"Coordinate a community burn (likely multiples of them), setup a smart contract that people could send a portion of their big LUNA bags to that automatically burns (and maybe it gives them some vanity status coin that people can trade against or mints an NFT, who the fuck knows just an idea)" -- (archived.moe/biz/thread/48941524#48941619).
> Wait, Terra has smart contracts? Yes and they are written in Rust, but it doesn't have to be a Terra contract, it could also be a Binance Smart Chain one since wormholed LUNA is a thing.
> Wen burn? As I see it, there are three options for when a burn is triggered: - Immediately upon deposit. - After x days have passed. - When a threshold has been reached (e.g. current total supply - target total supply).
In addition, it might be smart to have two tokens, one that burns 50% of the wrapped LUNA, and one that burns 100%. The first being suitable for hodlers with the latter intended for those who like to have their remaining stack on a CEX.
> Nobody would code this for free Just buy some LUNA and ride along with the other LUNAtics, alternatively keep a tiny amount of each burn for yourself.
If we can keep OG Dip Lunatics from jumping ship to nuluna we can pump luna classic like every other meme coin in existence 6.53t total supply is much less then 100t out a quadrillion total supply we can dump on fomos and rebuy burning supply on dips
Jose Clark
no, set the contract to; when wallet is big enough, it burns the tokens if it doesnt reach target in x days, automatically sends it back
Ian Wright
> when wallet is big enough, it burns the tokens That would be the threshold option
> if it doesnt reach target in x days, automatically sends it back How about just unwrap it when you get tired of waiting?
Thomas Roberts
> 6.53t total supply is much less then 100t out a quadrillion total supply So what you're saying is "burn not needed"?
Aiden Sanders
Yeah okay I'll commit 23 Million of my 46 Million because even if this gets to .5 I'll be a millionaire
Most people probably won't though unless you post on reddit and create a subreddit with a twitter trend
I also want a hitman wallet to community pool for one to bring Minecraft to this cunt
>Do Kwon doesn't allow the burn of course he doesn't. Nobody would. He might as well just send people money directly if he was going to do that. The bigger holders now are probably the people that bought after the chain was restarted a few days ago. So if they did do a massive buyback, which they can't because they have no money, it would mostly benefit those newer holders. I think he's not really doing anything because he can't do anything because there's no money left to do anything. The luna foundation is down to about $90 million from almost $4 billion
This doesn't look so good. But the luna foundation had so much reserved for times like this and now it seems even the reserves aren't sufficient. Looks like the fork is the only way Luna can get back on its feet.
Hudson Jackson
this was a 4D chess move by the Kwon so we would fix his chain and make it normie friendly
Cooper Ward
That's so cool how you laughed in all caps.
William Allen
>No not a stupid pledge, that shit is vulnerable to things like the prisoners dilemma
Wouldn't your plan be vulnerable to things like the prisoners dilemma too.
Brody Perry
Meh, petition some whales. Have them burn and take a loss, they can claim it on taxes Or form a non profit dedicated to burning
Nathan Rodriguez
Not really, because if you tie it to a vanity status symbol reward like a special NFT or something, that can retroactively have worth as the platform recovers, and people will be able to demonstrate that they participated in recovering LUNA; and that NFT could eventually be expanded upon to provide perks for people who burnt some LUNA early on to help save the platform. It's basically like Liquidity Mining, except instead of mining liquidity we're burning it; so may as well just call it what it is. Liquidity Burning.
Dylan Sanchez
Plus the worth of the token is so fucking cheap right now that there's an outsized cost to benefit ratio. Spend $5 (less then a coffee), and have that LUNA get burnt via the smart contract. Then you get an NFT to show that you a real OG, and the community can add value to those NFTs over time (for example less fees on swaps, higher liquidity provider apy multipliers, etc). So you're getting compensated in a big way for helping save the network when the network recovers and all you had to do was spend $5 to make your already big LUNA bags actually worth something? Seems like a pretty fuckin' good deal if you ask me. Better then hoping for some big ass whale to take pity on you (which they likely won't).
Dylan Walker
> Wouldn't your plan be vulnerable to things like the prisoners dilemma too. No, obviously the LUNA is burned right away with the immediate option, but even with the delayed options (timed and threshold), the collective burn happens by sending all the LUNA held by the contract to the burn address at the same time. A single transaction, no time to redeem. That said for good measure the LUNA could simply be locked first and then sent to the burn address.
