Your $LUNA is not more valuable than my $LUNA just because you might have bought higher
The same goes with #BITCOIN, the people who bought $BTC at $60,000 are not whining because people are now buying $BTC at $29,000
Drop your nonsense seriously, if you want to buy cheap now go ahead and do so, I just bought Bitcoin at $29,000 imagine if the poeple who bought at $60,000 started whining and decided to do a ROLLBACK to the November 2021 snapshot to restore the value to $60,000
It is NONSENSE
Instead of this the team should work on the following
BURN TOKENS
USE BTC Reserves to buy back UST
Restore the value of $LUNA which will restore confidence
If you FORK and ROLLBACK you will essentially kill the chain and $LUNA will be DELISTED on ALL exchanges, no one will list the new token, NO ONE
So lets stop this madness
WORK ON IMPROVING the current chain @dokwon
Fix your mistakes, restore confidence there is no other way around this, there are no shortcuts
Optional suggestion: Snapshot diamond hands ust holder. Buy back luna in batches and compensate ust holder in batches. Ratio does not has to be 1:1, as Luna has more upside (especially after burning) And these compensating luna must be locked to prevent immediate selling.
Proposal: Must Burn Luna.
There is no need to complicate the issue by grouping ppl who bought Luna at $100, $10 or $0.001. Investor should have understand crypto is extreme high risk (applied to stablecoin investors too). Put your stop loss at place, don’t put all your eggs in the same basket, and don’t invest more than what you can afford to lose.
Does somebody has a clear understanding from the proposal what will constitute as UST holder? does it mean having UST aUST in your wallet?
I have some UST tied up in aperture.finance protocol, so UST is not visible in my wallet, only from transaction history, they disabled all withdrawals, don’t reply, ect ect
Will I be still considered as UST holder under current proposal?
You are comparing 2 things completely different. Luna with bitcoin…. Really hole tera ecosystem it’s completely crashed …ashes at this lvl it’s not a simple equation people don’t even realised what’s really happening saw price of luna to near 0 and start buying with the hope of being milionare over night🙂
Unfortunately things not going like that …
There is no way back ; it’s impossible at this stage and the most important thing is because people lost trust and trust it’s unique no money can buy trust .
there is no other solution than burning tokens…
burn the excess tokens, create value, and at the same time be committed to fixing the failures…
with value being created through burning, trust grows again… only then will the ecosystem function again.
so I’ll be brief… CREATE A DEFLATION MECHANISM FOR THE CURRENCY!
Mr Do Kwon. I swear, i will spend every inch of my body to hunt you down and put you behind bars for life. I will make every effort left in my body to issue red corner notice and bring you to India. I will make sure our courts leave you in jail for the rest of your life. My life savings of 161000 USD has vanished. I will not leave you till my last breadth and will use every force of law to put you behind bars. You will not be able to play with other money ever again. I will hunt you Mr Kwon. I will hunt you and put you behind bars. My name you will remember for your life. I have managed to get arrested a person who duped for mere 10,000 usd by issuing red corner notice. For 161000 usd , i will use everything in the force of law to put you behind bars. You are a criminal and you will spend the rest of your life in jail. I am giving you 3 days. Give every penny I gave to UST back to me.
In this way, those who lose their asset value cover their losses and the market continues. And the network will not have lost its assets in the areas after the continuation.
I understand the purpose of UST is decentralized but why not work to collateralize it to make people whole? This would allow the cosmos ecosystem to still maintain a stablecoin, as long as it’s value is backed 1:1 with USD it should theoretically maintain it’s peg such as USDC & USDT. Anchor could continue going (albeit probably a lower savings rate). This was supposed to be a bank account, giving up on it is giving up on people’s life savings and giving up on all those that believed in your protocol.
Ties into point #1. Luna was an investment, investments carry risk, also anyone that was not staking luna had the opportunity to sell at any point. If they choose to ride it to zero they did so consciously. The expectation of a stablecoin is that it will always remain at par value. In short, the focus should be more geared towards supporting those that we’re staking, true believers in the network opposed as they never had the opportunity to sell. Thus, the distribution of the rewards should be weighed more heavily to those individuals, the one’s that will continue to support the network.
If your to completely give up on UST. There should be a compensation plan outside of an L1 coin, you should plan to launch a new decentralized stablecoin in the future with value to be airdropped to UST holders, your aware that your protocol ruined many lives, it was unintentional and I can’t imagine the sinking feeling in your stomach; right that feeling, do right by your investors and work to bring new hope to them and the chance to recover some if not all of their funds.
In short, UST holders in Anchor and Luna Stakers are your core community, not speculators but users of the protocol. You should weigh the rewards more heavily to those individuals and try and support them in anyway you can.
Do they really think they can fork BTC at the snapshot on Nov 18, 2021, and the new fork will have the new BTC at $68,000 (the price on that day)? Cz binance
In such a situation, the biggest losses should be borne by the developer company, the issuer. My opinion is this: make a snapshot of cold addresses, addresses participating in stacking and stock addresses where there was no movement + /- 1 day before the start of 1B. Calculate the weighted average cost at that time, at the current moment and the average between them. Next, buy LUNA at the current price for BTC from the reserves and send it to the same “golden” addresses, also increase the cost of the transaction and send part of the commission commission to these addresses. At the same time, increasing the transaction fee and burning part of it. Thus, the value on the wallets of the holders will be comparable to the value of their LUNA before the collapse and the value of the token on the exchange will increase. Of course not up to the previous values, but still at times. But it needs to be calculated very precisely algorithmically. For example, there were 100 LUNA at $ 50 = $ 5000 - now in order for the holder to have $ 5000, you need to have 12 500 000 LUNA, but this is at a price of $ 0.0004, in case of the beginning of the redemption, burning and transfer of part of the transactions to the affected holders, the price will inevitably go up, so you can not count the cost of LUNA at $ 0.0004, you need to estimate approximately the final cost of LUNA with the previously available capitalization and the current offer. It seems to me that in the case of adequate actions on the part of the team, the future value of LUNA can be estimated as $ 0.0114\LUNA, which means that those “golden” addresses that were included in the list for compensation should have the corresponding amount of LUNA, i.e. 87 times more than before the inflation, i.e. where there was 100 LUNA should become 8700 LUNA, and the price on the stock exchange will grow to 0.0114 $\LUNA by that time. In any case, do not conduct forks. Do not issue new coins. The increase in coins for those included in the compensation program should occur exclusively at the expense of existing coins from transaction fees. UST untie from LUNA, do not use LUNA inflation to maintain UST, accept defeat in this case. The situation can be stabilized within a few weeks or months. In this case, the holders will not lose their money, but those who bought now will win, in fact, those who are now buying and holding LUNA helps the coin to keep at least some value.