New post on correct forum and settings
Burning Mechanism
Luna_buy_allowed = False
Luna_sell_allowed = False
if purchase_time_total_supply <= 400M:
countinue
elif purchase_time_total_supply <= 1B:
burn = Luna_bought_at_this_range_and_still_holding * 0.1
elif purchase_time_total_supply <= 3B:
burn = Luna_bought_at_this_range_and_still_holding * 0.2
elif purchase_time_total_supply <= 9B:
burn = Luna_bought_at_this_range_and_still_holding * 0.3
elif purchase_time_total_supply <= 27B:
burn = Luna_bought_at_this_range_and_still_holding * 0.4
elif purchase_time_total_supply <= 81B:
burn = Luna_bought_at_this_range_and_still_holding * 0.5
elif purchase_time_total_supply <= 343B:
burn = Luna_bought_at_this_range_and_still_holding * 0.6
elif purchase_time_total_supply <= 1T:
burn = Luna_bought_at_this_range_and_still_holding * 0.7
elif purchase_time_total_supply <= 3T:
burn = Luna_bought_at_this_range_and_still_holding * 0.8
else:
burn = Luna_bought_at_this_range_and_still_holding * 0.9
Need to adjust the price of Luna based on how much left
adjusted_price_after_burns = 1/remaining_Luna_percentage * Luna_price_before_burning
This is exit Liquidity for ALL Luna holders
Luna_buy_allowed = False
Luna_sell_allowed = True
while Terra_has_money and Kwon_has money:
Kwon_buys_Luna = True
Terra_buys_Luna = True
At this point entire Terra reserve used to buy Luna
if Terra_has_Luna:
burn = Terras_entire_Luna_portfolio * 1
elif Kwon_has_Luna:
burn = Kwons_entire_Luna_portfolio * 1
else: continue
Luna transaction continues
Luna_buy_allowed = True
Luna_sell_allowed = True
#This is not literal code but explains steps clearly imo
#Numbers are for example
#Change each Luna with UST for UST solution
#Could be detailed more to make more fair
#Current form would immediately burn ~ 5.5 Trillion Luna, ~ %85 of current supply
#Kwon and other responsible people are punished
#Remaining damage is shared between Luna holders
#Steps could be changed, for example Kwon buying luna can be done before Burning Mechanism but i think this way it is fairer. Wdyt?
#UST Luna relation fixed mean time and and no new minting is allowed.Ever.
While forking is a terrible idea only saving Kwon and his friends, burn tax has some issues as well. If there is a burning tax this means Luna price will only go up. This would discourage people to sell thus limiting burning capacity. Also people bought 1Bn Luna at 0.0001 would be extremely rich if price ever gets to $1, 0.1 or even 0.01. While i have nothing against people getting rich, this is at the expense of others. So my proposal is burning Luna at different levels. This way we can prevent new whales forming and Luna is hold evenlier and fairer by the people out there. Therefore creating more democratic place for community.
The idea is everyone gains(loses) the same proportion(numbers can be calculated for this). Only Terra’s reserves, Kwon and other responsible people are punished.
One possible problem is people “hiding” Luna. Luna should be only listed in platforms agree to this. Luna on other platforms permanently deleted. This should be communicated properly so no new victims emerges. We need to reach every Luna holder before implementing this.