Goal: The Terra community must reconstitute the chain to preserve the community and the developer ecosystem. - Do Kwon
To fulfill this goal, I believe there are 2 two key considerations to maximize community utility:
- re-establish trust from the community in the present (and even in TFL/LFG/Do Kwon); and
- incentivize the community to continue participating in a bright future tomorrow.
With this in mind, I am proposing a combination of the following revival proposals (conceptually):
How would these be combined?
@dokwon Do, I know this might not be immediately appealing to investors / whales / insiders who have lost money, but I think the pros outweigh the cons. Instead of trying to revive a chain with a bad reputation and shredded community (perhaps emotionally, psychologically, and financially), this could restore community trust and faith in you and your team, and tap into a MUCH larger pool of LUNAtics and developers than those who might remain otherwise. I believe the trade-offs for your investors are ultimately in their favor. Ie.
- A pro-rata % of Terra’s future with a huge, loyal community + little or no “refund”
- A pro-rata % of Terra’s future with a shattered and small community + a trivial (for them) refund
Also, instead of looking over your shoulder all the time, I believe this combination of proposals could truly give EVERYONE a second chance.
Thanks for everyone’s consideration.
Signed, a nobody.
P.S. Please don’t hurt yourselves, and don’t hurt Do Kwon, his team, or influencers, etc. If you want to be angry, the ones you should be angry with (imho) are the ones who perpetrated this attack.
“Don’t be angry at the guy who sent up a Ponzi, be angry at the people who discovered it and profited from it!”
Sounds good but I would edit out that part bringing up a kid not a good look.
Bad example, but you’re blaming the guy who left an exhaust port open on the Death Star, instead of the guy who fired the torpedo… or the rape victim for dressing seductively.
The criminal is never the one who “left the door open”, but the one who committed the crime.
My 2 cents anyway.
Dude. Luna was a PONZI scheme. It was not a small vulnerability that someone exploited: It was bound to fail!
The “stability” of Terra rested on the premise that people would stake Luna for a 20% APY. And where would this insanely high returns come from? From new people joining in!
It this reminds you of Bernie Madoff’s investment scheme, there’s a reason for that.
You have no idea what you’re talking about but thanks for participating. Not even sure why you’re on this forum or reading this post to be honest, you’re clearly not affected if you took your own advice.
Not to mention, neither of the suggested proposals even mention re-creating an algo stablecoin, so whether or not it was a “ponzi” is irrelevant, it’s the community and tooling that everyone’s trying to save.
Dude. Do Kwon was made aware of the vulnerability. Six months ago, someone described the exact same attack that took place. See this tweet here: https://twitter.com/davidgerard/status/1524338482763776000
What was Do Kwon’s reaction? Call the guy a moron, and dare billionaires to actually run the attack.
He knew perfectly well what he was doing.
@dokwon another promising proposal here. Please act on this approach or path for making investors whole again
99.6% of the community would resurrect with your proposal.
0.4% of the community will defeat this proposal.
It would really be perfect, but that 0,4% won’t allow it, even if they’d end up earning more with time
Do you really think you’re helping? I’m seriously asking because I don’t understand the mentality of “I told you so” people at a time like this. Terra/Luna/UST was working fine less than a week ago. I truly believe that the vast majority of people invested in the Terra ecosystem understood that the rate of return couldn’t last forever. I understood it to be an incentivization process to get people into the ecosystem. What a lot of people seem to be forgetting is that a stable coin that would have allowed cross-border commerce without necessarily interacting with the fiat system would have and will be a tremendous boon for the global economy and small businesses around the world.
I’m not mad at Do and I lost 2/3 of my portfolio. I had literally begun my retirement on 5/6. Now I have no idea what I’m going to do. But Do didn’t do this to us. This was a coordinated attack by very rich people with very full pockets and very bloody hands. Let’s try to stay positive and come together as a community because only by rebuilding the Terra Ecosystem and community can we hope to be made anywhere near whole.
Will there be any consideration for funds on CEX like binance? I had roughly 50/50 on anchor and binance.
I have nothing against CEX balances being considered but I believe the technical hurdles to verifying these balances on-chain would be difficult (and why no airdrops I’m aware of go to CEX assets aside from those originated from the CEX themselves).
I think the major problem is, how many left in LFG’s reserve (last night about 70M USD with 0 BTC), Do and LFG still cannot explain where the BTC reserve went to after a few days pass
Currently no exogenous capital want to bail out this project, so all the refund proposal rely on the LFG reserve, if it’s nothing left now, all the discussions are useless,
Also from Do’s proposal, he seems want to start a new LUNA project and abandon the old one with just some new token airdrop to previous project holder (which I think worth nothing cuz no trust at TERRA anymore), and it also implies he need cash to start the new project and don’t want to repay his debt (UST is his debt) in cash first, so I truly suspect any cash refund proposal will ever get approved.