How to rescue community with code

Луна скам! Что ещё обсуждать? Разработчик сделал вид , что спасает её 7 ми дневным голосованием, а действовать нужно было сразу!

Dear Lunatics
I wish to share my ideas

  • How we can manage VC or Whale dump?

There are 2 points I wish to share here.

  1. We can’t control token or coin in exchange. That’s their stuff. At best we can only issue bonded chain assets which is collateralized with mutual asset on chain. Yes, they can still short it to hell, but if our asset holders don’t sell it, good luck buying one. And that “don’t sell it” leads to my 2nd point

  2. We might have to design some sort of algorithm to slow down large transaction. I think it is not right to outright stop large transaction, because it’s their money, but slow it down can reduce the shock, and give the protocol time to balance it out. You can’t calm a storm, but you can ride the wave kinda logic. This will have to be discussed and simulated.

  • How much compensation we can use with TFL’s luna.
    I’d take a kick and say I don’t think we’ll see anything like that. TFL would probably use the fund to try rescue the protocol, not their users. I’m an investor. When a business collapse, which I’ve seen more than one such as a mine that got license terminated when a 3rd world country crimelord becomes a dictator, there is no compensation. I know the game. I take the risk. It fell through. I move on.

but TFL is in the game. I don’t think they’d take this and just go, but they’ll struggle until there is nothing left.

My opinion

  1. Break algorithm UST-Luna in emergency
  2. redeem (buyback) UST to another stable coin in short term with ratio 1:1 or less than (maybe vote)
  3. Buy All $Luna Back this market cap &burn them
  4. Back to run with UST-Luna with algorithm but improve with asset collaterals such as BTC
  5. new UST after burn use BTC 200% to UST 100% supply

It’s self-evident the rollback should be made to the block UST lost its peg. Speculators that came in to profit from UST peg loss are going to sell the $1 UST, or do you think they where waiting for the UST to go to $10?

With the above parameters, 99%+ of users can be make whole with $1.5B, seems like a no brainer.

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I dont see how a rollback is possible at this point. Terra was not a standalone ecosystem to act like nothing happened. People got rekt’d on multiple blockchains holding Luna and UST.

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can the compensation help me recover my 100k of life savings?

Agree… throwing UST holders under the bus will affect larger market adoption as trust is lost in the new chain

Forking a new chain sounds like the best idea.
Even so lets make it a hybrid blockchain so you can mine it with a decent low end gpu for even more descentralization.

That is being selfish.

Majority of the LUNA appreciation was due to the demand for UST.

if there was no anchor and UST and the whole concept of algorithmic stablecoin then the whole eco system would not have been worth the $50B+ it was.

Also it is wrong to say the people that were in it for the UST were just in it for that. Fact is LUNA was being purchased and then burnt for UST. This was giving a double whammy upside to LUNA.

Also to say those that were buying LUNA on the way down need to be compensated the most…. Why ??? They were obviously getting greedy and trying to gobble up cheap LUNA in order to hopefully get huge gains once peg is reached hopefully.

Come on… no one was contributing on buying on the way down to help the ecosystem. LOL.

I am of the opinion that a snapshot of before the depeg event needs to be taken and distribution of compensation is given pro rata on the basis of that snapshot to both LUNA and UST holders.

This is the most fair way as this filters out all the speculation that would have taken place and exchanged hands after the depeg. The true LOYAL people and believers were the people that were holding before depeg.

This post was flagged by the community and is temporarily hidden.

Right, and by printing more coins to repeg to the USD, you don’t need people to buy these Luna to try and prop the price backup therefore making UST worth something again. By printing more Luna and forcing the price down simply makes UST repeg itself.

By purchasing Luna during the collapse, I was putting money into the ecosystem which was needed to try and repeg UST. Too much for smooth brain to get I guess.

  • 100M (10%) to Luna holders at the final moment of the chain halt – last minute marginal luna buyers should be compensated for their role in attempting to provide stability for the network

From Do Kwon’s post. Emphasizing exactly what I just said.

The mechanism was:

  • TFG’s BTC was being used to buy UST from panic sellers that wanted to unload.
  • This UST was being burnt and LUNA minted by arbs, thus decreasing the UST circulation.
  • this was meant to keep happening until repeg happened, however because peg was so off 1 and also because panic selling pressure continued it turned into a death spiral.
  • as you will be able to see there was no need for anyone to come along and purchase LUNA to help this mechanism. All the newly minted LUNA’s were going into the TFL’s wallets anyways. They weren’t exactly going onto exchanges like Binance for me and you to purchase.
  • during this burn/mint process no one who would have been a long term holder would have touched LUNA, knowing there was uncertainly to the extend to which the dilution of LUNA through the minting process would happen.

Simply if there was no panic selling by UST holders…. the system through the designed arbs mechanism would have got it back to peg within a few hours.

But in the age of smartphones and the internet… junk gets spread and fear and panic takes over.

I guess 80% of the people who had an interest in this ecosystem did not understand how it functioned.

Agree but his putting a value of 10% on it.

May I ask for “All the newly minted LUNA’s were going into the TFL’s wallets anyways. They weren’t exactly going onto exchanges like Binance for me and you to purchase”

this time that LUNA still in TFL wallet? if it still there it’s shouldn’t impact all market like this because the real supply still the same, I’m I right?

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10% value on it because people who bought during the dip will own 99% of the Luna tokens.

Whereas the remaining 1% of tokens are owned by the people who were here precrash.

Therefore 40% to the Luna holders of old, 40% to UST holders of old, 10% to the people who bought the dip trying to help the ecosystem and 10% to community pools.

So this proportionally is fairer than anything, as the 99% will share 100million tokens between them and the 1% of current holders will get 40%. Get it now?

Yeah it’s in a wallet address that the system puts them in once they are minted. It’s kind of like a holding wallet which is under TFL’s control waiting for them to use.

The dilution of the existing LUNA out there in circulation still takes place as this new circulating value taken into account at the protocol level.

What TFL can easily do is burn them through a governance vote and redistribute the value to the rest. Thus as if they were not printed.

This is easy…. However the market cap the market is placing on the project currently is around $1.8B from the $50B+ it was at before depeg.

So doesn’t matter across how many tokens in circulation there is, whether trillions and billions the market cap is a value the market puts on a project as a whole.

So seems without UST as this has failed, the worth currently of the Level 1 chain and ecosystem was about $1.8B.

The terra ecosystem was popular and became so big and valuation because of the UST stablecoin, this was due to the mechanism in place to mint new UST by having to first buy LUNA and then burning it for new UST. This is how value for LUNA went up and then transferred to the UST.

Majority of the LUNA price appreciation was because of UST’s high demand.

No UST then LUNA is just a level 1 blockchain which values at just around 2/3% of what it was before.

ah, I got it and thank you for your time to answered my question.

The sistem is stil working to repeg the ust or is not more possible now with So much luna in circulation?

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