Your idea is so bad , i don’t know how you still the CEO of terra . many bought from 62.36 dollar to 0.00001 dollar , you will all put them in the 10% equaly ?
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I am with Fatman
A burn is the only way there will be a chance of salvaging this. Everyone else is delusional
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fatmans solution is emotional bullshtt
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Terra Station
CHECK OUT THE VOTING ON THIS PROPOSAL. “Burn The Remaining UST in the Community Pool + Cross-Chain Liquidity Incentive UST”. THE QUORUM IS ABOUT TO BE REACHED AND MAJORITY OF THE VOTES (97%) are YES.
As far as I can understand, this means minting more LUNA, is that right?? So how can this proposal be accepted so silently? Does anyone have any idea what’s going on?
If this is accepted and implemented, LUNA will get completely valueless, after which there will be no scenario other than Do Kwon’s proposal. Rising/stable price of LUNA in the last two days is the basis of arguments by many people who opposed to Kwon’s proposal to fork. And now -if I am not wrong- a proposal for complete murder of LUNA being voted and is VERY CLOSE TO BEING ACCEPTED leads the way inevitably towards LUNA V2. Doesn’t this look suspicious to anyone???
Or is it me getting the whole thing wrong and this proposal does not imply minting of new LUNA???
Sorry if it’s the wrong alarm…BUT SOMEONE CAN TELL ME, WHETHER THIS PROPOSAL MEANS MINTING MORE LUNA?
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they shared it on Twitter as the proposal 2 days ago. It was shared by terra I think. So that’s why it got so many votes.
True, I know that personally. I was scooping up tiny chunks of LUNA at the bottom. The market was wildly volatile and dysfunctional. Where I was buying, a $10 order could temporarily move the market. My LUNA accumulation took me hours of painstaking effort.
There is much commentary from people who are totally ignorant of how markets work.
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true they wants to dump the market again for luna holders to peg ust
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Agreed.it’s like f u Luna holders, we just care about UST holders!
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Quorum wasn’t reached so it never passed. It was being voted on before the first network pause
Thanks for the responses. But this proposal is very close to being accepted. And murdering LUNA completely this way, will leave no choice other than Kwon’s plan to fork. For me, this is very shady, considering: (1) LFG’s liability against UST holders; (2) Pre-peg LUNA holdings of the team
I am really not a person of conspiracy theories and sorry if I am speculating but “Burn The Remaining UST in the Community Pool + Cross-Chain Liquidity Incentive UST” proposal and Kwon’s “Terra Ecosystem Revival Plan” seems coordinated to me.
It is being voted now and quorum is about to be reached.
Other chains cannibalising projects from Terra, while @dokwon and TFL maintain radio silence. Perfect!
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This would have been a good idea at the very start to stop the bank run. The attackers made a ton of money from the 95 cent depeg, which let them do it again. If it only depegged by 1 cent, the attackers wouldn’t have had enough money to pay for the loans on the luna / UST they shorted.
Better idea would have just been to use the BTC reserves immediately and stop the depeg from ever happening. Over 3 billion in reserves and UST had a marketcap of 18 billion. I think maybe something fishy happened or they acted too late. Hopefully we get some answers.
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no exchange would list Luna or people would buy Luna v2 if that’s the case the cz has already rubbished the idea ps of Luna V2 magically has liquidity when the team stated that they’ve sold all of their BTC then it comes across as fraud not only would mean the end to dokwan it would spell the end for the Luna ecosystem
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I asked that somewhere above. Silence. Obviously, they would—and probably, they would get a huge amount based on pre-crash account balances. There is no way to avoid it.
And what about DEXes? Terra is bridged to many other ecosystems on other blockchains. From Terra’s perspective, the total LUNA balance on every other chain is only a giant lump sitting in the bridge’s account.
The bridges deal only in fungible tokens on the other side. The bridge authorities don’t even have the technical ability to mess around with people’s wallet balances; I know this with certainty, for at least one chain, because I have read the source code of the token implementation used to wrap my LUNAs.
On each of those other blockchains, there are many different DEXes—each with its own protocol. Thus to track the times of LUNA sales, you would need to examine the protocol data from scores of different DEXes on multiple different chains; and then what?
I thought a lot about this yesterday. The proposed rug-pull is technically infeasible in practice. This has made me a little bit less concerned about it.
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Correct. For example, I’ve been buying plenty until last moment before network halt.
Just to save it and i was hopeful for network halt, because such inflation from 200b to 6.5T within few hours was awful.
Now the proposal means to give us just the 10% and reward 40% to “rats escaping sinking boat”, i agree, it is totally unjustified.
Perhaps, logs of network shall be collected, analyzed and reward those who stayed in and bought more and kept until network halt. Yes, it would be plenty of work to perform, but it is viable and justified.
Honestly, i think there is less need for a new fork, but to fix current fork and start burning LUNA at an accelerated rate. And burn it down until fells to at least 1T. It could be tiered burning.
Where for example until 4T we burn faster, then from 4 to 3T slower, and slower and slower. Until we return back to 1B LUNA.
Yes it would take time, but we are strong and we stand for LUNA.
We could easily bear midterm recovery (4-8 quarters).
Reforking would probably totally destroy trust in the network, in organization, in defi and in crypto market.
As we know, in financial world trust means EVERYTHING. Luckily LUNA still preserved trust that have to be recovered.
I personally believe that we are able to recover from this and come back steonger than ever.
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The fact is you have the world watching the coin. This is priceless. We are all waiting for a single word to be announced. Burn. If this is the case- it will be the quickest recovery for luna with a community many multiples of the size prior to this incident taking place.
You will have the support and respect of CZ and the world. For owning up and rectifying your mistake is honorable.
If you limit compensation to your pre-existing community and cause more pain and suffering to all the buyers since the drop, there will be a great deal of negative sentiment and hate for the project.
There are two roads to take and success down one and failure down the other.
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Do Kwon will reward the whales who sold their Luna. And probably profited as well with opening a short trade.
And Do kwon will reward then with 40% as well.
I hear lawsuits coming.
its suspicious why they don’t want to deploy the capital in order to buy back and burn, even cz agree on this
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