As someone else proposed in another discussion, I relaunch the proposal:
REFUND an equivalent amount of LUNA 2.0 to the DOLLAR amount people spent to buy Luna after the attack, depending on the LUNA 2.0 starting price.
So, for example, if I bought 10 millions LUNA for 10 bucks, and LUNA 2.0 starts at $1, I should be refunded 10 LUNA 2.0 and NOT 10 MILLIONS.
If I bought 100k LUNA at $1, I should be refunded 100k LUNA 2.0.
Providing tx hashes should help in this.
This way it would be as if we directly invested into LUNA 2.0.
Isn’t this doable?
That does not solve anything rather than making another coin which will be diluted in seconds
Yes that’s fine.
I bought at 1.17 and 1.55 and then further down I bought 0.13 and 0.0336, your proposal seems good. I only got around 2000 luna first then when I did 0.13 and 0.336 I have around 19500 luna.
So if the base price is 1$ I am happy to have whatever that calculations do. I just want to get back my lost money.
I had nothing to do with the attacks, I just bought because of stablekwon tweets!! I thought they gonna recover. But did not expect them to goes to zero. I thought in a year 3 or 5 I could double my money. And if someone thinks I was being greedy I don’t think it is greed cause I was trying to hold it for years!
I probably could expect a double in crypto wolrd for this period of time!
it could be, luna holder could based on this rule to get the new luna. But the idk the ust holder will.
Maybe the ust holder should return in usdt or usdc, also exclude the whale and invester.
Maybe setting up a top limitation of the ust holders, such as 25000 ust
I am no expert in this field, but I’m pretty sure they’d find a solution not to make it crash immediately, for example delay the possibility to sell or something… OR alternatively, wait for the new UST to be repegged and consolidated, and then refund the equivalent in UST2 stablecoin instead of LUNA2.
Not that I expect much though from the master of shitco… I meant, stablecoins.
Yes or a sell limit of 5k $ per day
I totally agree with this fair proposal. In the longterm it will benefit the community. Bigger and stronger.
Giving a refund is an obvious solution and can be done by exchanges themselves in conjunction with the Terra team. They could in fact pay out in dollars and no need for a V2 token which will fluctuate wildly anyway.
The real issue is most people don’t understand what they’re investing in when buying something like Luna. Luna tokens have unlimited supply and hyperinflation was always a real possibility. Nobody believed it would happen until it did
This wouldn’t cover all cases tho, I bought on PancakeSwap, who is going to refund me?
I guess the refund might as well happen in the UST2 stablecoin, if and when they will manage to create another really stable one, or directly in USDC or whatever else, really.
One thing is having an unlimited supply, a different matter is letting it mint to trillions with no use and only halting it when it is too late, and any other amateur move made by @shitkwon and the team.
The Luna Foundation can put up a special page where you can receive your refund.
As for the unlimited supply, its programmed in. Many people unfortunately didnt understand this properly and got burned in an extreme event. But yes, it is an amateur move not to put a hard cap on the supply and game all scenarios. A death spiral has been gamed by their team already and showed price going to $0.50, but clearly we’ve gone way under that.
This proposal basically says “if I spent $10, give me $10”, meaning “refund everyone to the last penny”. If that was a possibility, the death spiral wouldn’t have happened.
The special refund page exactly is what I had in mind. I agree. I don’t think this would be impossible at all if the big brains discussed it properly, but as you can see they prefer being busy arguing over who gets fucked and who doesn’t.
The death spiral happened because it was programmed in, and not because people were buying as it went down. The Luna protocol was flawed from the very beginning.
Binance and other exchanges listed something without doing their due diligence and are complicit in the scandal. Whatever profits Binance etc derived should be refunded and distributed to all the Luna buyers from the attack. Some exchanges have offered full refunds already
Right, let’s blame everyone else, even open exchanges, for our own decisions on where we put our capital.
Death spiral is what bank runs produce. The algorithm was just programmed to save the peg with Luna at all costs. Obviously if that’s not possible it will end in a death spiral.
The death spiral happened because they let it mint trillions in a desperate hope to repeg UST, because they didn’t know what else to do.
If it wasn’t clear yet, this proposal implies screwing UST and saving LUNA to try and rebuild it together with a new stablecoin, over time.
What have they tried to save UST for? If it is meant to be backed up by LUNA, which is a key to make it survive, what’s the point in tryharding to save the child and kill the mother? Was the child ever going to survive alone in the wild?
The only reason why Luna has any value is because thousands of millions of dollars went into UST. Defi Apps around Luna are designed to work with UST. Those apps serve no purpose without UST. Luna without UST is a different project. UST-Luna peg is part of the whitepaper.
I am pretty sure the whitepaper didn’t mean that they would be allowed to endlessly mint with no use, that was a manual thing under their control, and they let it amateurishly fuck us.
Hadn’t they stopped in time, we would easily have tokens in the quadrillions range, or even more. If they could manually stop the algorithm, it’s not like this was a forced fate. So, it’s really not clear why they’re constantly letting it mint more, and not really we poor investors’ fault if we trusted their competence.
They must take full responsibility, period.
I guess the goal here would be to try and make a new stablecoin over time to make those apps work again. But as I said, without the mother, it’s useless. They must temporarily rebrand the purpose of luna or come up with a creative solution. Like I said, I am no expert on this, but it doesn’t seem like they are either.
Let’s face it, no institution is going to pay out $10 billion to investors who lost money.
So far, I don’t know what the project team has done to recover the situation and where 80K BTC is.
I even think this disaster is an inside job.
Yes its wishful thinking but what is the actual true amount of money put in? Its mostly USDT and BUSD which Binance holds and which was swapped for LUNA. Its a days worth of trading at the most brutal part of the spiral. Some exchanges are offering full refunds already so there is the common courtesy element out there.
Whether Binance has the stomach to do the morally right thing is another story.