Plz thinking in your mind, This is not play ground that when you make any mistake although it cause from attacker but it is the vulnerability of your product, right?
You can’t told your UST and LUNA holders that you’ll give them some piece of the compensation and forgot about it and wait for your new one.
Please you just understand that why so many people in the community disagree with you in this solution.
soft fork then, but still a fork
but is not the same plan as just burning Luna at speed and keep everything else unchanged
Do people get anything back who traded on binance?
When I saw your last tweet on 11Th May I somehow got a belief and people are all over saying its time to stand together.
I thought maybe let’s buy and hope for the best.
So if someone saying whoever bought after the attack because of greed I don’t think so.
I personally believed that I am gonna see downfall and it would be back in a year or so.
So I first invested when it bounced back from 0.6.
I bought around 1.77$ and 1.55$, and the next day it got down to 0.2 and then when it was around 0.13 I bought again to average my way out
Then again at 0.00336.
Now at that point I knew everything was going down way more. But I was at hope everything gonna be alright.
I loaned 3500$ and sold all my other crypto’s for Luna!
So people like us who bought and seeing our thousand dollars turns to pennies are the best believer.
And whoever sold it is not, why would anyone sell at that point?
You should have stayed and hodl!
Those who sold made it worse.
Even if it gets to 2000$ right now I am not gonna sell.
Maybe you should do something give back to people and lock their assets!
Like if you even ask me to lock up the Lunas for 5 years I am gonna happily do that, I purely invested everything for believing, I invested and thought I would get a good Risk : reward ratio in long term like not kind of crazy reward but like 3x/5x in like 5 years! That’s should be possible in a long term for crypto and its not greed!
Hey Antonio, I think burning UST for LUNA just helped to dillute the LUNA price even further, since you were essentially creating more tokens. Do you agree?
Ah, what am I missing here? What about all the LUNA holders and traders that are buying it today/now, i.e. post the depegging event and post the chain halt? You realise that many exchanges still have LUNA listed right? You realise that many people have bid up the price of LUNA by about 1000% today? What happens to all these people?
Hi Do,
I’ve been thinking about having a way to reward those who deeply believed in the project before the death spiral, those that still believe in it, as well as those who will continue to believe in the mission and project goals wherever it goes.
In terms of snapshots for airdrops/LUNA 2.0 forks, it seems that we should focus on LUNA hodlers first for this. UST buyers can be given options based on their conviction for the project and its future.
So, I propose:
Snapshot of LUNA hodlers from the early days of the depeg (those who took the most risk/strongest conviction)
Snapshot of wallet of LUNA balance on day of community vote. Two reasons for this: rewards those who believed in the project and bought on the way down/those who are still using the protocol. Plus, it allows a decent chance for a pump, that will allow overleveraged degens to derisk/exit stage as they see fit.
Those with UST looking to redeem can redeem for 0.5$ (or some other amount) after the community vote, and those willing to lockup/stake their depegged UST for some period of time can redeem at close to/at peg in the future. If they believe in the vision and community, it should be a no brainer.
The idea is to allow those that wish to get out now to get something out of the risk taken (can never be made whole), and those that believe in the project and what was being built, and able to wait, to be made closer to whole as Terra continues to develop. It also incentivizes people to STAY–probably the biggest risk ATM.
The percentages /allocations can be decided according to community vote, but what is needed is a healthy model that favors those that believed in the project, those who still do, and those what is possible.
Its clear Terra pissed off some powerful people, so we must be doing something right.
Onwards Sir.
I actually meant the opposite, burning Luna for UST…agreed
Totally agree.
Even CZ think this is a shit idea
Please @dokwon all you need to do is burn all luna that was minted. Whose idea was it to mint trillions of luna in days believing it will help anyone? All it did was destroy luna investors and ust holders are still at a loss with no signs of recovery! I believe all luna accounts with small holding should be refunded the full dollar amount starting with investors who bought at high prices all the way to investors who bought at $1 trying to restore the coin. Everyone who bought luna at under $1 should not be a priority right now! Luna holders who have millions of tokens bought at .00000 don’t deserve anything. I bought in luna at $7 and $2 trying to restore the token just for Terra to mint out trillions and crush all investors. All luna that was minted should be burned bringing back the original supply we had before the depeg. It was a terrible idea to mint luna!!
We all agree for Burning Luna
the person who wrote this is very clever, this has to be pinned.
In short, Fatman’s proposal says that the rich would lose money to give it to the poor.
If executed, his proposal would be something unique, heroic and perhaps with unexpected positive consequences for Terra.
Unfortunately the world does not work like that.
Terra’s priority now is ITS survival, ahead of survival of 0-250k UST -before depeg- people or any other.
All current UST holders are the debt holders so they have to be made whole if possible to 1:1 ratio. Only rewarding pre-depegg holders based on snapshot is counter productive as it means you reward folks who might have already sold their UST immediate after de-pegging at a minimal loss and now will get full compensation. At the same time many who bought UST after the de-pegg at 90c, 95c, 75c etc will get nothing. This is grossly unfair mechanism that allows the sellers who sold and exited the system but punish the buyers who bought more trying to help stablize the network. @dokwon
Next comes Luna, we need to find a way to burn the excessive supply or find a way to faily distribute the newly foked tokens of Luna V2 (if the community choose to implement the fork). I propose following as a fair mechanism to implement this distribution:
The above mechanism means holders who held Luna v1 (old luna) will get 30% share of the new Luna network (Luna v2). However this also factors in folks who bought Luna after the de-pegging as they will also get some compensation and wont get left behind.
After the above settlement we still have 70% of Luna v2 left. Out of those 60% can be used to pay the debt of UST holders 1:1 and after use the BTC to collateralize the UST if we still want to keep the stable coin or burn the UST. Remaining 10% can go towards ecosystem development fund.
Convert Luna to UST and put it in Astro wBNB/UST farm that will do it
can @dokwon dosomething???
I stand with this infinite percent.
Can an official vote be taken?
What about people like me who got badly destroyed?
I had a LUNA leveraged position on FTX. Because of this crash all my other existing holdings of BTC, ETH, LUNA and many more were immediately liquidated. I lost over $10k as a result and also could not hold any more LUNA.
I strongly believed in the Terra Ecosystem, but my hopes have been shattered.
I hope to still be eligible as part of this revival plan.