The reason Alex’s USTN proposal has not been supported by the community is not just the kneeling stage.
Imagine you’re an investor outside of LUNC chain, you know you’re using 60 cents of bitcoin to make a one-dollar USTN coin, so would you use this unstable coin, leaving another 100% reserve stable coins?
The qualification to get the signiorage effect is only possible if the use or value of the currency is irreplaceable. like a petro dollar. Where does the irreplaceable value come from for USTN to achieve 40% signiorage effect?
The only advantage of USTN is that the death spiral does not occur when it fails. It’s a strange project that starts with a prediction of failure.
Everything else has a bad effect on the chain.
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hundreds of Billions of LUNC Minting to raise capital undermines the direction of LUNC that has been converted into deflation coins and causes investors to leave.
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When proceeding LUNC/BTC swap with minted funds, you can expect a huge price drop for LUNC. It may never recover again.
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What difference does USTN, the result of its creation, have from other competing stable coins? Can investors use this coin, which is made of 60 cents, believe it’s $1 value?
We should consider whether the project is sustainable, not the goal of just re-peg at $1.
The same goes for zaradar’s plan. In order for his plan to be implemented, USTC must first be recalled to the on-chain pool.
If it’s not completed first, it’s just a eye-trick.
We are already collecting a 0.2% additional transaction fee for tax.
As soon as we get the only revenue from the LUNC chain, we’re putting it in the trash, and we’re saying we don’t have any money.
Isn’t that a funny fact? Why do you believe that LUNC and USTC are valuable currencies and claim that we don’t have money after burning them?
Burning down the furniture in your house will increase the price of furniture in a furniture company? I don’t know why community fell into this group hypnosis.
Once we’ve collected taxes, we have to study how to use them meaningfully.
Direct burn is not a meaningful use.
The proposal below has been submitted to the Binance IRI Fund and is under review by them.
If the community approves the proposal below, I have a plan to increase the value of LUNC in this way, and USTC will restore it to $1 as a variant of this proposal with Anchor protocol.
Before that, the community needs to wake up to the word BURN.
Otherwise, no matter how good an idea is presented, they will block their ears, block their eyes, and try not to listen to anything.
I already have plans for more than a year in my head. What I need is not a community that is swayed by political agitation and listens only to familiar celebrities, but a audit of a biggest company that can properly grasp the value or potential of plan.