A voluntary option to allow customers to participate in the 1.2% trade tax/burn

The ability to ‘opt in’ to the 1.2% tax burn, on any exchange, when trading LUNC to at least get as close as possible to the full, proposed, taxation on deposits, withdrawals and ALL trades.

From my viewing of the situation it seems that exchanges are concerned that if they implement the 1.2% tax on all trades then they will lose customers to exchanges that do not implement the 1.2% trade tax and, therefore, revenue.

I see it working like this. If we take Binance as an example, you would choose your LUNC trading pair and upon selection one of their info boxes would pop up asking if you wish to participate in the 1.2% trading tax, click ‘yes’ to participate or ‘no’ to continue without.

If we can’t have all our cake and eat it, then we can at least go one better than simply a taxation of deposits and withdrawals.

This would be a benefit to all. The exchanges would not lose any customers who do not want to pay the tax, those that want to pay the tax on trades now can and for the first exchange to allow this option they would probably see an increase in custom.

Your thoughts,

1 Like

This is a great idea, however, we have no control of how CEXes deal with their software. Also, we don’t know why they are refusing the off-chain burn. We are not the only coin, and I do not believe that losing revenue is any issue. It is just that Binance is known for not responding, not cooperating, not providing data, etc.

1 Like

Those who do not participate should not be part of the community since they are only thinking about their own interests.

Those who do not want to participate simply should not buy LUNC on those exchanges.

1 Like

I don’t think this is a good proposal. Its mechanism is sensible, but it puts the burden on the CEXs. Like @D_O said, we have no control over how they deal with their software. And specifically, Binance signaled that the burn tax is a good idea, but also made it clear that “shouldn’t we implement it on-chain first?

The burn tax is not even active on-chain. We still don’t know if it will reduce the circulating supply without reducing the market cap. So, it makes sense that Binance hasn’t implemented it off-chain yet. But looking at their announcements, they are monitoring the activities of our blockchain.

And what people don’t seem to get is that Binance (as an example) didn’t say yes, but also didn’t say no. At any point they announced that “Binance will not implement the burn tax”. They are being cautious.