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.