Most of the topics I read are concerned about the wrong issues.
Imposing a massive transaction tax is rather a terrible idea, this will just decrease the utility of the coin and decrease trading volume massively, making it worth even less
Let me put it straight The number of zeros on LUNC does not matter … the only thing that matters is adoption and utility
The numbers everyone should be worried about are those
USTC market cap: 160,000,000$
LUNC market cap: 500,000,000$
If this eco system is to get back to normal USTC supply (currently 10 billion) has to decrease and match the current actual adoption. And for that to happen, there should be an incentive for burning USTC
Once USTC goes back to equilibrium, things would slow go up as adoption increase
If the number of zeros on LUNC is worrying you, it can always be absorbed into a new sister token with a massive exchange rate (millions to 1) … where the sister token has some other utility
Governance is probably the largest issue now, nothing can happen as the coin stays stagnant
Why would absorbing a large supply currency into a small supply sister currency have any bearing on utility? Does it matter if I say 100 cents or 1 dollar, or isn’t it the same thing? Perhaps I misunderstood - please correct me if so
Well my argument was it doesn’t matter, but it seems that alot of people on this forum are worried about it. And if it must be done I think it should be done using such method
Also alot of platforms supports certain amount of decimal points and we are reaching the limit, specially if more USTC is to be burnt
The idea behind a sister token is to mint a new token that can only be done while lunc price is low enough, and the token can have other utility on the long run
and I think for your example I think we are converting 100 cents to 1 apple … where both have different utilities
LFG’s funds still belong to Terra Classic. It’s objective is/was to restore the peg. If LFG uses the remaining funds to burn excess USTC in circulation, it could bring USTC back to peg and LUNC back to it’s original mission. They could absolutely do that.
CEX’'s and DEX’s could have a small burning process that will allow LUNC to reduce supply over time. Terra Classic could create a special fund for UST holders restitution, starting from small wallets.
Most important thing right now is to create a proposal that benefits devs and validators. This is what will keep Terra Classic alive.
LFG needs to burn the excess supply of LUNC and USTC. Doing so would restore everything back to normal and solve the problem within a matter of minutes.
All LFG needs to do is buy up the entire supply of LUNC and USTC and then burn 49% of it and sell the remaining 51%. And repeat the process until everything is restored.
Not only would Terra Labs stand to make a profit by doing this, but it would solve everything within days. Everyone who invested in the project should make a profit from it.