Does this not just simply represent the extreme imbalance in favor of a single sibling in the Terra/Luna relationship? And thus the protocol is actually working as intended, even thou it might not be fun to watch at present? Considering that the algo is technically immortal, our species in on the brink of becoming a spacefaring civilization (if we dont blow ourselves up first) and our economy is morphing from value based to attention based at the speed of light I would argue that this is just the first example of how a crypto-driven-digital-gold-economy-boom-bust-cycle looks (and feels), but given enough time and network effect LUNA supply would eventually shrink to more acceptable levels and the price will eventually “full-moon-again”.
I understand that there are a lot of people who are trying to shield themselves from contagion or even contemplating worse actions (my sympathy goes out to them), but in a world of inflation with no place to hide your money everything will end up like LUNA, thus volatility will always be present. The arbitrage bots will eventually balance the LUNA vs Terra exchange rate and repegging the value of UST vs USD would probably speed up this process significantly. Personally I think the best path forward is simply to refund the network in order to rebalance the peg and burn out the bad debt, every crypto starts as a ponzi-scheme and people who state otherwise are either lying to you or themselves.
Furthermore I am glad that we resisted Binances demand to burn the excess supply, LUNA will move back up if we suceed in selling billions of UST to the world and that could be achieved with our tech, network effect and dedication if we just change the protocol to repeg UST to 10 cent on the dollar, the market is already doing that now if you look at the buy walls on UST/USD. Furthermore the whole idea that a currency can be stable is nonsense, at best its stable within a corridor, propped up by backers who can print money ex-nihilo and quiet frankly if I had to choose between the bankers and the algos with the ability to print infinite money I would trust the computer code any day of the week, but then again as a software programmer that used to work in big banking I recon its only natural to feel that way and the beauty of crypto communities is that they are as diverse as our species.
For now all I can say is that you shouldnt lose hope. If you bought 10k LUNA at 100 USD, buy another 1 mill LUNA at 0.0X USD and cost dollar average your way out of the situation, focus on growing the ecosystem any way you can and be patient. If we change the pegging code and increase the burn rate of LUNA we will be back in green in no time and the world will have forgotten this Ethereum-DAO-attack moment and move on just like it has done so many times before.
Should KEEP IT SIMPLE and distribute in ratio of current supply and new supply which is in the ballpark of 6910 : 1
This encourages people to HODL, SUSTAIN, and INVEST in the current market status as they know their purchases will not be in vain because their holdings will be converted upon relaunch of the new reconstituted chain. Those that sold for pennies can buy back for pennies. This will also stop a lot of FUD .
I don’t know what the actual best thing is but I do know I did make a last-ditch effort as small as it may be and I do know that I liked Luna a lot! it is a very cool project and it sucks somebody would do this shit!
I had luna on Crypto.com… after drop I sold to try to buy lower to accumulate more…. Then I swapped to Binance and bought more… to try to DCA my losses… so now you are telling me that on this reconstruction I get nothing ? So why was I buying and trying to defend and hold price?
Mr.do Kwon I have trust in your project I trust you and your entire whole Luna team as a Luna holder I believe that I can got my funds back I bought the dip but I didn’t know that it’s supply is minted outside so I hope u will refund me my loss I will really appreciate u that u come up like this in that bad situation but it’s a very serious matter every single Luna holder just lost the money so please and I believe that Luna will stand up again and will make ATH soon and one more thing I want to ask you that my holdings are now in binance how u will give us our loss back please I am begging u that I need to get my money and in the last I still stand with luna and always I will be standing with luna because we are like a family we all every single Luna holders will rebuild it again soon and my prayers are with you and with your Luna team hope we will get our loss soon. Thanks and please if possible reply me I will be very thankful to you
Also, people have Luna on the CEX. And you have to check carefully at which price they bought.
Everybody now has 100k or milions of LUNA, but SOMEONE bought a few thousands at 5-4 dollars…
Save THIS LUNA, or i am fine to leave and loose my investment, but your experience in the crypto market is over
What about people who transferred it to an exchange and sold it before/during the big fall.Won’t they get to keep the profits from selling ust then as free money if they will get new tokens also.UST transferred to exchange should not be considered or maybe UST sellers should get new tokens as per their selling price of UST on the exchange.Anchor protocol depositors and ust holders who did not move funds had more trust in the terra luna team.If they are still holding UST on chain they should get bonus tokens for their loyalty to the project.
The exchanges are not going to keep a running account book on your holdings and do distribution based on all your various factors. It needs to be simple and stupid for them… Otherwise they will take all the newLUNA drops and keep them in their own wallets and give nothing to customers. Happened many times before even with coinbase. Their policy could be we do not support any type of airdrops. Too much work and headache for them to deal with hundreds of thousands of accounts and put an accounting system in place.
We all need to get more practical and make it more simple to implement and equitable to all current stakeholders. And not single anyone out. No one person is special here @dokwon
I’m sitting on 1000 $LUNA. Terra turned off the chain last night before I could get my coins off the exchange. It’s still listed and trading, but I have no idea if/when I’ll be able to take custody now that the chain is turned off.
I understand people are frustrating, but Mr.Do was attacked of being silent, and now being attacked for trying to find a way to help us out and give strength to the terra system .
You guys blaming him for a clearly market manipulation to drag UST down.
Stay strong people and trust this man who made luna once reach 119$.
I know its hard to handle, i lost couple of thousands in what happened , but spread hope to make a great comeback.
I witnessed what happened to link coin in 2020 it went to 0.00 and came back and hit fresh highs .
Trust this guy and give him a chance to sail his boat
Hi! I think that this proposal is unacceptable because ALL users that bought LUNA crypto must be helped and supported in the same way: in fact all of them invested a lot of money in LUNA crypto. This must apply independently from when users bought the LUNA crypto (before or after the depegging event) because:
a) the depegging event was due to a bad design of the LUNA network: so the fault isn’t of the investors but only of who designed the LUNA network!
b) As the article aforementioned states clearly every type of investor (that is to say: who bought LUNA crypto before the depegging event, who bought it after that event, etc) has had an important role in trying to confer stability to the network and to create liquidity for the LUNA network.
c) There are users like me that bought a great sum of LUNA crypto after the depegging event (for the whole cost of about EUR 20.000,00) that you consider to be on 9th May (I bought LUNA crypto from 12th May towards on) and this sum gave a good support to the network in term of liquidity for those investors that sold their LUNA crypto during depegging event: so why should I be considered less important of an investor that bought LUNA crypto one minute before the depegging event?? Maybe I invested in LUNA CRYPTO a sum of money much greater than other investors did before the legging event: so why shouldn’t I be rembursed?
So the percentages listen in the article above related to the rembursement of every tipe of investor doesn’t make sense. It would make sense to patch the LUNA network in the right way so to make possibile the trading of the LUNA network and subsequently to start to think to an improvement of LUNA network with a possibile fork. If patchin the LUNA network is not possibile the owner (or who has responsability) of the LUNA network should remburse investors (at the price they bought the crypto, of course). In fact this is the right thing to do considering that a lot of people invested all the life savings (or a good part of it) in LUNA network and now they are having an unprecedented psychological backlash and financial hardship for this apocalyptic event (until now it’s never happened that an high capitalized crypto like LUNA collapsed in this way!).
So, make the right choice and get out of your mind the REVIVAL PLANE you detailed before!
Yes, I kept all my UST inside Anchor Earn (still there right now this second). Am I supposed to move it out now and sell to recoup anything back, then I would still get the new UST (even though all my old UST would have then been sold)? Or do we need to continue to keep UST inside Anchor to receive the new UST?
