yes, they have loaned the money to a market maker. We do not know how much of that has been dumped already. That’s why it’s imperative for them to tell us the status of those funds as soon as possible. I really, really hope TFL/LFG are secretly watching this thread and planning out a refund based on the funds they have (expecting you to spring me with a surprise Twitter thread any moment now, Do!), because them saying absolutely nothing is highly disappointing and prevents us from making concrete actionable plans with precise numbers.
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I cannot stress how important it is that this plan is implemented in some form. Last night I got confirmation that a friend of a friend back in Singapore killed himself over a LUNA position. I’m also aware of several friends who are deeply depressed over losing savings in Anchor. It’s causing a mini mental health epidemic in the space and I’m sure there will be more suicides. Depression/suicidal ideation is already rife. We need to make the small players whole.
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last transaction was made on the 10th. Extracting/transferring 862m USD worth of BTC