<EDIT: I’ve been made aware that this is normal burning to the bridge - correct?>
Noticed several youtubers talking about this - PooCoin BSC Charts
What’s going on? Why is there no communication happening?
They’re going to need to add a couple decimal points on those burns to really make a dent here… -_-
2:46pm - Aug 15th - Token Supply = 257,990,915,553.012556
2:51pm - Aug 15th - Token Supply = 257,971,861,261.552556
3:03pm - Aug 15th - Token Supply = 257,922,352,117.627595
I see on coingecko is that supply is actually increasing!!
Some really fishy stuff going on right now -_-
They can’t divulge the plan if it is to burn…people will buy a ton of it up. They need to purchase at these insanely low prices to conserve capital
Oh? I see… Ok that makes sense I guess - but I mean, I can’t imagine the word NOT getting out in a big way when people can literally track it…
Sorry I don’t understand the question.
he is saying no communication as we all know
if you asking about my comment it was sarcasm that the team are not listening to anyone and doing their own thing, within an decentralised claimed environment which is obviously not the case, hence centralised controlled by one person.
There is definitely an element of centralization here. Think about it…last week they turned off the burning mechanism after a halt. If it was truly decentralized (which nothing is absolutely decentralized or centralized) how would they do they do be able to do that?
defo centralised by an ego who actually is pretty dumb and worried about his arse, not here to diss but it’s all pretty obvious he got good on an idea that wasn’t thought through to the end degree and backfired now he is in a corner answering to the ‘clique’ anyone else is obsolete
Just wanted to reply here as well…This is a burn by the wormhole bridge to make tokens on whatever chain they are being bridged to…
Understood! Just edited my original post! <3
So, this is not burning LUNA token ? What they are burning exactly ? This will go the price up after a few days or not ?
When you move a token cross chain, it technically needs to be burned on one side and minted on the other. For instance lets say you want to move Luna from BSC → Ethereum Chains…The bridge will first burn your token on the binance side, then mint it on the Eth side. Make sense?
This does not change the overall supply. Just moves the token from point a to point b
Yes but why would someone want to transfer a large amount of LUNA like this ? It s questionable
Because It make no sense to transfer from BSC to other chains right now. Binance is the top exchange where you would want to buy or sell luna
Because they want to trade on other networks via abritrage or just want to position themselves on other exchanges etc for whatever reason. Its a lot of people moving stuff around. This is common.