Probably the only and the fastest way to reduce supply of Lunc is to burn part of rewards. I know that some are vocal that this is not fair to validators, but I think this is not true… Eth and Bnb have similar burning mechanism and every one are happy.
Example:
First 6 months 50% burn, another 6 months 40%, then 30% for second year. After that revision to see if % can be lowered to 20% until we reach 10b Lunc goal.
Not sure why some who are stacking are so much against that. Value of your stacked Lunc would go up a lot.
There are already validators who are burning a lot of Lunc and are doing fine. So I assume it is possible to implement given (or similar) idea.
Together with 0.2% tx tax up to 2b Lunc per day might be burned this way?
Personally I’m stacking and burning all rewards, but I think we can all do more here.
I neither get why this idea it’s so unpopular… Because it problably is the fastest way to solve the burn problem. But I guess uncontroled greed it’s what makes people don’t support it. They are blinded by “free coins”, not realizing they are harming themselves. Why in the world one would want to stack tons of these free coins if the value per coin remains worthless? Maybe they are very confident that price will rise “magically” without need of pulling all together as community. Or maybe they think that someone else will take responsbility for us to solve the problem, and we’ll just cash out conviniently (with all the juicy rewards included). Honestly, I’m realizing that human kind is doomed by it’s own selfish nature. Even when it’s for their own profit, they behave stupidly. IMHO
I proposed something similar like a month ago, nobody seemed to be interested in the idea. Burning rewards can increase the burn dramatically and decrease our reliance on CEXs to do the job.
I would gladly burn 50% or more of my rewards! I had hoped that this could have been done automatically under the hood of delegation.
Nevertheless, i think there is greater value in vollentarily opting to burn our own rewards, not to mention avoiding an authoritarian state!!!
Therefore, how could a simple user like me, burn my own rewards? How do i find a legitimate burn address to send my rewards too? Do i need to set up a node and run a smart contract?
What if dev could update the TerraStation wallet “Stake/Withdraw All Rewards” UI with a “Burn %Rewards” slider or such?
Also, we probably should have transparency as to what has been burnt, that the burn address is legitimate, and that it cannot be changed, corrupted or hijacked. The community can vote and agree on the burn address in the proposal. Put a good lion on guard.
It’s a shame that nobody listen to you. It’s beyond my comprehension. Stakying LUNC in Terra station gives incredibly good returns. Why would it be bad to burn a percentage (either 50% or something lower like 30%, or whatever the community agrees on)? I think the only reason I see is unrational and sick greed. By burning that certain percentage we all really profit by LUNC price raise. Obsession to accumulate low price LUNC, it’s like stacking piles of dry horsesh*t at home, little difference between both cases…
We need to push the price high, that must be our main objective!!
I support any voluntary mode of burning, of course. But regarding the “autoritarian state” comment, I don’t see much difference between the current burn tax and this “reward tax”. In essence it’s the same mechanism.
As I said, there’s not much difference between staking stones, manure or LUNC at this low prices… specially if this price remains so low “forever” (or long enough). we need to take the project high through burning and utility. Many will tell you they are not in a hurry, that they can wait 5-10 years… We can notice then, they aren’t among the former Luna fiasco victims…
We can’t take the future for granted, because maybe we’ll be here within 10 years more, or maybe not. Time is more valuable than any stakying reward you can get. But people opposing this kind of proposal, still think “they are the clever ones” lol. We’re doomed this way. Selfishness to the marrow and till the point to shoot yourself in the foot. Just because you are blinded by the “high rewards you’re getting” (in terms of currently low-priced coins), you can’t see what mostly matters here, that is, the LUNC you bought as initial investment, using your hard-earned money, gives you good returns the sooner the better.
For all the reasons I stated above, I don’t rely much on voluntary burning donation, though I support it too. I think we need a mechanism to tax staking rewards. We all get benefits from it. We all are interested in burning to get our money back and beyond. Nobody is “stealing your rewards” in this proposal type… that’s what governments do with our taxes when we don’t really know where our hard-earned money ends up. Here, we all know where our easy-earned rewards will end up: burned. Therefore, increasing our Lunc holdings price. The only thing which matters to me. Still, not all of your rewards will be burned. You will get the most of it, all for youuu. This is win-win.
The biggest lie of this proposal is that it is proposed to burn rewards to participants and custodians of LUNC.And at the same time we are forced to forget about the speculators trading on the stock exchanges.But these speculators do not pay 0.2% tax.They don’t support networking.And you forgot about the most important and dangerous speculator, the Binance exchange.This exchange owns 2.3 trillion LUNC tokens.Come up with a way to take 2.3 trillion tokens from the Binance exchange - this will greatly accelerate the burning.
What if we all could find a way to.build weath and value at the same time ? What If those that lost their life savings could, 1000 USTC at a.time, (which is less than 40$ at this writing), agregate and delegate several millions of LUNAC. Its not too late!
I hear cosmo utility and a DEX are en-route.
I whole heartedly agree that burn can, at least, create a deflationary chain, and hence value.
As to “authoritarian”, i apologize somewhat for being overly colorful. : ) i just meant to emphasize that I prefer opt-in. I hope that investors could passively opt-in, help deflate the chain, and net worth over time.
When you pull your rewards from Terra Station to another wallet your rewards will be taxed still. So maybe that’s why people aren’t interested in it. They don’t wanna get double taxed.
Sorry but our ‘so-called’ community doesn’t want ideas like this to pass. How will they make extra money if we take away their rewards? Good idea and as much as I’d like to see it implemented, it’ll roll off our validators like rain.
@Minno_khan1 ~ if we can’t change that thinking that you mentioned ~ the community will be too weak to revive Lunc… the weak fee generation and burning will be overtaken by the staking rewards and inflation will happen, again… this community may not have what it takes to follow the wise amongst them. I hope it does though. I think it’s those who think they know it all but know little who are the problem we must overcome…
I know. I wished the community wasn’t about greed but unfortunately it is that. I haven’t staked yet but will do with my next paycheck and i’ll send 50% myself to the burn wallet. At least tomorrow, I wont be labelled as the greedy ones
Nice to see there are some who are thinking similar and are willing to burn rewards.
Maybe if someone with reputation in the community would put a proposal together and put it on terra station so we can actually see if there is some hope for that?
50% of rewards for first 6 months then 40% another 6 months. After that 30% for a year and then evaluation.
We could also save UST with that… because community pool would grow really fast (10% of burning), 30% of those 10% can be used to buy back UST and burn it. This way community would be able to sort this mess alone with no aditional funds.
But seems that greed is just to big and no one really wants to burn their rewards.
@Zaradar have you considered this approach to save UST?
