$USTC↔️$INRT↔️$USDTR Repeg & $LUNC Revival Plan/Proposal

[Philip_Fourie]

The timing of this proposal is off. Redlinedrifters proposal just passed. Why this one now? Give the other one time

[arunadaybasu]

I have answered this question here:

@arunadaybasu

Qn: Is this proposal an alternative or replacement to Redline’s or Duncan’s proposals?

I have mentioned at the end of my proposal that I do not wish to be the only one working on repegging $USTC.

This is not a proposal that intends to replace the other proposals by Duncan and RedlineDrifter.

If they wish to pursue their proposed ideas and/or also work on Do Kwon’s original arbitrage function that is defunct currently, then they are free to do so.

It is not something that I can, or wish to take up, since it is too risky and I would rather go for a $DAI or $SILK type of model in which we create reserves made of a basket of cryptocurrencies.

I will not attempt any complicated algorithms to support the peg cause as it is not required to do so: $BTC and $ETH together are sufficient to hold the peg and create the required reserves.

and here:

@arunadaybasu

This plan also does not compete against Redline Drifter’s $USTC Repeg plan which implements a Divergence Tax fee, which has passed governance at the time of writing this document. Even if the divergence tax is implemented, $USTC would still be useful for trading $INRT and thus, other wrapped stable tokens in the system. Redline’s proposal will, in fact, act like an additional safety measure above and over this plan’s buffer and reserve system to protect $INRT investments.

But apart from that:

@arunadaybasu

Although this proposal began primarily as a $USTC Repeg Plan, it has now developed into what I can safely call a Terra Luna Classic Technical Recovery Plan using a methodological high-level technical design and architecture which makes the blockchain useful again for payments, arbitrage/trading opportunities as well as for long-term holders of $LUNC who wish to see their holdings profit from reducing the supply substantially over the next 1-2 years and not 87 years (as calculated using the current burn rate which has reduced further after this calculation was done).

This is sorta my central point.

Cause $LUNC looks like this after the Binance burns currently (and essentially for the last 3 months):

If you want this to continue, you know what to do: whatever you guys have been doing till now for the last one year.

I was right here when the first funding prop got funded, and I am right here posting my own funding prop eight months later cause I saw everything that happened in between. Maybe you did not see. Maybe you closed your eyes to the graph above for the last 3 months. I did not. I was working on this prop and trying to ensure something can be done about it.

[arunadaybasu]

Anyway, as promised, let me continue with the explanation about this proposal.

I have now added a diagram to the Stability section so I am sharing the entire section here cause it’s extremely important to understand how the stablecoin holds the peg, and how we do not have one level of reserves, but three. There is a backup for a backup for a backup, technically speaking.

The following table describes the precautions the system takes in order to prevent a situation like a death spiral while providing enough buffer reserves (and emergency buffer reserves) to safeguard against any unforeseen market fluctuations or abnormalities:

We have provided for the following 3 Levels of Reserves in the diagram above:

1. 1:1 $INRT to $BTC+$ETH Reserves
2. 20% Buffer Reserves (Above 1:1 Reserves)
3. 50% (Above 20% Buffer Reserves) Emergency $LUNC Reserves

Note:- The table above is the TL;DR version of this proposal/plan since it describes in brief how the peg to 1 Indian Rupee is kept at exactly 1 Indian Rupee, and how $LUNC is burnt as a result of the functioning of this system/plan.

[Tonu_Magi]

Good luck on it. Long way to smash 40k into 50b.

[arunadaybasu]

Thanks a lot. Please do vote and show your support for real proposals.

[arunadaybasu]

I have already flooded the thread and my Twitter with a lot of technical information about the proposal. So let’s do something different today.

Today, let’s begin from The Beginning.

Before we consider why we need a Trustless Decentralised Stablecoin, let’s consider for a moment, how all this was made.

Maybe you guys have seen this documentary, maybe you haven’t, but I’d highly recommend everyone watch it before they get into the cryptocurrency industry to understand properly who we are, and why we are here.

The beginning of Bitcoin Documentary | Who is Satoshi Nakamoto #bitcoin #satoshitobitcoin #crypto

[sidj]

No with Veto.
Give Redlines proposal time - this is the same idea with burns (1.2%… then 0.2%… then xyz % = complete fkup).
One repeg idea at a time please - and let it mature before we decide to change it.

[arunadaybasu]

You are on the wrong thread. This is not RedLine’s prop.

Also, his prop is not gonna work. Everyone knows that. Still people tried it. I can see what’s happening with that. Let him reply to my questions on his thread.

And you are not even being able to describe his prop to compare it to this one.

So calm down.

P.S. This isn’t wine that it needs to mature. This is crypto.

[sidj]

LOL! Hurt feelings much?
Did you even read my comment? Intent of my comment is to ‘Give Redline’s proposal time’ - this also means - I am on the correct thread (not to mention, I also provided an example IOT ensure the issue gets into your thick head). His proposal has already passed and he is already working on it with CEXs- so give it time to see the next phase (of go/no go decision). Lastly, I thought people spoke English in India - so don’t understand why I need to explain it this much.
Just go and pray to a cow dude - that’s the best you can do to help Terra chain🤣.
and with that - I am out - PEACE OUT!

[arunadaybasu]

You wanna know WHY everyone passed that prop by Redline?

Cause it was FREE. Yeah, everyone likes free stuff don’t they?

When stuff is free, the quality of the stuff is also like that. Like FREE STUFF.

And when proposals are free, they generally mean absolutely NOTHING apart from fckn with the taxes and fee rates without understanding anything about the blockchain.

You wanna know some more?

Well, Kucoin has seen that vote and the fact is that they did not vote on it. They don’t vote on other props but they specifically did NOT vote on this and did not even reply to it.

You know what’s more?

Binance was tagged by everyone known in the community to reply to RedLine’s prop. They said absolutely NOTHING (usually the end result of every signal prop I have seen till now). CZ was also tagged and he said NOTHING.

RedLine’s prop is a FREE SIGNAL prop. And the SIGNAL has ALREADY been sent when the prop went up for voting.

If you are slow and didn’t get the signal back from them, I can’t help it.

And oh, you wanna know something about the entity which has been tasked to do this job of talking to Binance?

Read this, and reply here if you have a reply, or go and ask Redline to reply to it:

USTC Incremental Repeg, Buybacks, Staking, Swaps

One more thing. You sound like someone I know. I don’t need to tell you what happened to this prop You will still my comments on that thread like the last few feathers sticking out of a de(ad crow on the road. P.S. Are you talking to CZ directly? If not, why don’t you have an answer yet from any of the 20-30 exchanges that there are? Not even one has replied to you? No one has said absolutely anything? Not even Kucoin who could see that vote, and did not vote on it? You …

I have directed you to the correct thread. You can go and make yourself useful now.

P.S. It’s visible that you are a tro(ll) profile and when you joined Agora but I still wanted to get this across to everyone else. I don’t give a shit about you specifically. Tell Redline not to send his tr(o)lls here and to reply to the questions on the thread.

[arunadaybasu]

Btw @fragwuerdig and @LuncBurnArmy congratulations for the achievement below

Paulo

[Evgen]

Open charts, men. No one is interested more in these tiny LUNC burns, as like additional taxes from the Drifter. Dont forget that distribution is also active. The only way to survive. 1. Stop USTC distribution. 2. Start buyback USTC with all taxes. 3. Start returning the dapps.

[arunadaybasu]

@godoal @JESUSisLORD I did the calculations again

This is the 12th - 10th calculation.

Even if I calculate this, there is an extra 5 million here. Equivalent to approximately $600.

So, 5 million is being minted even if I consider that the CP was funded between the 10th and the 12th.

So, you can see how LUNC is being minted without doing anything cause this is between 12th and 13th:

[JESUSisLORD]

@arunadaybasu are you taking into account gas fees which 50% fund the CP? This and the on-chain tax component which is 0.02% per transaction on LUNC/USTC going to CP also. I don’t believe there is any minting, and if there was any minting it would show up here: StakeBin | Terra Classic.

[sidj]

LOL - your retardness has no bounds. You can’t raise 40k (a trained monkey can raise that much capital) to start with… and are claiming that you’d be able to raise 10M from 40k? Like literally asking an investor to put in 250x more than your current capital of 40k? That’s just stupid - and you IQ gotta be in single digits to not get that.
No one gives a shit about your idea or proposal - that’s why people are coming in hoards to vote for it and its passing with so much support (NOT!).
Stick to fkin cows dude and just leave crypto - retard.

[arunadaybasu]

So you’re back with your tr(o)ll profiles Redline? You’re not being able to reply on your own post to my qns so you come here and derail my prop?

Drifter + Terra Grifters = USTC Repeg

This is what people have voted on hahahhahahha

[sidj]

Its funny as according to you I was Rabbi once… and now I am Redline… maybe I’d be a few more characters next…
Leads to state that your assumptions and therefore conclusions - are baseless, stupid and retarded (just like you).
Seems to me that you are here just to leach off the community and nothing more.
As said previously, stick to fkin cows and just leave crypto - retard.