The community wants a burn, not a fork.
7 Likes
how? they have no money,
Itās pretty clear that from the beginning Do Kwonās focus would be one what he considered a more relevant part of the network, namely the apps and services (and their teams) that he believes would allow a new coin to exist.
This is not about the community at all, its about keeping the the ecosystem he personally deems vital for his new coin to succeed (aka easy, but worst way out). This is pretty clear now that forking has been mostly rejected by all except the few who get to benefit from it (some even profiting due to the snapshot giving them double-dipping opportunities).
Curious to see that those who oppose the burn solution are basically divided in two groups:
- The ones who would likely make more money without it (pre depeg investors and dev teams basically)
- People who still donāt understand that the āburn solutionā is done through an on-chain fee, not by repurchasing Luna coins and therefore requires no reserves.
So now it bears to think why is it that his plan so relevant to himā¦ well did anybody ask how much of his personal wealth is salvaged by his plan VS the burn alternative? How much of his reputation amongst teams and devs are lost if he doesnāt extend them this olive branch?
Its now pretty obvious that thereās a huge conflict of interest here. When even the CEO of Binance SMHs your proposal and criticizes your plan, its pretty clear you are missing something or has an obscure motivation. Time to own it and retain the last shred of integrity that you still have.
6 Likes
So after screwing over most of the current LUNA and UST investors, I wonder who will be left to move over to your new LUNA chain
Seems the proposal allows a moratorium on sales to protect against your theory.
This better not passā¦
1 Like
https://classic-agora.terra.money/t/proposal-collective-lawsuit-as-there-is-fork-w-o-ust/20576/2
collective lawsuit thread
Will Classic Luna hold any value?
Of course thereās a lot of people supporting a no fork. Most of them are recent first time buyers and vultures
Hi Do
The plan seems ok, except i have concerns about locking up LUNA for a 2yr period for a coin that potentially wont have any value and wont even come close to making me whole again.
The community are calling for a Buy & Burn outcome. Can you please advise if this is a consideration and if itās not, please explain to us what our reservations are into this proposal?
Reagards
No one wants a goddamn fork. BURN is what the community wants
3 Likes
Are you telling me that if i did a positive cashout after the depegg i will have double earrings?
Are you saying that all lunatics out there trying to hold on luna fall are just idiots?
You and me agree in one thing, price is not the same as value.
Please, hurry up with that 4D chess 
Rugpll itā¤µļø
Crash it 
Buy it back 
Burn the imaginary price you set it to be 
We all knew ust had bad actors in play thats why it needed to be purged so savagely, we know scalpers are taking way to much in letting it ddie and thats why the burn hasnāt been take placeā¦
Just simple math, at this price is about 9m usdt to buy 66trillion worth of lunas.
Dont 
Force scalpers to leave with taxĀ®ļø
Listen to your people and stop making this last longer, there is still a woooping 1.5b market ongoing
I bought the dip around 200Million Luna token
Shall i hold it or exit, Why they are not going to burn???
Yes it wasā¦ read the whitepaper. Speculation (free market) was almost the only thing that got ust pegged
No responsible = No future for Terra (or whatever name)
STOP THE FORK AND IMPLEMENT A BURN!!! Read what CZ said!
4 Likes
New tokens are useless. There is no doubt that it is no different from continuing to issue new tokens. Isnāt it continuing to release Luna?! Instead of tossing in vain, itās better for your project parties to raise money to repurchase and cancel Lu
2 Likes
Compensate UST Holders FIRST
Iām speaking on behalf of the UST holders here. The current ones that currently are, not the ones who sold their UST after the de-peg.
Now I guess we can pretty much say that Terra is insolvent right now. When that happens under corporate law, you are obliged to liquidate your remaining assets in order to compensate your creditors, while shareholders receive nothing.
We, the UST holders, are your creditors. The remaining UST in circulation is money you owe (!) to us. The LUNA holders, regardless of if they bought in pre-crash or post-crash, are your shareholders. You do NOT owe them anything.
Now there are rescue proposals saying that the snapshot for UST holders should be before the de-peg (the Fat Man one belongs to this group). This is a complete no-go. As UST de-pegged and it became clear that Terra is in fact insolvent, the UST trading pairs became transfer markets for bad debt. This is why those who sold their UST should not be of any concern for you. For instance, when I bought UST at $0.80, somebody else got out relatively unshaved. I donāt see a reason why they should now receive another compensation on top of that and I come out empty handed.
Secondly, the burn LUNA proposals that are floating around are not acceptable either, since it only favors LUNA holders. Winding down and liquidating Terraās remaining assets isnāt an option as well, since there doesnāt seem to be much left anyway.
The only option I see going forward is to redeploy the LUNA token, BUT the distribution should heavily favor UST holders. And here comes the problem for me. UST holders (your creditors, remember!), donāt have any governance power. If they wanted (and some apparently do want that), the LUNA holder could completely shut us out of their rescue plans, which would be akin to insolvency fraud.
Under Doās first plan, we would have received 40% with 50% going to LUNA holders, which already sounds somewhat off to me, given that you owe us everything and you owe LUNA holders nothing. Under the new plan, we get only 25% AND are subject to a vesting period, which is more than laughable.
However you want to go forward, you should seek to compensate UST holders first AND you need their approval for any rescue plan.
10 Likes
What about WLUNA/Wrapped? Iāve got all of mine as ERC20.
2 Likes
Youāre great Kwon! Letās go! I will follow you anywhere my genius captain! Guide us to the New Moon!
1 Like