This.
And whoever is buying now is purely gambling!
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You just said it yourself, the network wasn’t shut down. What they should have did, they didn’t do. That’s not the fault of buyers buying the bottom. If they weren’t supposed to trade, the network should have been shut down sooner.
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Exactly!
This wasn’t their first choice it was the last choice after the hacker threatened to bribe all the miners, also eth was so new the markecap was tiny talking 50 mil stolen not a rollback of a 10 billion mc coin lol
The process has to be more robust. You have to prove (to restore trust) with new process that perturbations are not a problem (proof on graphics to shee how new system react to same perturbation as 9/10 may)
If, on perturbation, UST return to 1 immediately, you dont have a panic after.
As I say in another message, process is not enough robust.
For example, if you burn 10 LUNA in place of 1, UST growth above 1 and it return to 1 after. But you are more robust.
Yes, the proposal is theft. Plain, simple theft organized by the terra leadership. All the talk about feeling with the community, is really robbing the community for a subcommunity.
Everybody is now an owner of the luna/ust, whether old or brand new, but still a member.
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So, will the 100M new coins be distributed among the customers who bought after the crash in this way? At least 5T are in their hands.
100M/5T i.e. 0.00002 times their current holdings. So your 10M old Luna = 200 new Luna?
fk you do kwon, it seems that all your solutions so far avoiding spending your asset. A new coin plan is shit.
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You said it exactly as I had!
The horrendous decision to let the bank run play out and hyperinflate Luna was not factored into the risk of the buyers.
There should have been proper controls to halt the chain first, investigate, communicate and stabilise the situation. But It was simply allowed to spiral completely out of control until delistings happened. It’s gross negligence and complete failure of proper process and procedures, or lack of.
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No one knows, they haven’t said a single word in days. Professionals are telling them this is a bad idea and won’t restore any value. What is everyone going to do with the new token? Dump it, immediately
Another aspect of this that needs to be addressed is to find out if someone or group coordinated this attack, what exactly they did and how they did it, who did it, if any laws were broken, and what consequences they should face both legal as well as in the realm of public opinion such as boycotts if it was a business group that perpetrated this attack. Before anyone says this was definitely legal, sometimes it depends on who does it for instance what might be legal for most people would be illegal for a business competitor such as unfair competition and tortuous interference. We can’t know if any crimes were committed until we know who was involved and exactly what they did. People can sue for anything, and do. Just because crypto is supposed to be deregulated doesn’t mean that anything goes. That’s up for courts and juries to decide and depends on various jurisdictions and the exact details of the case.
The big question is: What would incentivize people to invest into this new Lunav2 coin after the current drama, especially $UST repeg was not done?
Also with the value of Luna before depeg, I think the compensation of this new coin would be far from matching the total value investors invested
I suggest the more urgent action is to use the BTC reserves to repeg the $UST to restore some level of trust from investors, then let UST holders to convert their holdings to the new Luna v2 coin with some inventive. Then only think of the possibilities of forking.
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They shutdown the network for the first time on block 7603700 on May 12th. The price per token was about one cent.
And then they waited for the delisting to turn it off again on block 7607789 on May 13th. When the price for the token was 0.000000000…
Nothing prevented them from fixing everything on the first outage, since it was possible to turn off the network and untie it from UST.
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I bought on an exchange, crypto_com. Anything I can do?
Nobody entered the coin because they trust in “Do Kwon” and his “project”. Everybody entered it for making money from money, especially with the unreasonable 20% interest rates that brought the network down. You guys are so delusional and self-pitying it is pathetic.
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They could also have left the network off permanently after the first shutdown until things were fixed. But they didn’t. Again, this is not the fault of buyers who bought after the network resumed. They are still entitled to their trades.
Dokwon tell us investors, where did the bitcoin reserve fund go?
News says there is no more reserve fund
You’re right. The worst worst part of all of this is this could have been preventable, but a decision was made to allow it to spiral out of control, despite saying it was an “attack”.
If you know the protocol is being exploited, and cracks are showing, instead of halting the chain, the best decision made was to allow the protocol to completely fail first and screw over everybody???
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I agree, burn the only solution.
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