I think this is not the way to go. Holder paid the Bill now via almost unlimited supply.
Those Loyal Lunatics who wanted to save the ecosystem with steady buys all the way to the lows got burned with a rapid increase in supply to peg UST and paid the exit liquidity for those who wanted out. Now they should only get 10% ownership while those who made money with this dump get 40% and the chance to shake the whole system with the advantage of the most ownership.
I don´t wanna be the exit liquidity only. I wanna get rewarded for being brave to still buy every day which means keeping my big stack and not getting it devalued again with a migration. I highly believe in a comeback so we should not leave Terra Luna behind with the first big problem. Rather fight for it and bring it back to live. Many new investors on board now who see a chance here. The ecosystem was tricked and destroyed by an attack and those who picked up the pieces should not get their shares decreased and rather with burns supported as soon as it´s possible. Terra Luna is the way to go since we have a whole Brand already placed. It never had this much attention before and image how big off a statement it is to take this hit like a real one and make it even bigger after this.
14/ Terra’s focus has always oriented itself around a long-term time horizon, and another setback this May, similar to last year, will not deter the. Short-term stumbles do not define what you can accomplish. It’s how you respond that matters. 14/ Terra’s return to form will be a sight to behold. We’re here to stay. And we’re gonna keep making noise.
Thats whats up and this is why i´m here. CZ said he will help too.
@cz_binance
The design flaw: minting coins (printing money) does not create value, it just dilutes the existing coin holders. Incentives doesn’t create value. It is just a bootstrap mechanism. Build products people use.
Terra Luna > Migration
Just my opinion i wanted to share and after 3 days wanting to migrate sounds more like a second chance for you guys than a first try with Luna.
Rgds and lets get it, we got this all together!
My funds are ready! Are yours too?
So, other people may have made better decisions about the risks to take (and got out early). You took a more uncertain path, and waited it out. You are now reading about a proposal that will compensate you with less than if you also got out early. But because you made a worse decision, you want those who made a better one penalized?
If we are serious about saving Terra Island for the many excellent projects which have built here, there is only one real option: buy back and burn the newly minted $LUNA supply to restore economic stability.
Very bad idea. TFL was right at first – if one coin has to go, it should be LUNA.
Loss of LUNA was unavoidable. Yet UST is the flagship product of Terra and a STABLE coin.
UST’s blowup does not make mathematical sense and if left un-amended, would destroy the trust in the entire Terra system.
If we all bought UST with real dollar on a 1:1 peg, even Anchor has paid a 19% yield on the deposited UST in the past 1-2 years (?), the bubble should not have been blown so big as to now each UST is worth only $0.11.
How our hard earned dollars were diluted to such a degree while deposited in a pegged stable coin on Terra, is a big question.
If Terra may not be able to offer UST depositors an answer, but it owes its UST depositors their money back, principle and interest.
Failure to make up for UST depositors would be like breaking alll fingers indeed.
It is not always about doing things right. It is about doing the right things.
It’s a terrible plan put forth by the Terra Builders Alliance and would only benefit projects and whales. I’d like to see this proposal up for vote (odd that it’s not…) and add burning of luna for all services onchain.
Everybody knows how crypto works. Everybody knows not to invest more than you can lose, but who actually follows that? Greed over rules rational thinking and then when it doesn’t go your way y’all want to whine about it. It’s crypto, it’s how it goes. Just buy and hold and form new trend upwards until the team burns and implements a plan.
+1 for this. I don’t know exactly when the “new network upgrade” took place for UST, but I think the plan should include all of us who held up to the point of your last twitter post on 5/11 “Dear Terra Community” where you still were taking about UST possibly regaining its peg with the implementation of prop 1164. At this point, you gave off the impression that there was still hope of stabilization, and then you went silent until now. We believed in the Terra ecosystem’s ability to recover from this right up until the point where it was either salvage some or go down with the ship. This should count for something if this project is to continue in regards to any sort of redistribution of tokens to supporters of the project.
Respect to those who held all the way to zero I’m personally okay with these ppl getting the highest %, but this should be addressed.
Interesting idea. That refreshed billion of LUNA could all go to UST holders (and UST is then dead). But although LUNA was always at a risk of going to zero (it minted/burned whatever was required to protect the peg)… a lot of legacy LUNA holders would scream. Maybe enough would leave to kill the project?
I guess we’ll see. Definitely something to think about!
the luna price right now you think need how much fund for buy back , lowest price 0.0000012 just need over 6-10mil usd for 6000 bill luna , the easy way
UST buyer, take the risk to earn 20% high interest in return
Luna buyer, take the risk hoping the price go up after they buy in
It’s no different, both are equally the same
Banks and companies offer high interest return term deposits, bonds to investors, the higher return the greater the risk, if these banks or companies go bankrupt, do you think they can get their money back?
If we are serious about saving Terra Island for the many excellent projects which have built here, there is only one real option: buy back and burn the newly minted [$LUNA]
UST’s blowup does not make mathematical sense and if left un-amended, would destroy the trust in the entire Terra system.
If we all bought UST with real dollar on a 1:1 peg, even Anchor has paid a 19% yield on the deposited UST in the past 1-2 years (?), the bubble should not have been blown so big so fast as to now each UST is worth only $0.11.
How our hard earned dollars were diluted to such an extent while deposited in a pegged stable coin on Terra, is a big question.
If Terra may not be able to offer UST depositors an answer, it at least owes its UST depositors their money back, principle and interest.
It is not always about doing things right. It is about doing the right things.
Better fix the problem than fork to another project, let’s avoid a situation where it is not clear how and who gets any form of compensation since it is unthinkable to contemplate every different case and behavior before, during and after the crash
If algo stable was the premise of this project, why should we throw it away. Let’s analyze the events and find a fix.
Stability is 1:1 UST/Luna Peg, that is what needs to be restored, the USD/UST USD/Luna is a secondary issue for the moment.
If Point 3 is the goal why we do not allow staking luna directly without collateralization with a conversion mechanism to UST and higher rates as it was supposed to be in order to restore the parity?
That sounds reasonable, today. However at the current rate the system will still be minting LUNA for more than a week. And as it mints fresh coins… the price drops… so it needs to mint more the next day.
I don’t know how many will be needed. After a billions, then trillions… what’s the name for the next numbers…?
I have a suggestion for all current Luna investors to reduce their supply in proportion to a snapshot of the time before the event. For example, a pre-event luna cost $80 as a base. Due to the excessive issuance of Luna, a user can buy 1 Luna with 8 dollars. Can the user’s base of 80 dollars be changed into 0.1 luna by fork later? This reduces the total of 6 trillion Luna to 1 billion, and all investors reduce their holdings by that amount. Can let the user reduce the loss to the greatest extent. At the same time, the Luna Foundation bought back $100 million of Luna to burn, giving users confidence. I wonder if anyone understands what I mean and can discuss it. @dokwon
I’m personally okay with these ppl getting the highest %, but this should be addressed.