So if i sold UST after last upgrade will get nothing?
The solution is simple, fix the bug that you reported in the last days and that caused massive mining of new luna tokens, burn 50% of the new tokens that have arisen during this time and the problem will be solved by itself. Now you want to refund some money, because you are trying to fix this scam.
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@dokwon i think that there is just one thing to do: keep luna alive and do a fork on the chain, otherwise luna will cause the end of the defi. based on what i read just people that hold on anchor would have part of they money back…what will happen with people that hold coins somewhere else like binance or ftx or coinbase?
so i think that the cash should be used to buy luna, increase the price an burn/mint to support luna and ust…and to avoid a new crash supend all leverage trading for a while, till when the fork will be deployed. the time is an asset, let’s use it
We dont need complicated solutions: the community is so strong we are already reviving it. And we will revive it hard and fast. Just burn whatever is needed and let the people so the rest.
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Mate don’t be foolish, we had the proof that terra system can’t work anymore, and @dokwon has to be aware that he FAILED.
This kind of attack can be done once again and the result will be the same, because all people who have Luna will short after a new depeg to avoid loss …
I’m sorry to say that but is the true!
You can’t bind a stable coin to a volatile asset (luna btc or what else)
Open you eyes
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People who held Ust wanted to stay safe. People who held luna wanted high appreciation.
In people perception Ust=safe, no risk. Luna=Risky, potential high gain and loss.
I don’t think it’s conceptually correct penalizing Ust holders.
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no i disagree with you holders that hold luna until 1$ believe to terra…those who bought luna under penny wants to take profit in short time and sell pressure from them made luna lower
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Ust was a stablecoin , it wasnt being used as necessarily investnent as speculative as say luna which can increase in value. People were holding at saving or for use later in the market.
Also people who bought before crash experienced the most sudden and extreme losses. People who bough after crash were speculating , they knew the risks but thought they could benefit.
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That’s right, I agree with you. But in my opinion the redistribution must be fair.
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There should be a separation with the opportunists who, after the crash, are trying to make a buck on the suffering of the others. The one who supported during the crash are the ones that should be compensated the most.
Those who sold their LUNA in panic are the one who caused the crash. Those who are buying after the crash are opportunists and should not be considered AT ALL.
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This is true. Though for trading to make profit, whitout knowing about depeg scenario, got lost with few dollars in regular attempts to trade few number of times. Then realised the scenarios and issues. But strated buying again LUNA and UST when it was below 99.99% to save the project. I have read and understood the potential of algorithmic stable coins and especially I’m very curious about BTC reserve plans for the project, to see its fruitful future, which is going to be adopted by every project crypto or otherwise.
Best wishes for the revival plan. Stick to the project. Use the algorithmic way itself to come out of this challenge. Especially burning loops. And anything thats proposed in an ideal way.
Lunatics are with you 
Hi Do Kwon, I am a simple holder of LUNA and UST, I believe that these days we have taught us a lot, I try to have my say hoping that some ideas can come to you and perhaps with the help of the community and the brightest minds of this ecosystem we manage to reach the solution.
- You could take a snapshot of the values of the various portfolios before the attack and create 2 types of NFTs:
NFT holders LUNA
NFT holders UST
which will be customized with the value of the individual portfolios of the owners of the moon and ust before the collapse.
This will allow as soon as activated to receive an Airdrop of the new coin (ex. “LUNA2” and “UST2”) which will have a market value equal to the date of the snapshot.
unfortunately this will not be enough because, if we do not solve the famous “death spiral”, nothing prevents it from happening again.
- This collapse has shown how at present relatively large volumes can undermine UST’s PEG, and even more so, how rapid movements destabilize its anchoring.
A possible solution could be to study an algorithm that slows down or prevents instant withdrawals above a certain threshold (the threshold will be calculated based on how long it will take to return to peg if a certain order or X number of orders were executed simultaneously with example)
This would prevent those who want to manipulate UST’s value from instantly moving capital.
The threshold should only be to protect the ecosystem and not prevent whales from entering so it will be calibrated well.
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Instead of using only LUNA to maintain the PEG, it is possible to create not pools, but independent reservoirs of different redistributed coins and they will intervene alternately to stabilize both LUNA2 and UST2 for example as follows: 40% BTC 25% LUNA 15% USDT / USTC / … 20% from the coins of the various CEXs who want to collaborate in the creation of the first large decentralized currency ex BNB
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the EARTH Chain at present should not die as well as LUNA and UST, but they could become a chain to experiment and bring innovations by seeing their effects before implementing them on the new LUNA2 ecosystem, it could even become the adoption currency of future metaverses and EARTH world games.
I don’t know if this will be enough to save everything and make us resurrect stronger than before, but I think it’s a better starting point than those proposed so far.
I imagine there are many more qualified people than me who will be able to give better suggestions, but I believe in the community of TERRA and if we all strive to find the best solution for the ecosystem and not for our individual losses in the end the ecosystem will give us. more than we have lost.
Makejidamashii.
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I completely disagree with everything you said!
In order to rise again it is obvious we all will suffer losses.
Stop the blame if you want to advance, the failure is of all of us who failed to see the weakness of UST peg system! We were warned by many.
my feelings about Do integrity haven’t changed, some of his ideas and choices were a horid failure, but this is all of our failure for being so blind, by what? each need to look at him/her self and find the reasons/beliefe systems, to what cause that blindness? I still trust him but not blindly, an expensive lesson about trust.
10% to new holder is more than was done in many projects who got hacked, after snapshot usually people get nothing, only one case i know and experience where people got something and it was with PAID hack.
So in order to be productive and get somewhere and show that a decentrelized community can reach a decision in a timely fashion is to find balance between the old reality and new.
Liquidity, token price, these are all things we can’t control and will take time to grow again, the important thing is how will we be able to back the new stable? In what ratio? Cause we want it to be algorithmic and backed, the best of both worlds. Can we find collateral to back the UST? That is an importqnt question!
We do not know if the VC that got burnt are with us will and on board.
The projects, the teams behind them and our epic community are real and have value.
Hello, I bought all my capital before the blockchain was closed. I bought Luna from an exchange office in my own country.Give us a solution for us who have lost a lot and help us, please
Yes I think exactly!
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@dokwon
We cant let the UST or Luna holders down - the community wants this to work. Too much is at stake.
If we treat UST as debt, treat Luna holders as shareholders - convert Terra into a DAO controlled by LUNA holders.
- Work with exchanges suspend futures trading/shorting of Luna until market doesnt stabalize
- Work with funds to issue Convertable debt (funds get a safe investment with an option but not requirement to convert the debt to UST and/or Luna tokens at a discount) - in the event that we are able to reestablish the UST peg they stand to profit big.
- restructure algorithm to prevent reoccurance of such death spiral.
- start to burn excess Luna
it will take time but the community doesnt want UST or LUNA to die and both new and old holders should be properly compensated.
Sorry man, I don’t understand your reasoning. Opportunism is the constant of those who invest money. If you don’t understand this, they’ve mis-explained the game.
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with luna price currenly surging and being already like 500x since it’s bottom when hyper inflation of minting luna stopped, i do think it’s in the book to save the project and have it shine even brighter as it is.
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old holders (pre- de peg) are still at 0 though, so they can be compensated based on snapshot.
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but for this project to survive and go bigger, i think current LUNA and UST need to survive.
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who holds those trillions of minted luna? this needs to be known.
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with current capital entering luna on the free-market, it s in the books for UST to pe be re-pegged.
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if you manage to re-peg UST, then the project survived and then you can figure out ways to compensate old holders of luna based on snapshot.
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if you just kill current luna and create a new one, it’s all for nothing, since you will discard the biggest principle of decentralization, a true free market deciding the course
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Hey,
First i think that if we want to gain trust we much back it with backed stable coins, like USDC and BUSD and any other backed USD, BTC and ETH are find too.
There are several algorithmic stable coin hybrids (BTC, euro, USD) on the market, maybe a coperation can help regain trust and UST faster.
NFT can be used to hold future value if we succeed, but i think we all should accept some losses and move on instead of burdening the ecosystem for years to come.
I think the most important point i learned from observing this experience and USDT moment of depegging, is we must ignore depegging of UST on a certain exchange or pool, just like USDT did. You can redeem your UST from the terra luna ecosystem. This ignores the field of power and manipulation that is out there and will make the attempts futile! Imagine if this was handled in such a fashion🤯, i hope i was able to bring my perspective here with clarity, if not let me know and i will do better.