i agree, we need some refund plan. But:
No distribution to all users that sell and run the panic selling before the halt. They are the very cause of our pain.
Also no token to people who bought ust and luna at 0.000xxxx
2 Likes
Agree, the fork and rollback is a nonsense and a scam.
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simple is the best…just airdrop all luna to luna holders then connect binance…not burn not mint
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This is why I only use money I can forget about. And I don’t dump everything into one coin.
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Hello @dokwon
I am a FinTech Lawyer working with US DOJ. Following is my understanding of law with regards to current situation. I am sure, you have the best lawyers of the industry by your side. Feel free to discuss my understanding with them.
You led TFL that issued UST, an IOU with USD price guarantee, on Terra Blockchain. It was generated by burning LUNA on Terra Blockchain and was burnt to issue LUNA on Terra Blockchain. This is how USD peg, that was guaranteed by TFL, was maintained. LUNA price was never your responsibility.
Now, you have dissolved TFL, that issued UST, and proposing UST holders to be compensated with LUNA, something for which you have no price liability. This is gross illegal. Let me explain below.
First of all, let me tell you, for which you have no responsibilities about.
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LUNA on Terra and its IOUs on any other chain and exchanges. Vitalik Buterin or Charlie Lee are not responsible for the crash of ETH or LTC either.
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ANC, other stablecoins, stocks and any other token issued on Terra Blockchain.
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aUST. It is Anchor’s responsibility.
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UST IOUs on other chains and exchanges. It is responsibility of the issuer to be solvent by holding equivalent UST on Terra Blockchain.
Your sole responsibility is giving USD peg to UST holders on Terra Blockchain. Just like Circle is responsible for USDC and Gemini is responsible for GUSD.
Now, let’s say, you deny your responsibility and say community will decide how UST holders on Terra Blockchain will be compensated. You will have to face a class action lawsuit for that. Many institutions hold UST on Terra Blockchain. They pulled out of Anchor on time, but could not get peg. So they are stuck with their client’s money. There are also people who loaned money from Banks and put up on Anchor. Similar situation for them as well. If they declare bankrupt, banks will move to court against you to recover their depositor’s money. As per the information I have, all these people are teaming up. So, please be careful, if you plan to abandon UST peg.
Now, if you want to meet your legal liabilities, here is a roadmap…
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Find the total amount of liability due to UST on Terra Blockchain.
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Find total asset held by you through TFL and liquidate.
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Launch a collateralized SableCoin or buy an existing one, e.g. USDC or GUSD.
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Allow users to swap out of their UST holding on Terra Blockchain.
I personally believe, if you wait for some time more and buy UST at current price, you may save a lot of cost. Don’t be illusioned if any lawyer suggests you to get rid of UST liabilities. From Mark Karpeles to Alexander Vinnik, none could finally dodge the long hand of law. It is good for a law firm to entangle a Billion Dollar client in legal soup. But, I believe, you are intelligent enough to understand the gravity of the situation on your own.
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So you want people who bought low to get burned? Ridiculous.
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The only fair way is to 
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Exactly. Always assume its going to be a total loss. Anything else is pure greed or ignorance
Yes Current UST/LUNA system is too vast and interconnected… Everyone doesn’t have enough bandwidth to retool everything for newLUNA. Let’s keep current LUNA going and implement a fee burn mechanism with no more new LUNA minting. Easier solution and one that does not break any bridges.
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Wrong! Do himself encouraged people that they were fixing the issue. In crypto everyone takes risk be it early buyer or late buyer. They never officially declared a black swan or a death spiral.
burn everything that is in the chain then buy it from the exchanges and burn it too😊
they’re the ones actually stabilizing the price to save this. We all should be buying up LUNA now if there was a burning mechanism in place
tHIS IS CAPITALISm. You burn . OR you will get burn by lawsuits.
who will the lawyers?
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Remember that people who bought 0.000xx price also believe in Luna!
For examplw I believe in Luna and I spent huge amount of money yesterday buying it. Why should I be punished!?
Burn is the only and fair way! Let the market decide!
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Study this proposal dear and respected friend: It is not necessary to create a new token, nor reduce the supply to redistribute it as you explain in the first proposal. Here is the proposal to raise Luna.
1.- Create a Loan Fund without requiring collateral for the holders who were within the project until UST lost the Peg with the $ (remember that many were left bankrupt) as long as a mechanism is established so that the loan cannot be used in purchases of another token or other Crypto other than LUNA.
2.- Develop a burn plan so that LUNA can reach $1 or $0.1 in a relatively reasonable period of time.
3.- Deliver said loans proportionally to each portfolio according to the amount of token that said portfolios possessed, so that once the token reaches the goal (1 or 0.1$) they can recover what was lost in the fall of 2 years ago days
4.- Establish a type of reward for wallets that buy LUNA with the Stable UST to stimulate their purchase and thus recover parity (as long as UST works independently of LUNA)
5.- Once they have the loans in their possession and in the consequent rise that the burning will bring plus the demand for LUNA, the beneficiaries of the loan must cancel 50% of the loan and when they approach the goal of 1 or 0.1$ must cancel the entire loan (you must establish mechanisms for this to happen).
With this plan (with the necessary corrections that are necessary) I believe that the confidence of investors can be recovered, rescue the affected holders and benefit everyone (Holders before the loss of parity, new Holders who entered after the parity , the community in general and the ecosystem itself.
I respectfully say goodbye to an admirer of his work in the field of Blockchains and the Crypto World. Greetings
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Post Data: As you will realize, taking this plan, capital will not be needed for exaggerated loans since the contribution will be to invest in the beginning of the growth of the price of LUNA after the factors come together: Demand and Burning of tokens
Easy not rocketscience use the BTC reserves to buyback and then BURN then onboard CZ @dokwon
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I believe in this proposal
[Proposal] BURN and REMEDY fee with each LUNA transaction
Give your opinion there to have more voice
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@dokwon can i trouble you to acknowledge that you have considered the community’s burning request by posting a simple tweet:
?
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simple answer, he doen’t want to risk any