Not sure as to whether this is true, however there seems to be evidence that there is a burn occurring, however not sure if this is a official thing or not. There really does need to be some communication and prompt decision making on the part of verifiers and the TERRA team. I hope we can begin to rebuild trust and the ecosystem!
Is this one problem with decentralization? Cannot make moves without broadcasting strategy? If they announce buybacks, will the price put the buy back strategy out of effectiveness?
Love this idea. I would vote for it 
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Ownerships must just buy the extra tokens created after a time point and afterwards burn them or merge them. Compensation to holders donāt seem visible as whales with attacking tactics are also part of the game. Even though i donāt know if the first sentence is feasible, but for sure restart the transactions as soon as possible. In such case, fix any algorithm with autocreation of new tokens and let the market rules to work.
well said.!
You deserve a medal for putting all this work in
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Where do you see a burn ? I havenāt seen anything yet.
The poocoin link with Ā« sent to burn Ā» LUNA on a 00000 adress on BSC are just bridge transaction am i right ?
Why smartstake didnt vote ?
Im really worried about whats the issue with validatorsā¦
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By far the best proposal made here, hope this one will be used
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Pretty sure there are big investigation and prospect on every possible scenario and everyone is being told to hold back for a few day until they come out with somethingā¦
As someone said elsewhere, validators are not that important in such an emergency situation
All the silence and CZ comments on the Forking could indicate that the burning mechanism proposal is what the team might be going forward with. It is the only path to survivalā¦ All other paths mean death for LUNA. The forking proposal by the team was just to distract and keep the price as low as possible. Also, another indicator of that is the fact that the price went up almost 600x and yet we didnāt see a major pullback after such a massive bull run. It means there is a buying working in stealth.
I would assume they are working out the details of the burning with Binance and other CEXsā¦ Wishful thinking and definitely not financial advice. DYOR
7 Likes
I like this proposal as well as the 8 Steps plan, but believe this line should be removed from the vote proposal (while I do have complete sympathy for anyone that loses money on an investment):
ā
You could even implement temporary 1% of the volume going to the people that lost money during the crash
3 Likes
Nothing to do question: would your leave you LUNA on exchanges in case of a massive burn ?
What if binance lock out people token ?
Is it better to send everything on custodial wallet right now or the risk is negligible ?
Bump.
Please share this proposal! I fully support this!
This is a constructive idea.
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Is there any sign of life from terra yet
bump!
No and at this point Iām not even convinced that this (terra) team deserves this communityā¦ I mean a lot of people throw in great ideas, stuff like that, they could easily let the community know about their end at least 1 post a day, but nothing. Actually itās a shame.
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One thing Iāve been thinking is that even with the 3% fee, there should be a cap on how large the fee can be. Charging 300k for a 10M transfer will make some projects unsustainable for larger transactions. Downside is that the burning would take longer, but be healthier to the ecosystem. Just some food for thought.
I hope this would pass. Iād like to express my support at the vote but i guess staking facility is not working as of now.
Unfortunately, some of the current stakers participants may include the depeggers, which I like to call them attackers. If I were them, id stake lots of Luna to sway the situation in a way that would still be beneficial to me. Like shorting Luna and UST (or borrowing them to build a leveraged short against the Luna and UST) while also staking Luna on the chain (if the attack goes south). That way, i could have plausible deniability.
New buyers (dip buyers) may be off putting to many people who lost a lot. But I guess me and many dippers want this version of chain to survive as best as it can. I think see the situation is very recoverable. The peg can be improved and can be agreed upon in a Ā±10% whilst preserving a degree of decentralization still. This proposal is good in many fronts. Call it whatever you want, itās a good step forward.
However I have my doubts going forward. Because Terra core devs are silent as hell. Other than CZ, there is no reputable investor/ celebrity / validator person out there talking. Which begs the questions about the core devs and people in the terra. Iām wondering if they were bribed to ensure a detrimental
outcome for terra by forking the chain to save face and then leave.
We might have to form the development team as a community eventually.
But we need action. Not silence.
Thanks for this great proposal. Iāll try to back it whenever I can acquire the voting power. I can hold Luna forever and to a zero if I can be of help for the future of it.
4 Likes