Luna holders will get new token.

[makishart]

It's only a tweet from the stable chen but the result actually depend from proposal. I think that even the new token will actually useless but this a better idea rather than still tried to use the old token. As far as i know luna has no burn mechanism. This means if this need to use its reserved funds to burn the money. But i think that terra luna was not also a profit oriented business and using burn mechanism like binance will be so difficult. It's not always generating profit like exchange site

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[judeafante]

It's only a tweet from the stable chen but the result actually depend from proposal. I think that even the new token will actually useless but this a better idea rather than still tried to use the old token. As far as i know luna has no burn mechanism. This means if this need to use its reserved funds to burn the money. But i think that terra luna was not also a profit oriented business and using burn mechanism like binance will be so difficult. It's not always generating profit like exchange site

The new token may look good but based on CZ of Binance it will not work and it's useless

“This won’t work. – forking does not give the new fork any value. That’s wishful thinking. – one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges).”

We actually have to give credit to CZ because

“If we didn’t push the issue, the Terra blockchain may still be in “halted” mode, or worse with super minting…”

I think CZ has a better strategy than Do Kwon he should step down as a CEO because he did not acted wisely at the time it needed the most.

And as of this writing

No proposal has been selected by validators as of yet but the community continues to debate via the Terra forums.

Maybe they can finalize one in the coming week.

[magneto]

This is absolutely insane.

I can't believe that people still believe Terra is a decentralised ecosystem. Look, all trust is gone now within the system and the remains are not pretty whatsoever. There seems to be absolute authority of Do Kwon to do whatever he wants (including arbitrarily dividing the 1 billion tokens), and no one dares to oppose.

Crazy times. What's crazier is that Luna tokens have pumped 33x since the all time lows, when they should be going to zero.

[DVlog]

Luna seems unfinished, I am optimistic that Luna will soon enter the top ranking again, they have a strong community and financial support so that they will continue to pump in the near future, I am also optimistic that Luna's investment today is the most profitable thing.

It's because Do Kwon has said a recovery plan and at this time, CZ is also giving some suggestion through his twitter. He said that there's no need to distribute another new token to the users.
But what Terra foundation must do is to buyback those excess supply so that the confidence of the investors will come back if that's what they're going to do.

What CZ said makes sense. LFG can easily buy back all the tokens from the exchange by temporarily suspending any kind of deposit and withdrawing. This is necessary to regain the lost trust.

The new token distribution plan is totally messed up because there are people who buy and sell multiple times at a certain level. Like when luna went down my first entry was around 6$. When I saw it is still going down I sell all of it and buy back below 1$ again. There continues a few more times when my initial investment was the same but I increased my token. So how the team is going to distribute new tokens in this situation? It will be messed up when a handful of people will be benefited.

[zasad@]

https://twitter.com/VitalikButerin/status/1525561624974700545
"Strongly support this. Coordinated sympathy and relief for the average UST smallholder who got told something dumb about "20% interest rates on the US dollar" by an influencer, personal responsibility and SFYL for the wealthy."

[tvplus006]

https://twitter.com/cz_binance/status/1525454049512140800?s=21
"CZ 🔶 Binance

Reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin.

I don't own any LUNA or UST either. Just commenting."

In this case, CZ wants to equalize the Luna investors who bought the coin before its dump with those who bought it for $0.0000006. Obviously, Binance bought a very large part of the coins at a minimum price and now, after burning, the first ones will lose everything, and speculators like CZ will actually remain the sole owners of the coin.

[gazilla]

If there ever was a get out of project time this is it. People that were involved should do anything possible to minimize the losses. Thus I think everybody else should stay away from this as far as possible.

[iv4n]

This is absolutely insane.

I can't believe that people still believe Terra is a decentralised ecosystem. Look, all trust is gone now within the system and the remains are not pretty whatsoever. There seems to be absolute authority of Do Kwon to do whatever he wants (including arbitrarily dividing the 1 billion tokens), and no one dares to oppose.

Crazy times. What's crazier is that Luna tokens have pumped 33x since the all time lows, when they should be going to zero.

Crazy times in crypto! It's more than insane how people get trapped so easily, and it's not like it's happening for the first time, every year we have similar scam projects that attract big attention with their big and fake promises about fast profit while using words like decentralization, the next big things, and so on!

I am not getting near this and other similar projects, and I advise others to not gamble with them... who plays with fire can get burned pretty heavily!

[TheGreatPython]

So now they want to again manipulate the whole market for their personal benefits again? The people will be fool if they ever come into this trap once more because you have seen the whole LUNA dumping and people losing millions in just two days so who is willing to loose the same way again?

I don't think they attempted to manipulate the whole market. They only focused on their own project but maybe there is a coincidence that happen that the market is also dropping during that time however I heard that luna founders were selling their btc's.

Maybe that have contributed a little in the dip. There are still people that will believe on this new token because how many times we see the same people gets scammed over and over again on different shitcoins? Not all are losing millions but on every investments there's always retail investors that will only invest smaller amounts. Their losses wasn't a big deal to them so they will always try again.

[tbct_mt2]

I don't think they attempted to manipulate the whole market. They only focused on their own project but maybe there is a coincidence that happen that the market is also dropping during that time however I heard that luna founders were selling their btc's.

Their protocol has weakness that they did not realize. The attack results in a snowfall effect which they can not stop or handle well. Their solution for it makes it worse rather than resolving anything.

It is acceptable if Luna foundation guard sold their BTC in order to back UST. So far no public and transparent report from Terra team about that. The fear is they did something bad with those BTC.

Maybe that have contributed a little in the dip. There are still people that will believe on this new token because how many times we see the same people gets scammed over and over again on different shitcoins? Not all are losing millions but on every investments there's always retail investors that will only invest smaller amounts. Their losses wasn't a big deal to them so they will always try again.

Don't expect much about a new token. People who bought LUNA at $1 even in bloodpath. How about people bought it at $80, $50 or $30?

They should communicate transparently with community, then ventures can help them with fund to go through this crisis. Buy back and burn need fund and they must to bring belief in ventures that can help them.

[blockman]

Luna seems unfinished, I am optimistic that Luna will soon enter the top ranking again, they have a strong community and financial support so that they will continue to pump in the near future, I am also optimistic that Luna's investment today is the most profitable thing.

It's because Do Kwon has said a recovery plan and at this time, CZ is also giving some suggestion through his twitter. He said that there's no need to distribute another new token to the users.
But what Terra foundation must do is to buyback those excess supply so that the confidence of the investors will come back if that's what they're going to do.

What CZ said makes sense. LFG can easily buy back all the tokens from the exchange by temporarily suspending any kind of deposit and withdrawing. This is necessary to regain the lost trust.

The new token distribution plan is totally messed up because there are people who buy and sell multiple times at a certain level. Like when luna went down my first entry was around 6$. When I saw it is still going down I sell all of it and buy back below 1$ again. There continues a few more times when my initial investment was the same but I increased my token. So how the team is going to distribute new tokens in this situation? It will be messed up when a handful of people will be benefited.

Yeah, that's the only way to regain the trust of everyone. Do Kwon denies that he didn't benefited on this, well, as if everyone has been born yesterday in the crypto market.
Most of the developers have their own way of making money with their inventions and that's for sure that he did benefit on it. With massive lost of billions, it's impossible that he didn't took his part and share on the said dump.

[Godday]

Yes, I agree . When your assets start at $1,000 and lose to $10 I think how LUNA will think about it and compensate for that. I mean there are thousands of investors who bought LUNA and the question is, how will the LUNA team compensate those billions of dollars?
I think LUNA could rebound towards $1 to $10 in the next few days but to see it as a long term asset, sorry I still don't believe in LUNA and the ecosystem they have built.

[bitcoin-shark]

personally i do not think it is the right way after several attempts to restore the value of the land usd now they are trying to give new tokens, a sop but i do not think that will work the trust of investors by now is lost forever

[darewaller]

Will see. Yesterday I read the info that a few crypto funds are going to provide a loan to Luna so that they could restore the price of their coin. Donno if this a fake or not.

What do you think, with such an issue, which is more than 6 trillion coins, is it really possible to restore the price to at least $1? After all, in this case, the capitalization of Luna will be more than $6 trillion, while the capitalization of bitcoin is now $500 billion.

I would doubt that it would be done that way, it will probably have a ton of buyback and burning in order to keep it alive. I believe that the max it could ever reach was like 20-50 billion range even at the peak, now it's not even there.

So, what should they do? Just use all they have, and I mean literally everything they have and throw at it buying UST and Luna and just burn it as soon as they buy it, which would make the supply limited. I am not saying that it would be easy, it will be quite difficult and even if they do this, they may end up with people who are selling and they may never recover but they need to at least give it a try to see what happens.

[wxa7115]

This is absolutely insane.

I can't believe that people still believe Terra is a decentralised ecosystem. Look, all trust is gone now within the system and the remains are not pretty whatsoever. There seems to be absolute authority of Do Kwon to do whatever he wants (including arbitrarily dividing the 1 billion tokens), and no one dares to oppose.

Crazy times. What's crazier is that Luna tokens have pumped 33x since the all time lows, when they should be going to zero.

That is speculation for you, we know that fundamentally LUNA tokens are worth nothing and they should eventually reach a value of zero, but people see the high volatility and they think they can obtain huge profits with it, and they are not wrong as the number of people that think like them is very high.

But with such extreme pumps and dumps eventually the money of those speculators will run out and we will finally see the demise of LUNA as it is impossible it can recover from such a catastrophe.

[gazilla]

I do not think it matters whether the LUNA will issue a new token. because it is not going to matter, as the trust between the crypto owner and the potential investors has been broken, so It think no one will invest.

[tvplus006]

...So, what should they do? Just use all they have, and I mean literally everything they have and throw at it buying UST and Luna and just burn it as soon as they buy it, which would make the supply limited. I am not saying that it would be easy, it will be quite difficult and even if they do this, they may end up with people who are selling and they may never recover but they need to at least give it a try to see what happens.

In this case, those who bought the coin before the excessive issue occurred will suffer. I support such a plan, which was outlined by Do Kwon, the CEO of Terra creator Terraform Labs: https://agora.terra.money/t/terra-ecosystem-revival-plan/8701, and is that it is necessary to roll back the blockchain to the moment when the issue of Luna amounted to $ 1 billion.

[Gayong88]

I think This is good news for those that held to their luna till now .Tim Luna is working hard for everyone for their loss. Very good. But, on the other hand, this has no effect on those who haven't bought Luna and if it works is an example of an effective form of responsibility in action.

[zasad@]

https://twitter.com/LFG_org/status/1526126703046582272
"1/ As of Saturday, May 7, 2022, the Luna Foundation Guard held a reserve consisting of the following assets:
· 80,394 $BTC
· 39,914 $BNB
· 26,281,671 $USDT
· 23,555,590 $USDC
· 1,973,554 $AVAX
· 697,344 $UST
· 1,691,261 $LUNA"

May 16, 2022
https://twitter.com/LFG_org/status/1526126708193054721
"4/ LFG:
· Directly sold 26,281,671 $USDT & 23,555,590 $USDC for an aggregate 50,200,071 $UST
· Transferred 52,189 $BTC to trade with a counterparty, net of an excess of 5,313 $BTC that they have returned, for an aggregate 1,515,689,462 $UST"

May 16, 2022
https://twitter.com/LFG_org/status/1526126716388749313
"8/ As of now, the Foundation’s remaining reserves consist of the following assets:
· 313 $BTC
· 39,914 $BNB
· 1,973,554 $AVAX
· 1,847,079,725 $UST
· 222,713,007 $LUNA (of which 221,021,746 is currently staked with validators)"
 

https://twitter.com/lawmaster/status/1526132520231874565
How to lose 3 billion in 9 days

[tbct_mt2]

Will whale holders lose all money they invested in to $UST or $LUNA because Luna Foundation Guard prioritizes to compensate smallest investors first with the left-over of their reserve?

Will whales, exchanges let it die after the compensation and see their own money vanish?

Will exchanges want to see the death of $UST and $LUNA that potentially triggers a more strictly regulation from governments and a superb bear market? Then they will lose more income from crypto market

To remedy the market, they will cooperate and rescue Terra for their own benefit.