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Firstly, the stakeholder groups are massive. 63.4% are still holding and 36.6% sold at least a portion. By alienating one group, you are cutting out a massive portion of the community who suffered just as much as the other group. Keep in mind - most people sold quite low. (2/8)pic.twitter.com/t68a4JNfrI
Next comes conflicting information. In the face of a crisis (where you're watching your life savings slowly drain away), there's a lot of pressure, and it's not easy to put emotion aside, especially with all of the rampant misinformation and panic present everywhere you go. (3/8)
Reasonable response #1: you see Do Kwon's tweet about collateralization and hold, but soon, panic sets in. You are losing thousands every hour. LUNA is asymptotically crashing to zero. Smart people are telling you that UST will soon follow: Terra has entered a death spiral. (4/8)
You've already lost a lot, but there's still some left. What if they're right and UST goes to $0? Though you're owed $1 per UST, you try to salvage what's left in lieu of potentially losing it all. You sell at $0.30 and have realized a 70% loss on everything you worked for. (5/8)
Reasonable response #2: Do Kwon is deploying capital. It's just a temporary depeg. It's much worse than anything we've ever seen, but he wouldn't brazenly lie on Twitter about reducing debt overhang and repegging UST, right? You can't sell now and lock in a massive loss. (6/8)
If you sell now, you admit defeat. What if UST suddenly repegs after this 'capital deployment'? That would be terrible and you'd lose everything you worked for for sure. It's better to hold: the repeg is coming any moment now. LFG is deploying capital to defend the peg. (7/8)
And, scene. Both of these are completely rational responses to the crisis. Both groups lost too much. I believe both should be taken into consideration and should be refunded *exactly* what they lost pro rata. Did you sell at $0.30? $0.70 refund. Did you hold? Full refund. (8/8)
PS. Ethically, our first priority should be pre-depeg savers who bought UST at $1 (they paid $1 and expected nothing more than $1 back per token). Speculators who bought UST (a now suddenly speculative & volatile asset with a fresh risk profile) at $0.30 can take a backseat.
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