No way this passes after ready all the comments on every platform
2 Likes
Look Bruh, forget the fork. The idea for Luna and UST was so simple and brilliant. Basic economics. Thatās all it was. Thatās where you need to be looking for answers. Anything and everything is fixable. But gotta get back to your roots bruh. The opportunity in front of you is literally WORLD CHANGING if you can figure it out.
Hereās what I see: Hyperinflated assets. Simple, easy, digestible.
Historically how was hyperinflation handled in other countries? (legit question, by the way, Iām not here to give answers). Who recovered? Howād they do it? Who didnāt recover? Why didnāt they?
Best part about all of this is you have technology that no civilization previously had. Look to other projects for some inspiration, hereās some stuff I found interesting from some white papers:
OHM white paper - āThereās a strange irony to the fact that the most utilized cryptocurrency is really just a digitized dollar. While functional stablecoins may achieve a stable USD value, that does not mean theyāre stable in purchasing power. Their real value changes just like dollars in a bank account, and that value is heavily reliant on the policies of the Federal Reserve and US government, and on the US economy.ā
TOMB white paper - āImagine if nobody wanted to use their dollars, and preferred to keep them under their mattresses instead. Since the value of everything gravitates in relation to the dollar, there would need to be something out there that is 1:1 āinterchangeableā with the dollar, so that even if all the dollars in the world were tucked under mattresses, people could continue to transact freely.ā
Safemoon (yeah, yeah, I knowā¦ but Iām proving a point) - āAs a solution, Liquidity can be taken as a function of the smart contract using market activity from all swaps and transfers. A portion of these swaps and transfers will be captured by the smart contract and utilizedā
Yall are all trying to beat the same issue and all Iām saying is there are other solutions. Toss around some ideas. You may be surprised with what ya come up with once you get away from this hype and pressure.
4 Likes
best play for new fork is wait for it to dump first -90% when all the older luna and ust holders are out then buy the dump.
Just change UST with real stablecoins and find a way to pay back who has suffered! Nobody wants to pay for your mistakes!
2 Likes
Go hell, die alone Do Know. Pay back the money and let the Blockchain continue to grow. This plan complete destroy Blockchain Core Value
3 Likes
Saving the smaller holders should also be made a priority as a relatively small amount can go a long way towards restoring trust, and this would benefit both luna and the crypto ecosystem in general. This has been proposed by Fatman, CZ, and Vitalik amongst others.
This proposal needs to look into this.
2 Likes
Reading this proposal a second time made me realize you need to step aside from this project and hand it off to trusted devs/CEOs in the crypto community who are thinking with a clear mind and listening to the greater community. The amount of stress that was just placed on you would cause even the greatest CEOs on the planet (Musk, Bezos, Ma, CZ etc.) to seek help and advice in the immediate aftermath of an event this severe.
This proposal of a fork is literally screwing over everyone and going against all advice/common sense ideas. Not only that, but you will be setting yourself (and your family) up for years of legal battles and negative consequences that negatively impact your new project. By the time the 2 and 4 year āvestingā periods are over, this new project wonāt even be around anymore.
If you want to revive Luna, instill trust in the crypto community, and avoid a new project being dead on arrival, take advice from 99% of the crypto community and implement a TAX/BURN mechanism for the original Luna ASAP. There are multiple proposals on this site explaining exactly how to do it, and dozens of great minds from the crypto community willing to step in and help. This route, along with trade volume, and the mainstream media attention this project is receiving would allow the entire Luna community (including those impacted by the depeg) to begin recovering nearly instantly. Trust, integrity, and a bit of humbleness from the CEO trying to fix his current project will revive the community more than your new project ever will.
If you truly want Luna to be owned by the community, then this needs to be an open community vote. Not some behind the scenes āgovernanceā vote made by a select few who have already made up their minds. Hand the future of Luna over to the community by letting them decide itās fate in public and transparent setting.
7 Likes
UST is the debt of Terra community. No matter who owns it, UST is a debt!
UST will either continue to operate under the old system or pay its debts.
Only after dealing with the debt can we be qualified to talk about others!
UST Debt is not treated on a pro rata basis like LUNA shares,
Debt should be treated according to cost!
Otherwise, continue to perform according to the old system!
Now, UST MV =11bx.12=1.2B, LUNA MV= 7Tx0.0002= 1.4B.
Even in proportion, UST is not 25%: 35% with LUNA!
2 Likes
Maybe I canāt see the whole picture and will be biased.
The fork is understandably chosen, probably to leave the builder behind first, which I can understand.
But I still hope that the original system and the classic LUNA and UST can be repaired, and I still think this is a better way and will bring more respect and trust.
Hope more people can see this proposal
Even so, I will continue to support the communityās final decision.
Please reward stakers more. Why give 25% to people who bought UST at 0.09, but only 35% to stakers who held the network together? Thatās very upsetting
5 Likes
Agreed. Stakers lost more than anyone else, at least people who were unstaked could sell. If proposal passes as is the sellers will be getting double the profits compared to stakers.
3 Likes
This plan is awful. CZ gave you the plan. Burn burn burn. Creating a fork will do nothing.
2 Likes
I concur with this. Reduce amount vested to UST holders who bought after depeg (maybe $0.85 cutoff, this is flexible) and raise amount vested to the stakers
1 Like
I like this plan and I think this is the most fair plan possible to be for everybody
Could you explain what Do Kwons post means for people who bought Luna off an exchange/holding on exchange post depeg?
I have been investing in Luna for last 2 years. Not too much but what ever I can afford to invest. When Luna was attacked and was going down I have invested heavily in Luna and UST in attempt to assist you and team to save it.
I have invested for last 2 years and when Luna was going down I have invested a lot when it was at $30,and then at $20 and then at $10 and at $6 and afterwards. All of the Luna family wanted to save Luna as we all have high hopes from Luna.
My proposal for you is that instead of getting the snapshot of the amount of Luna. Why donāt we get snapshot of all members/ wallets that how long each people have been a Luna family.
Anyone who has been investing for more than past 6 months should be included in 40% of their current Luna amount.
And anyone who is new to Luna (less than 6 month) should be in 10% of their current Luna amount.
This way anyone outside Luna family who created new wallets and bought Luna for quick profit because Luna was 0.0001 and also people who planned this pre-planned attack is not in 40% bracket because I am sure their wallet will be less than 6 months old.
People who really believes in Luna/ Terra and have been with us for more than 6 months and tried their best until the end to save Luna, they should be acknowledge and rewarded.
We need to understand the difference between Luna community that have been with us for longer period and have bought Luna at $30 or $20 or $1 or even $0.20 in genuine attempt to save Luna and other people who bought Luna at $0.0002. Only way to know the difference is to see how long the user had wallet or any amount on Luna.
The only solution the community will accept is buyback and burn of the Luna supply.
4 Likes
It is better to solve the current problem and find a solution that keeps ust stable. You can use the experience of busd coins. Because replacing tokens is of no use to you and society will never welcome them
No fork please, keep the original Luna and proceed with burn. I will not be part of the new fork.
2 Likes
What about ppl who got luna on exchanges before the attack?
1 Like