I am recommending to repeal proposal 10983 & reverse the code changes implemented by that proposal.
We do not have the consent or approval of individuals or organizations to remint half of what they are burning.
There is a danger of alienating our largest supporters down to our retail investors.
I believe it is in the community’s best interest to repeal and replace it to the prior 0.2% tax and 10% of the burn tax to be reminted and sent to the community pool for the time being.
This prop shows them making a mockery of our governance system, It passed the community voted on it and before you state not everyone voted and not everyone believed welcome to democracy its all a personal choice, and you have no right to question the community’s decisions regardless of your personal feelings.
Grow up move on and stop trying to make this your project this is a community chain not a matts or demon or a lunc live chain,
Doing this sort of idiotic thing damages the chain, so now we have to question do you really have the chains survival at heart or are you just a bunch who think everyone else is stupid and you need to be in control ?
WE DO NOT NEED A BABYSITTER WE CAN DECIDE FOR OURSELVES
Rather than trying to repeal, why not find ways to incentivize the big guys not to leave since that is what you are scared of. Have you gone and ask each of them what they think. Don’t assume because your assumptions are not worth our time. Seriously, move on man. This is 1.2% tax all over again. Let this run and we analyze the outcome as a chain. We can decide later in the future to change it. It hasn’t even been 2 weeks yet. Dude, stop acting like a child.
It will be an easy decision to vote against this proposal. People who want to build the chain understand the importance of filling CP quickly, the rest can go build a church named after Saint CZ and pray for divine burning.
Disagree with the reduction profusely. How on Earth do you plan on funding development on the chain. You’re endangering the project with this burn maximalism.
Please reconsider for the next 3/6 months. After that you can do what you want.
The blockchain is sovereign. We do not need consent as a community to remint anything. Also for those who crowed Binance would stop the burn, they haven’t. Nor has anyone else. Please stop this madness on LUNC live and stop doing clickbaity shit.
If we pass proposals and then a few days later start voting on reversing those proposals then what good is community governance at all? What dramatically changed in the course of a week to warrant a new vote? Flip-flopping on decisions will have a bigger adverse affect.
Can everyone please stop trying to make decisions on what we think will or will not make CZ happy! The reality is that Binance will ALWAYS do what is in the best interest of Binance. END OF STORY! If continuing the burn is best for Binance, CZ will continue to do it. Even if we didn’t pass the vote, CZ would end the burn tomorrow if it was in the best interest of Binance.
This is a no from me. To my understanding one of your main worry is alienating Binance, which was a worry for some before and during voting for the proposal, so Edward Kim informed them.
Since the proposal passed so far they have not responded and have not changed course so we can assume they are ok with it.
The main reason for the proposal is to fund the community pool, which is badly needed. My assumption would be that Binance would rather we were creative with their money than simply let it burn. Their narrative around the burn is that they wish to support our revival efforts which does not change with the passing of the proposal.
With that I don’t see any other reason to make any change.
I don’t believe we sould be re-minting at all! We need to manage our tax more effectively. Bump it from .2 to .6 and split that 3 equal ways into the burn/oracle/community.
Also, the tax should be implemented in a more core level of the code. Right now its an umbrella tax. Its my understanding that it can be coded in a way that doesn’t effect multi step smart contracts from being taxed 2,3, or 4 times in a single transaction. This implementation needs to be adjusted in a way that creates greater ease for layer 2 development not hurdles.
We should not be leveraging a their party burn to offset re-minting. The theses is Burn not MINT.
If Binance just had implemented the 1.2% tax on off-chain transactions to begin with majority of these issues would fix themselves or would already be fixed. The 0.2% tax they are donating right now will at some point be stopped, it would be foolish to expect the opposite and it realistically won’t do anything to the chain.
It look like kindergarten… any unreasonable idea can pass with support of greed validators, devs and a few influencers that want to fill up their pockets … burn tax goal was not to fill up CP at all… it’s goal is to decrease supply - this is main target.
Market gave already a feedback about 10983, it simply stupid and stills money from all supporters like Binance, other CEXs, private burn and others. That needs to be Fixed Quickly
Bring back tax for CP to 20% of burnt coins, if devs want more, let’s them prove that they work bring value, for that CP and 20% tax is enough.
I propose also to increase burn tax to 0.4% and to lock it for 12 months
Why not just use the exchanges publicly available information on their daily off-chain trading volume and find a way to tax their wallets based on that with the 1.2% burn tax? They will end up charging their customers as a result and the community would get what it originally asked for and what is the best and most functional solution with the quickest results?