Then that will be it and so be it. Given the nature of UST I hope legal proceedings will be filed against the Terra leadership. Either way I am pretty much resided to the fact I have lost what I had in Luna and UST.
For me people who sold desevers nothing because they contributed to the fall. They accepted the loss when they sold. UST supposed to be stable? Yes. But there were a risk envolved when people bought it. Nobody signed a contract with Terra that would be refund if it crashes. The same goes to Binance BUSD or Theter USDT. Stable coins are not safe and people who like to buy and hold it should know better. For me those who holded or boughted to defended the project are the ones who should be listen to because they are part of the community. Not the ones who sold and abandoned the project. If Terra still have funds this should be use to fix the problem, not to reward those people who left.
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Giving up so easily? I thought you bought because you believed in the project…
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Burn the damn luna
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Correct me if I’m wrong, but isn’t buying the dip the right way to invest? Or, am I a bottom-feeding vulture if I buy low and sell high?
Do you buy high and sell low?
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If UST holders are not made whole, $1.00 per 1 UST, then LUNA is a shameful failure. Accept it, and move on.
I have said many times that if the promised peg is not kept, then the proper price of LUNA is exactly zero.
the promised peg is 1 ust for 1$ worth of Luna. still holding on-chain.
LUNA can survive without UST. But the UST can’t survive without LUNA because it is powered by LUNA.
Save LUNA first.
Then go to the UST.
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Fatman’s proposal splits the community into two classes: and treats one of them poorly. Terra built a network where everyone was treated equal. Choose a bailout proposal that’s proportional and fair - don’t pick favorites!
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It seems that you are just doing this to collect some money to pay your debt to old investors who if you don’t pay, they bring you to the jail!
How can you expect people help you again to do that!? No one will support you and your projects anymore! you should understand that people know you, and you won’t be able to run any other projects anymore because of your background, but if you try to fix this the way that you should (not by forking), you have much more investors in the near future!
Don’t try to make a bad picture of yourself in the crypto field!
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It’s true you can’t have an algorithmic stablecoin unless it’s paired with something: so UST is a goner. But that pairing was LUNAs entire reason for existence - so it will definitely move from a top-20 coin to top-2000. How much will the market value LUNA when it’s just another shitcoin?
Why are you Do Kwon so selfish and unwilling to take out your reserves to buyback Luna & ust to burn let them back to their due price.
If you guys still stubbornly want to fork and ignore mostly people, that is same as rug.
You guy will go to hell absolutely.
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The market will be the judge of that, as it should.
I have maybe a more interesting idea than just UST buyback, which certainly add some liquidity but won’t resolve the problem, since attackers have much more liquidiity, so they could just continue pushing…
How about creating a Liquidity Pool with LUNA and some basket of “hard” assets, like BTC+ some forms of USD, etc.?
LUNA holders/buyers could bring their LUNA in the pool in exchange to these “hard” assets. Classic AMM will do just fine. Of course there will be a lot of them due to the an excessive LUNA supply, so these “hard” assets will exponentially rise in price (in LUNA).
What are benefits:
-
In that way you can quickly gather all excessive LUNA supply by rewarding new LUNA buyers
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This pool will bring the information about the minimum price of LUNA in dollars$. This quickly wake up arbitragers collecting all LUNA for you and paying some comission/tax to the very same pool.
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This pool will make burning mechanism much more efficient, because you always know the real price of LUNA so you can properly reward the UST burners.
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Appearing of the minimum LUNA price automatically limits the max supply. So UST will quickly re-peg to 1$
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No need to rewrite / adjust / forget / abandon all these cool projects built on Terra.
Conclusion:
- Arbitragers will have much more incentive to burn UST faster.
- UST becomes 1$ again => peoples savings and trust restored
- False believers will bring all excessive LUNA supply to you in order to get something they think “valuable”
After that you just burn some LUNA from time to time to deflate the price to reasonable values.
True believers could even add liquidity to this pool. I am pretty sure there will be a lot of them.
What do you think?
I would really appreciate if the Community and @dokwon read and take these ideas into consideration.
Is it possible that somebody reaches him out?
Thank you in advance for your time !
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if you are able to recover UST parity, everyone would trust the project and the crypto world “Luna was able to solve her problems and recover” it would be great news to regain trust
@dokwon mate do not abandon the project Soros sank the pound and the pound and England is still there
We know maker and dai algo works but they don’t have terra staking tech.
Why not put the 1 billion into creating and funding Luna v2 and ust v2 with staking tech for the collateral that is put in to create and fully collateralize ust v2.
Then we reduce anchor apy to 10% mainly so people stop calling it a scam even though it does earn more than 20% when loans are taken and put a .05% withdraw fee on withdraws. We use the extra money from that and split it between anchor yield reserves(until it hits a cap, then splits it with earners and borrowers), Luna token holders and anchor token holders. Also put in a slightly higher tax on exchanges for the other defi out there via transaction fees. Still beats any apy out there and with the security of a multi basket reserve that’s proven with dai / maker.
That should fix Luna and ust as a v2.
Luna v2 needs governance so we do the new coins like how do said only we set up the ust governance tokens as bonds that mature and pay back in ust v2 or keep Luna v2. (We also need to figure out a way to make ust holders whole who had to sell at a huge discount that doesn’t include the attackers)
The amount raised from staking 1 bill is at least 50 million a year just from the conversion to ust v2. The staking on anchor gives another 100 mil. As more people go into ust, more income is generated via staking that goes into buying and burning luna v2. Since luna v2 still acts as a final emergency reserve like maker token, it also gives even more security to ust v2 holders.
The new luna price should still grow with the use of terra. Everyone who lost money gets something now and the people who lost ust eventually get back their ust or just choose to keep their luna v2. The only reason why ust people who lost money should even get governance tokens right now instead of bond tokens is I worry that enough luna holders will vote to destroy the bond tokens and then no trust to ust v2 will take hold and the system will crash again.
Things this plan doesn’t cover well. How much of the interest goes to development or if that is going to be voted on?
How to stop the attackers who initially crashed the market to get nothing from this?
Since the only way to create ust v2 is through loans in anchor, that means anchor is more of the center piece than anything else. Should we just make it all one coin and give anchor token holders luna v2?
When someone wants to borrow 100 ust from anchor, how does anchor determine how much is printed like dia and how much is borrowed from the earners? Should it just be that it is only minted when no ust is lent?
Anyway, just some random thoughts. I figure it will get washed away by the flood of good ideas and panic spam. Hopefully an idea to actually save the system is agreed on because the code base and community that this environment has is really cool.
Burn supply down to 1 trillion first!
THEY DELETED MY PROPOSAL topic.
This is my proposal : too many suicides, destroyed families.
- Founder and developer team burn send all their coins and wealth to the fire. So the people who commited $uicides ( banned word now) get some justice. they will be allowed to walk free between mortals.
- use the mf reserves. burn them . convert.
Mission accomplished. too many deaths already and lawsuits.
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One of the few voices of reason here. Those that have been providing liquidity for sellers to exit are entitled to the UST bonds at $1, since they are the bond holders. Anyone can hold UST now at only $0.20 if they’re interested. If you’re not interested in that, then what exactly do you deserve? If you want your money back at $1, then hold the UST… you can buy now at a great discount still.
The other proposals here will collapse this project as many people seem to not understand that for every seller, there is a buyer that is buying their risk. Other proposals advocate theft. This will result in lawsuits if allowed to transpire.
With the current value of Luna, with less than $1.5bn the LFG can buy 99.95%of all luna line and burn it. This will leave with around 3bn tokens. The LFG can even buy more and burn more, to reduce the supply to levels comparable to the pre-depegging. This would be the right thing to do for those like me who held luna since last year and did not sell and instead them tied to but to keep the price up and lost (unrealised because I never sold to date) because of it. Still I believe in the project if a new collateralised stable coin is used, and this is why I am still holding on to LUNA. @dokwon your proposal is not fair to those who held the coins, and only benefit speculators who abandoned ship when the depegging happened. Your proposal unfortunately is not satisfactory. Buy LUNA and BURN it.
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