It’s interesting that you all seem to be focused on a possibility of exchanges “needing” to move tokens several times before transferring out of their network to a burn address as well as that the proposed 1.2% burn will destroy utility of LUNC.
I find both ideas possible, but not realistic.
There is only one Hope Diamond in the world and it has a rediculous pricetag even though it has ZERO utility. At some point in world history common rocks picked up off the ground had value for trade and still do to the extent of utility of function. The point is that once value has been attributed to something, that thing retains value in utility as a medium to transfer wealth from one entity to another, especially with the promise of value increasing over time from continued burn. Once the burn is complete and circulation of LUNC is at 10B, then it becomes relatively a DeFi stablecoin which inherently has value as a medium to transfer wealth back and forth between financial institutions, etc.
So, I find the 1.2% tax/burn a great idea there as value will go up from FOMO for the crash victims and then utility will take over to keep it from crashing into oblivion.
As for exchanges “needing to transfer several times before depositing to a burn address”… Simply put, a burn address can be assigned to the network “in house” that directly siphons off the tax burn from each transaction instead of waiting for an exchange to manually perform the function. If that is not feasible, then a rebate function can be programmed in where an exchange is rebated the unintended tax burn from transfers.
Basically put, you all really should be thinking like “the glass is not only half full, but refillable”, not “the glass is half empty and almost gone and then we’re screwed” mentality. If there’s a problem with something, find a solution to make it work or suggest a better idea instead of just trashing others ideas as if you’re running around like the sky is falling…
I can tell you all right now that there is a massive exuberance in the various exchange forums for this 1.2% tax burn and that HODL’ing for a year or two is of great interest for many people, including myself.
My own calculations based on $500M-$250M USD 24hr volume suggest that we may reach the 10B circulation cap in 2 years or less. I believe that this will actually reduce to a year or less as FOMO and market cap increases as circulation decreases, paired with the social perception link between LUNC and LUNA2, which should elevate LUNA2 as well.