There no other way out in order for you to restore people trust you have to idk squeeze out whatever money u benefited from this f’d up ponzi of urs even then I doubt your project will ever succeed again in the future.
But first of all either do what your plan suggests or just work with all exchange platforms to refund all people that bought before the halt and sold at a massive loss.
You have no option accept it.
Expected better. This proposal is low IQ garbage.
The following link is the ONLY solution to consider, thus far:
It’s not fair. I had aUST on Anchor and when depeg gone crazy (yesterday) I’ve sold everything on Binance for less than 10% of value.
I’ve wait til the last minute and I’ll not receive nothing?
Didn’t LFG also die with a bag of $AVAX on Reserves?
I propose:
You have a chance to mitigate the impact on community.
Think better about it.
My UST is stuck in limbo being refunded by binance after sending it without a memo. It might not be back in my wallet before this happens! Had 11k Ust on anchor before the crash. What is the timeline on the upgrade? Would really suck if I wasn’t able to get my tokens on chain before then. 
Hey - so I bought on Binance but I can’t tell if I bought before the chain halted or not - and can’t tell if I qualify now or no.
How would I figure out if I’m in?
I seem to have snuck in a buy before a twitter announcement but I’m not sure.
Can someone clarify?
If I was a holder on Binance immediately prior to the chain halt, am I qualified? How do I know?
What if previous holder has Luna but he moves it to market and sells it during pegging?
I hope there is a system snapshot on the 11th of may (when ust peg started)
The audacity of you people i swear - at the start i was interested in hearing what people think, but now i slowly realise that pre 8th holders are nothing but greedy pigs. This wont be forgotten, nor will it be forgiven. There are real cases for a propper good lawsuit here if those that bought “the dip” will loose out on their potential investment simply to please another group of investors. We shall organise, and this will be catastrofical to put it mildly. You may think it is not fair that i bought at a better price than you did, however did you have the stones between your legs to put 100k USD into a death cross? Re-evaluate what you think is fair
Why give to people who sold and made everything worse?
Imo it is at least a plan. I support it, and hope that the lunatics really believe in the ecosystem in which they invested in. I hope that no one tries to chase the money he lost but openly embrace the possibility to start over…
Yes seems like you would get an airdrop. As long as you are a luna buyer prior to the attack or holder of UST to the end.
UST holders that sold during the frenzy can’t get compensated because they be paid out twice essentially. And majority of capital that were the first to leave were mercenary capital and not community members.
Understand the newly airdrop tokens will probably be worth a fraction of what luna and ust holders had orginally.
So if you were a UST holder that sold at a discount, you probably still be better off tbh.
I think that it is not a problem to make research and find out adresses involved in attack. In this case we can distribute UST to holders before the depegging event and it will be fair, because those people bought UST per 1USD. I think that almost 99% sold their UST cheaper because they wanted to save their money which they invsted in stablecoin which value was guaranteed by Terra Ecosystem. I think that they would not sell them if nothing happend. Bytheway Terra Ecosystem guaranteed that if the price of UST become lower than 1USD users could exchange their UST on LUNA at 1USD per UST but in fact we can’t do it. For UST holders who bought UST after the depegging event you can distribute smaller percenr of tokens using such method number of tokens * average price at the day when tokens where bought. Hope you will make right desigion.
Yep! There is no use case for UST anymore. Traders will continue to speculate and trade LUNA, but no one in their right mind will EVER put capital in UST again.
Why not just make a deal with exchanges to buy up the whole supply and reward whoever is left holding. If sufficient notice is given, this would incentivize new investors to inflate the value of the old chain before migrating to a new one.
At least you’re migrating value and creating incentive to stay instead of just migrating something that will collapse just as fast.
What will happen to those who, after depeg, used the wormhole & shuttle bridges and their funds remained in the ethereum network?
THIS is disgusting:
WHY did you turn the network back on?
WHAT is the value proposition for leaving the chain on vs. shutting it down until a fix is ready?
PLEASE consider halting the blockchain now - and leaving it off until you have a plan ready going forward. SO much more damage is being done the longer it stays on. People are still scared & don’t know whether to exit UST or buy LUNA or what. And if a fork comes next as you project - every trade that’s made bw now & then is going to amount to another huge loss to people doing it.
Correct me if I’m wrong; if you halt the chain - UST will effectively trade like any other cryptocurrency (on exchanges/etc. only). UST holders can then relax - knowing that it can’t really go to zero, and there’s no more arbitrage/selling pressure on it. Take your time to build a fix that brings it back to peg.
People can wait a week or two or three or four…without killing themselves over the uncertainty (pun intended).
they should be compensated minus what they saved by selling
In my opinion, the best way to recover the value of Terra (not Luna) is:
1 - Collateralize the UST. The value of Terra is in the ecosystem. With collateralized UST, people will be able to use the protocols, which have a much better UI and utility than the protocols of another blockchains.
2 - This collateralization could be a mix of fiat + BTC + Luna, where the supply of Fiat + BTC would be limited and above that supply, there would only be the Luna burning mechanism supporting the peg.
It would take time, but people will use the ecosystem, the devs will keep building and Luna’s supply would rise again. Probably not like before, but after people resume trust in the project, we could think of new ways to restore the value of our token. Perhaps a new round of investments with VCs, IDK, bit we will find a solution.
Contrary to what you said, the Terra’s ecosystem only has value if the UST exists. All protocols were built with the usability of UST in mind. If you really want to save Terra, you need collateralize the UST as soon as possible.
One of the things that astonished me seeing all the tales of losses on LUNA was how irresponsible people had been. I am relatively new to Crypto. I got involved in November just at the top. I have lost about half of my investment pot in that time. This was not easy but I am comfortable with that because I learned and listened to the rules. Don’t invest what you cant afford to lose. Be careful understanding what you are investing in. Understand the risks of the various assets etc. I have literally spent the last six months all day learning the rules of the game so that I would hopefully avoid getting wiped out in this risky market. During most of that time, LUNA has been my biggest holding.
Today I am hearing stories of people who gambled their entire life savings. Leveraged up. Took out bank loans. Did not pay attention to what was happening in the market and structure your investments accordingly. Keep some cash to buy opportunities. It is clear that they have spent no time at all learning what they are doing and literally gambling on a bubble. It appears to me they have done no more work than watch a coin bureau video and aped in big time.
Two weeks ago I came to the conclusion there was going to be a correction across the market and although it was hard to do, I moved all into cash to wait to buy at cheaper prices. This is how markets work.
When LUNA price went down, I tried to find good points to enter. I lost money on the way down. I lost money trying to buy back in too, but I was sensible and tried to minimise that. This is not easy. I went all into LUNA with my entire pot when it dipped to 25. I lost 3k in minutes and managed to look after myself and get out quickly. I waited to see what would happen.
LUNA kept going down. Eventually it went to 0.0000x and I bought in. I took a huge risk. Sure, my main aim was to invest and grow my small pot. I put a large percentage on UST and on LUNA and part of that was to support the asset. When I did that I knew it was a long shot as everyone said it was dying but I did it. I got 20 million LUNA in the very last seconds before it was stopped on Binance. Literally the last second as it was falling to zero. I thought this is what investing is. Taking measured risks. Buying when there is blood in the streets. I kinda regretted it because after I thought that I had just thrown away a substantial amount for me. However, owning 20million LUNA with the small dream that it might come back to even 10 cents would have transformed my life.
Now I see the conversation is that people like me are speculators, and the poor victims who went all in with dangerous amounts are the upholders of the project and the community. SMH.
I appreciate how hard it must be to navigate. I have seen the hate that you have recieved from these people who lost their money and understand how hard that must be to hear. You did not lose their money. They did. People need to understand that there are real consequences or else there is a moral hazard. I am here because I thought Crypto had potential to be an efficient market when there is moral hazard elsewhere and bailouts for the irresponsible and nothing for people like me over and over again.
When I bought my 20m LUNA I thought I was buying 20m LUNA whatever that meant. Sure, I knew the supply situation meant that it would certainly not be going back to $100 any time soon and it would be more like pennies if that. But still, that would have transformed my life and that would have been fair.
Now I am hearing the “victims” of the “ponzi scheme” are to be comensated at the expense of the sensible ones, the onese that threw in thousands of dollars when all was lost for the small chance of the investment dream of a great win and to support something everyone else was abandoning.
All day I have enjoyed owning my 20m LUNA dream and while I am pleased it is all stabilising and you are fighting your way through this enormous battle, I fear that I have just had the rug pulled on me, in favour of the irresponsible and lazy. They complain anchor was a ponzi now, but they were happy while they were winning and made no effort to manage their risk. I managed my risk and did not see massive gains or massive losses. Just decent gains and more losses than wins as I learned the ropes.
Over the last few days on the web, these “victims” have poured hate on you and the project for their own mistakes. Sure, the project made mistakes. You made mistakes and the market showed you those mistakes. Others were recognising the obvious that the market had reached a place where it was worthwhile investing again, at the very bottom and they knew it was a big gamble. But your project was helped by those last few. Sure they were speculating. It seemed all but lost to everyone. Isn’t this how a market is supposed to work? I think we need to think carefully about rewarding stupidity here. My losses have been painful but I don’t complain I am a victim. I pick myself up and know that I have learned a thing and I don’t go Aping into things I don’t understand. I think everyone in this space as it is in its current state of evolution needs to taste the losses to really understand the risks for real. If they cant do that, then they should not be operating in a market like this and the market told them. It’s written plainly at every turn that this is RISKY and you need to manage that.
I feel that this plan carries some moral hazard. It appears to reward those who did not really understand what they were doing. I feel whole last six months of hard work and learning I have done to get better and understand how to invest in this market have been cancelled out just at the point where I might have actually reaped the rewards of all that effort. I want my 20m LUNA to be 20m LUNA, whatever that means. Not 20 new luna artificially re-denominated to have no value because somehow, my trade has been invalidated by someone else’s priority to appease the stupid. Thats traditional banking isn’t it?
Good luck navigating your way through this. Let’s not reward greed and stupidity at the expense of true functioning product ecosystems with equilibrium and value.
I think we, the big boys who actually took a calculated risk when the drop happened - should put up a huge sell wall.
Exactly talk to CZ Binance, and get it done the right way, we will also need CZ to get listed again on Binance so just makes most sense get his help now, follow his advice and burn coins
