I believe that the massive burn is the only way to go.
despite how everything goes, would really like to see the writer of that article (proposal) in some leading position 1 day, guess he’ll drive his team to the moon, and even beyond
We could use @Nikola-HydraChain input right about now ^^
Yes, that’s the only good solution for our situation now, thanks for the proposal!
I suggest add this to the supplement to this proposal：
because taxes only absorb fluctuations and do not create more fluctuations
The multi person collaborative casting NFT will create more fluctuations
Gas can also be consumed in the casting process
Agreed, buy and sell transactions should be taxed and fees used to burn. This is the only way to keep the community together and bring stability back to the Terra system. This can be fixed, there is no need to start a new network altogether. Abandoning a project and jumping ship is never a good idea for long-term growth and reputation.
This is not going to work for obvious reasons. But it’s not obvious for some people it seems. It would take many years for the price to be effected with this proposal. Don’t forget that there are exchanges now. People trade on exchanges which doesn’t require real transactions at all. Which doesn’t contribute to burn. Burning would only have any kind of effect if they could have burnt trillions of it immediately. And they don’t 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 don’t have the LUNA to burn. They don’t 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 “oh yeah burn so price increases” but it just doesn’t 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 couldn’t, 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 wouldn’t crash this hard if wishful thinking didn’t got in the way.
And of course, these are just my humble opinions.
good idea, let’s spread it on our social networks, I believe that the united community will have an insane reach.
sounds like a good plan
Lets share this with crypto news websites…
You guys have the remedy to fix and work our way out of this.
If it’s not listened to by those that can implement what the thread has proposed.
Only out of pure self interest will it not be put in place.
Let’s watch the direction things are taken and see if the community or creator are put first.
Does terra have a address for burned tokens, or would one need to be created?
This is the most sensible and quickest way to deal with the supply problem.
They should of taken advantage of all the volume that has been created over the last week.
Unless they are waiting for it to bottom out to buy back ??
I like it
**Hello everyone **
Here is the TG link incase something happens here
just wanted to point to this great proposal:
requires very little dev effort and easy to implement.
can we add this to the main thread?
Is there any meaning left in any proposals here? They are doing what they want… and they call this decentralized and community driven?
Come here to vote, it’s already here!