If that is true, its a matter of trying to get Binance and KuCoin to implement the fee as well. At 3/4Bi per day (pre depeg) even a 0.5% fee would quickly burn the required amount in around 1 year.
Binance can implement taxâŚ
Lets call it fee⌠tax has an even worse connotation.
Burn, everybody loves to burn, burning is great!
the only sensible solution available.
Luna classic will still be open after fork, so⌠no prison for Kwon, why are we being delusional, nothing is gonna happen at all, validators favor Kwon on forking and we lost all our money. Weâre about to get 1 luna2 for every million luna we have or something like that. Theyâre going to pay us with 1 dollar. Period
Thatâs pretty much the beginning and the end of the discussion.
Itâs LUNA, the original. Forkers need to come up with a new name, to avoid confusing buyers about what they are getting. The new token would be entirely new, with drastically different economics straight from the start. Itâs not even a chainsplit coin, as happened with ETH/ETC; that example is inadmissible here.
As a developer with a big bag of bottom-buy LUNA, I was enthusiastically dreaming up new project ideas until Do Kwon first announced that he wanted to fork new investors. Now, I am thinking again. Though I donât like Cosmos blockchains, and there is no reason to deal with that in the current circumstance. It was never my intent to develop on the Terra chain itself, but rather, to build out the ecosystem elsewhere. Adoption was rapidly growing through cross-chain bridges! That is the only way that I have ever held UST and LUNA myself.
If the fork happens, the new token will probably drift down eventually to something like rank 2,000 on CMC. A âme too!â token in a crowded market, built on a Cosmos SDK chain with no original or unique technology, and plastered with Ess See Aye Em warnings? LOL.
Fork or no fork, LUNA will become whatever its holders decide to make of it. I am unaccountably fond of my precious little LUNAs. I want to make them happyâall of the many millions of them. Getting them was quite the adventure. Well⌠Letâs see what happens. I know that they have one advantage.
Do Kwon/TFL claim that they care about âdevelopersâ and the âecosystemâ, but they have very rapidly alienated new investors and new developers with this fork nonsense. I say that as a new investor, and as a developer. My dear little LUNAs have the advantage of not suffering from that alienation: They are the tragically unloved, heinously betrayed victims of the proposed fork. I feel like I want to nurture them, heal them, make them grow big and strong so they donât give a fork about Do Kwon anymore.
Will Luna âclassicâ, lets just call it Luna also still have 6,9 trillion in total supply after a fork? Will Luna still have use or will they just let it d i e when itâs been a Top level project with a Top tier ecosystem just to move to luna version blabla?
Theyâre not going to burn, letâs not be delusional. They will claim they used all the remaining reserves for the airdrop and to launch the new project. Nothing will be left to buyback. I doubt they will care enough to implement the burn tax also. Pretty sure they are going to let it d1e and we will get refunded with 1 or 2 dollar at best, because there have been too many buyers and there is too little money as they claim. 100k wasted to get refunded with 1 dollar.
Repeat after me: BURN DOES NOT REQUIRE REPURCHASE! geez lol⌠already repeated 100 hundred times in this group, its even in the proposal descriptionâŚ
Itâs a per transaction fee that slowly reduces supply (within a year takes it back to normal levels)
Do Kwon wants your development effort on ânewâ Luna as collateral that can be borrowed against.
Unchained Podcast Ep.335 40m29s - 40m57s.
Itâs not feasible anymore. Itâs too late. Iâm pretty sure once the new âinvestorsâ know there is an implemented tax, most of them will retreat from this shit as soon as possible. Also, havenât you seen? People bought billions in these days, and thereâs even a wallet with almost 1 trillion tokens balance. Itâs too messed up, what will happen when this wallet will try to sell or something?
So they wont burn Luna after a fork and everybody who invested hundreds of thousands or millions are supposed to get 1-2 dollars and roll their thumbs and accept it? You sound like you got millions to wasteâŚ
Everyone should be treated the same, regardless as to whether they bought Luna at $119 or $0.000008298171. Unite everyone behind the platform and let us rebuild it better!
If management chooses to unify the entire Luna community instead of dividing us into winners and losers, Luna will become the #1 wealth producer in the history of blockchain.
You want to reward token to previous holders and then just make ur terra 2.0 and give them but donât touch lunc make it as 2 different coin
I lost 100k, what am I supposed to do? Itâs almost entirely not my fault. Do you think if we keep spamming this thread theyâre going to give a f.uck? Iâm just accepting reality and trying to remain sane. Twitter already shows validators fully favor Kwon. Nothing will change their mind.
Ok and you are trying to change our minds because?..
This is not going to work for obvious reasons. But itâs not obvious for some people it seems. It would take many years for the price to be effected with this proposal. Donât forget that there are exchanges now. People trade on exchanges which doesnât require real transactions at all. Which doesnât contribute to burn. Burning would only have any kind of effect if they could have burnt trillions of it immediately. And they donât have those coins. They tried to save UST with those coins, that was an irreversable mistake by which they basically gave their money away. They donât have the LUNA to burn. They donât have the funds to buy back the LUNA and burn it either. And just by on-chain transactions it would take 7-8 years of burning to reach normal levels. People think âoh yeah burn so price increasesâ but it just doesnât work like that. And for the actual proposal, we possibly can not believe that the volume will stay as it is, the volume right now in total is $1.3 billion, which is HALF of what is written here, INCLUDING the exchanges and this will only decrease with time. On-chain volume will be much less than half of even that.
Besides these, people are forgetting the real Ethereum; The second biggest coin in the world right now is a fork. The original Ethereum is called Ethereum Classic right now and look how everyone already forgot about that. Wishful thinking is not the way to take reasonable actions. People just want to get their losses back and that clouds them from thinking straight. Do Kwan made too many mistakes starting with not suspending UST transactions much earlier at like $0.85, which could have been much much more easier to recover from if non-arrogant actions were taken. He could have avoided this but he couldnât, because he wanted his invention to work and did the same mistake many are doing right now, which is wishful thinking. LUNA would be alive, they would still have some reserves and BTC wouldnât crash this hard if wishful thinking didnât got in the way.
And of course, these are just my humble opinions.
Question. Do you think the proposal came this far and has eyes on it because the community is quiet?