Open charts, men. No one is interested more in these tiny LUNC burns, as like additional taxes from the Drifter. Dont forget that distribution is also active. The only way to survive. 1. Stop USTC distribution. 2. Start buyback USTC with all taxes. 3. Start returning the dapps.. We have 1,5 years max.
Yes it’s not. That’s not the CP. I checked. It has been done via some method in the code. I can see the code but I cannot understand it. It looks like there is a validator addresses there through which this transaction is being routed.
Even if I am to believe that this is actually going to CP, how to even check that?
And how do you even check what is being minted in the CP?
Cause the minting has nothing to do with the sending money there. Those are two separate functions.
You need to check that diagram on a big screen, then everything will start making sense. There’s nothing wrong with that screenshot you have pasted. See details below:
Yes you are right. The transfer did happen. My timezone is 1 day ahead of the transfer time in GMT. I am in GMT +5.30 hrs. The transfer happened at GMT -4 hrs.
The Finder is showing me the correct time in my timezone. Graph is showing GMT time I think.
Let’s consider that the transfer did happen and I concede to it that it did happen.
But what is happening is what we were talking about. That coins are getting minted.
@JESUSisLORD is saying coins are not getting minted.
And I am saying they are getting minted. And in your graph also it is clear it is getting minted.
At 0.2% most probably. So are they getting minted or not minted?
There is a nominal mint on a daily basis which can be seen in the circulation supply increasing. That will stop altogether once the chain ceiling (Total Supply) comes down enough (using burns) and finally meets that Circulating Supply.
Seigniorage was deprecated, so technically no minting is happening off the burn wallet; instead part of the tax income is being redirected to the CP due to the ante-handler logic.
So yeah, a share of on-chain taxes are being redirected to the CP without being technically “minted”. It’s all semantics here.
What do you think will happen to this graph if we now increase the gas fees by 6 times?
I think the answer is clear. Let’s forget the semantics for some time.
There are coins in the CP. And that is increasing which will be taken out at some point of time. So every time we take out anything from the CP or OP we take a hit.
And it’s bound to happen. Cause you are first decreasing the supply (by sending to CP+OP) and then you are increasing the supply (by taking out of the CP+OP).
In the meantime, you have burnt the market cap.
The solution is either:
A. Stop Burning
B. Stop Minting
Which one do you prefer? This is the question now.
Let’s stop beating around the bush and get to the point.
There is one more solution though it’s a little bit more wild, but nothing that can’t be done.
Gas fees will have to be changed to USTC instead of LUNC
Everything in the CP and OP will have to be converted to USTC
Payments from CP and OP will have to be made ONLY in USTC
This will ensure that ONLY the supply of USTC is increasing and not LUNC.
You gotta sacrifice one coin for the other.
You can also take some useless coin from 21 other coins and do this as well.
But this is the only way out. Otherwise this graph will look like this forever and LUNC to $1 will remain a dream since it is not mathematically possible to achieve that while coins are continuously being released into supply.
As I said before, it’s like a hamster running on a wheel. It’s not gonna go anywhere.
So, you gotta choose between LUNC or USTC cause the other coins people might not wanna use if they are not supported by major exchanges.
But this is the wilder idea. The more decent ones are the ones before this.
P.S. I am sorry to say, but all burns which have happened in the last one entire year, was for nothing.
Cause we essentially released all those coins back into supply by the current gas fees and minting/tranfer of coins to CP+OP and then taking it out again, all the while burning the market cap.
Mathematically, what we have done till now, is stup(idity.
The trajectory of the fees accumulation in the CP will increase provided the on-chain transaction volume remains the same (on average). Just like it did when we increased from the old fee values (green) to the new one (yellow)
We are not taking a hit! Taking funds out of the CP is called an investment
The funds that end up going into the community pool are part of the already circulating supply. So moving them between wallets doesn’t affect the circulating supply. The circulating supply is increasing (via mint) on a daily basis because of the chain 2% (ish) inflation.
To stop that 2% inflation permanently (stop inflationary mint) the Total Supply needs to come down (via burns) and meet the Circulating Supply therefore making the coin go into a true deflationary trajectory (<0% inflation).
Currently, we are in a pseudo-deflationary trajectory due to the coins being taken out of circulation via
Therefore in the following statement:
A. We definitely shouldn’t stop the burns if we want LUNC to turn into a true deflationary coin
B. We cannot stop the chains core inflationary mint process unless we reach total supply. We can make it appear negative by making sure we attract people wanting to stake their coins and therefore taking them out of circulation at a rate > 2%
I knew that at some point of time, I would have to explain it like this, so I saved it up:
Hamster 1 - Binance Hamster 2 - Cremation Coin
1.When H1 starts running, everything is still fine, even though both of them are running in circles
2. The price of LUNC goes high
3. H2 wants to jump in. So, H2 jumps in and you can see what happens
4. This is because the price of LUNC has already gone high by then
5. 21 days and when the OP is withdrawn, B(O)OM!
No. The burned coins go to the burn wallet and are removed from the total supply and circulating supply and cannot be accessed again. Those coins are not released back anywhere.
The gas fees and funding from the tax are direct transaction tax transfers of existing users LUNC and USTC on-chain to the community pool and oracle pool. There is no minting.
You are wrong and are spreading false information trying to say burns are meaningless and that there is secret minting. There isn’t StakeBin | Terra Classic.
You’re trying to muddy the waters to attack my proposal. Go make your own thread in the general section if you want to talk about burning not being real and secret minting.
How is there 2% inflation and how is there minting? I don’t see that. What are you talking about?
I knew that the community wouldn’t receive this news well. That’s why I wasn’t saying it. If you read your previous discussions in Agora, you can verify whether I have hinted at this or not. You can check my comments there.
What do I do if this IS THE TRUTH? Do I go and tell the community that what they are doing is basically reducing the price of the coin? You want me to go and tell every single influencer and validator that there is this? How? Even you are not being able to take the news even though @godoal is saying it indirectly. Even he doesn’t wanna say it.
The fact is that LUNC isn’t a deflationary coin by my calculations.
It’s an inflationary coin.
I have been trying to tell you this from the last 3 days (and potentially for the last 3 months) indirectly without saying it here publicly, but now you need to know properly.
This is absolutely correct.
I am not talking about the burns.
You have to understand what the antehandler is doing (again).
It’s a TRACKER that tells the store to transfer coins from the ADDRESS YOU ARE BURNING THE COINS to the ORACLE and COMMUNITY POOLS.
Read this properly and understand this properly.
This is HOW COSMOS WORKS.
The Total Supply does NOT change. Only the Circulating Supply does.
If you wish to counter this then get a Cosmos developer here and ask him whether I am correct or incorrect.
No it doesn’t it splits the 0.2% tax and 90% goes to the burn wallet and 10% goes to the community pool. It’s not taking the burned coins out of the burn wallet and minting them. You’re making things up.