Save Luna, not UST

I think should refund UST 1:1, for LUNA to keep current trading because LUNA is a token and is not a stable coin. We all know the rule in the crypto space. After that, get rid off ust

I agree. Save Luna not UST. It was a great experiment till the end. RIP UST!

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I know someone who thinks that the attack was designed to damage public confidence in Bitcoin as a reserve asset—that Terra was only the route for that. Regardless of motives, I fear that that may be an unfair, unjustified result of this; and I’ve been mystified as to why it has played out this way. If they didn’t make fully efficient use of the much-publicized BTC reserve—including for publicity, to calm fears and stop the bank run—well, why didn’t they?

(Is there any record anywhere of what UTXOs are/were theirs, etc.? Can’t find.)

Good to see some of that here. I’ve felt lonely wading through too many posts from people who arrived through “crypto” hype, invested what they couldn’t afford in a project they don’t understand, and are angry because they did the opposite of getting rich quick.

A currency peg attempts to control market pricing. By definition. That’s all it does. And that’s why pegs are notoriously difficult and fragile.

LUNA has no purpose other than UST (and other Terra pegged assets—but those go down with the flagship). UST dies, LUNA dies. What else is LUNA good for, other than to start tossing it around for fun like a meme coin?

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yes that’s how a company goes bankrupt.

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Have you ever wondered if $Luna still has value if ust is abandoned? The best way to save Luna is to repurchase ust at 1:1 usdt.

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Better: NFTs. This needs more NFTs.

I’m serious. One of my “Nuke the Moon” ideas applies NFTs and savvy marketing to incentive the mass-burning of LUNA.

I spent all day yesterday brainstorming that, and a few other possibilities. I even thought of a neat way to work in fundraising to help repay UST holders directly. (Raising the value of LUNA by reducing its supply helps that goal indirectly, for the reasons that you stated.)

My idea is detailed and nuanced—right down to a little list of Github issues I’d need to file requesting features from cross-chain bridges, so I can hook my defi contracts in other ecosystems directly into Terra. And I could do it permissionlessly, as an independent LUNA holder doing the “cypherpunks write code” thing. I don’t need Terraform Labs for it—although they, or interested members of the public should feel free to reach out to me. I’m motivated to work day and night on this. I want to help permissionless price-stable currency succeed; and I obviously have a strong desire to boost the value of my LUNA. @dokwon wants to (re)build the community and the ecosystem, so…

If, however, they were retroactively to declare by fiat that my coins non-fungible (= unequal to other coins), and devalue them based on when I bought them, or on what I paid for them, then I probably wouldn’t be much in the mood for this and other projects. Same as for the coins of my Bitcoin maximalist friends whom I badgered into investing in a dying altcoin (!). I will catch hell for that.

Exactly. I have said it before. I will say it a thousand times: LUNA’s value derives from its role in maintaining the peg. If the peg obligation is defaulted, then the proper price of LUNA is absolutely zero—not even a microdollar: Zero.

Short-sighted LUNA holders who want to scam UST holders are shooting themselves in the foot, and undermining the potential future value of my LUNA. I’m a long-term thinker.

Agree

Hard disagree. Sacrifice LUNA; save UST. UST is meant to be a stablecoin, so people buying it were trying to limit risk and exposure significantly on purpose. Those who bought LUNA were speculators and knew there was a high risk of their asset losing value or even going to 0. UST must be prioritized before LUNA. Plus, as others have mentioned, LUNA’s value was literally driven up by UST demand. Without Anchor attracting billions of UST, there would literally be no LUNA. Fix UST at all costs.

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disagree… then you cannot call this network L1 …it will be a single stable coin without any value to other projects
Dont agree

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disagree… then you cannot call this network L1 …it will be a single stable coin without any value to other projects
Dont agree

You can disagree, but LUNA is dead. No point trying to salvage it. A new project will be born instead. Now is the time for redeeming UST, which still has a chance of salvation, whereas LUNA does not.

exactly I wasnt even planning to trade crypto. mine is not onchain now, as did before they halted.

That’s because they tried to save the $UST by minting more $LUNA. Now that minting is halted, $LUNA is coming backup again thru community trading. $UST is dead not $LUNA. $LUNA will comeback with Projects, Community and Token Burns.

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I’m not sure why people say that LUNA is dead. LUNA has a market cap of over $1 billion now and is still in a top 100 coins by market cap.

Of course, many old investors are upset that their shares have been diluted, but speculators who bought LUNA after the attack have been providing exit liquidity to people dumping their UST bags, so such speculators rightfully deserve to hold a large chuck of total LUNA supply.

Now such short-term speculators are joined by long-term investors who also started buying LUNA after the dilution through mint/burn mechanism has been stopped.

Completely dumping all speculators/investors who bought LUNA on exchanges after the network halt might be not a good PR move giving the high trading volume, high market cap, and the fact that world’s largest exchange resumed trading after the network halt.

More careful approach would be to:

  1. silently buy LUNA on exchanges for a massive LUNA burn to shrink the supply
  2. a chunk of bought LUNA can be also aidropped to old UST/LUNA holders
  3. implement fees burning similar to EIP-1559 to further shrink the supply over time
  4. if LUNA market cap will rise over $10 billion or so, then consider re-pegging UST with a very strict limit on daily mint/burn.
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Most sensible comment on the page. UST credibility is gone. No way to get that back except with time. LUNA is the way to build up to this. Focus on that. Later try to bring back UST.

All these comments to reimburse UST holders for their losses are just nonsense. It’s not a debt. The mechanism for controlling the price of UST was spelled out in black and white. The system got played. Both UST and LUNA holders lose value. That’s it.

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I think our primary goal is to restore the ecology of terra. Terra has enough developers and community bases, and after Terra is resurrected, it will use ecological funds to repay ust’s debt. Only then can we fully restore terra.

Why dokwon said ust ust then ??? İ trust to luna and i bought ust and invested my money ?? %50 binance %50 anchor wtf will happen my money !!!

That’s why a different solution is needed then the one suggested by Do Kwon. Please move to [Proposal] BURN and REMEDY fee with each LUNA transaction 💊 and lets build a solution that work together :smiley:

Luna will do fine we’ll moon without USDT. Crypto goes up and down DCA down :slight_smile: burn is suffice we are not trying to “scam” anyones usdt lmao we just bought after the mint.