Hey everyone, great job to those who are voluntarily burning LUNA by themselves. It’s amazing to see people “burning their own money” for the greater good. I strongly believe that LUNA can recover, but it’s not going to happen overnight and it’s going to take a lot of work and a bit of money. I want to propose a faster method of continuing the burn that is already happening, but as a community instead of on an individual level. That is why I want to propose using something like crowdfunding.
The main motivation for this idea is that right now, I think that the main issue is lack of trust: trust in leadership (Do Kwon doesn’t appear to approve of the burn plan) and also trust in newcomers “trying to make a fast buck”. Why burn your own money if it benefits people who never heard of LUNA before the crash? I think the majority of people is willing to burn LUNA, but only if they can see that other people are doing so as well.
The benefits of crowdfunding is that there is 0 risk attached. If the goal isn’t reached, people get their money back. So the plan can only go forward if enough people are willing to do so. That’s where our community comes in. And if it doesn’t work the first time, we can try again.
Second: Instead of people driving the price up even while they’re burning, we can make a purchase strategically and burn efficiently.
Third: It’s very visual process, people can see how many people are motivated to burn, and how much they’re willing to spend to make it happen. I think that if we manage to start a significant burn as a community, it’s going to pick up in other places as well.
Fourth: There is a possibility of “perks”, such as giving people a percentage of LUNA for their money and burning the rest. Or hell: A t-shirt that says “I burned money and all I got was this lousy T-shirt”, who knows what people are into.
As a economic psychologist I think that using something visual like crowdfunding will raise motivation and increase the chances of more people getting involved in the burn. I hope someone with enough standing and reputation within the community can pick up this idea, because in order for this to work it needs to come from someone who is respected and trusted within our community.