well enlighten me about the reserch you have done that I am clearly missing. I have been talking to community across Discord and Twitter for the past day or so and none of them sugested something like that to me. “pitchforks and your do Kwon would be in jail” and how did you come up with that conclusion?
Uhm maybe it’s time to wake up and accept that everyone loses out
Time to wake up and accept that everyone will lose out
Now I think you are just trying to scare everyone. This si a bad tactic to gain any community aproval, just saying
Is this a ridiculous idea?
The biggest crypto failure can be crypto‘s greatest success.
It’s very easily obtainable by creating the perfect asset, that’s not only collateralized, but says the hedge fund magic words “non correlated”. This will drive in big institutional money, because we are essentially creating the ultimate asset the fund managers only dream about. Currently crypto trades with the stock market, it trades very much like a tech stock.
We burn Luna and we incorporate a burn tax that not only burns Luna with every transaction but a burn tax that buys a physical asset backed stablecoins like Paxos which stores physical gold in brinks vaults in London with every coin. Paxos is also working with Warren Buffet owned nubank, so there’s obviously a lot of trust there.
We would also incorporate other cryptocurrency‘s like Ethereum, Bitcoin, Avalanche, in addition to other physically backed stablecoins. All of these assets will be stored in a community treasury.
We do all these buys with an algorithm that attempts to lower the beta coefficient (correlation) of the treasury assets to various world stock indexs, like for instance the S&P 500. We also have rebalances of the treasury assets by the same algorithm.
We have an elected DAO to oversee all the treasury assets and first launch this algorithm with a greybox type style where the DAO will need to approve the decisions of the algorithm.
The DAO must have complete authority with the treasury funds.
We would compensate UST and Luna holders as per Do Kwon’s proposal with this new version on Luna
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It’s been made abundantly clear that you can’t just fork and go back in time and pretend like nothing happened. Additionally, with do Kwon tweets during the fiasco and without shutting off the chain, he’d be charged with fraud if Terra goes forward with a fork.
You fork and the project is dor. It’s very simple. It’s not fear mongering or bs. The coin will go to zero faster than the dump from Luna we just recently observed
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You don’t seem to know much with your suggestions and not even knowing what the eth fork entailed and why it was done
This solution looks a bit more complete than FatMan’s, I held 107K UST before the attack, and after the UST price collapsed, I sold all my UST and got only 53K, I panicked and bought it for a quicker return I bought Luna. In fact, the price of Luna was still between $1 and $2 at that time. I thought this would allow me to pay back my capital faster, so I bought Luna, but later Luna caused the price to rise due to a large number of additional issuances. Plunge, I think the Terra team must be held responsible for this, because people like me were not originally speculators and were just using UST as savings, and we asked for compensation in response
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Its really not research so much as basic finance and economics. A fork to try and turn back the clock invalidates any trust in the system. No trust = no investment; no investment = no growth = death spiral.
If you take value out of the system to comp losses the system weakens and prices slide further, removing more value from the system. Again death spiral.
If we want to just pack it in and give up, then sure distribute what value remains to those invested in the platform in the form of btc; but accept TerraLuna is ded.
If we care at all about saving the platform some for a burn is the only way, and we all have to be patient because it will be slow.
I think this is a great idea, I am really glad to see a post suggesting an actual feasible option for saving the platform.
Well I already in peace with my loses. My biggest mistake was even if I distributed all my investments to lower potential damage, I forgot that 90% of my portfolio is in terra. I probably counted as small investor, had ~3-4k USD worth of LUNA in binance, another 4K UST in binance, anchor 7K UST and another ~5K over multiple terra projects (LP and small investments some alt coins.).
I did not sold even 1 LUNA during depeg (actually buy in 
), and was holding UST until it was really visible that we are in death spiral. So I sold my all UST from binance at the end (though good end 0.3)
While UST on terra chain was holding ground until 0.1 (a bit mistake was too sell when it was 0.1, needed to wait until it recovers until 0.18). I even moved my UST from anchor to White Wale vault (dunno if that helped him with arb, though I hope).
I am quite disappointed with UST, like written in above, I am not speculator investor (buy dip, sell rise), I was more like holder and UST was majority of my portfolio.
So why long story? Well If this plan goes ahead, I probably will keep USD (in USDC or any other coin) I get as refund for holding UST in terra and put in some projects (there been some great projects), but for some time for sure will not invest more until I see terra is more “stable” when it was.
Now my target not to have more than 20% of my portfolio in single chain, CEX, coin.
I have to say, that if terra recovers from this, everyone will buy it because they will show us all that they care and are passionate about what they are doing and that in the event of an attack they will make their way back and continue working as usual…
I really think that a recovery from this (if ever happens) will end up in a new ATH because now everyone knows about terra and old holders will feel more protected and probably invest even more.
Regarding the silence… there’s only 2 options
Option 1: Terra labs is not a meme coin that will push people to keep buying at ATH… they are serious business people, so they will not say a word until they are sure of how to sort this out.
If they have a recovery plan in place that will happen soon or later… and they have been already attacked… I’d not advise to say a word out of the team about any recovery plan….
Right now there’s a lot of uncertainty and many people for not saying majority of people thinks, believe and spread the feeling that Luna is done and dusted… and many other people thinking that they will recover… this is beneficial for terra labs because in the event of a Luna massive burn… this will not be possible if the community, newcomers, chancers and whales were holding all the supply….
So I respect their silence and understand it.
Option 2: Terra labs has no idea or resources or both to get the ecosystem back to normal and they avoid social media to reduce the pressure they already have in order to get to a solution or decision to give up ASAP.
I really think that a recovery is very unlikely, but I’m 100% sure that we won’t know if a recovery will ever happen until it happens. It’s out of terra’s interest to create FOMO in any of both scenarios because it will make their task much harder….
I like this Proposal. Lets Do it
This is a great mindset, and you deserve credit for not panicking. Its hard and certainly in some cases life changing to take loses like that. But at the end of the day we are all individually responsible for our own financial decisions.
Some may feel lied to and deceived by the collapse of UST, but we have to recognize that stable coins (especially algorithmic stable coins) are only stable in theory. At the end of the day they are just like any financial vehicle, they only hold the value that the market places in them. In the case of UST the market decided it was not worth $1.
Now is the platform partially responsible for that? Perhaps, this scenario was pointed out as a clear possibility by many well before the event, so well gamed out contingencies should have been in place. But the idea that anyone deserves compensation because we each made a bad investment, is just not how finance works.
If we want to recover value, we need to do it by stabilizing the platform and restoring trust. Not removing value to compensate investors.
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Unfortunately for coins in CEX, we have to depend on CEX’s action. I do have Luna in CEX way before the crash, and keep them all the way to 0. Didn’t buy any extra Luna after the crash. So basically holding luna in cex from 100+ to 0
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So how would that 10% transfer, say i own 300k luna, how would that roll over into luna2, would i get 10% of 300k?
Apologies if this has been answered elsewhere but what happens to people who held elsewhere than Terra, say Nexo? Or other massive wallets that are actually just made up of smaller investors like me? Is there a way to see through that first level and know which whale wallets are actually just small investors so that we can be included in the payout? Thanks
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Yes we should ignore. The majority of the new token should go to builders and the original community, not to memers and scavangers. It would destroy the value of terra2
What Will happen with ppl like me that have UST on BNB chain.
I was on a pool with usdt-busd-usdc-ust .Now is all UST. More than 12k ust.
How can you snapshots that? I didnt sell any ust.
I want a proposal that brings UST back to 1.
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Not forking, just burning, what it meant to be!
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