That can’t be done. Would only apply to Dex and on-chain transactions not to ALL transactions. Most transactions take place on CEXes.
Binance never did buy backs. They got 100m bnb at ico and 100m bnb went to ico participants. They were burning those bnb every quarter $ wise 20% of their profits. Few months ago their introduced their Auto-Burn. Which is still burning those bnb but it is depended on formula (most important here is avg price of bnb for that quarter.
They also have real time burning. Small % from fees. So bnb is actually deflationary.
I just wanted to point out that OP doesn’t get bnb burning. Nothing about luna.
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People say burn because every fork idea is unfair. Fork will only save the ecosystem not people. Everyone will get lost no matter new holder or old holder, ust holder or luna holder… Everyone will get rekt. Buying luna, ust now is nonsense…
Luna is dead, ust is dead… Do Kwon should go to jail or something need to be done him…
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Clearly you ain’t smart guy. Do you think new chain will add more value? Are you saying you’re smarter than CZ? It’s clearer now you’re a random dumbass guy.
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are you trying to tell me that the trillions of Luna tokens minted in just three days makes sense?
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You and the like are spreading nonsense.
SEVEN TRILLION coins in circulation!
TENS OF BILLIONS in wallets.
And no one will sell and give them for burning for years.
People are willing to risk millions for big profits.
And as a rule, beggar hamsters with a handful of coins that they bought at exorbitant prices yell about burning, and did not average on the fall, because they were afraid.
While others were saving their ship.
And who is more profitable for the company?
Do you want to burn? Then only Everything, together with your coins and without compensation. Except for the random billion.
God bless you!
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Many people who blindly believed in the project and its developers are committing suicide because they have lost everything, and that should weigh on their consciences.
Despite the alleged attack, if the price has sunk below 1USD it is because they made a mistake in issuing Lunas 6T, and that is only your fault, because if you had not intervened, in a short time the price would have stabilized and even recovered.
Now instead of admitting and assuming the consequences of their mistake, they want to sell us the garbage of creating 2 Lunas, so that only the oligarchs and their friends are saved…, but I vote because only this Luna coin should exist.
My Luna recovery plan is to use the BTC reserves to drive the price up to at least $1, burning most of it back to previous volume. They keep a small part until the price rises and they recover X2 or X3 all the BTC spent on the burning, so you and those of us who are inside much higher will win, at least we will have the hope of recovering one day, instead of diluting again the value with a X2 Lunas.
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The burn would be that Do Kwan etc spend 100% of their life savings on Luna and/or UST, then burn it.
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Im a new investor and I’m a few thousand down … what does the fork mean for me?
Instead of doing a fork, fix UST and LUNA.
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Change how UST is collateralized. For example, make it allow other stablecoins USDT UDSC BUSD DAI and blue chip crypto like BTC ETH DOGE BNB. Look at MakerDAO (DAI), Venus (BSC), AAVE, etc. Maybe set parameters like collateral must be a max 25% LUNA; must be a min of 50% stablecoin.
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Make LUNA fixed supply. It can be used for network fees and UST collateral up to 25%.
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Reduce the borrow limit (require more collateral per minted UST).
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The vast majority of users do not want a fork. They want the the Terra team to please fix UST and LUNA.
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Forking will also vandalize existing projects such as Mirror Protocol, Spectrum, Anchor, and Lido - which may survive if we don’t fork.
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If they want to have $3 billion or something as an extra failsafe, then make it BTC or USDC that’s used as collateral backup for UST.
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Please build a UST and LUNA that work. We don’t need it to be “algorithmic” or “anti DAI”. We need it to work.
Why there are no reserves??? No prevention mechanism? No fallback. The TFL should be smart enought to safeguard this!
The difference of ETH and ETH Classic is 1/10th, same with BTC Cash and BTC Gold, like this is currently at 0.0001893, what’s 1/10th of that, that’s right, almost nothing. Also people that owned UST and LUNA had different priorities, people that owned UST wanted 20% APY and a stablecoin. People that bought LUNA wanted to just buy an alt-coin. Those are 2 different priorities.
This guy gets it! Excellent points sir
as a non experienced guy, i guess it might be possible to call back all LUNA in CEX to terra station in a way or another, while forcing percentage fees before they get into wallet, and burn all others that didnt send it to their terra wallet, this way he can control and make sure that all Luna leaving wallets now are known, this way he can force stackers to move LUNA to burn, and yes ill be happy if that happen since it will be equal to everyone, anyone sending LUNA to terra wallet is paying the % of tax required to burn and also everyone is contributing, again, i am not that experienced in policies and legal issues, but guess that could happens, u give a choice that they transfer to LUNA platform so u can burn excess huge amounts spread out there.
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TLDR: BURN coins not in wallets or staking protocols, 1:1 collateral, Buy UST. Price go up.
The entirety of TerraLuna is code. They can literally just code the excess UST and LUNA out of existence, lowering the current amount that exists to the exact 1:1 amount of UST and LUNA held in wallets and locked in staking protocols. Terra is centralized, they could just do it. In other words, Terra can burn excess coins with no issues. Not having enough colateral to back UST is something entirely different.
- Literally burn the extra coins.
- Acquire and apply enough USD to stand 1:1 as collateral for UST
- Whales buy UST to the price of $1.
- Price of LUNA rises every instance that UST rises above $1.
- Easy fix. Any questions?
Not certain if it’s stupidity, pride, or intentional or unintentional incompetence.
fork? NO, BURN. It’s MATH, not your feelings.
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HERE IS A NEW IDEA TO SAVE THE DAY!!
WHAT IS THE REAL PROBLEM HERE .!!!
the real problem is that you have 4 kinds of users to deal with
1-pre-attack LUNA holders
2-pre-attack UST holders
3-post-attack LUNA holders
3-post-attack UST holders
That’s why it’s hard to prong a solution that satisfies the 4 of them. WHY!!
first, the VALUE of LUNA number held Pre-attack is not EQUAL to the VALUE of the number held after the attack. SO how do we fix this… you will need a mechanism to Equal those FIRST.
let’s call it THE EQUALISM mechanism. 
i Suggest that small FEES be applied to all TRANSACTIONS, either done from EXCHANGES or USERS. these fees go directly to the PRE_ATTACK holders (60% of the fees go to LUNA holders, 40% to UST holders). This process will continue UNTILL the collected fees coins EQUAL 70% of the CURRENT SUPPLY.
NOW we have the Supply split 70% to Old Holders and 30% to NEW holders.
THEN!!!
after this wealth redistribution to equilibrium. you can do whatever you want
you can fees BURN.
you can snapshot BURN: like BURN a certain percentage from all wallets once and for ALL.
SO NOW
you compensate all 4 users:
1-pre-attack LUNA holders: will get their balance value back
2-pre-attack UST holders: will compensate in LUNA coin
3-post-attack LUNA holders: will split gain 30% of the blockchain Future value for HOLDING the ground for the old HOLDERS.
3-post-attack UST holders. will get returns on their investment when UST value rises again.
BUT NOW you get RESTORED the BLOCKCHAIN value, but what are you gonna do with the UST trust issue you have NOW.
after the EQUALISM, apply small fees on transactions, or stacking, to buy BTC to Back it up.
I really think there are many solutions to situations other than restarting Button.
Let’s GO with the EQUALISM plan.
I agree, it will not be enough, people just want a short term price pump of luna. especially traders
I agree, that most of the people won’t
move their coins and wait until the supply is comfortable enough to maximize their profitd! If there is a 3% tax on trading, traders just won’t trade this asset anymore as the trading costs are too high and not worth it, meaning the 24h volume would decrease by a lot and only a non-significant burning rate would be reached.
The idea is also problematic in terms of why traders should be the ones that pay for the damage?
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Like stated in my proposal which didn’t get any attention. Any wallet needs to be deflated to reset supply. There could be an in build wallet function which would take care of this procedure. (automatic in build wallet oven)
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Wallets of bad actors holding billions and even trillions of coins could be blocked. There are about 60 fishy wallets if I am not mistaken with these huge amounts!
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Make Luna deflationary by increasing transaction fees, eventually with a tiny trading fee and or transaction fee of like 0.1% or better lower to avoid risking activity!