I have a potential idea to help with the excess created coin. I couldn’t pop into discord since it’s does not allow new users.
But here is my proposal… the Terra Devs Create 20 #saveluna $luna specific 1 of a kind nfts. Price at 300million Luna each! These exclusive owners can live in history for helping remove the access coins on the network. You have these nfts places on the terra.money website. The wallets that connect to these nfts creations instantly burn the Luna. Now the project has burnt the excess tokens and created a one of the kind item on the block chain and a reward that will last forever!!!
as a broke ust holder …why you guys dont effort to get back ust value to 1$? my whole money save is in ust…please do somthing
as a broke ust holder…why you guys dont effort to get back ust value to 1$? my whole life saving is gone by depegging ust…please do somthing
please get back stable value on ust… im broke in ust invest please do somthing that get back the value
Why aren’t we going forward with burning yet? Why the majority of validators are not responding either?
Are they Do Kwons / LFGs puppets? Is this whole decentralisation narrative within terra is in fact a shit show?
Give them time to setup
puts calls longs and short , zeroedghe straddle , vc whale games and they will vote, they need to coordinate the next pump and dump strategies. And make a shit on of cash on any move.
Yep, at least the 9B of bad debt.
also it’s a weekend, isn’t it? people working in finance tend to respect their weekend, leisure and recovery routines lol
HI, i think burning will not help that money going no where anyway, buying LUNA will help more.
if we can turn on the stake and disable voting this will allow us to lock the excess LUNA and with return more then 500000% (from Stake ID site) why would you not.
also opening the bLUNA again will help.
I support this proposal. Let’s eliminate some bad debt from the Terra economy.
This proposal is from the early days of the crash. Burning UST doesn’t do anything now, as UST and LUNA are already disconnected.
But selling the UST on the open market and buying LUNA would inject capital back into the project. In essence you are getting both the burn of UST and a burn of LUNA. The LUNA can then be returned to the community wallet and a decision for how to use it could be made later.
The UST in the community pool is 1B - it’s current market value is $0.18.
If it was sold in the open market only $180M of value would be derived from it. However, if it was burnt from the community pool 1B of UST supply would go down which would reduce $1B of bad debt from the Terra economy.
Is this proposal still going to be executed? I saw voting ends in 4 days time and majority (97%) support burning of UST to help it repeg again
Exactly right. However there’s a risk that these funds will go down the drain with the further UST sell off on exchanges. Which essentially is one of the critical points of failure for the whole project, as in a bank run.
However these funds could be used later on to absorb a portion of the bed debt. This is of course a whishful thinking
It sucks that your money is gone but nobody should have their life savings into any one investment…especially somewhere in the crypo world.
Surely now would be the best time to divert the primary terra stablecoin to peg BTC, the most stable decentralized crypto asset of the future, rather than than a dying fiat currency stripping value from those who hold it.
At the current UST price, the peg can be re-engineered to be equal to 1BTC/100000 = tBTC (Terra BTC as a stablecoin asset)
1 BTC = 1BTC = 10000 tBTC
Seems this proposal will be passed soon. When will this be executed, need to be 7days or when it is passed?
Still hasn’t reached the quorum: Terra Station.
Everyone has stopped voting on it, so unlikely to be passed.
I don’t think you understand the democratic dynamics of voting. We’re 2% away from quorum, and 40% of the time remaining. Voting slowing down on a weekend is normal. A flurry of voting taking place at the end is virtually guaranteed. This is because most people like to use as much time as possible to gather facts, and understand sentiment and general opinion before casting an unchangeable vote. There is no advantage to voting early.
Oh right. I thought that this proposal came when they were still trying to re-peg, and now that doesn’t look like it’s going to happen then everyone stopped voting on it. Would this proposal make much of a difference? A 10% reduction supply to something that is going to be worthless.