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.
You guys have the remedy to fix and work our way out of this.
If itâs 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.
Letâs watch the direction things are taken and see if the community or creator are put first.
doesnât matter what you propose, Do Kwan has already made his mind and threw everyone under the bus, his speech of community matters is just a bullshâith.
If you DO NOT want the fork to happen, go and VOTE NO against Do Kwonâs proposal. It does not allow me to post the link to the proposal, but it is Proposal 1623. Support what majority of the Luna community wants and VOTE NO.
If we really like this plan we should stay together after the fork and implement the plan as a community, we can stay with the original Luna and invite validators and developers over, I am pretty sure that they will be interested and that there will be many investors interested to as there is a big chance of big returns.
