@FatMan so it seems that this prop has lost some steam. With so many different proposals going on, we need to prioritize staying focussed and remaining vocal about engaging the community with this.
have you reached out to Do / TFL to get their thoughts on this proposal? without their support nothing can be pushed forward
additionally it may be a great idea to engage with Vitalik as he reposted your proposal showing support… if we can get some large influencers like Vitalik advocating this could really help the efforts to keep this alive in some form.
Lastly, as a back-up plan, it may be worthwhile to consider adjusting the proposal to a discounted $0.70 payout based on UST held at snapshot. Most likely many holders will have sold and recouped some capital so this would offset the opportunity for people to turn this into a gain rather than just repayment of loss (debt)
I think before anyone could be reimbursed, the total amount to be reimbursed would have to be known. Only at that point would it be possible to determine how much everyone would be reimbursed, it might be less than 100%.
Regarding the speed, I’d imagine that Terra developers would work with the exchange developers to automate the process as far as possible. That in itself would be a lengthy process and there would no doubt be some edge cases that would have to be looked at manually. Whatever happens, I doubt very much that there will be a speedy solution.
Really, I don’t think that the details will be thrashed out in this thread. The broad idea of reimbursing people who had relatively small holdings might be taken up, but I think the details and the mechanics of implementing that idea will be worked out (and then proposed here) by people who are better qualified than we are.
“I am sorry that you lost money speculating on an altcoin designed to crash when UST depegs”
While the mechanism may be real, It’s a little cynical to say that, first Luna was a real coin worth investing not some altcoin which only purpose was to crash and it was not just some random speculation. People were unaware supply was constantly growing (yes too bad they should have) got burned (and worst) thinking it was a good nvestment. Please respect everyone, don’t add insult to the injury. Otherwise, yes I see your point and I’m not arguing against this proposal.
I see you on the forum @dokwon. Your profile shows that you have been seen on this forum keeping up to date with all that is being written and suggested. Your continued silence is totally unacceptable and the more you choose to be silent on remedial measures from this catastrophic event, the more collateral damage will occur to peoples’ lives and you must bear the responsibility for that as well. A timely response is necessary especially during times of turbulence and calamity. You can never outrun or escape this. You are still young, everything will catch up with you eventually. The only thing for you to do now is to come forward and be transparent. There are no smart moves to play here and there is nothing your lawyers can tell you that would save you better than full transparency and disclosure. End it all NOW.
Nobody would just take their word for it. They are exchanges. They are required by law to maintain a history of all transactions. They would have to agree to make that data available to the people implementing the reimbursement plan.
I totally understand and appreciate this and why the proposal has been designed the way it has.
However it seems meaningless. The same amount of USDC would be paid out regardless, no? (Please correct me if I’m wrong on that). And what is the point of funneling money back into UST? .
Many people will still profit off this greatly anyway. Many will end up with 95% salvaged, minus 20% to buy back in at current prices, plus a full refund. Meanwhile others, now with little to no capital, might have to spend many times what they sold for just to make some back, leaving them worse off than everyone. Particularly because they have been left with so little capital, if prices double or triple in UST it might take them months or even years to be able to buy back their UST.
Again I might be misunderstanding something, but if the same amount of USDC would be paid out regardless, and a swathe of early sellers are getting double rewards anyway, then why punish the other half of sellers?
EDIT: just to clarify I’m not saying just refund them all. But there needs to be an alternative. The current proposal is arbitrary, needlessly cruel and somewhat hypocrtical.
This is the only proposal that makes sense so far, i thought this wouldve been what Do Kwon comes out with from day 1. He mentioned that the priority is UST holders, but avoided compensating them directly.
If this can be done (it seems like CZ is practically begging to help), or some kind of hybrid, then it should be the way forward 100%. I don’t want “extra” rewards at the disadvantage of others. But as I said in the current proposal many WOULD be doubly rewarded while many others would be punished. And with diminshed capital might not be able to afford to buy back at all, or if not for a long time.
I’m the one who deposited money in the anchor to depgging May 9, although not much. compared to others But it’s the savings of my life. From the belief in Anchor
Yeah, I agree. We can talk in circles all day but without TFL’s input it’s pretty meaningless. It’s all a waiting game now.
Yes. I apologize for the bluntness. It’s unfortunate but it is what it is. People should have done more due diligence when the LUNA death spiral began, because the mechanism was designed such that as long as UST was under $1, the LUNA market cap would be completely drained. Also, the LFG funds are designated specifically to protect UST, not LUNA.
No, sellers would not get the same amount of USDC in the end. The point of having them rebuy UST is to give back some or all of the money they cashed out when selling it. This will bring everyone closer to the 100% refund goal.
I suspect after the initial buying frenzy, UST would float back down and people could buy back in. Additionally a flash loan service would probably crop up since it would be risk-free for the operator to loan someone UST and take back an equivalent valued amount of USDC with a small fee on top in a single transaction.
Since it’s looking like TFL/LFG may have to be compelled by law to execute this, which would probably stipulate CEX involvement to verify the amount owed to people, I’m not opposed to the hybrid model of on-chain restitution and hopefully some more or less automated collaboration between TFL developers and those of exchanges using their APIs.
Still hoping I’m wrong though and TFL take it upon themselves to execute some form of this plan. @dokwon
Fantastic. This gives me hope on a project I had certainly lost faith in. I also had a good amount of savings - not much compared to whales but for a regular retailer - it was a lot.
Thanks for your time and efforts and hopefully this can get passed through Keep at it
is there any hope?sombody said in takes years and years…please do somthing…my asset still in anchorprotcol…im destroy my life my wife is very bad situation…if in future days nothing happend what should i do? i want to kill myself…i disappointed my wife …any hope?
Sorry could you go into a bit more detail on that? What/who would they be giving money back to? If they were somehow depositing that amount directly into the distrubution fund I could understand, but selling directly back into UST seems wasteful, wouldn’t it just be diluted? What would be the point?
People’s lives have been ruined. Basing a proposal to restore billions of dollars of peoples savings on “I suspect” isn’t good enough. So unless you have a crystal ball with 100% accuracy another direction needs to be found.
Please correct me if i am wrong, UST is relying on LUNA stay pegged. By restoring of snapshot from pre depeg for UST and not LUNA, How the UST will sustain the peg with the current price of LUNA. So what will UST be like after the repayment is complete? Do you think thise who got compensated will still put the money back again to UST or UST will just be a bygone after UST holder benefited from the repayment.
thanks…i cant live anymore…they should do human thing…i have nothing to lose @dokwon they should act like bankruptcy and pay their dept…i buy stable UST i thought this coin has stable price forever! what a stupid person i am…
Keep at it