I propose we back UST by collateral that is not so easy to quickly manipulate downward in a crash and make it redeemable. If anyone wants to stick it to these TradFi shills who attack UST for being “underbacked” while supporting Central Banks that literally having nothing backing their currencies since going off the gold standard, this is the way.
You must live in a realty separate from me. Because from my perspective there would be 0% possibility for that to occur
Not to plug PAXG, but it was the only asset to save my entire portfolio in 2022. This includes stocks and crypto. In fact, many times it was the only green in a sea of red.
The whole question can be debated on a dedicated site, but I will agree that I love the idea. Probably not fool proof, but gold as part of a basket that makes up the assets that back the future UST. Better than printing LUNA to oblivion.
I live in a parallel reality.
I like this idea, but it opens the broader question of what happens to UST and Luna(c?) more generally.
I would potentially double down on UST holdings at current levels, provided there was a real backing and some sort of income thru fee generation.
Hope we can discuss this more when the paid infowar campaign ends.
I would ditch UST for a Luna F*cking Gold token (LFG) , perhaps there could be someway to compensate people for their losses through redemptions/allocations like the fork → then you’ll really see the disinfo campaign begin on every msm outlet.
That is not easy.Needs tons of money to reserve Gold.If they have so much money,rescuing Ust directly maybe more efficient.
Hi, Do we have to transfer all UST to terra wallet in order to get the airdrop? I have my UST on a EXCHANGE, please! I don’t know what to do!!
Would it not possible to make LFG redeemable for a certain quantity of gold? That would ensure the supply can only grow with the amount of gold held and it would not be pegged to a fictional price like fiat’s that is based on a central banker’s decision to inflate or deflate the money supply and forcing people to use their monopoly money with coercion and threats.
Transfer it to luna station wallet is more safely for Airdrop
And who is going to provide the gold to back UST?
Who provides the dollars to back USDC?
Why won’t this happen?
Air is a more valuable resource than gold…
Therefore, he was provided with air … and that did not help))
Forget it. he was buried and is not going to be resurrected.
Why pour from empty to empty.
Water is also more valuable, but look up the characteristics of money. If something has an unlimited supply it generally should not be used as money, like the fiat pyramid scheme. And what would you do to poor people? Deprive them of air if they did could not earn or save enough?
The VCs who funded Circle obviously. You still haven’t answered where you think new collateral is going to come from to back UST. Whose going to put billions of dollars into this to provide exit liquidity for people who just want to run out the door?
I don’t think anyone is going to put any money in UST in its current form after the attack, but who’s going to put money into gold? I think the people who believe in gold-backed currencies would be interested and no it’s not VC’s because it would hurt their bosses’ fiat pyramid scheme.
I’m not sure what your question is regarding “putting money into gold.” More than 100% of annual mining production is bought up by central banks. That’s why the price of actual gold is much higher than the spot price of paper gold that is traded on markets. If you mean who is going to buy paper gold, its hedge funds mainly when they think inflation is high. Actual gold is mostly bought up and put into vaults as strategic reserves.
Appreciate the idea, but adamantly refuse. If we do that UST will be just cash. We can simply bridge USDC into Terra and use it without the overhead of staffs, audit, and whatnot. You can also bridge PAXG in if you want gold.
I understand why you want that. You want Gold because it feels stable. It’s not stable. Gold price fluctuate too. I still think algorithmic stable coin can work, but there must be a bunch of improvement to it.
At least gold historically fluctuates in an upward rather than a downward direction like most fiat. I would be okay with PAXG on the platform, but there must be some alternative to fiat.