https://twitter.com/cz_binance/status/1525754777170231298?s=20&t=7Km4DZCa3GYr0TITtzmwVw
Hmm!!!
NO distrubute back. why? who cares ?
@dokwon You do not need go far to figure this out. Answer is out there already!!!
@dokwon Just implement buy back mechanism as all memes are doing- from all transactions take lets say 5-10% into a pool for automated buy backs/sells and burn. Part use for UST and part for LUNA. It will take some time, but when people will see constant price growth, it will explode. Stop this mechanism when things get normal again! Simple! Everyone wins.
@dokwon Basically, all those traders will be funding restore of the LUNA. Leverage your billions in volume.
Most of my luna balance was on a CEX as I did not want to trigger a taxable event and I was holding for belief in the long term.
Also, what happens to wrapped aUST that people bought with fiat directly on Alice app… transferred over most of my savings account from my bank before the depeg($aaUST)?
the plan should be to save LUNA & UST and not destroy (LUNA & UST).
I believe a different strategy will bring luna back to its glory.
Instead of making new coin use the existing coin by doing something similar.
Suggestion 1
Create a lock channel where people who have lost a big chunk of luna before the incident can go there and lock their coins. As Dev, you all must lock your coin. Burn coins gradually as u progress. You wanna compensate them, compensate them in BNB or USDT as per their lock coins.
once u get above right. then start burning coins without minting any new coins.
Suggestion 2,
Revive the existing coin by burning coins to its initial state. I know people who sold in losses I don’t know how u gonna help them in their losses.
suggestion 3 will come after I calculate some numbers but at this stage the above came to my mind just an idea.
Good news! A new proposal 129 just went up on Terra Station to re-enable IBC transfers
Be sure to vote and help spread the word to help ensure this passes
My suggestion to restore UST peg.
- Setup a UST Restoration Fund (community governed) with the sole purpose of restoring UST peg
- Allocate possibly 20-30% of new LUNA distribution to this fund
- Decide on an unlock strategy. For example, fund can be locked at first, with linear unlock over 3 years.
UST Restoration Fund will give user confidence that Terra has not given up on UST while also ensuring users that any future growth/value of new LUNA will be used to restore UST peg.
Any thoughts? @dokwon
I STRONGLY RECOMMEND TO GET AUDIT DONE BY A THIRD PARTY FORSENIC AUDITOR OF THE LUNA WALLETS / Accounts/transactions of - DO KWON, ALL LFG MEMBERS , ALL VCs involved - Galaxy - Mike Novo, Jump Capital, Hashed, 3AC, Arrington, etc… to check did they liquidate their holdings over past 4-6 months before the debacle while they were busy shilling Luna to us. Also did LFG actually tried to save the peg with aquired BTC/AVAX by selling them ? OR did they only sold the amount of BTC which was aquired via thin air - burning luna minting UST and buying BTC/AVAX ! And not actually selling the Jump Capital/3AC - 1Bn $ BTC funding.
To me this is more of a scam exit to avoid the battle between SEC & TFL, and to trap the investors who escaped taxes by placing their profits/networth in so called stable UST via anchor/mirror and Luna profits if any. Let these guys prove and come clean , the Luna community can pay for the Fraud audit, and only the relevant details. To me this is a cold blooded well orchastrated plan.
Request all to think on these lines and take necessary steps to take it forward. I hope this msg is NOT deleted by the LFG members. There is NO point reviving the ecosystem with such people unless we have faith in them.
5 Likes
Agree. Terra Ecosystem Revival Plan could work under my calcs. Taking the opportunity of including a multicollateralized stablecoin, if technically feasible, could suppose an improvement and restore a bunch of value to the network too. @trix is making a proposal regarding this point into Terra v2: Mechanism for multicollateralized stables.
This proposal titled Terra V2 Upgrade might have good results as well. Imagine being able to manage this situation. It would be legendary.
Hello.
I bought the Luna when it was falling, I started at 2 dollars, I bought again at 1.5 dollars, another purchase at 1 dollar and a last purchase at 0.20 cents. now I have 114,000 Luna that its value is 30 dollars in Binance… help us it’s my daughter’s food pls we need solution. @dokwon
1 Like
no compensation is the best way.
just token burn, the dip buyers should be the lucky ones in this story.
2 Likes
A snapshot + fork is a practical solution, it allows Luna to move on from its current debacle.
While there are critics with regards to forking, I do see a possibility of it working IF…
-
TFL working together with the key projects within Luna ecosystem to jointly move their projects to the new fork and initiate a couple of community-building activities (e.g. airdrops, LP-farming, etc).
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TFL can be transparent with the process going forward and provide accountability in terms of the funds remaining, their intent going forward etc.
cc: @dokwon
There are billions of Luna more in supply currently that were generated from the arb that traders trying to profit off. Using the limited funds that are available to buy back or burn those Luna makes no sense.
I would rather use the remaining funds to rebuild the community. The tokenomics and underlying mechanism of Luna are publicly known, lots of sceptics have been criticising Luna for ages, investors should always DYOR before investing and OWN their investment decision.
2 Likes
Instead of writing shitty proposals @dokwon, you should step down as leader of this project and shut the f*ck up as you failed big time to thousands of people who trusted your flawed tokenomics.
Team leadership should be quickly transferred to more capable folks, such as the one who wrote this proposal:
The entire crypto world is watching and waiting for people with true integrity to save Terra from staying in the hands of incompetent, irresponsible idiots like you who can only make matters worse.
2 Likes
Terra should buy or compensate 1:1 UST to USD,or help it to repeg
It was promised to be a stablecoin,we bought for preserving our money value to buy dips in this bear market we didn’t risk to invest and sadly we taught you could manage the situation and help it to be back to 1$ ,its like putting your mony in a bank and they try to pay you with other useless products or stocks,collateralize ust to regain 1$ value
2 Likes
agree they have too much luna and the team doesn’t have that much money to buy back luna it’s a disaster but I’m a firm believer in going out
1 Like
good point you make, deep.
Given what all happened, the right thing to do is fix the problem and repose confidence in the system and community. This distribution plan is poorly planned and it is bound to cause issues. Fundamentally, appreciate the difference between Luna and UST. As UST is a stablecoin, and Luna is not, the first effort has to be to bring it back to its original value of 1$. As a leader of this fundamental idea, you have the responsibility and accountability to do this. Now, how you accomplish this is up to you and you know that better. You may want to drop the algorithmic approach, for that has not worked, and collateralize with other assets similar to other stablecoins. This may take time, but following that path makes sense as any other plan of snapshots, distribution, before repeg after the upgrade, etc., will not fly well. This effort will be an important step in the journey of cryptos going mainstream across society. But, if a stablecoin fails like this, it won’t bode well for this journey.
2 Likes
Thats also fine. Just to compensate the pre-attack holders as many of them were early backers and dev teams. But the principle is backing/yield buy back/burn/ trade up to increase backing.
Choose the right way, not the easy way, plz
I say my money is gone, you say usdc, tether? Is there any money left to convert it to usd? I lost what I had because I believed in the project. I have already reached high figures because I believe in the project. While I was buying 50 pieces for 2000 dollars, millions of coins were bought for 1 dollar after falling. This is not fair. Both luna coin and do kwon will regain their trust if the losses of those who bought high and went bankrupt are covered. If the grievance is not removed, no one will forget it and it will go down in history as a black mark.