My condolences to those who are down a pretty penny—I’m just coming off the bandwagon of a massive loss myself (the type of loss that makes you question your living situation).
I’m a new holder with some decent gains (not nearly enough to offset my losses)— so I believe I have little right to give any input. But I hope this prompts a healthy discussion.
Firstly, to state the obvious to my best understanding: the compensation plan for OG holders through a fork and some sort of snapshot is being prodded at by the idea that new holders rights are just as important. Newer holders obviously want a burn instead and expect to be millionaires overnight. (Tbh on the slightest chance this happens and you’re an OG, I would add a nice sum to your bag at these prices just in case [Not Financial Advice]) Unfortunately to the OG’s I do side with the latter of a burn as opposed to a snapshot.
One issue though assuming this burn route is chosen:
Can exchanges even honor burns on every transaction? I know safemoon is listed on Binance and they somehow figured it out.
I believe we’re at 5T+ Total supply at the moment, out of this supply how much is actually circulating (owned in wallets) or already burned? Because as the title says you can’t burn what’s in peoples wallets.
Lastly, I’ve seen via shared links there are ongoing burns in the millions of Luna ($1000-3000 at a time) happening. It was assumed these were “price-checks”/“burn tests” for larger burn(s) to come but this has been dismissed as regular wormhole mechanics by others. He said she said at this point but if anyone had input on that aside from questions #1 and #2, that would be greatly appreciated.
Thank you, and I hope tomorrow may be the day we all get the transparency we’re waiting for.