Tax/Burn 1.2% all transactions V2

Governance & Proposals
1

The Proposal 3568 and thus the wishes of the community are probably not defined clearly enough for the CEX like Binance.

I would therefore like to define the requirement again precisely:

All CEX have to send 1.2 % of buying/selling amount to the burn Adresse, until the total supply of 1 Billion ist reached.

The community Tax should be deducted like the CEX fee and sent directly to the burn address.

If you believe in lunc, then support the porposal.

37 Likes
2

I support.

5 Likes
3

Here you can see the Problem:

4 Likes
4

good！

5 Likes
6

Everybody screams out Lunc next week moon, but we have somthing to do for that. Thanks for your support guys, I hope more people express their support and the porposal is put to a vote.

Lets get the 1.2% burn running, then we can take care of ustc.

Post the porposal on Twitter, YouTube and Co., we need more people raising there voice.

10 Likes
7

Hi BTC,

as an example Cz has said he will support the community’s desire (see The YouTube Video).

The Cex have an additional effort, but no additional costs.

I’m just a man posting my ideas here. I cannot influence what the Cex and the community decide.

The final decision and responsibility is carried by the Cex, but the community should clearly define their wishes.

At the Moment 160 People read the proposal, but we have only 2 feedbacks.This is very frustrating, everyone wants to make money but nobody wants to lift a finger for it.

If you read my words and feel the same then let us know what you think.

6 Likes
8

What’s the point? The keys are in the hands of the crooks, and the few proposals passed the crooks will not implement, none of them.

2 Likes
9

I am in favour of the burn but, I also agree with the fact that so long as the TFL do not either act in accordance to what the community is voting or fully releases control then I’m afraid it’ll continue to be an exercise in futility…

3 Likes
10

I agree with you, we can’t expect much more from TFL, but I hope that the CEX will act independently after this proposal passed.

2 Likes
11

Please @moderators add the proposal at Terra Station.

2 Likes
12

I suport the ideia as well, by the way a great one :+1:

1 Like
13

I don`t get the proposal on Whitelist for voting, maybe someone of you can help. Here are the information I receiver:

The current whitelisting procedure is to create a pull request with added proposal id here:

15

Someone needs to whitelist the proposal. If people realize that nothing going to happen, then we’ll quickly lose the volume we need. I don’t think a Cex will just burn trillions for us, so we have to have our way. The proposal doesn’t change the situation, but at least we’re increasing the pressure on the CEX.

1 Like
16

Agree

1 Like
17

I am not sure what CZ was referring to when he proposed 1.3% so that the exchanges can earn a fee. Surely the exchanges earn from the bid-offer spread which should remain intact with this burn proposal.

My understanding of the 1.2% burn tax would mean that the LUNC transaction volume would result in 1.2% to be burned. This tax could be applied to the buyer or the seller or be borne equally between the seller and the buyer.

A. If buyer pays the tax, the buyer pays 101.2% of the transaction amount,
e.g 1M LUNC transaction => buyer pays money for 1.012M LUNC and receives 1M LUNC with 0.012M LUNC burned

B. if the seller pays the tax, the seller releases 101.2% of the transaction amount
e.g 1M LUNC transaction => seller sells 1.012M LUNC and receives money for 1M LUNC with 0.012M LUNC burned

C. if the burn tax is to be borne equally between seller and buyer then each party is taxed 0.5 * 1.2% = 0.6%
e.g 1M LUNC transaction =>
buyer pays money for 1.006M LUNC and receives 1M LUNC with 0.006M LUNC burned
seller sells 1.006M LUNC and receives money for 1M LUNC with 0.006M LUNC burned

I think going with C above of sharing the tax equally between seller and buyer would be fair and at 0.6% each would hardly be noticed

2 Likes
18

That’s not DK

19

Good :+1:

1 Like
20

Hi TheOperativ,

thanks for your thoughts. I think we need to burn as much as possible as many will just be sitting on their coins for a period of time. If we start burning, then every daytrader could make enough profit, despite 2x 1.2% tax.

Can someone take a look at the whitelist, I can’t get any further with this?

21

The Porposal is now live on Terra Station and I have 345.000 less Lunc in my Bag :smiley:

Please share and Support!

I will try to get the porposal in Whitelist.

2 Likes
22

Has anyone looked at how long it might take to reduce LUNC tokens from 6.9T to 1B?

Looking at Binance trading volumes since May 30, the values range from a high of 4.25T on June 9 to a low of 192B on June 23.

To get some sort of rough estimate of how long to burn LUNC coins from 6.9T to 1B:

  1. Number of coins to burn will be 6.900T - 0.001T = 6.899T coins
  2. Let’s use an average daily volume of 500B coins traded
  3. Average daily LUNC coins burned = 500B * 1.2% = 500B * 0.012 = 6B coins
  4. Number of Days to burn 6.899T coins = 6899B / 6B = 1149.83 days
  5. Number of years to burn 6.899T coins = 1149.83/365.25 = 3.148 years < 3 years, 2 months
  6. Price of LUNC with 1B coin circulation => current LUNC price * 6.899T/1B
    using a LUNC price of $0.00012 at 6.9T coins => $0.00012 * 6899 = $0.82788

The value of $0.82788 will probably greatly increase due to supply and demand of a more viable LUNC coin with the developer ecosystem in place and possibly expanded and perhaps LUNC re-pegged to USTC with a fixed stable coin algorithm I’d guess > $10

Now off course the calculations above depends on maintaining the average daily transaction volumes at 500B throughout the total burn which will probably decrease with decreasing circulation of coins but may increase with increasing value per coin, so to work out what such a figure should be is still hard to determine.

6 Likes