There are multiple solutions to a problem which means there are many different burning methods for $LUNA. The other methods are unproven and may need experimenting on but this burn method can start right away. It also needs the least technical effort as you just need to redirect $LUNA rewards to the burn wallet. It may take some time for the other methods to be proven to work, but with this at least we have some kind of burn mechanism running.
To help with the burn mechanism for $LUNA to start recovery effort.
Stake $LUNA and send all $LUNA rewards to burn wallet.
This is good but nobody will be okay burning all their staking rewards. Maybe burning a certain percentage (20-30%) of the reward should work.
What one loses in reward value will be compensated by what they gain in the price appreciation caused by the burn.
Stoking is disabled. Only those who were already in stake recovers the awards
To extend your idea!
Why not deflating the wallet when connecting it to stake? Wallet would be whitelisted.
All the other wallets that doesn‘t want to deflate needs to be tagged somehow and are useless until they decide to get deflated as well!
I really hope someone from the team can help me in some way as Im at the point of depsair. Lost my life savings down from $100k+ to $4,700 with LUNA and ANC. Have a debt of $45,000, and a monthly income of $290 (In Sri Lanka). Wrote an article about my situation with LUNA and ANC post-crash. If anyone can spare a few minutes to read, share, and provide some hope in any way please please reach out to me at @etchpea on Twitter, I will send you the link.
Should be 100% unselfish… our ship is sinking and there are still ppl thinking to burn 20-30% of our own rewards? In dire situations be 100% unselfish and burn rate of rewards should be at 100%, It’s not like our original holdings are being affected either. Once the network becomes stable THEN consider decreasing the rewards burn rate after the emergency situation is calmed down. That is how to handle an emergency situation for immediate implementation… or would you rather waste time figuring out how much to burn of our rewards while the ship sinks and you lose even your initial holdings?
Too bad the staking is off or else this would be the easiest burning method to start.