Do Kwon is trying to bring UST back to $1. That’s why he gave current UST holders the most lenient fork rewards and is stalling on any announcements to allow time for people to buy. Seeing that UST has barely budged, he will be forced to restart the printer and dump more luna to convert into UST.
Part of decentralization is the integrity of your decision making in crypto. I feel for all those who lost their earnings in UST & LUNA. However, I do not believe we should pardon those who decided to abandon ship and sell. Being able to reverse a decision goes directly against the fundamental idea of decentralization which is you make a decision and it’s permanently recorded with no authority that can step in and change that. I truly believe those who chose to hold despite all the sell pressure should be vastly rewarded over those who assisted in the crash of UST & LUNA by selling.
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No. Worse: You would receive some arbitrary amount of a volatile coin, not a stablecoin. Your loss in USD could be 100%, because the new coin could go to zero—and it probably would, because major exchanges would probably refuse to list it.
This is rapidly becoming a FAQ:
UST holders must be made whole, $1.00 per 1 UST. That is called not stealing. It is the right thing to do. And as a LUNA investor with zero UST, I know that it is the only way for my LUNA to gain long-term value: Keep the peg promise, re-earn trust, restore confidence. That may take a long time, but I can wait.
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How is he trying to bring back peg? by tweeting once in a day or two? The demand in this proposal is to protect small UST holders that sufferred from the depeg, to save their families, not to invest in some new altcoin that is uncertain about its future especially when the team screwed it up and remained largely silent to destroy community confidence. [Proposal] Tiered repayment: 1:1 USDC refund to all UST holders up to a certain cap per-wallet using LFG funds, favouring small wallets - #719 by w_ilder
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100% agree
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FIND THAT LFG - 3Billion that went into binance and refund everybody most logical point now. otherwise nobody is going to trust a folk and even burning wont invite new customers.
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Hi @kwonisthebest @dokwonisthebest, please stop posting shits in other proposal thread? Can @system delete these guys? They are trying to block all the other channels of communications except this revival plan. Shameful
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I have always believed that the Terra team can handle this emergency well, so when the first depeg happened, I continued to hold UST and did not sell, I held 107K UST before being attacked, at the first price of UST After the last crash, I never sold a single UST, because I always believed that I could recover. After four days of waiting, on May 14th, I couldn’t wait, and had to sell all USTs and only got 53K, In order to pay back the capital faster, I panicked and bought Luna. In fact, the price of Luna was still between $1 and $2 at that time. I thought this would allow me to pay back the capital faster, so I bought more than 34,000 yuan with all the funds. Luna, but then the price of Luna plummeted due to a large number of additional issuances. Now I only have more than 34,000 Luna, worth only $10. I think the Terra team must be responsible for this, because people like me were not speculators. Those who only use UST as savings, hope that groups like me can be paid attention to @dokwon
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Well this guy is 100% accurate.
And i think the same way, if those investors and coinholders (luna like ustd) sleep, then they dont might wonder why they get fkd.
And i also agree with when he mentions that its the task of the comunity to point on certain issues, since many many youtubers and analists said that this kind of attack could be possible and ust and luna is vulnurable.
then the communitys task should have been opening treads on this page and complaining to the developers, and if they dont react to pack their money bags and leave on spot. Or go tell the issue to that binance ceo and just make it publik as much as possible, but no one did.
so at the end nobody needs to wonder after the attack, and therfore has ABSOLUTLY NO RIGHT for any compensations.
because theyve just got beaten in this game its a financial invoirnment.
as a biologist i can say if the nature would let the slow, stupid and weak and sleeping benefit then we would go backwards in evolutionary progress.
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I agree with you 100%. Thats not gonna fly
they, the old leaders gradually to the disaster of Luna are looking for a fork to regain ownership after running away and fooling all the investors and former holders. They continued to trick new holders into trying DCA to save Luna. Get rid of the fork option immediately with all your might, and boycott Luna v2 if it ever comes out because they’ll be printing Luna 2 and taking advantage of the community again.
The most important question right now: Where are the Bitcoins and Luna’s reserves and the Luna leaders are responsible for the destruction of the reserve and decided to print Luna on these investors.ư
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I wish everyone recovers every single cent that was lost. Blessings to all and yes , people of terra help the people. Please.
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We all know yellen and the world is watching, this is a perfect moment in crypto to burn the whales, bail out the lower class, poor hodlers and show real change to the top down bs gov play. It would send shivers down their rich a**es. We know they already hate crypto, imagine if it rewarded the rich last, it would be a new world
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Situation seems out of control at this point. Terra silence suggests there are not so many options available. Doesn’t look like there is a chance of recovery. For some it was life changing disaster but life goes on… there are so many other thing that are far more important in life than money. But lesson learned here is do not put all your life savings in crypto. There is a reason investors like Warren Buffet hate crypto. He said, he doesn’t invest in something he doesn’t understand. Many people invested in LUNA/UST without knowledge of how they works.
Hi Everyone,
After cooling down over the weekends, some thoughts and perspective here for your reference. The purpose is to hopefully provide some objective thinking process, amid all the hate, sadness and complaints
I know its painful for you to lose your money. It is painful for everyone and everyone still cant believe what happened.
Alot people keep believing that there is hope for recovery. Yes, I hope so too. I have lost quite alot in this saga and it was excruciating painful. But the truth is still the truth no matter how painful. The earlier we accept it and move on, the earlier we can get back on our feet. You bunch have already lost money, try to limit your losses in the mental and time aspects, if you know what I mean.
Let’s take a look at some of the simple truths below.
- There is simply not enough reserve to save all UST holders.
Think about it. 11bn supply of UST to go and at best 2bn of reserve left? Not to mention that some of these reserve also belongs to the Luna holders. DK knows this. Thats why DK proposes this plan. and there is more to it, on why DK propose this plan. See item 2.
- For Terra to continue, the devs must continue to be motivated and continue to build.
Think about it. the thing critical about Terra survival is the dev continue to stay and build after this saga. If you are a dev and your your past luna get crashed in 2-3 nights, will you still be motivated if there is no plan to help you to recover some money? You might even jump ship to other network - brain drain of talents. This will definitely be a death blow to Terra.
That is why, in this new luna plan, old luna holders get 40%. that is to also help the devs who have been exceptional in developing. Considering 2bn reserve left, circulating luna supply of 380mil before depeg and the new luna supply of 1bn, Old Luna holders get approx. $2.10 of value back.
Math: 2bn * 40% / 380mil = $2.10
This is done at the expense of UST holders. Why? See item 3 below.
- UST holders will be the biggest losers in this new luna plan.
UST holders who pay $1 for each UST will be diluted to $0.07 of value under new luna.
Math: 2bn * 40% / 11bn = $0.07
There simply too much UST circulating supply despite the massive burnt.
- A fork like this will instantly destroy trusts of the community and ensure that CEXs will not dare to list the new luna in the future.
The ones who will be protected the most under this new luna plan will be the old luna holders. DK has to do this to keep the talent pool so that there is a future for new Terra. In doing so, others have to be burnt and trust will definitely be lost.
- This new luna plan will likely to go through. Why?
Look at who control the majority of the votes? The old luna holders, my friends.
- Even lawsuit cant help you recover any money back. At most, they will just make DK declare bankrupt and send him to jail. You have to suffer the pain of losing money and the mental pain of following the news everyday to keep updated on the “punishment” or even hopes of recovery. You will be the one who lose the most, financially and mentally.
Conclusions:
-
For UST holders, try to salvage any value above $0.07 while you still can. If you find my math correct of cos.
-
Luna holders, move on.
Of cos, the above are not advice and they are just for reference. Ultimately you must make your own decision and take ownership of your decision.
This will be my last post for the Terra community.
Goodbye everyone! Let’s not let sunk in cost and emotions cloud our judgement.
Regards,
CryptoTTM
At the end they will do what CZ suggested, they can’t be that blind and stupid to don’t do that. Probably silence is very related to the burn.
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CZ also said this.
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People are suggesting to use the reserve to buy back UST / LUNA.
But the fact is, the reserve Terra has is not enough.
If they use all their reserve to buy back, there will be tons of UST/LUNA left with nothing left to back up the remaining UST/LUNA.
LUNA had value because of trust. Now there is no such thing of trust and it needs something real to support.
Their reserve is simply not enough to save the mess. If their name is hidden from day 1, I am pretty sure Do Kwon would just take the reserve and flee.
It is more like a traditional bankrupt process, the reserve is the only assets left and most of it need to be used to compensate for the holders of UST and some for LUNA, as Terra promised a $1:$1 to UST. People invested in LUNA knew the price can go up / down (just not down like current situation).
So it is not a time to talk about Revival Plan since it it almost impossible. It is the time to pay depositors back and probably compensate to LUNA holders.
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What’s the point of buying UST now. We can’t regain the peg. There’s too much negative sentiment and people are shorting it.
We should be following Fatman’s proposal or wlawyer’s proposal to try and heal the community first. There’s no point trying to save the current ecosystem if everyone who participated is bankrupt or partially bankrupt. Who will trust the system unless there are major changes?
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The issue with taking a snapshot of holders for v2 before the depeg means that people who jumped ship once and dumped their luna will be rewarded with another round of coins to do it all over again.
This needs to be reworked with some caveats such as some kind of locking period to stop an immediate dump.