This the only fair plan to rescue Luna for UST I will share another plan later on.
I’ve been reading some crazy stuff here, and clearly everybody is selfish. Instead of asking for crazy stuffs which will clearly kill Luna for good. Take a breath and be fair to everyone. You can’t take a snapshot before the attack and pay the dumpers again you can’t also give millions of Luna to people that bought it at 0.0001$.
You can’t also refund people that cut losses and sold along the way at 50-30-80$, they sold and probably have those funds already on ethereum or solana right now. So they assumed their lost like if you sold ether for 1800$ yesterday and today it’s 2150$.
The only fair path is to scan for remaining holders you scan the whole blockchain until the last block and make a fair airdrop, by calculating how much everybody spent in usd dollar, no matter when.
- You check how much each buyout on each account was worth.
If you bought at 10$/Luna (1000 $ worth of Luna) then you must have you have 1000$ worth of Luna v2 no matter what will be the starting price of the ido.
If the ido starting price is 0.5$/lunav2 then you should receive 2000 Luna v2
If you bought at 0.00001$/Luna (10$ worth of Luna) you should only get 10$ worth of the new Luna. If the ido starting price is 0.5$/lunav2 then you should receive 20 Luna v2
- You can vest those airdrops to guarantee a good relaunch of the project and avoid people dumping the tokens.
Anything besides this is nonsense and will get everybody involved in terra governance to be subject to law suits and interpol tracking
Also how can you regain trust if you scam people that bought the dip and thought they were supporting the project.
Do Kwon and the team hasn’t resume trading, bridges and swap and were even encouraging the deployment of capital during the crisis so it’s impossible to say no to those that bought thousands of dollars to go away.
Again paying people what they paid is fair.
If I had 1 luna but bought it at 120$ each and I held during until terra went to 0
Then I deserve the same luna v2 as someone That ended up having 1000000 but bought at 0.00012$ per Luna they both spent 120$ During this crisis and should have both the same amount for 120$ this is the only way to be fair.
Very smart solution ! I totally agree ! Thanks for your idea !
How will you scan all the buyouts on each account? Most trades happen on private exchanges behind closed doors. Some might be willing to share this info publicly (unlikely, it’s a breach of privacy) but you can’t scan all exchanges in the world. There are thousands of local exchanges distributed in countries with their own laws.
For public wallets it’s easy you can scan the whole network and for each account you check each buyout and know how much usd has been spent. hotwallets such as exchanges it’s a bit more tricky and will probably need the assistance of these said entities.
Binance will Need to calculate this internally and inform terra.
Centralized exchanges that manage everything internally will need to disclose how many Luna were held and at what price to be able to switch them to Luna v2 not impossible at all.
Already happened on forks and migration, but that being said public wallets will probably be airdropped way quicker than those who have those tokens at binance or kucoin
No other solutions will permit Luna to revive they must be clean at all means scamming twice will only get them into real troubles.
But what if someone bought $LUNA at Binance, then withdraw their coins from Binance and deposited them to Kucoin, and then withdrew the coins from Kucoin to the Terra mainnet?
They will need to take into consideration the place where the coin has been held on the last block before terra shut down.
So the price will be the terra mainnet if you had it on kucoin they will take kucoin information.
But since you received it on terra they will take the moment it landed on your terra Wallet that exact price.
Seems silly to me that you don’t think taking a snapshot and airdropping to those who were holders before the attack is viable. Your proposal suggests that only the users who did nothing should be fairly compensated. I call B.S. users have a responsibility to try and protect themselves. Those that transferred out should also be fairly compensated. Snapshot should be from the prior suggested date on May 9th (I don’t remember the exact time but someone can fill that it at a later time).
I bought Luna on Binance on May 10 for more than $300k. I am in favor of Binance reporting this to the community.
we do not fork, go ahead !, or we will recover the peg or we will die trying
Transfer from one mess to another
If you sold luna during the dump at 30-50-60-80$ you cut your losses you can’t be refunded even though you have 40% or 80% of that money already on other chains.
If you didn’t sell and held until it went to 0 the Luna on your account should be airdropped to you taking into consideration their worth in usd if you bought 120 Luna at 10$ Per Luna and before the blockchain shut down you had only 100 Luna left you will be refunded 1000$ worth of new Lunas this is fair.
so punish those who bought the dip? sounds unfair
You bought the dip you will get that same amount of usd at ido starting price isn’t that good.
Imagine Luna starts at 0.5$
Having millions now will not make you even a penny.
What is happening right now is just madness.
The more it dip the more it become impossible to recover as people will own crazy amounts
Ahh so punish those who purchased to preserve versus those who fleed
And what do you think about bLUNA, UST, aUST, and other native token holders?
everyone earns based on what they invest, so the story that you have lost everything, and therefore you want to be repaid !, (if you had won everything you would have paid back someone, who lost so you could win. money does not rain from the sky if there someone who wins and someone else who loses)! Well if you lost I’m sorry but you knew the rules of the game you can’t lose at the casino and ask for a refund on exit
I agree with your proposed plan but would suggest to modify it. If this is to be a fully or mostly collateralized UST, then I don’t think they have the funds to reimburse everyone exactly the amount they had spent during the dip. If there’s only $5 billion to re-allocate, I can’t promise to give back $15 billion.
Everyone would get a fraction of what they spent, but that fraction would be the same for everyone (not 100%, perhaps even less than 50%, but at least still something).
If you fork, you will definitely lose the community. There is no project that has successfully forked in history, except ETH.