[Proposal] We should have 1:1 percentage of total supply

Governance & Proposals
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For transparency, I own 20mil Luna and did not own any prior to de-peg, I also didn’t own any UST prior to de-peg or after.

Fork (please read below before making judgements) and either remove UST or have collateralized UST similar to USDC. This is up for debate. Whichever way the community decides.

If you own 1% of total supply or 0.003% of total supply now, you get that on the new chain. Assuming a 1,000,000,000 total supply, if you own 1% of current supply which would be 65,000,000,000 Luna, you will have 10,000,000 on the new chain, assuming a 1 billion supply. Everyone’s tokens would have a 1-year vesting schedule. This would also allow anyone purchasing up to the date of the fork to be given 1:1 percentage of total supply so that there is no token consolidation. This way there is no redistribution. Total supply is up for debate.

For those who are against opportunistic traders / investors who have been buying low, I ask you this, what is stopping you from spending a little money now and investing? How would you feel if the roles were reversed? This plan takes care of you and the newer investors without saying that one is more important than the other.

I would also implement a small transaction fee, say 0.01% (up for debate), that will be sent to a fund to repay pre-de-peg UST holders with <500k USD equivalent at time of de-peg being prioritized. After UST holders are paid, transaction fee is removed. In my opinion, UST holders were promised stability and didn’t receive that. This is not redistribution, in my opinion, as they were promised something that they didn’t receive so if anything, it’s a debt. They should be taken care of, even if it takes some time to pay them. This is better than Do Kwon’s table scraps proposal.

Blacklist Exploited wallets from receiving anything as well as Terra’s wallets.

I think all of these would have 3 effects.

  1. It shows that the ENTIRE community is being taken care of and not one or two groups. This will be positive for current market sentiment which will increase price of current Luna, thereby limiting the extent of whales to accumulate more.
  2. It takes care of pre-de-peg UST holders.
  3. This blocks Terra from having control over governance as well as the wallets that were used to exploit. This will also increase confidence.
4 Likes
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I am in agreement with this point of view. In a regulated free market there is no protection for shareholders save for the net assets available.

We all know there are no guarantees in life and the warning for buying Crypto is plastered all over any platform.

If there was a guarantee offered then the assets supporting that guarantee and/or individuals should be held to account.

The pioneer investors in Crypto including Bitcoin had not guarantees and are not calling for compensation because it has fallen 60%.

Most investors understood the mechanism used to peg the UST and the volatility risk of LUNA.
If we could be indemnified for every investment lost it would be a wonderful world.

Those asset classes offering a guarantee usually yield low digit returns.

In a free market you pay your money and take your risk.

So either the existing coin go to the wall or they are traded up through confidence of management and attract investment from the ground up.

Seems that all surplus coins should be burned to restrict ability to purchase for 1 month.

Assuming all holding assets do not sell and provided the community can deliver a proposal that gains investor confidence then there will be a foundation again to build on.

Perhaps the incentive for those that were hurt the most should be tagged to receive bonus coins for each new purchase made to help compensate them in ratio of their holdings value pre-attack.

Moreover the community needs to show the world that it has cured its vulnerability to send it back to Lunaville.

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The whole point of the fork is to not have a 1:1. They just want to rob the late investors. There is no reason to start discussing this again. We already had this discussion in other threads. They just don’t care. That’s why I propose to not continue with the current Luna but fork it so we can rob the coins from Kwon, his team and the validators in favor of robbing us. They have a huge amount of coins. Kwon said last week that he staked tons of the massive amounts of coins he printed in order to ‘protect’ the chain from “evil” investors with big pockets. So all these coins that we could confiscate from them, could be burned. The supply of our new Luna chain would massively drop. Trillions would be burned with the snap of a finger.

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I gotta love all these guys who bought after the depeg looking for a quick buck, all piping up and telling us how they tried to “save” the blockchain and now want a big chunk of the new luna, while all the people who invested in what was supposed to be a safe stable coin their life savings or a good chink of it, now stand to get next to nothing.

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I love all these pre depeg holders who act sanctimonious like they aren’t here to make money.

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This sounds like a ponz i scheme within a ponz i scheme. There’s no become a millionaire overnight scenario’s left guys. As it stands Luna is going to continue minting half a billion a daily. There’s plenty more to lose, I’d suggest getting out.

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Means people that paid .03c are compensated correctly too for example

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Just remember that when it happens to you pal, vultures who come in late and grizzle and moan that they cant profit is just laughable

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Yeah laugh all you want but the new Luna goes against everything that is crypto and the team that will be leading that chain is tainted. You can steal money with this fork but you will end up with nothing anyway. Nobody is going to buy from that sc*mchain.

1 Like