Do, listin to Fatman proposal. You will be saved only then. Your proposal is garbage
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If this plan were applied Do Kwon and the developers will face many lawsuits. They will be committing fraud and have publicly confessed before it happens. Is incredible.
LUNA is still trading on exchanges and the plan is to scam all those people who are buying. The good thing is that they are admitting it publicly.
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Are you saying investing in LUNA didn’t benefit the project? People invest to make profit. Terra took their money to improve their business as well. The investment was meant to help the project. But when things turn out the way it is now, you can’t just say people should accept their loss for supporting a project they believed in. This would be the end of LUNA because their reputation would be destroyed. Even if forked, the new ecosystem would still fail because it needs people to believe in it again, and that includes those the team ignored, by simply telling them to accept their loss and move on.
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The only thing that you should do is buyback and burn to protect the community as well as the new investors before and after the incident
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dont lie to ur self. There are all here only for one reason - get profit. People bought ust cuz of greedy, ez 20% when banks give u 0.1%. Don’t tell me fairy tales plz. Im in crypto since 2016 and i clearly know why people buy crypto.
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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
- USE BTC Reserves to buy back $LUNA
- BURN $LUNA TOKENS
- 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
If let’s say is a fork… why the HELL are exchanges still trading LUNA ? Shouldn’t the team ask exchanges to stop all trades as all NEW buyers that bought before the halt are not eligible for luna v2 token ? This makes all NEW buyers the stupidest suckers that bought into a coin that are worthless from the start. That will be a FRAUD!!
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
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I can’t agree more
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At the end of the day the focus should be getting a buyback a burn in place to raise lunas price above UST so that the algorithm cant start again and work how it was designed and save both coins and the community
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Photography before depegging will benefit whales, kwon and friends. The same people who got away with little loss increased the offers and caused the big drop.
His plan is to return Luna to the same ones who fled (whales, kwon and rich friends).
Kwon. Use BTC reserves (where?) and billionaire personal wealth to recover Luna urgently. After all, it’s your fault! The algorithm error is yours! You encouraged people to buy during the fall! And now it tries to benefit those who sold with little loss.
If you don’t pay with your personal assets, and solve it urgently, then the crime will be confirmed. you will be excluded from the crypto world. You will receive numerous lawsuits.
I hope this plan isn’t just to buy time while you run away with your estate.
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Volume would be exponentially lower with a burn tax of 3% obviously.
Maybe something like 0.1% for the burn tax
But I like this has been brought up. We are at WAR and everything has to be considered.
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Burn burn burn
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Your $LUNA is not more valuable than my $LUNA just because you might have bought higher
I’d agree if there was not the supply difference…
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Imagine 2 extra zeros. FML. This will sting for the rest of my life.
Dude you must be mental. The words that come out of your mouth have no point at all. I spent 8k euros on luna. 5k+ euros of it were when luna was at 30+ price and I had some of it when it was at 90 euros. Don’t dare to say that I didn’t support Luna braindead ape. 8k might not be a lot to you but for me its a tons of money and 75% of my portofolio was on luna already before it started to fall. Even after fall, i didnt sell any coin and keep buying more at 30 euros, 20 euros, 10 euros, 5 euros and even when it was keep getting down to cents, i was still buying them. Sorry for saying, but I truly don’t give a **** if you lost 300k on another crypto. Here we talk about luna not your random crypto that you crying about and you calling us crybabies. You are dellusional dude. You are so desperate that you had to be aggresive towards a simple question. Get yourself together and shut up. Have a nice day!
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Hi, to be 100% clear beforehand, I am one of those luna stakers way before the crash. I wasn´t expecting anything beyond a reasonable return and obvious risks, which I wrongfully deemed “moderate” in the light of the nature of a stablecoin plattform itself. I haven´t sold any luna ever. The whole thing is shady, to say the least, starting with the fact that luna didn´t shoot up, as it should, given the alleged oversupply of UST. Not that I could have done anything at all, because you know unstaking takes 21 days in Cosmos. Anyway, we have to get real. The system is fatally flawed and cannot be revived in any way in its previous form. Forget about burning, redistribute…whatever, it will crash again! This is completely worthless mouthing and at this point, honestly, insulting. Ok, what can be done?
First and foremost, the master coin is luna and has always been, the rest are derivatives. Luna is the controlling token but it needs to act as a real and effective backstop, it has to be collateralized. So, keep UST and the rest pure algo, but add real collateral to luna. The minting mechanism has to be decentralized so that each staking account has pledged collateral and it needs to be the real thing (USD, USDC…forget about USDT) and maybe a 20-30% hard currency (gold - silver PAXG or similar regulated tokenized metals) Now, each account can mint UST at 130% collateral and has to stay at any time at or above 110% which means you add collateral or buy back UST from the pool, fail to do so and you are suspended from the network until one or the other happens. We need some flagging mechanisms (volatility in the USD itself, bad quotes in exchanges…etc) minting is halted until the flag is solved.
We need reliable master quotes of our own (on-chain or not, I don´t care as long as they´re reliable) Any exchange diverting at 3% or so from them is automatically flagged as suspicious of massive arb bot activity and warned, fails to amend in 2-3h max, validators can deny transactions from/to them (the flagging system needs to work via direct messaging among validators) Fees will come from transactions, as before and your luna will automatically grant you a % o them, whatever that is, maybe 0.5 if you are a big validator, 0.00004 if you are a humble staker…
Well, you get the idea. So, we need to talk to devs for them to assess the feasibility of those changes. TFL, get the biggest quantiy of collateral possible, take the snapshot previous to the attack and pledge the collateral directly in the accounts. Then, move out the way quietly. Let us know beforehand the cut we will all take, which is unavoidable, and whatever it is, we´ll have to swallow. and seriously…fade away as graciously as possible, devs and the community will take control and that´s it! Consider yourselves lucky if you don´t rot in jail (I´m talking to the ones in the know, of course) Your actions speak volumes about your non-conscience of the wreck you have created and the consecuences it can attain for you in the future.
Comments welcome.
Two things here,
- Dont call me kid, you can fck off with that derogatory tone.
- I am not whining, simply proposing my take on a potential solution to fix the chain on a forum for open discussion. Agree or disagree, I am here proposing a solution and my take on where the chain is at in its current state. I can see you don’t agree, cool that’s fine. Thank you for your notes on the topic, believe somebody (you) needs to check their ego at the door calling civil discourse “nonsense and emotions”.
people were buying a stablecoin with a price of $1. It couldn’t be $10 and it shouldn’t be $0.1. They kept money there, not traded it. This is the difference.
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It’s unless
this is a stupid idea !, if you want to preserve the ecosystem find the problem and fix it !, create another fork you are not creating any value you are just creating another token (with 0 trust it will have 0 value), if you really want to refund the victims creates a fund that is financed by commissions or such (with time and hopefully the growth of the ecosystem will all be repaid!)
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This plan really hurts us smaller supporters and hodlers. NOT just this distribution proposal but by forking and or abandoning the old chain AND UST.
Both can be saved and I already have a decent plan to do so. It will take a bit of time and effort on the community as a whole but to save Luna UST needs to be saved.
Any new chain will efectivly prevent any significant recovery as
A. Everyone will be taking an immediate 60 percent haircut.
B. Trust on any new coin going forward will be lower than a recovered Luna/UST. It will never reach the same monetary value and likely not even close.
Many of Luna’s Hodlers also bought more (substancially more likley). In order to reduce what we need to get per coin on recovery. So even a fractional recovery will make many of us whole.
I would love to add my detailed thoughts on a recovery which could save the entire project and the community.
Also open to a discussion with you Do Kwon.
We need to make this project a community rebuilt one.
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