Community against Do Kwon's plan

Dear Do Kwon

The community has seen your plan to restore the ecosystem, and most of us rightly doubt its feasibility.

Do Kwon, get acquainted with the alternative course of action and draw conclusions, evaluate the arguments of people.

Do Kwon, get acquainted with the alternative course of action and draw conclusions, evaluate the arguments of people.

We have no reason to doubt that Luna and UST will be able to restore their strength, but for this we need to listen to the opinion of the people

We must consolidate around a solution that proposes to fix the problem, not get away from it. To do this, you need to accept what happened, realize the mistakes and correct them, and not run away from a sinking ship.

We have all suffered financial and psychological losses, but we must come together and understand what our problems were.

We should not avoid problems, we should solve them!

19 Likes

Here is potential solution

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this is a different plan, but it is similar to the “8 steps to save the LUNA” plan

We can argue about the details of the process, but we need to unite around the idea of NOT CREATING A NEW FORK, around the idea of burning tokens.

We are similar in that we want to make the LUNA great again and that the community does not need a new token, the community needs to fix the old one

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Mr Do Kwon proposal is to abandon the ship and run away with 1.2 billion dollar worth of BTC.

He has to wear an orange jumpsuit for at least 20 years for this so called ponzi.

I am a luna holder pre & post crash.

9 Likes

So this token just became 0 utility, just burn tokens and buy/sell till your happy with the price? Lol that is not feasible

I don’t know Do Kwon personally and I can’t judge him as a person, but I appeal to him as a professional, which he may not be (I don’t know this either), but what he should be to lead us to a brighter future

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I guess bcos i am a new user here , i cant create a new post. I agree the community is against Do new plan bcos all its trying to do is scrub the dust under the carpet as if nothing happened, let everyone else absorb/ take all the losses and favour the big players.

Bear with me my native lang is not Eng, so I might not properly convey the right msg. Hopefully it does and if someone sees it , please help post a new thread and let others see it too.

My plan favors no one, but to buy time , reset the system and help the system back on its feet, let ppl calm down and see the picture clearly that the system works, and that what caused its failure was bcos it wasnt executed properly. Like a patient who just got up from coma, if everyone is poking on him/her , will he make it ? But by giving time the patient to heal, eventually he/she will make it.

Allow me to elaborate.
1.Buy time. How do we buy time and not let everyone come back in the system and cash out? A lot of ppl have proposed a tier refund system, good for little acc, bad for big players. Someone said a vested system. Why not both ?

For UST holders , a vested + haircut system is proposed. The TFL will get the UST back to peg, and based on haircut, the UST holder gets back a percentage as follows:
80% haircut, immediate withdraw at peg, those who choose this get 20% .
70% haircut , wait 1 week before withdrawal allowed. The system should hopefully hold peg so 30% recv.
60% haircut , vest 2 wk… U get the idea.
This should ease the buyback , the more ppl are eager to leave early, the less is spent on them.

For LUNA holders, the TFL will burn the tokens so that LUNA goes back to 1 dollar ,10 cents , anything but the current price. The TFL for the first 2 weeks will halt supply of both UST and LUNA so there is no supply shock or sale pressure. This is the buying time that i mentioned, so that everyone can calm down and let the system run. Once everyone can come back to their senses and see they panicked for nothing, the TFL can slowly release supply and gradually let the system run full capacity. When all the ecosystem can run and get back to previous state, what is holding back ppl from seeing that LUNA is a great ecossytem as it was , and the future is also bright ?

If all goes well , great, the system is fully functional. But the problem that caused the death spiral is still here. Who on earth with a normal finance sense would allow a huge OTC of tokens, and not add clauses to protect themselves from a sell off ? Also why isnt there a 24x7 , 3 shift team setup to monitor liquidtiy across all CEX and DEX and have a squad setup in case of emergency ? Even worse, there was zero risk management, let alone a financial risk team to check adverse scenarios or test the whole system for different prices , collateral … u get what i mean . I dont know if DO is a programmer, if he is he should stick to his profession, TFL hire someone with a proper finance back ground who knows risk management to avoid the system from breaking.

That’s all i have to say, feel free to proof read, and make changes wherever is needed to convery the right msg out and may we all restore Terra to where it should be .

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I wouldn’t say against, but open to discussion. @dokwon when will you answer us in the group?

We are still waiting in the thread below :smiley:

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If anyone can help , please put my msg out there as a new POST so that fellow lunatics can read and the team can give this a thought, appreciated

At this point, I think the team made it clear that they are not willing to listen to burning suggestions of the community. All they care about is avoiding a lawsuit from the UST holders, that’s why their priority is refunding them, and have a new chain to start from scratch until that one fails again. Do Kwon has showed us 3 times already that he does not learn from his failures.

We should find a way for the community to gain control over LUNC and let the army take over from there.

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Let it be clear that as long as this man is around, I will never believe in anything Terra.

Besides crypto is still in the dark ages, I firmly believe there will be plenty of better options as we progress further.

Terra is definitely not the be all end all.

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Guys, I think all this which unfolded in the last week in highly suspicious. The attack, the NewLuna, the unwillingness of DoKwon to listen to the community and CZ (although I hate Binance (which manipulates everything) from the bottom of my heart, BUT in this instance is right). The ones on the losing side IS and WILL be you and me. Unless, we take the chain AWAY from DoKwon, LUNA for me is dead. I lost 50 % in UST. Am I a speculator? NO. I choose UST BECAUSE it is stable. Which apparently is not. Not a single person which has some sort of good will, is acting like TFL/DoKwon acted after the attack. I wouldn’t be surprised if ALL will be proven to be an “inside job”. I expect the worse unfortunately.

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$LUNA burn won’t work because supply is too high and we can’t maintain incentives for a burn without $UST minting.

Burn excess $UST first, fix oracles, then have mint / burn re-enabled when Terra is solvent, this will fix $LUNA too in the long run: [Proposal] A Better Way Forward™ = TFL pays back $UST by burning excesses, NO FORK

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The community can not be ignored. I hope Terra team gives some attention to this.

At this moment…

Do Kwon’s stance : I don’t care what you have to say.

:sunglasses:

Refunding UST holders is surely not their priority. I would guesstimate that UST holders get 5 to 10 cents on the dollar with the current Revival Plan.

If that was there priority they wouldn’t give 25% of new LUNA to UST holders, they would give a much larger percentage. They are in it to screw UST holders and hope they don’t get destroyed in the courts. It’s an unprecedented situation so a big gamble by them.