Bitcoin Forum

Does anyone have good info on the new proposed LUNA vs. classic LUNA?

Whatever quantity you bought before the crash, when the total # of coins in circulation was 764M should be converted to New LUNA, 1 to 1.

Whatever you bought after the crash, when they started diluting the hell out of it by adding 6.7T more coins should be converted to Classic LUNA, 1 to 1.

Any thoughts?

Im not sure about that but since the proposal already released to the public and the distribution will be used the current total supply and i have heard someone mentioned if 1 millions luna will be getting around 14 - 15 new luna token. The main problem is the new people who bought at the bottom will be getting the new tokens and im sure that those whales who have bought at the peak price will be getting less and less. The maximum supply for the new luna was around 1 billion.
People will be getting small amounts of luna from the airdrop which have been getting so many complaints against it.

Yes, and whatever the setup or reconstruction of the New Luna, there will still be losers in here. And with the new Luna having around like 1 billion in token, I doubt that the price will go up because of the huge max supply. Nevertheless the plan might look good for others, instead of losing all their money, at least they have something to compensate themselves and should be happy to at least get back half of the money they lost in this debacle.

I think that it can be know easily. There was proposal that already mentioned about how many new luna will be available in the market. It's up to 1 billion. So comparing 1 billion vs trillions supply will not be come true. The ratio is not yet published but there are bunch of assumptions about that. We shall wait for the further update that will be coming soon. Just watch the do kwon tweet and there are so many speculations.
I think the calculation based on the ratio to be distributed to the community will be divided with 7 trillions total supply for now but remember it's only 25%. So many holders will get very small amounts of new token

I'm not sure that the ratio will be 1:1 because the current circulation is very large. however, this is only speculation I have. it's just, right now we need to wait for more accurate information, because the CEO of LUNA is still trying to fix this problem although it is very difficult to recover. however, I hope after this development, the assets of the holders return a few percent of what they owned.

That's right instead of getting nothing at all, but with the return of half of their losses, they are already grateful.
However, there is new news that I read that luna will have its repair and even now luna has released as much as 3 billion US dollars or equivalent to Rp. 44 trillion in bitcoin to save back stablecoins that have been destroyed but whether this news is accurate or not I am also lacking  know.

Is this official. Its like Ethereum vs Ethereum classic hard fork i dont know if this gonna be work smooth but i do believe that terra team need lot of money right now to do all of this

If I were you guys I will stay away from this hopeless project that is already doomed because of their nonsense development that has nothing to do with their roadmap. Sudden adjustment like this won't work and always there some people who suffer from this failure. They better not tolerate such acts because they just giving their investors some false hope which doesn't really make sense when they failed this new proposal once again.

My thoughts on this is, it's rediculous.  It's a failed project period.  They tried, got exploited why would you go backwards.  Plenty of other "good" projects to lose your money in 😅.  Seriously it's mostly garbage so without looking old and new luna should be sent to the graveyard too.

With this incident, I'm not sure the new LUNA will also be as successful as the previous LUNA, because some people must be traumatized, especially if they are beginners who invest in the currently damaged LUNA. Even if they made a new LUNA, it would likely be impossible to fully recover the previously made losses, but the lucky ones who bought at the lowest price at that time would get a new LUNA.

If that's seriously the plan of the creators, New Luna won't be worth shit.

I'd rather own BoobyButt420FartCoin. At least it's real and not some bullshit attempt to salvage someone's ill gained fortune.

https://etherscan.io/token/0xe3c8833e81852d49d800ee1b06f3de418c79b787

That was a good idea but what concerns me is that, how much will be the value of the new LUNA if the price is still the same as the old LUNA then what will be the difference? you are holding a new LUNA? What most of us wants is to get back all of our investment not to receive a coin that has the same value as the old one.

The only reason the old Luna was worth anything was the algorithmic relationship between it and UST which people *thought*, wrongly, was a valid stable coin. There were 7 billion or so imaginary dollars that people thought was tied in some way to LUNA. Once those dollars were exposed to be a sham, and UST worthless, all the value in LUNA was destroyed. It doesn't come back simply by creating a new shit coin that is a copy of the old block chain. No sir. No way. That value is gone. Only way it comes back would be if the original team manages to come up with enough cash to make everyone whole, and backs the new coin with that. I don't seen that happening. They have maybe, being generous, a couple cents on the dollar v/ where UST was capitalized. I dare say the whole thing was little more than a scam.

It's official and the proposal already published by luna developers since last a few days ago. I don't know but majority of holders are not having good impressions with the proposal. The luna developers team were doing shady things by creating the fork token and they are leaving from their responsibility to fix the problem in the old luna. Majority of people in the agora didn't even agree with the proposal that already published. I have been seeing that even the result of vote already removed as some people accused do kwon was doing another shady thing to the community. This problem will never be fixed

The latest info I know is that the majority are against the new coin. And it's possible that the proposal will be rejected. After all, Do Kwon is in trouble in Korea, this week he was summoned to attend a parliamentary session. for now the government has only just heard an explanation from him, but it is possible that he will be prosecuted considering the many victims of this problem.

Cz said this won't do and help. And this new token means that new money will have to come in for those victims of the crash.

What a contingency plan from Do Kwon. He should just have retained the old one and focused on it. This forking is just another assurance that him and his team could make more money and at the same time, everyone is going to rush just for the sake of dumping it.

There is no longer trust and confidence in the Terra foundation.

If LUNA team proceed with new luna by left behind all investors who put money into this project after the crash then it`ll be financial fraud.

So many parties are starting to fill lawsuit against him. This scammer is still thinking a way to rob more money from the market and investors. Majority of investors have been voting no for the new proposal but the voting fully manipulated. Scammer was changing it based on the token owned.

yeah and that's why the new token will have no value. People will not able to recover their lose other than dumping the new version of luna token to the ground

I don't think they have the money or they can put up money to sustain these New Luna and Classic Luna they have used all their Bitcoin reserves when they tried to save the huge crash.

But before implementing these plans let's see what will be the outcome of the parliamentary inquiry


Do Kwon summoned to parliamentary hearing following UST and LUNA crash
 (https://cointelegraph.com/news/do-kwon-summoned-to-parliamentary-hearing-following-ust-and-luna-crash)

We need to know the outcome because this is all about investors' protection and let's see if the plan will work for investors to regain what they've lost in the crash.

They will launch new LUNA soon and they will send new LUNA those hold LUNA before UST de-pegged and those were purchased after the price down of UST and LUNA they will not get anything, they will launch new LUNA with 1 billion supply and I hope will give 1:1 ratio and price can expect more than $50 to $100 because 1 billion supply will be vesting, 25% for community pool,5% Developers, 35% bound and unbound LUNA,10% LUNA holders and 25% UST holders. 10% will be unlocked on the genesis and 90% goes to vesting 1 year,2 years, and 4 years. so wait for their announcement.

I think they were lucky who were able to buy the old LUNA at a very cheap price of $0.0xxxx they got back the new LUNA for free. Unfortunately when compared to these two LUNA it looks like they look the same, they will have the same potential loss as we are currently experiencing, I don't think it's bad, but the fact is that their team didn't immediately fix the gap you made so many people lost with LUNA classic.

I don't have any info about it but I just heard the news. Maybe this will give traders positive sentiment, especially those who are still waiting for Luna to bounce back. But it's all still a mystery and no one knows what will happen next. For the time being, it looks like investors are turning to other, more promising coins and there may still be investors who are still waiting for further news from the dev and team.

Whatever happens about luna's future is still a mystery but for the fact that the team is determined to fork Luna V2, it means they are ignoring the advice of Vitalik and CZ, his big community as well. So I am very disappointed with their decision because minting new coins is a new step from another failure.

In my own honest opinion, I will not trust LUNA again for sure.
They were not able to fix the problem at the beginning that's why they create a new one, a forked one. This tragedy is one of the most disastrous in the cryptocurrency world, losing billions and the lives of some people.
This new LUNA could be another way to steal people's money. Be careful.

Why should be the "old Luna and New Luna"?
Why shouldn't be only LUNA?
We know how to crash the price of LUNA in recent time so that making many people depressed of the crash market. that's exactly an extreme crash.
The developer is actually trying to recover and survive during this injury time. However, can they?
None knows, although this seems to be very difficult because of very bad news, dropped situation, and lost trust, the team is still trying.
But by creating the new LUNA? Well, let we see

vesting for this case of reimbursing with the new forked luna sounds ridiculous honestly.
I see no reason the devs should be locking the new altcoin of anyone that acts like a reimbursement that have got scammed by the UST into oblivion at all.
after all we all know that the new luna and the classic luna are just two same thing with different name, I wonder how anyone that have holded LUNA and got scammed by the current LUNA crash gonna react if their supposed reimbursement got vested for years

I hate to admit but this could be right, LUNA is not solving any problem here and they are just trying to avoid it and look for creating another coin for the same purpose and it might failed again so better to be careful. Though I bought this for a small amount just to make sure I didn’t miss if the price recovers again but in reality, I didn’t expect that much. If the developer really cares about LUNA, then fork is not the best solution here.

Yeah, one is the South Korean government. He had evaded his taxes and he owes a lot to the government. Now, they're going to file him a case and have him explain what has happened to his project and at the same time, there's a possibility that his properties are going to be seized.

My take is that there will be a value but that won't stay for long and gradually that's going to have the same fate as the first Luna and UST. That's what's actually going to happen because he's just giving a band aid solution and not a long term plan.

We'll see what happens after that and I wonder what investors will do when they hear the news. Do they want to return to Luna or even look for other projects that can provide benefits for them after the loss at Luna. But to increase the price is not easy because the current market situation is also uncertain. Luna still needs more support from investors and people in her community to grow again.

They are trying to create a new game with LUNA and try to sink the current LUNA that will become LUNA Classic (LUNC) if the current vote says YES.

People can think two tokens will be similar to Ethereum and Ethereum Classic but the future of LUNA Classic is unclear. It won't die but how it will be developed if the core Terra team leave and move to LUNA (a new one). I think the community will figure out way to do it but it won't be easy and take many time.

The voting suggests most (80%) are in favor of a fork.

It is actually the easier way out for them because it takes less funds compared to the other proposal (buy back and burn). I think they still have enough funds to revive the project through a hardfork but only time will tell if investors will trust the new terra chain.

To make any decision with a crashed project you consider the team's attitude to the crash and the response of the whales to keep holding. Whales have all moved and the developers name is getting worse in the media. Forget all the fundamentals to get it back, the chances are small like you said. selling off 80k bitcoin has a strong effect on the whole market.

I fully agree with what CZ said, the best solution would have been to continue with old Luna and put in place some kind of burning mechanism to reduce huge supply of Luna which is more than 6.5 Trillion now. Luna still has huge community all over the world which is its major strength if they handle current crisis prudently they can still come out of current crisis of confidence.

That's the question, and what will happen to Luna classic if still has a purpose or is just a token for pump and dump trade. They might have a plan for Luna classic in the future but since they are focusing on the new version and also gaining the trust of investors since a lot of people have been affected a lost their life savings.

And, since the portion of the token distribution will not benefit the people after the attack and we don't what will gonna happen to the value of the Luna classic after they have released the new fork.

It would be better for them to put their money in a new project instead of such behavior, easy solutions will not build a good project and claim that the reason for failure is the stability algorithm is just burying heads in the sand.

According to proposal/1623 ---> https://station.terra.money/proposal/1623 they still have Total voted 153,855,456 (40.84%) with No with veto 19.65%

Based on the amount of money that was printed, new users have the right to vote and their voting power is much higher than the power of the old users due to the random printing that occurred.

If this is true then such a vote will not be approved, or am I missing something?

This is a vote for validators and each of them has their own percentage of the vote. Users have already expressed their opinion, but no one takes into account their opinion. Another 6 days to wait for the results of the vote. Possibly the proposal will be blocked.

For free? i think it's not. There must be the differences between the conversion rate between those who bough before and after the attack. This must become the main concern or the late buyers will always also dump their new token to the market but again this is the worst solution to be implemented.

There's no guarantee if the price of new luna will be as good as the old one. The main thing is if people must remember when they were buying luna is the same like they are gambling with it, The answer is win or lose

Maybe new investors during and after the crash don't know how to join the vote. They simply bought, stucked and hold $LUNA on exchanges. About the vote on the proposal, they are only keep watching.

I see the votes on No with veto is high enough about 20% that shows how disappointed voters are against the fork. However it is not enough to stop the fork if others don't vote No.

Other blockchains try to send invitation to projects that are running on Terra to switch to their chains and ecosystem. They take advantage of the Terra crash and quickly attract projects, developers to their ecosystem. From Polygon to Binance Smart Chain, they are doing it.

The future of Luna Classic if it occurs after the fork, will be unclear for now at least. I don't think it will die but unclear who will take over it and how it will keep going with lively developments.

Exactly, Kwon and his team are trying to waive their responsibilities to Luna, creating a new luna is not approved by many people but it seems that Do Kwon created a fake poll to convince his idea of creating a new Luna. It's all over there are still a lot of investment-worthy projects out there, we should stop thinking and hope this ponzi project will work again.

Well they weren't wrong at that time, sure it was connected to each other and that 7 billion wasn't wrong neither. The problem is not that it was a fake one, it was a true one and there wasn't anything fake there.

However, that connection was severed by whales who found a way to crash it, and make money while doing that. Which caused a ton of people which ended up causing the prices to go down and when it went down that became a bit of a problem for the whole market, not just Luna. Sure Luna and UST crashed and doing horrible, but at the same time we are talking about something that is impacting the whole crypto world as well and that is a bit of a shame.

Kwon's team are looking for all means to compensate old investors and holders in the space for the sudden liquidation of their project. Recently, Terra Luna was the trending coin in the Crypto Market because of it's immediate deflation of the coin which cost many people to lose their money. Some lawnmakers have even started to question the people behind Luna projects. As for the New Luna which is said to be innovated into the space would be for new investors that invested after the dump of the coin while the classic Luna will be to compensate the old investors. Perhaps the team are still working on Luna projects to explore it once again.

It was never a good idea to begin with.  Even CZ's advice is against forking.  The People behind Terra project are just creating a new token to escape the Terra Luna current problem.  Initially, this created token do not hold any value. The value in new Terra is just an illussion created by the developer to shut the mouth of the Terra Luna crash victims.


Compensate at the cost of the new investors who jump in during the crash.  Isn't that sweet?



Isn't it supply inflation?  They decided to print more Terra Luna to sell to the market while crashing the price then decided to fork it.  Isn't this kind of plan malicious and may fall under fraud?


I hope these lawmakers can uncover how the people behind Luna projects deceive the masses.

New way to make money while the previous won't get any benefit from this hard fork until the reduce the circulation supply to1 Billion Luna Token. Even then it very difficult to make all time high again. They are giving false hope until now. Let's see what we get.

The last time I heard, it says the new proposal would be put up for voting. I'm not so sure how genuine this news was as I never tried confirming the source any way. So whatever happens, either new or classic, I think LUNA has already lost its place and trust.

Agree with what you said, there are many things that are odd with all of this and it makes people believe to sell their coins and try to think twice about investing with LUNA. I saw a very sad movement of the coin. But I don't guarantee it will always go down.

I'm sure the new LUNA will not be good because now the LUNA Project has lost the trust of all investors

Many people are against it, that's the important thing that we need to emphasize. If people are against it, then he could do any fake poll that he wants and it will not be used and people will vote him out with their money basically.

It means that if he does it while ignoring everyone else, then it's not going to be a big problem, it is going to be quite easy to decide because everyone who owns any will end up selling and getting out and he would have to print more in order to cover the difference again and it will result with the same thing as Luna had to live and it will not change much. If that's the case then what's the point of even doing it?

Whether it is old or new, this is no longer useful because the project is supposed to have lost a large part of its credibility, if not all of it, because what happened is not an easy thing at all.
For those who wish to restore people's confidence in a project that has proven to be a failure, they are certainly among those affected by the recent collapse.
I would not advise anyone to regain confidence in these investments again.

This is something that should not happen to LUNA coins, people are starting to distrust what they are doing. however the team gives confidence but some people are starting to worry about what will happen next.

I agree with you,,,,whatever it has to do with Luna, especially if there are new tokens in the name or part of LUNA. I don't think this token will succeed in winning the trust of crypto users, because people are already very upset about what happened where luna has fallen almost 100% which made investors and holders lose their money.

We cannot predict what will gonna happen after they launch the new LUNA, but I can see there may be a massive dump of LUNC followed by new LUNA after it gets listed on the exchange by the people who got rekt before the attack.

More people are buying into LUNA and hoping that they will get more "New LUNA" after the snapshot which is unfair to those people who bought after the 7th of May after the attack.

https://decrypt.co/101323/terra-community-votes-approve-do-kwon-plans-revive-project
"Snapshots of user balances were taken before and after the crash of Terra ecosystem. Users who held through the entire period are entitled to multiple distributions including both the pre- and post-crash allocations."
Luna Airdrop Calculator
https://terrarity.io/luna-airdrop

The voting already ended and exchange sites in preparation to airdropping the new luna token to the old luna holders. It's clear that some exchange sites like bitrue and mxc already announced that if these exchange sites will be fully supporting the terra luna. If you are watching the latest update and even the ticker of old luna in some exchange sites already replaced with the new luna called lunc that means luna classic. Even ust already replaced as well into the ust classic.
The new luna will come tomorrow.

I am one of those who are pessimistic about the release of new LUNA, because no matter what the LUNA development team does, it cannot eliminate
the fact that many investors are already disappointed with what happened to LUNA. I even think of LUNA as a scam project, so I will not be interested
in any project created by the LUNA team. I also believe that many investors have lost their trust in the LUNA team, they must think that what
LUNA team is doing doesn't solve the problems that happened to LUNA. However, the release of new LUNA is considered to attract new investors,
so that the LUNA team can benefit again. As soon as new LUNA was released on several exchanges, I'm sure soon the price will dump immediately.
So I think LUNA's future is hopeless, after LUNA harmed a lot of investors.