I did the same, a lot of ust, if you received an answer please let me know,
Then they should have started when the price of Luna was in oblivion… Halted minting then start buying back…
They should’ve halted the network right after the attack started, but it’s too late now. Many people bought millions of LUNA for just $10 and they say stuff like “I will be a millionaire once this hits $1” etc. Obviously it’s not possible. If a fork is out of the question, I don’t know what TFL will do.
UST - is the product. Luna always been Equity, you knew that. UST is 1:1.
The Terra team might get another chance in buying all Luna back at a low price if this gets shorted real hard tomorrow and in the following days… We will see…
This could be an option yes…but price has to go down to make it feasible.
Hi dear friend. Please do something as soon as possible that will ruin my whole life, I lost about $ 250,000 in luno currency. Please do something as soon as possible, really all the capital of my life is gone. Needless to say, the Luna currency was the best currency to invest in, but I do not know what happened all at once. That everything was gone
Keep things unclarified while they’re accomulating the coins at cheap price before releasing an official annoucement…the current market cap is only at 1.6B…it’s worth doing it.
I was talking about not buying LUNA ever again…
Hope the below help explain why they are doing what they are doing.
Nah. Pay attention to “1h recently”, it was 12h total few days ago. So he spent about 1-2 hours on forum after crash. Probably when writing his shit post and that’s all. He prefers to post few instastories rather than talk with people. He’s just scaring kid.
I have WLUNA on Revolut (CEX with no way of even getting anything out). So that’s gone. The lesson is, don’t CEX. And don’t use custodial crypto. I should have known.
The plan seems reasonable. Especially I like the small support for all those who jumped in at the last minute - some think they’ll be millionaires, OK, but at least they came.
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…/s
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It is appalling that the other proposals that got blocked 4 hours ago would never got unblocked. @terra is doing a “great” job blocking other opinions. Stop the Censorship: Unlock FatMan's Tiered Repayment Proposal Now - #17 by FaeLightCarmenum
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Better to wait 1 year and get 100% of your investment back than to lose everything
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These proposals are all way too completed and do not reflect how the free market operates. I would suggest taking a simpler approach which is what a government would be likely to do in this situation as evidenced during the GFC:
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Determine the current capital/collateral still held by LFG and Terra Project and if it is somewhere in the order of $1B then you have something to work with. If not you will need to go to the market to raise something in this order.
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Redeem UST positions at 100cents in the dollar up to $10,000 (or an appropriate figure) for wallets that held pre-the attack and still hold their positions (Similar to government guaranteeing bank deposits up to a figure). If people have sold their UST or been sold out on margin calls then it was their choice and they have received back 15c to 99c in the dollar at their election to sell or lost their funds from margin calls. They either chose leverage or to exit and didn’t want to wait and see if the peg would be restored or a bailout proposal actioned. They are no longer holders.
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For LUNA holders, they chose to invest in a risk asset similar to owning shares in Lehmann Brothers, Bank of America, Citigroup or Goldman Sachs during the GFC. Actually all companies were distressed during the GFC and most had to raise money by issuing shares to institutional investors at very low prices to survive. This is no different for the Terra Project. If you require further capital in 1. then you need to issue LUNA to recapitalize the project up to at least $1B to execute the bailout plant. This may expand the supply of LUNA but saving the ecosystem is paramount and it can be dealt with over time as per below.
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With the remaining capital/collateral after completing 1. go and buy US Treasury Bills, USDC or a basket of USD backed safe assets and stablecoins up to a target balance for UST. Use this as collateral to reset the peg of UST to a collateral backing per the target (e.g. target 1UST = 10c). The remaining USTs are now backed 100% by USD equivalents at this figure in the dollar. The ecosystem now has a proper stablecoin again. You could consolidate the remaining USTs on a 1-for-10 basis as well to reset the peg to $1 by redeeming them for UST V2s.
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A tax needs to be implemented on all LUNA and UST transactions going forward in order to burn a large amount of the LUNA supply over a period of time to make the token deflationary. Instead of low fees, all LUNA transactions will have 1% to 3% of the transaction size go into a pool that gets sent to a burn address. Similarly UST transactions will have 50 basis points sent into a pool which goes toward buying LUNA and burning them. Holders will lose least from the short term burning tax while traders and speculators will pay the most.
If you complete all of the above it will stabilize the ecosystem and lead to enough of a recapitalization that the project with be viable going forward. Once the LUNA supply has been reduced to a sensible target level, the transaction tax can be removed. The ecosystem can then move forward, rebuild trust and grow from this base over time and reach its destiny.
My only other comment that the community should be aware of is that the United States Dollar isn’t a stablecoin. It is a floating currency that if something terrible happens to the USA, it is seriously devalued against all currencies (see what’s happening in Russia with the ruble). The UST was an attempt to create a stablecoin pegged to the USD but the collateral/initiative backing it was an early stage tech/blockchain platform which clearly does not have the same credibility as the United States of America’s GDP, economy, governance, etc. Potentially one day if Terra recovers and is worth $50T+ then there will be potential for an algorithmic stablecoin backed by an individual or basket of digital utility tokens. It was far too early for this to work though.
I hope this helps and the project ecosystem recovers.
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For aUST holders, they had an insurance program with Riskharbor, Insureace, and another protocol so they shouldn’t be refunded/compensated. They were sucking on the Anchor’s tits on the 19% APY so it was their responsibility to take out a depeg insurance.
LUNA holders, and UST holders.
As Chorasere said, they surely must be aware. To claim unawareness would be tantamount to shooting someone, then claiming that you didn’t know he would get hurt.
Yes. They are assuredly underestimating the reaction. It will hit them worse than Citadel and Blackrock combined.
Well, hopefully, there will be no fork—and thus, they will never find out just how strongly crypto rejects the concept of hardforking the chain to steal from people’s wallets.
Not my department—but probably this, too.