The biggest crypto failure can be crypto‘s greatest success.
It’s very easily obtainable by creating the perfect asset, that’s not only collateralized, but says the hedge fund magic words “non correlated”. This will drive in big institutional money, because we are essentially creating the ultimate asset the fund managers only dream about. Currently crypto trades with the stock market, it trades very much like a tech stock.
We burn Luna and we incorporate a burn tax that not only burns Luna with every transaction but a burn tax that buys a physical asset backed stablecoins like Paxos which stores physical gold in brinks vaults in London with every coin. Paxos is also working with Warren Buffet owned nubank, so there’s obviously a lot of trust there.
We would also incorporate other cryptocurrency‘s like Ethereum, Bitcoin, Avalanche, in addition to other physically backed stablecoins. All of these assets will be stored in a community treasury.
We do all these buys with an algorithm that attempts to lower the beta coefficient (correlation) of the treasury assets to various world stock indexs, like for instance the S&P 500. We also have rebalances of the treasury assets by the same algorithm.
We have an elected DAO to oversee all the treasury assets and first launch this algorithm with a greybox type style where the DAO will need to approve the decisions of the algorithm.
The DAO must have complete authority with the treasury funds.
We would compensate UST and Luna holders as per Do Kwon’s proposal with this new version on Luna
A possible course of action for someone who lost their shirt would be instead on praying for a redistribution, buy a million LUNA right now. DCA. This revival plan is so silly, I really think its Do’s attempt to cool the market until the corp gets their ducks in a row. Of course this is not financial advise, this is Crypto. You could lose everything twice. This is a pure degen play ATM. Don’t expect a snapshot to save you if you risk and loose.
I think problem was a control/command problem. Not informatic or financial problem.
Your process wasn’t enough robust to perturbation.
The curves on UST show the actual process is sub-optimal. I think you have to burn LUNA proportionnally to perturbation. The process is too slow for strong perturbations.
You have to ask to control/command engineers and use this theory to obtain a robust system.
P.S., looking back over this thread, I don’t know why you are laughing. My style may sometimes be droll, but this is a serious matter.
I would relate my past experiences with UST in the same style. I doubt that you would laugh. If I had still had my UST savings at the time of the de-peg, I would now be almost completely wiped out from chain-reaction multiple liquidations of assets that I spent the UST to save. I narrowly missed being one of the people on your thread who were impoverished by the de-peg.
Well, now, I am a LUNA multimillionaire. I have had quite an adventure here; and if a story is worth telling, I try to exercise some skill in making it a pleasant read.
Nope. Snapshots can only be made when the chain is halted and all trading is stopped. You can’t ignore all transactions that happened after the snapshots. That goes against everything that blockchain represents. What they could do is make a snapshot and give you airdrops.
The biggest crypto failure can be crypto‘s greatest success.
It’s very easily obtainable by creating the perfect asset, that’s not only collateralized, but says the hedge fund magic words “non correlated”. This will drive in big institutional money, because we are essentially creating the ultimate asset the fund managers only dream about. Currently crypto trades with the stock market, it trades very much like a tech stock.
We burn Luna and we incorporate a burn tax that not only burns Luna with every transaction but a burn tax that buys a physical asset backed stablecoins like Paxos which stores physical gold in brinks vaults in London with every coin. Paxos is also working with Warren Buffet owned nubank, so there’s obviously a lot of trust there.
We would also incorporate other cryptocurrency‘s like Ethereum, Bitcoin, Avalanche, in addition to other physically backed stablecoins. All of these assets will be stored in a community treasury.
We do all these buys with an algorithm that attempts to lower the beta coefficient (correlation) of the treasury assets to various world stock indexs, like for instance the S&P 500. We also have rebalances of the treasury assets by the same algorithm.
We have an elected DAO to oversee all the treasury assets and first launch this algorithm with a greybox type style where the DAO will need to approve the decisions of the algorithm.
The DAO must have complete authority with the treasury funds.
We would compensate UST and Luna holders as per Do Kwon’s proposal with this new version on Luna
I dont know how to open a new topic so I am writing my own thoughts here, in the hope someone picks up on it.
I believe the solution lies not in stealing from the bigger wallets to give it to the smaller. Everyone should be reimbursed 100% and here is how:
All UST holders should get a 100% UST, but with a timelock to be determined by the health of the chain.
All ust holders should be able from the start to withdraw their newly made APY’s. Because this is new money generated by the system.
With time the chain will grow again in both trust and value locked, and as the health rises, we can give withdrawal options capped per wallet. In this way still the smaller wallets can withdraw first and get out first, but thats less unfair as the money of the whales are also still in the protocol and will be released with time.
NO ONE HAS ANSWERED ME ON THIS TOPIC ABOUT AN ALLEGED 22B RESERVES IN BTC AS OF THIS MARCH. Why couldn’t they use them to fix UST peg as minting endless LUNAs was clearly not going to work, and why can’t they use them to burn LUNA now?
Let’s not abandon the current $luna pls.
We don’t need a refork or migration.
All we need is to use the #Btc reserve to buy back 70% of the supply, burn 45%, then distribute 20% to #luna and $ust holders that are affected prior to the attack and hold the remaining 5% for futureP
As I see it, the Terra network core is not LUNA native token but the issued stablecoins useful as means of payment over the terra network. That utility goes to hell when stablecoin depeg. The only way to keep the peg as a decentralized and uncolletaralized stablecoin is not to incentivize the mint and burn mechanism as we know it, but only the minting of UST while not the burning, keeping a capped maximum supply of LUNA token.
Meaning,
To buy UST you should be able to do it only for $1 worth of LUNA with no transaction fees
To sell UST you should be able to do it only at market prices with higher transaction fees
I know it sounds insane, but after all who sells UST and the other stablecoins is the one exiting the network, meaning he already has done profits (trader/speculator) or he believes is a bad investment (already accepted a loss).
To do so, we would need a Hard Cap for LUNA supply (currently 6.9T, insane thinking that USD circulating supply is 2.1T), to make it happen a fork is necessary. I read our founder proposal and I like all the shares of the new minted LUNA but the first one, 40% is way too much pro rata before the depegging event, after all many of those are the ones that massively sold LUNA sending the price to the floor, while 10% pro rata, to hodlers at the final moment of the old chain would be way not enough for people that believed in the network until the end.
On top of that we need to keep at least 10% of the newly minted LUNA as reward for validators. When we’ll reach maximum supply (if we do it), rewards will be done through a multichain AMM that will buy LUNA back with stablecoins fee, this should send LUNA’s price up.
So, in short, SNAPSHOT, FORK with 1B Max Supply, Fixed algorithm to incentivize only buying of UST and other Terra stablecoins and deincentivize the sale of UST even when it is > $1
20% pro rata to LUNA holders before the depegging event
40% pro rata to UST and other Terra stablecoins holders at the snapshot
20% pro rata to LUNA hodlers at the final moment of the chain
10% to the community pool
10% not to be minted, but to be issued to validators as rewards
I bought the tokens on binance for $30 and $5 after the luna fell, these tokens have a total of 673 luna and cost me a total of $15,000, this is all my funds, should I be eligible for new coins
After UST lost its peg, all transactions in UST were speculative. Anyone who bought UST for less than $1 was counting on it returning to $1 so they could make money. Anyone holding UST prior to the de-peg was simply holding UST expecting that $1 would always equal $1.
If people profited from speculating after the de-peg then they keep their money. If they didn’t, then they can’t expect to be compensated because their gamble didn’t work out.
I need what is going to happen with the fact that we had a moon in exchanges before 1 and then we repurchased after the price fell to a plus.
I lost a lot of money.
Hey @dokwon If you don’t pay for my damage, I will destroy you. I am sending you a clear and clear message. I’ll show you what happens if you ignore me. All your investments melted away. My efforts and dreams are over. I won’t let you live your rich life with my money. I swear to God I will destroy you.!