First of all, my personal opinion is in favor of solving the problem with the existing network. The reason for this is very simple, the network is the same network technically, the only thing that will change with the fork will be the deletion of hyperinflation numbers.
It is purely a fairy tale that the network will be vulnerable to attack due to hyperinflation. This problem can be brought back to its former level with a few simple conditional parameters to be added to the full node structure.
Inflation can be reversed with a few changes to the existing network. With an update that will convert the UST to the over colleterized model, it is possible to use swap commission income and transaction fee income on the network for Luna burning. In addition, many more models can be added.
The team is openly talking about creating a new fork. The reason for this is very simple. With the establishment of the new network, 1 billion new tokens will be minted and these will be distributed to Luna and UST token holders on their own terms.
A token that has been dealing with hyperinflation has no motivation for themselves, they cannot try to make you rich.With the new chain, they will take control of the network again and gain a large share.
When they produce a new stable coin project, they will make the most profit from this business.
Nothing has changed for the Do Kwon or his friends, they will have started all over again and they will have the community support for the new token. Yes, they will use the Luna and UST victims as boosters for new token. Those people will believe they can recover their loss when the new coin break the records in price.
The easy way to become a billionaire.
As I said, the new fork and 1 billion supply token will be just another indicator of the current hyperinflation figures.
I would love to reject the fork and see plans to keep the current chain. I think a fork is much riskier than fixing the current infrastructure. I dont have all of the answers, but creating multiple strategies to burn is the first step. Saw a post about LFG pulling in $180m PER MONTH. Not sure how accurate that is but if that wasnt sitting in Luna there is a lot of money made off the network that can potentially be deployed to save it.
Exactly.THEY SOLD US,make us a good price,under the foudation of new chain.
We are victim of both old chain and new chain.
They only care themself,not us.
Two words…‘venture capitalist’ securing their interests is more important than the community.
If they want to fork they need to give 1:1 % of current luna to new luna based on total supply. If I own 1% of total supply now, I should own 1% total supply in the new system. You don’t get to play socialism and redistribute wealth as you see fit. The world isn’t fair, if you aren’t buying now then that’s your loss, but dont go and screw me for buying in on the way down. If you owned 0.003% of total supply with 100 coins prior, you should get the same thing on the new chain. They can block the wallets responsible for the exploit. I don’t care. But you better give me what I’m owed on the new one. If you go and steal peoples money and distribute it to others, that is literally the definition of theft.
With some of the modifications discussed here many people could be made whole again in a year or two I believe. I wish leadership would work with us instead of trying to compete with a new chain.
Exactly, they can arbitrarily decide how much everyone gets and give themselves a much larger share. Rinse n repeat.
Two possible solutions in my opinion are… but very tricky
force reverse all transactions since May 7 by refunding everybody and burning the coins already owned by them. It will bring the total number of coins available back to acceptable range. Airdrop new users by about 10% as a thank you to keep them happy
raise your selling fees by 50% for 2 years to use it for burning more coins. For example if somebody buys Luna for 1p… if he wants to sell he will sell it for 1.5p and not 1.00001p etc… if the price of Luna is 10 dollars then the selling price is 15 dollars… this way if somebody sells Luna it will discourage them to buy again at higher prices so if somebody sells Luna for significant profit… they will likely buy Luna in less Quantity for next time…i hope I am making sense
The infrastructure was working , it was the implementation that went wrong by one dude.
Please Luna must not be down…revive Luna with the btc you got for exchanges before it started crashing… changing name shows incompetence of the group at large and you will make people to be scared of your new building because there would be something at the back of everyone’s mind that you will definitely hope for another one if the new one collapse…save your name reputation, allow the dignity remain and let them no that you are still Luna no matter what…
Luna it is time for you to save your world no matter what it takes. Never let down of yourself or allow to bring to justice. Many nations are awake on this and following up to see your actions…prove to them you are competent to stand again…
Rich people got what they want again they killed Luna and now going for another shot. They didn’t do to stop while it crashing during the attack. They have always way to make money from your pocket.
They consider us just like animals. We are like animals who have to sacrifice ourselves for their benefits and they dont even give a shit and ignore us like some kinda beggers and animals.
The only way to save Luna & Terra & all those countless people around the world including us
is for Do along with people around him to step down from Terra and replace the position with someone else
I think both chains can coexist just fine. Do Kwon already said that the current chain would be community driven. Meaning the community can decide to make the necessary changes to the code to reverse the effects of the crash. If I get it clearly, the recovery of the current chain will depend on the leadership of the current system. In other words, the community can do whatever it deems appropriate. Who knows, the community’s efforts could eventually save both LUNA Classic and UST.
If that is indeed true, then that is welcome news! The question then becomes, how do we get started? Because many of us believe that UST and LUNA CLASSIC are quite salvageable.
Exactly they don’t like coins distributed among the common people. They want whales and centralized economy, they have no interest in rescuing victims all they care about doing this flawed business elsewhere…
This can never be allowed to happen again if you revive…the algorithm has to shut down by itself before this crap happens again…this is the 6 hour chart for LUNA CAD. Notice the one big red bar with wicks on top and bottom? That’s where I lost most of my money wohooo! Test the algorithm many times before you release it again to the masses…make sure it can withstand a bank run! Back up with real assets…then you may have a chance to win back my trust.
DO KON I hope you are history.