What is our benefit in accepting the creation of a new coin?

We lost hundreds of thousands and we will get refunded with 1 dollar each. The new coin will d1e as soon as launched. Will we benefit at all from this? Or will it just be the 3rd p0nzi project to make that bastard even richer?

Worrying about the new coin should be the last thing on your mind. South Korea’s Grim Reapers (financial crimes unit) are coming after Do Kwon and TFL for multiple crimes and separately their tax authorities have penalized $78.5 million on Do Kwon/TFL for tax evasion. Your new coins will be worth nothing anyway. Forget the airdrops and lockup periods. There may not be any TFL to return in a few years. The best thing to do right now is let Do Kwon and friends go run their Terra v2 however they want but have Terra v1 control and infrastructure transferred over the community with leadership beholden to the owners. Suggest you review this proposal to see if it works for you. Other than the ownerships, everything else can be changed later through a vote. The platform is nearly worthless without changes and community support. At this point the new UST shareholders are most interested in capital controls and anything that improves the outlook on their holdings. We can always vote to provide shares to developers later if we feel this will benefit the overall value.

2 Likes

The problem is the voting system is right now rigged, effectively LFG’s 200+mm token dominating the 300+mm voting pool. In order to have proposals like yours to have a chance, the community needs to put pressure on the validators: 1) their original freezing of staking/voting was without community input, 2) need to open up the gate for staking for voting asap to the rest Luna tokens. Otherwise the current voting process is illegitimate.

3 Likes

These proposals would simply be invisible right now, blocked by them!!!

I really don’t understand countless threads being created on similar topic. I did vent my anger out already so no point discussing again

I think it was never in our control to decide the fate of Luna or Luna classic. Those who wants to go ahead with the plan will proceed. Those who lost money, it’s sad but they should learn to move on. Nobody told me to buy Luna before I made that loss so I can’t really hold responsible to anyone…

Yeah not buying the new Luna anymore but just giving my input