FTX has many wallets, so they will receive the coins in this proposal. They’ll give you your portion.
I understand, but explain to me the difference between who bought before the crash and who bought after. I sincerely feel sorry for anyone who has lost all their savings, but we know they are a bad investor. Never invest more than 10% of your investment capital in a single share or crypto. And above all, the investment capital should and I say SHOULD be a part of your savings.
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Not all trading happens on centralized exchanges which can be closed. I myself never bought even one LUNA on a CEX. DEXes only! Permissionless! A DEX cannot be closed, although market makers and LPs can withdraw of their own accord.
Fall on the knife? Indeed. With the scant resources I had available, I just kept buying LUNA on the way down. More LUNA! By the time LUNA fell below a penny, I was flat broke. My friends weren’t, and they poured in much more money than I had available.
And I sent my USDT and USDC to UST holders directly. I didn’t do it from altruism: I found that I could get a little extra discount on LUNA by swapping USDT or USDC to UST, then dumping the UST onto the people dumping LUNA. The result was that I was bidding up UST, and getting my LUNAs even cheaper. Win-win!
When LUNA bottomed far below a penny, I borrowed money that I could not afford to lose, and spent hours painstakingly gathering up precious LUNAs from dysfunctional DEX LPs that had extreme volatility from bots trying to scalp each other, and such a wild price curve that a $10 order could make a 10% price impact. At that point, the LUNA markets were so dead that the only way I could buy was with UST; the LUNA/USDT and LUNA/USDC pairs had no liquidity. Thus, I was still sending my USDT and USDC straight to UST holders.
I continued even after the Terra network was halted. That’s called permissionless decentralization. I stopped after the news raised prices 20x. My original “must do on principle” buy had been in the $8–9 range, but I made a good DCA!
This was, for me, financial lunacy. I knew full well that LUNA may go to zero. But if it doesn’t, I damn well expect for it to be the time when I seized a rare opportunity—a “crypto visionary” moment, like when [Binance founder] CZ sold his apartment to buy early Bitcoin.
What I did not expect was a proposal to make my beloved little LUNAs non-fungible—unequal to other LUNAs.
It’s also a great way to divide STH from LTH.
If @dokwon were to offer me $1 million right now for my equal, fungible LUNAs in a block purchase, I would refuse. Instead, I would take the risk that they may go to zero, and I may get nothing. If they don’t go to zero, then I expect to be rich enough that $1 million will be chump change. That’s LTH. That’s believing in the future of the network.
Just call me a Lunatic.
Most people who got in at my lowest buy prices would be thrilled to sell for orders of magnitude less than that! It’s economically rational for them to give up their LUNAs easily for a buy-and-burn. Easy come, easy go!
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Please pay attention to this proposal
No need to make forks and kill the entire system!
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By this proposal very much New luna will go to people Who try to speculate on price both ust and luna.
Those People will just sell their tokens if the price will good for them.
luna should Come to long holders of luna/ust, People Who start use network long ago, True belivers.
If we want to long life and sucsess of network we should design complex mechanism of destribution.
If we just want to benefit peple Who use ust and not sold it, better to find way to make ust over colleterazed. Many if ust holders just want their money back, they dont want to get any ownership of New network. They want stables, not luna
Margin buyers should know the risk and admit it. Better to benefit People Who holds stables and not sold it
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We could use sell the 1b in btc for crypto we can stake in anchor. Use that plus the community pool of Luna stake could provide funds to help solve this problem. Might only be a few hundred million per year but combine it with other sources maybe?
And I thought that the community is built on the principle of equality? Is not it so? If you were scared and sold, then you need to put up with it. Why do you think that those who wanted to support the ecosystem in a crisis risking their investments (when everyone shouted that it was a scam) should be deprived? 1 LUNA = 1 LUNA! And it doesn’t matter at what point in time it was bought, this is the market! This is life! It’s impossible to predict everything.
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The proposal says they will reset the system to 1 billion LUNA tokens, then restart it. Then we can all watch how the market values those reallocated coins.
good for terra, but no a for users…
There is no difference. Everyone is out for gains. Tell me one person who isn’t…
The point is the flaw in the protocol and the decision to allow a bank run to play out caused the hyperinflation which depressed the price way beyond what the prevailing market would have allowed it to go. As I mentioned 20-30 would have been the local bottom when btc was around 25k if the supply did not hyperinflate, not 0.000000X.
You are right the risk is borned by people who choose to buy, but the decision to allow the bank run to cause the hyperinflation? That decision was not factored into the risk of the buyers… that decision to hyperinflate was made after they had aldy bought.
You can design the system so that buyers or customers can burn their own Luna tokens
I agree! voted yes.
It is advisable to redeem coins by burning them! This is the only right decision. It is necessary to gather a consultation of the crypto industry and ask for support to maintain the coin. Make a ransom for bitcoins - you have dealt a blow to the entire ecosystem of the crypto industry in the world.
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@dokwon hi hope u r fine and doing good to bring terra back on the track , you wrote your revival plan i don’t what will happen ahead and i am the weakest and little knowledge person of the crypto i do know only bitcoin i invest in crypto like stock only when i heard about terra everyone used to say its a fundamentally strong block chain by all mean and i invested and i lost everything i know you have nothing to do with investors like me as big name or reputed peoples have nothing to do with anyone sentiments and loss gain live or die. but you broke from inside you are unable to know the pain of a simple investors who think a strong genius mind behind this block chain it won’t be affected by anything cause you are rich you are billionaire you are not a common investor who invest his hard earned money for trust. you spoil the trust. but still i think you will do something to make it stand firmly hope you will do something to bring it back on the track. if you are deceiving investors you are going to the hell surely.
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Hi Terra validators, team,
I am both UST and LUNA holder still. I would suggest including the proposal by @FatMan [Proposal] Tiered repayment: airdrop USDC/USDT to small UST holders on Terra) for tiered repayments as part of the proposal suggested by Do Kwon.
The above proposal by Do Kwon is not fair to ppl who sold UST when it depegged considerably to .40c, to save whatever value they could. At the very least, these ppl should be re-payed if they held onto their UST up until the meltdown (for eg: price below .60c). I believe ppl who still hold UST and also held UST until they really could not afford to lose value (for eg: price below .60c) encompasses the community who really believed in the project and still do. Once these ppl have been identified and re-payed using the tiered repayment proposal, then the new community that come out to save the network can be rewarded using Do Kwon’s proposal. This way you can keep a lot of the old and new Terra community.
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Hi, i think this is not a good solution. Need replan.if not team will get sue from both before and after fork parties. Stay focus to solve current chain.
1st. all minted stablecoin like ust go luna(can be a fixed rate)
2nd. Ppl who still wan be a active validator buy coin at market to maintain validator right.
3rd. Consolidate luna 1000:1
4th. Team and validator or new interested investor together firm up the market price
5th. After luna price stable. Reconsider new algorithms for whole luna ecosystem
It need a softer way to land.if not whole plane will turn into many pieces.
Phoenix white warrior planner
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I bought on binance my Luna before terra blockchain is halted after 24h I transfer in Terra station. What happens now with my Luna? I’m down 90% dokwon
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I think terra luna shoulf buy back the ust at its 1 dollar value to compensate ust owners before depeg. Then burn the tokens. The problem is too much supply of tokens. Think about how to burn as much as possible.
Not sure if it is possible… But could we get rid of UST and cap Luna to use it as the shitcoin of the ecosystem (like shibainu on Ethereum) and give it a use to pay fees together with Luna V2? Then for staking would be just Luna V2. So, all these moon boys buying Luna can still profit a bit from it and everyone happy…
Just waiting for the burn. And it will happen because the past hours the biggest hotshots in crypto have been in meetings to organize it all and that is already showing in the charts.
This was the biggest event in the history going down, and it will be the biggest turn around when we get back up. And im saying when, not if.
This will be the frankenstein event of the century and everyone involved buying now (even if its just $100 a person) will be talking about this for years.
The community is to strong to let this go! Those that buy now will experience a life changing event in days. Its just a matter of steep balls and a bit of patience but thats what makes millionairs.