Agree! Cardano uses ADA as currency, Etherium uses ETH as currency for their respective eco systems. The whole notion of UST was doomed to fail. Terra should make Luna as the currency. Even Binance has BNB for their system. It’s not too late to save luna. Buy back and burn. This is the only was forward.
Yes, Luna is the face of Terra, not UST
If you treat your face like shxt, people will walk away and dump you
Everyone judge a book by the cover, before they read the book
Luna is the cover, please stop treating it like shxt
I simply could not disagree more. Please go back to school for accountability 101. The investor on LUNA should have always been aware that there was never any price guarantee on the coin, since it’s subjected to market volatility and its supply and demand. BUT the investor on UST was never expected to have their asset loosing its peg, not up, nor down. They are completely different cases, though we all know their mechanics in the ecosystem are complimentary. Nonetheless, the effort to restore UST peg and refund its original holders before the depegging event should be paramount.
It doesn’t matter if it’s a stablecoin or not - buyers should always understand that there’s the risk of it losing value. Luna is the only one that makes sense to save at this point.
Pegging wont work, all central bankers from all countries have learned that in the past
You are calling for Terra to scam UST holders, plain and simple.
At present, I am a LUNA holder who currently has zero UST. I must protest this type of thinking before it ruins the last shred of confidence that Terra may have. As I have said before:
UST is an obligation. Each UST is a promise that it can be redeemed on-demand 1:1 for a dollar. The nature of a promise is that it must be fulfilled. That is not a choice.
LUNA is an asset encumbered by the liability represented by UST. This is not merely my opinion. It is the entire premise of Terra’s design, and of how Terra has advertised itself all along.
Image source: Dragonfly Research, via Terra’s official Medium site. See also generally the Terra whitepaper, and its discussion couched in terms of monetary policy. (As a LUNA investor, you have read it—haven’t you?)
For Terra to default and renege its obligation to UST holders in favor of LUNA holders is for Terra to break its promises. Period. There is no room for compromise, on that particular point.
And the no-compromise position is the only thing that can possibly restore confidence going forward.
I must say this: Although I currently have no UST, I have held significant amounts of of my savings in UST before. (Long story, irrelevant here.) If I had ever thought for even one moment that Terra may steal value from UST holders for LUNA holders, I would never have touched UST. Any reasonable person would run like hell.
Now, as a LUNA holder, I dearly desire for confidence to be restored. I don’t care if my LUNA goes to a millionth of a dollar, and stays there for awhile. I knowingly bought a treasury reserve asset that is designed to pay off UST obligations. And I know that my LUNA neither has, nor will ever have any value whatsoever—unless Terra proves that it keeps its promises.
@Hyperion, admitting that the peg cannot be restored in the near term is different from giving up on the peg ever being restored at all. I agree that the latter would be death to the entire token.
But right now the outstanding UST liability exceeds the Luna market cap by at least a factor of 10. If we don’t admit this and take actions accordingly, the whole system will shrink to a singularity and all the UST will go unpaid anyway.
Luna can not be saved without demand!
There is no demand currently other than being a meme coin.Luna is in a Death spiral trying to defend the peg,it’s not gonna happen!
However we can start from scratch and repair the flaws in the system instead of reconstituting the system.Luna has been delisted by Binance,multiple AMM’s the credibility is gone!
We need to get on with the funeral already,this has been worse than a massacre!
Any remaining respect for the system should go into maintaining the peg promise!
Luna failed at keeping the promise us restoring the peg!
It’s credit rating in the Defi space is gone,even fellow cosmonauts have delisted any incentives for Terra.
It’s a done deal!
Let’s start over!
The Earth’s Moon is Done!
Let’s explore aJupiter Moon call is “Junis”
Anything! Just not Luna!
How bankruptcies work: Creditors are prioritized, lined up in priority order, and paid off. UST is the top-priority creditor. (No self-interest there: I repeat, I currently hold zero UST.) LUNA isn’t even a creditor: It’s the debtor.
The problem is, that is already done. A postmortem on what Terra should have done would be interesting. Perhaps they should have halted the network earlier—but they did not. What should they do now?
Save it for what? If you are analyzing this as a bankruptcy, there are two choices: Liquidation, and reorganization. Neither of those involves saying, “The creditor has to go. Save the debtor.”
@bitcoiner, I’m a Bitcoiner. From that perspective, I ask: How would you react if in response to a market dump, someone proposed hardforking Bitcoin to change the supply cap, the issuance schedule, and the rest of the monetary policy? And to rewrite the amount of BTC that each wallet has?
A currency gains trust when it has carved-in-stone policies and promises.
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!
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?
yes that’s how a company goes bankrupt.
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.
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.
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.