We have spoken, collectively as a community. We have made it clear how we want this burn to go.
Yet exchanges choose to believe it is they who run this project, almost all exchanges have gone against what was proposed by this community. In simpler terms it would be a 1.2% on each of the below.
MsgSend - Sending from one wallet to another
MsgMultiSend - Sending from multiple senders or to multiple receivers (taxed once)
MsgExecute - bundled dApp and smart contract transactions (each bundled is tx is parsed and taxed)
MsgSwapSend - Swapping then send to another wallet
MsgInstantiateContract - Creating a new smart contract
MsgExecuteContract - smart contract transaction
After profiting off of billions of (historical) trade volume, these exchanges are more concerned about their profit margins NOT THE COMMUNITY. They have seen an increase in profit over the last several weeks as they virtue signal their support for the burn yet provide no action consistent with our values or votes.
These exchanges continue to laugh at the wishes of the community who have worked hard to revitalize the coin and they continue to profit off of US while they do. Because of this any exchanges who do not participate in the burn as voted upon by the community within 1.5months 45 days) of this proposal passing will be blacklisted.
Their blacklisted funds will be considered burned. This will substantially increase the rate of the burn.
For example in the case of one of the most prominent exchanges this would appear as a 30% supply burn the moment the wallet is blacklisted.
At a time determined by community vote but not prior to a full execution of this proposal. Any exchanges who were blacklisted can be allowed re-entry into the protocol given they use a different address. Any previously blacklisted addresses may not have funds transferred or utilized in the future.
The terra classic community stands together (essential to success in any project)
The blacklisting of these wallets has the potential to cut the time it takes burn down to 10b in half.
The exchanges have the opportunity to show the world they stand with the community
The exchanges bear witness that the terra classic community isn’t going down so easily.
The blacklisting of uncooperative exchange wallets would eliminate the amount of places individuals can turn to in an effort to avoid the burn, hence speeding it up.
Exchanges may choose to voluntarily cut ties with Luna classic project. (In which case their wallet would also become blacklisted and coins burned)
Exchanges may begin a suppression or market manipulation campaign (expected by powerful exchanges…must not be tolerated by Luna Classic community.
May increase short term trading volatility (beneficial to the burn, detrimental towards attracting new investors)
Many of us have already signaled our support for this proposal and others like this by taking their money out of the wallets of exchanges not cooperating with the community decision.
These exchanges believe this is a dictatorship with them in charge. But they forget WE ARE REBELS.