lol… this is like US Fed announcing they are cancelling 2020 covid crash by creating new currency and redistributing them 40% to original holders before the crash, 40% to bond holders and 10% to robinhood retail traders
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This will not work, look at IronFinance. Don’t repeat other failures.
Save Luna by introducing 1% tax, there is a better solution out there.> See HelloThere’s idea.
Look at what the previous proposal has gotten us into. I bet a lot of “early investors that sits in the 40% tier” DCA their way in and you’re gonna ignore that?
TFG/DoKwon, you guys f@#$@ it up and whats worse is going radio silence and terrible communitaction, if you don’t know what to do step aside and listen to the community, this revival proposal is pure bs. Listen to CZ and take a look at the proposal above.
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Pretty rediculous plan if you ask me. People have lost faith in Terra. I do agree that UST holders need to be reinbursed as much as possible though.
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burn the excess supply, buy/allocate 10m of luna and use that reimburse the UST holder.
Find a way to burn the massive supply
Also find a way to repay the UST holders
Forking wont solve any of those problems.
So let me get this straight. Varying the interest rate so that Anchor could provide competitive interest rates over a longer period of time was the culprit in this crash and not some large type A-hole (or group of A-holes) shorting and selling a massive amount of UST when the market could not absorb it and the algorithm could not handle it?
It wasn’t that Do’h was so arrogant as to announce exactly where he would defend the peg, thereby allowing the “market” to front-run his attempts to maintain the peg.
It wasn’t D’oh and crew staying silent during the crisis when he was so good at running his arrogant mouth on Twitter just days before.
It wasn’t something as simple as Do’h NOT saying "look we’ve got x amount of BTC, so even if you don’t believe in us (cuz we’re obviously incompetent at handling a crisis) hang tight because the market cap of Terra can’t fall below the amount of BTC that we hold. BTC will bounce back and so will we because we can maintain the network.
It wasn’t D’oh hiding under his blanket because he knew he screwed the pooch and that millions of people now have a legitimate reason to want him… well, let your conscious be your guide on that one.
It wasn’t the lack of communication or leadership during the crisis? It was all the result of decreasing the interest rate of Anchor to only 85 times the APR of any FDIC-insured bank? Really?
It’s OK bruh, I believed in him too. But we have to face facts. Either D’oh is a sociopathic thief or he is so incompetent that no one with an ounce of sense and/or less than a billion to gamble will want anything to do with him or anything he’s associated with.
If I had to take an elevator with this guy, I’d hold my breath because I wouldn’t want to breathe the same air. At least I hope that’s all I would do. The saddest part of his proposal is that it will allow rich whales to purchase an incredibly valuable ecosystem at a discount AFTER having skimmed all the previous profit. I hope the entire LFG get what’s coming to them. Unless I get my money back, of course.
Burn the excess, it’s the only way. Anything else will accomplish nothing.
I fail to see why you being a bad investor justifies millions of people being disenfranchised monetarily. A more sympathetic argument would be for you to be included somehow in whatever remedy that is provided.
TBH - I spent a lot to be up. My losses were over $25k before hitting the bottom price. I was getting super nervous that I was flushing this all away. I did sell a big portion the next day and recovered my losses cutting my bag in half. It worked and for that I am thankful. I have a decent holding now…over 50M Luna. That was never the plan to hold that much. Just wanted to catch it at the bottom and recover some losses. What sucks is many people lost and didn’t have the ability to do what I did. So, I consider myself very fortunate to be prepared enough to do it and solvent regardless of what happens.
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… YOU CANNOT READ TO THE END…
Use reservations if it still exists for;
1 - validators and developers and projects in difficulty.
2 - Repurchase luna at the lowest possible price.
2.1 - Redistribute part of the luna purchased by holders who were at a disadvantage
2.2 - burn some
2.3 - save as a valuable asset for the next intervention in the project.
3 - buy UST as cheaply as possible.
3.1 - call the lunatics with UST for a long term stake. to know who wants to wait and who wants to leave at any price.
3.2 - see the possibility of reaching the PEG if possible. Force more purchase.
3.3 - Put Ust back on the market with strategy at a price of 1 using profit for new interventions.
Be smart, arbitrate your own mistake, call investors for this maneuver and everyone will rub their hands with joy to participate.
Now everything is on balance in a project that was already worth 30B and in an ecosystem of 100B
What an opportunity. if I had this reserve fund, I would be the one to take advantage of it.
If they say that Luna is really going to fork it one more time, it’s enough for even those who bought it cheap to sell everything.
favoring the repurchase of assets worth 30B for 2 or 3B
Then they rethink but they will already have control of the debt and the lunas in exchesso in hand.
The rest is the easy part.
race to overcome
THAT IS, SOLVE THE SPIRAL WITHDRAWAL
If you don’t know how to solve it, send me a pm and I’ll tell you.
I know you’re smart.
5 - Leave the Legacy
Is it true burning has already started?
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But this issue is not within the scope of investment risk. If something goes wrong with the banking system and you deposit $1 million and the bank only gives you $400,000, would you agree to that?
That is a complete false equivalence, wtf lol. Sounds like you didn’t understand the mechanism at all. And that you bailed using those stabilising the peg as exit liquidity. And now you want another bailout. shocker.
Why the @system closed this proposal thread? [Proposal] Tiered repayment: 1:1 USDC refund to all UST holders up to a certain cap per-wallet using LFG funds, favouring small wallets - #2926 by kwonisthebest
some idiot especially posted there racism shit and ppl report him, after this thread was closed for 4 hours.
s/shouldn’t/mustn’t/
This is one reason why Bitcoiners look down on altcoins.
In Bitcoin, the blockchain is sacred. Any proposal to rewrite the blockchain to move money from some people to others would be met by a firestorm if combined outrage and ridicule. Even in case of a theft. Even if the proposal is made by a super-whale. For example, when Binance got hacked and CZ breathed some little hint of a desire to reclaim the stolen coins with a hardfork, he was forced to backpedal as fast as he could.
I need to emphasize that, because of the “people will lose trust in crypto assets in general” part. That may happen, and would be terribly unfair: You can always trust Bitcoin. Blockchain rewrites to change wallet balances absolutely never happen in Bitcoin. It is unthinkable! It is so unthinkable that as a Bitcoiner, I didn’t even think of this type of rug as a possibility when I was buying LUNA—whoops.
If Terra does a hardfork to steal money from new investors, then that may arguably be a reason to lose trust in altcoins in general. It is not a reason to lose trust in Bitcoin—the coin with an absolutely irrevocable blockchain history running from January 3, 2009 to the present, and ongoing.
I have friends who would remove the “may arguably” part in the preceding paragraph. We all sneer at Ethereum for the 2016 DAO hardfork—did then, still do now (although I softened toward that a bit, after they refused to rescue Parity wallets in 2018). More recently, we heaped scorn on Juno for voting (!) to hardfork to steal coins (!!) from an investor. Juno is a 100% total scam chain.
Until Friday, I spent most of the last week telling my friends that no, Terra/Luna is not a scam—and no, @dokwon is not a scammer. I harangued, cajoled, and persuaded some of them to invest in crash-price LUNA. The OP on this thread has caused a thorough and ongoing humiliation of me.
Anyone who wants to defend altcoins from my Bitcoin-maximalist arguments will need to explain why I, as a LUNA investor now threatened with having my coins forked away, should not start to distrust altcoins because of this.
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thanks for the reply. is there a way to block those racism shitposts only?
probably not and it was the his plan, need to just not report anyone there. We can try to report anyone in this thread and get it blocked too xD
Agreed totally.
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