You make foolish assumptions. I currently have zero UST. I currently hold LUNA, so I doing the exact opposite of arguing “me first”.
I do it because I am an honest person. UST holders must not be scammed.
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then I officially and honestly apologise
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From what i’ve heard about Do Kwon lately laughing at poor people being sarcastic about people who lost Im not so sure about his sincerity also theres the little think a millions or billions in BTC missing out of liquidity, anyone that knows this missing BTC thing chime in Im not completely versed
I think us who bought months before the attack and didnt sell should get the most
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Also, why does this plan have no mentioning about wrapped LUNA on other chains, like ERC-20 or BSC-20?
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SAVE UST please…give our money back
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1, Buy back supply and Burn tokens as much as possible. No Fork.
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No refund people who lost their money, because its how the game works.
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Those who bought the dip are the new Whales.
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Do Kwon has to resign from this project and try start his new project somewhere else, i dont care maybe he should go to prison after investigations.
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Good question. This needs more attention.
Where are the bitcoins, and what has been done with them?
Disclosure: As a Bitcoiner who has suffered Terra-related market wreckage, I am doubly-interested here. I suffered that without complaint, as long as I believed that they were using the BTC reserve to make UST holders whole; after all, that would be BTC doing its job as a reserve asset. (I have said so before.) But if they have mishandled the BTC reserve in any way, then they hurt UST holders, LUNA holders, and BTC holders all at once.
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Just think about buy back scenario if they use the buy back solution
when Terra team announce the buy back solution who will sell LUNA at current price everyone will wait and sell when price is going up
why terra did not mint more supply to pay for LUNA’s investor that bought before inflation with ‘X’ times of inflation rate(each tier of inflation rate) and then when it done then do the amount migration of all address to be a normal amount
Most people are buying on exchanges… dont support tax tokens
well that would ensure that people would not just get $lunaV2, dump and leave (vesting is awesome if done right)
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Wrong do kwon caused the messed, we went from 368m coins to 6.9 trillion. sellers have nothing to do with it cz_binance on twitter pointed it out and roasted them for this. you sound new to investing when you add more coins in supply it dilutes the value
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You should listen to cz_binance
"Personal opinion. NFA. This won’t work. - the fork doesn’t give any value to the new fork. This is wishful thinking. - you can’t rollback all transactions after an old snapshot, both on-chain and off-chain chain (exchanges). Where is all the BTC that was supposed to be used as reserves?”
Forking won’t solve the problem.
It will just divide the community and they will all lose faith in the project.
This is not your first messed up project,
So do it right for once, just buy the luna in circulation that are no longer worth anything and burn them to reduce the supply
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Hi @dokwon
I don’t really understand why should we create a new chain/token instead of “fixing” the UST.
Let me explain…
First of all,
Why a lot of people lost their capital?
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They borrowed money (UST) against some collateral (LUNA) that dropped in price.
Yes, this happens on all Borrow/Lending markets. It is called Margin call.
When someone loose money, someone else gains it.
Who get those UST? Liquidators (think of Kujira protocol). They had a right to do so. They get their profit. It was fair. I mean we are all adults here and understand the risk related to borrowing. -
They bought the dip (especially LUNA). Noone forced them to do so, it was their decision.
Yes, tokens price may be volatile. Everyone should understand the risk of investing.
Again, if they bought, someone sold. He get the profit. It was fair. -
They just keep their LUNA in stacking or whereever else. OK, having a token (LUNA) with an infinite supply (like USD, lol) is already kind of a red flag, meaning that the price could drop (but never be 0!). We all knew it before. It was written in the whitepaper. Noone to blame here, except yourself. Yet, no need to sell it for a loss. It is all still a paper loss.
Secondly,
This new chain/token will have exactly the same threat.
The way to distribute new tokens is irrelevant and it is actually impossible to make it right. Because if you take a pre-crash snapshot, you actually distribute new token to the very same whales that dropped the UST. So nothing stops them from doing it all again. Except they already gained a lot of money and became stronger.
Thirdly,
To avoid the same crash again we must change the rules.
OK, but why not just hardforking the same UST/LUNA?
Why all this UNFAIR redistribution of tokens?
I believe that we met an issue, we all learned from it, we can fix it and move on. Terra can re-build the trust, can re-build the LUNA’s value and re-peg the UST.
All we need is:
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To make the re-pegging algo faster. Believe me or not, it is OK if LUNA drops even more. But it must fall slower than UST burning. Most issues come from the UST and Luna price oracle which do not track the price fast enough.
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Once UST is repegged, deflate LUNA back to a reasonable supply
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Maybe back UST with some hard assets and gradually increase that backing pool via comissions/gain taxes/arbitrage profits etc. (check sKUJI tokenomics).
This itself will potentially limit the LUNA’s supply.
Yes, it may take some time. But we can do it!
Just imagine, when the good old UST will repeg to 1$ (say this or next year, depending on the aggressiveness), we (Terra community) will feel winners, we will become stronger!
And most importantly, all the trust will be restored, because people’s wealth will be restored.
Why? LUNA’s price never meant to be stable, people wishing to store the Value just kept it all in UST (and aUST), like they do in USD.
So please, think 100 times before doing any re-distribution.
It was NOT a hack. It was fair play, and re-distribution won’t be fair.
Code is law.
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Amen brother feeling your pain. Stay strong
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With such a decision to fork to fix the problem, you really give us the impression that you are an amateur
don’t make the same mistakes as in the past with your old “basic cash” stablecoin which is now dead
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I bought 100.000 Luna at 0.56 USDT invested 56.000 USDT with your idea I will receive 20 usd at most. Burn Luna tokens there is no way.
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Anyway if they do that they will end up with a community collective that will take them to court.
Even new buyers who took advantage of the drop to buy luna can’t have their money stolen.
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Buy back LUNA first, then UST, is definitely OK because TFL (or Do himself) is the one responsible for increasing the supply to the T (yes, it is a T not a B) by treating LUNA as an exit liquidity channel for UST whales. I am now puzzled by another fact: why didn’t they STOP minting right on the 2nd day when $LUNA is still in the 20s or 40s? The supply at that point is much lower, but either way, they HAVE TO buy back LUNA if they ever care about their fiduciary duties to their token holders (both UST and LUNA). And somebody should be able to get TFL to answer questions about the remaining reserves in BTC and AVAX. Otherwise, it’s pretty clear they are likely to conduct a security fraud, since some guys above showed an empty TFL’s wallet (false usage of the company’s reserves for benefits of a few people at the expense of retail investors’ wallets.)
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same mistakes are repeated over and over again, just see what happens right now outside of finance