I Agree With CZ’s Opinion That You Create V2 Version Will Eliminate All Old Investors And When V2 Is Completed There Will Be No Investor Confidence. They Will Sell All Their Luna At High Price! That’s a mistake . Try to find a Way to Burn Old LuNa Just Like How You Raised Them
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This isn’t a good plan.
Prioritizing and placing different value on 1 LUNA - pre-peg v. post-peg goes against everything crypto stands for.
1 LUNA = 1 LUNA & 1 UST = 1 UST
You’d be setting precedent that is very negative towards the whole crypto community. And I would suggests free markets in general.
You’re picking and choosing who you throw off the boat.
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I don’t care about my Luna, it was a speculative bet when I invested in it but yes in hindsight I should of taken some profits. You can call it greed and/or the belief that the Terra project was worth being part of not only for the profits. Live and learn, no more alt coins for me except Eth.
Plus that proposal would see the shit coin gamblers make ridiculous profits for virtually no risk and no contribution to the project. Great idea.
My last account I made was deleted. I didn’t say anything bad. I just said your plan was. I can already see how this is going. You have made the most ungodly of screwups here with this plan. It’s beyond brutal and now you’re removing accounts that express this and show support for trying to save the peg. You really are terrible and your new chain will be worth zero. Probably the most incompetent person in the industry ever and you are responsible for ruining many lives and the actual su**ide of many people.
Removing opinions that don’t align with yours is disgusting. Grow up. I have zero pity for what is coming to you. Removing UST from the chain and even any form of fork is an instant death for everyone. No one will use luna without UST. You are kidding yourself. You won’t make it through this anyway so whatever. Do your backroom deals that give your buddies exit liquidity. This will catch up with you very soon and you deserve it.
Censoring the word su-i-cid-e won’t help bring them back either.
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I am wondering how this proposal will affect those who after the depeg moved our UST out (wormhole or bridge) to Ethereum or CeX but have not sold, even until now?
So you would forego getting some of your initial back, just out of spite for other investors who were smarter then you?
gg
Do Kwon, I strongly disagree with your proposal.
As CZ has stated, if you fork the project, no one but speculators will invest in it and it will have no value. Because you have made the decision to abandon the stabled coin called UST.
All you have to do is to regain that trust first. In other words, reimburse the UST holder. The reason Terra became so big in the first place was because of the existence of UST, right?
After that is done, i.e., after you have repaid all your debts, you can start a new project. Then those who believe in you will support you again.
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My personal situation was I purchased 90.5k UST when it was 100% pegged. I purchased UST because I thought it was STABLE. And I wanted to earn yield on Anchor as a ‘SLOW BURN’.
When UST lost it’s peg - there was no communication from Terra. And any communication was misleading making it sound like things are gonna be just fine…‘steady lads???’
So I took matterrs into my own hands and decided to swap UST for LUNA and then swap for bLUNA. First of all, the swap rate was a rip-off.
The point is I bought LUNA to preserve capital as nothing was being done about the peg. It just kept getting worse. My hand was forced.
This proposal doesn’t make it clear - how folk like me will be treated.
I didn’t slow burn bLUNA cause I wanted to. I did so because UST was NOT STABLE.
You need to do the right thing and BURN LUNA. BURN whatever you can for free and find money for the rest.
Terra could have stopped the minting process way earlier than 6.5 trillion LUNA…way earlier. Every day you delayed shutting off the minting of LUNA is on YOU (Terra).
@dokwon people lost their live savings here, people are taking their lives!! coming up with this plan seems like you completely don’t understand what is happening?? you are simply talking about starting a new project like nothing has happened. you should take responsibility here!! what about using the LFG funds to compensate the people who lost their money?? With approx. 1.5 bn you could refund approx. 99.5% of all anchor wallets, start there!!
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VERY IMPORTANT - EVERYBODY NEEDS DECENTRALIZED STABLECOIN.
Ive lost everything, but I know we need decentralized stable coin, the whole crypto space needs it.
We need to use that LFG fund to keep Terra alive and UST. Otherwise big banks and politics will destroy the whole crypto! (look at whats saying Yellen now, for me thats alarming + i dont like USDC nor any centralized stablecoins, and absolutely dislike the concept of CBDCs!).
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everybody who traded Luna was there for profit = that means speculation. (Some time ago Ive lost money on harmony one - does it mean I can request refund from harmony?
of course not, it was my speculation Ive lost money and thats it.) -
everybody that sold UST during downfall panic accepted the loss and is guilty of creating the death spiral. The whole trouble is ALSO fault of their egoism. (Yesterday I saw an interview with Guy from Coinbureau and he actually confessed that he sold for 70 cents. So he helped the downfall, saved only him self - own money, accepted lost.) People that sold ust at any price during spiral accepted loss and are out of game.
People that bought UST were not speculators and need to be covered for the sake of future of terras and cryptocomunity future.
We need UST and Terra-Luna ecosystem. The whole community does. Its a GEM! Its our FUTURE! Please use funds wisely to collaterize current UST + buy more diversified layer 1 coins like ETH, AVAX etc to keep UST collateralized. The holders that sticked with you during the bed times must be covered. It would also make stronger the whole crypto space, because next victim of spiral could be Cardano, Avax… Anybody + the whole world is watching = also people that are not in crypto yet.
Thats the only way to be reborn like phoenix from the ashes - anything else will be bed marking on Terra brand forever an only few will trust Terra 2.0.
Love greetings toward Do Kwan and whole Terra developer team during the hard times.
Developers please dont leave this great project!!! Do Kwan please stay strong dont let BTC flow away that would be the end.
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Without any of the hyperinflation it’s fair to say it would be 20 to 30 dollars now per market conditions. The bank run playing out to its full completion and the resultant hyperinflation was a decision made deliberately and a huge mistake. This risk was not factored into buyer’s decisions and made after many had already bought.
Soon we will all move together to live with Do Kwon, get ready for Do Kwon!!! Скоро мы все вместе переедем жит к Do Kwon, готовься Do Kwon!!!
What do you think about this proposal considering situation of most people here?
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Be Fast Please.
We have bought LUNA and UST and stay in because You are #2 world’s BTC
Now Luna and UST was Broken while You dont sell all the BTC.
All my money support Luna UST until the end.
Be Fast Please, Refund all TRUE LUNA UST SUPPORTER
Thanks
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Our first priority is still how to save the network not about distributions. Forget about this saving thing because most people just mean give me more than they deserve beyond the current market cap. No can’t do this. The actual worth is:
To be extremely fair , as per Terra’s contract, the network’s total value is $13B USTs + $2.1B LUNAs which means LUNA owners own 13.9% of the remaining assets. If we can find out the cost basis of $13B USTs for example to shave down $5B in debt obligations (assuming UST holders agree to this), then $13B - $5B + $2.1B has LUNA owners owning 20.8% of the remaining assets. If you’re trying to play magic numbers to wipe out all UST holders then no thank you.
What we need to do is work out a way to increase LUNA’s value and it’s not about saving one or the other. By stopping the total value from dropping would we get back whole.
Let’s look at options to help the existing LUNA holders at the current market cap to grow value. This is the only way. For example add some 0.1% network tax paid in LUNA or UST equivalent which will both be used to burn LUNAs. Allow LUNA to rapidly reduce in volume. We need to do at least this. Part of the tax paid should go into an insurance fund in the reserve. This insurance is to help us grow our USDC or equivalent reserves so that it may grow to the UST size one day. Any size beyond the debt obligations can be decided to buy and burn LUNAs for more money or put into an interest bearing account to help accelerate burning more LUNAs over time.
Forget about trying to screw one side or the other side. It won’t work. Make the network stronger by fixing the core issues first. That’s what we want to see from both LUNA and UST side because once we resume on Terra v2 without robustness added, know that the network is in an extremely fragile state where any drop of TVL instantly drops the value of LUNA and potentially unwinds all the way down to no more borrowers which is our current case. The collateral market was huge at the time of unwind. The best bet in the future is actually hold some real reserves. We may even require USDs to be put into a TerraBank to acquire USTs.
I don’t understand why you would sanction the people who bought during the crash and are still holding. That makes absolutely no sense. The ones who panic-sold contributed to the crash, not the ones that bought and kept supporting LUNA through the crash. Yes, new whales were born as a result. So what? If bitcoin price crashed, there would be new bitcoin whales born too. It’s just the way markets work. No need to be mad or jealous. Don’t punish the new supporters. Rise from the ashes.
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Stakers should get the most. We were holding!
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has to abandon the project because most investors don’t want a fork. exclude UST by BUSD, USDC!
could be the new leader of this project as well or any other qualified developer, not the one who is looking to kill #lunaterra
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I have approx 150 Luna bought over the last year+ before de-peg, worth approx $11k pre-de-peg. There is trillions of Luna in existence now with people buying it for fractions of 1c. People can be Luna billionaires for less than a few hundred $. How much you think 150 Luna is going to be worth with burn compared to Luna billionaires who spent a few hundred $ gambling for shits and grins?
With this proposal I and others like me have nothing now and will have virtually nothing afterwards. Whereas gamblers who had no genuine interest in Terra before de-peg will make insane profits.
I would rather Luna be lost forever and have nothing back than see fickle speculators profit.
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There’s NOTHING stopping you from buying at a lower price.
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