Hi @dokwon , i have lost 1.8 million $ all my luna was in binance , and trust wallet from 57$ to 1 $
And i have all my coins in binnace / and trust wallet and i can provide every transaction I lost all my money, in terra station i eas invested in ecosystem more than 150k$ and i have two children 4 years and 2 , the worst time of my life , i need help , i was waiting for a plan that u might have , but i dont se the cex ( binance ) including in your idea, and i dont have words what to say. But belived i luna and ust, and i have invested everything ( PLease help) @dokwon
so, if I understand correctly… I personally (and many others besides me) kept buying Luna, and had money in UST, are they all gone? I as a Luna and UST owner wanted to strengthen my coin as I never thought a top 10 token could drop so much. So there is no way to get it back? Did I lose all the money I put into it?..
You need to explain more of your idea because clearly open and free markets have spoken. As far as we know open and free markets is what got us here, Yes? Probably no one broke any rules when they pulled off their free and open market act. This project is dead and needs reborn. Listen, there is nothing to work out. What are you actually recommending as a course of action. Am I missing something?
I agree. I arbed all my Luna and bought more on chain on the way down to support everyone.
My life savings in Ust I withdraw at around .2. I felt I had no choice but to sell with no update from terra.
I get screwed because I was in the system, provided LP, was a true lunatic and yeah get nothing?
Stupid speculators asking for a refund because they jumped on a crumbling coin hoping to make a quick buck.
Let’s not lie here, they weren’t supporting the network, they were trying to make a buck as it was sinking, the very same people calling for its death on CT.
This is crazy if you comp people who bought 1m Luna for 20 bucks thinking they were gonna get rich.
The buy back and burn you talk about is the only sane and fair solution. This would solve the problem and build investors trust. There is this thread here about a financial expert that explained in detail what happened and why what the Luna team was only making the problem worse. At the end he exactly proposed for Terra to buy back Luna and burn it.
The problem of the Luna team is that they are totally blinded by recovering their own losses. In order to recover their losses, they don’t think rationally but follow their emotions that make them take amateuristics and stupid decisions. They probably don’t want to buy back Luna because it will cost them money. They prefer a new chain and steal from “marginal” buyers because in the shortterm that’s the path of less financial pain. But the anger of duped investors will cost them in the longterm.
I agree with this. However there should be a lock in period. Where currently hodlers or UST and luna cannot sell luna for a year this prevent another dumping of ust and luna because they want to exit. This will give time for Do Kwan team to regroup and redesign the ust/luna and Make sure it can handle the attack and if to they can implement a quick plan A to Z to prevent degging in 10 mins without diluting the supply of luna
It is time to properly address the elephant in the room. While I am aware that this is just a proposal, Do Kwon’s vision carries a high degree of throughput and weight.
A revival plan before transparency on crucial events leading up to the de-pegging, the spending of funds to salvage the project seems premature. This proposal, while again, just a proposal, lacks depth and retribution in so many ways, it’s obvious.
I want to address the tranche within the tokenomics proposal slated for UST holders:
** 400M (40%)** to UST holders pro-rata at the time of the new network upgrade. UST holders need to be made whole as much as possible*
Let’s compare the downfall of the Terra Ecosystem as we knew it to a large bankruptcy in capital markets. In bankruptcy proceedings, debt holders (UST holders) usually get a claim to assets ahead of equity holders (Luna holders). It is evident that not recognizing any form of repatriation to UST holders at the time, or prior to depegging is fundamentally wrong. It ruptures the fundamentals and backbone of the protocol.
Currently, we are seeing high degrees of alpha after Do’s post, and users are rushing to purchase UST and LUNA for mere pennies on the dollar to bridge the gap and hold until a new network launch. We should reward the loyal holders that built the protocol, not overlook and ignore the UST legacy holders. It seems like this proposal was drafted to avoid future ownership for the bad actors who took down and manipulated the PEG. You can simply carve out these wallets to avoid rewards these bad actors.
Accounting for legacy UST holders is necessary and crucial in any steps going forward. This must be addressed and re-evaluated properly.
Burn 6.4 trillion coins and see if the market cap for Luna doesn’t explode. It will be enough to repeg. Back Ust with 50 billion Luna, instead of minting more, burn the coins and make people money. Luna should never allow the market to dictate a stable coin. Easy, market cap will go to over $100 billion in weeks. I can’t be the only person thinking this.
We do not want to agree to any distribution plan until we see something fundamentally different with your new Terra version 2.0. Your algorithm at minimum should have stopped allowing UST to arbitrate for LUNA the moment LUNA and UST market value were equal or below. Terra version 1.0 is a Robinhood algorithm. It encourages stealing from the rich except users were fine with this assuming the repegging was functional. Somehow your price oracle looked only at public exchanges to decide what the UST’s price should be instead of actually trusting your own internal price oracle to know that enough LUNAs were already burned so return to the peg. Your implementation has no emergency controls. The only idea that bought you time was exactly the daily minting cap but you removed the limit to let LUNA mint to infinity knowing you had no solution, and you see now that the UST still has not repegged. Why?
As per the importance of those supporting your network, let us look at your stakeholders:
Unstaked LUNA
Unstaked LUNA holders have the least responsibility on the network. They are considered the most liquid behind UST holders and are free to dump on the central exchanges any time. There was no incentive to buy unstaked LUNA after LUNA’s market cap dropped below the UST market cap x (1 - staking interest rate). There was all the incentives for UST holders to mint massive amount of LUNA to get more LUNA for less price. Thus, those holding unstaked LUNA were passing them around for smaller and smaller losses with each holder hoping that UST would repeg to earn on the price difference.
Bonded LUNA
Bonded LUNA holders could unbond at any time and dump their LUNA to the open market. However since many have a 21 day unbonding period, by the virtue of holding them, are similar to delegated LUNAs. Bonded LUNA holders do not vote but their existence to the network is valued the same as delegated LUNA holders. While LunaX holders could exit at any time the instrument’s importance to the network is similar.
Delegated/staked LUNA
Delegated LUNA holders participate in the governance while working with the validators to keep the network going. Those staked with validators are the ship’s crew trying different ways to keep the ship running while the ship is going down.
UST
These are the paying guests on your ship. You have an obligation to serve them because they brought capital to your network. Your network is a collateral machine that generates interests from borrowing UST and in the end expects to exchange their LUNA interests earned to UST where it may be exchanged for USD. The guests have zero obligation to save your ship. They had the first right to jump into the lifeboats to save themselves. The guests that remained to the end are those still trying to carry water out of your ship using small buckets to buy you time to do whatever you needed to fix the hole. These guests gave up their freedom to save the network. They did not expect to gain any money from arbitrage because they bought at ~$1.000 and could have left quickly to allow the network to die by massively minting LUNAs at any time then dumped them on the central exchanges. UST holders must be valued at their cost basis to discount arbitrage during depegging.
Distribution
Fair distribution
For any distribution the fairest must be based on the total market cap. If LUNA was $3 billion and UST was $12 billion then LUNA holders shall get 25% of the recovery pool. Each holder simply gets what their value was.
Biased distirbution
The order to importance:
UST holders at cost basis had the most to lose and had all the reasons to bail immediately
Delegated LUNA holders were keeping the validators functional
Bonded LUNA holders were keeping the validators functional but had the option to bail
Unstaked LUNA holders had the most reasons to bail and those that did not were hoping to flip for money
You are obligated the most to save the UST, Delegated LUNA, and Bonded LUNA holders. It is between these that the network had survived the longest. It is between them that an agreeable price shall be made. You need to make them whole.
Using $1 LUNA as the starting price point requires you to actually perform a volume distribution rather than blindly cutting out distributions. How many percentage given to Delegated & Staked LUNA holders and UST holders depends on the total volume of everyone’s holdings. If there were only 10% of the Delegated & Staked LUNA holders left then they should get 10% of the 80-90% recovery pool and UST holders 90%. The Unstaked LUNA may share between 5-10% of what remains.
Nobody wants to give up UST. UST holders should just stay quiet and keep holding their UST … do not sell. The team will eventually peg the coin to 1$. It is not that difficult. You need outside money to peg UST. I am sure they will find this money. But you can’t use Luna to save UST like they did. UST marketcap was much higher than Luna so Luna could never save the peg. They only made the problem worse by killing Luna.
Take it one day at a time. $120k is hard to lose. But you can get it back. Settle your mind and start finding ways to earn. This will make you hungrier. Don’t let it steal your life.
I didn’t purchase UST as an investment, or to see appreciation on my money. Quite the opposite, I purchased it to not lose money while patiently waiting for the price of potential investments to hit buy zones.
Forgive me, but I don’t know what Luna/Terra/etc really are and don’t care. UST was simply used for what it claimed to be, a stablecoin, safe harbour to park funds rather short term, that’s it, and for many months it worked well.
99.9% of my crypto holdings were, and still are, sitting in UST and now my portfolio is down about 93-94% since last week.
My capital is significantly diminished, tied up, and apparently the suggestion is that you’ll only make partial compensation, and in the form of some new coin that may very well be worthless before it even reaches me…?
Mixed bag and no way to separate the ones that were trying to help versus the ones trying make a buck. Besides, many were trying to make a quick buck before things turned south. This argument is not the way to come to a conclusion. Plenty of Lunatics were scrambling and put their money in hoping to save the ship. I agree though. at some point it got ridiculous and we were buying the meme. We lost all hope and why not own a shit ton of Luna or UST as a laugh. Good Luck my friend. As they say in Korea , Fighting!
Why do you think 40% of new coins will cost 40% of the current UST market cap? 1B new tokens will be issued and 40% distributed to UST holders. But the market cap of the new system can be 1M USD. So for all UST holders will be 400 000 USD.