tax should be fixed as starting at higher tax rates might deter new investors from coming in.
Many people get this error. Lets wait for validators Since they can easly don’t agree with this. As for now 4 said yes.
I think so too. But not everyone has this opinion. And I don’t want to pick sides here. This is actually a good moment to discuss this kind of things. Why do you think fixed is better then this “rolling fee”?
Thank you , but why the same error when I try to transfer one account to another ?
ultimately the goal is to encourage folks to keep using Luna instead of higher taxes, just keep building more products and services to encourage it. Investors will return.
I will include this in good comments. I also think that too high of the tax will be detrimental for the project.
I am a traditional finance professional, having worked as a trader for 6 years and now being a portfolio manager for a bank.
Given the volumes going on, as a lot of people already stated, any form of “per transaction burn” would be highly effettive in the long term and there is no way no one at the foundation understands this.
However, if/when such a measure would be announced, price will obviously increase rapidly, not to pre-crisis level but still significantly with respect to current level.
My guess is these guys are doing exactly what an insider trader would do in the traditional finance: accumulate LOT of tokens in exchanges before announcing some sort of burn.
That way, they can get back at least some of the reserve money and firepower they have now and use it to buy/burn more or lock it and burn it linearly or some other form of removing tokens from circulation.
Another possible use would obviously be some sort of compensation for UST holders given that LUNA holders would benefit from the burn itself.
If they are doing this, we should expect an announcement whenever they are “done” accumulating (but while volume is still high). I hope they are using provents to reward the community and people who have invested and to save the project in the long term. If they are not doing it, I suggest this as a course of action.
even Ethereum’s EIP-1559 is a good alternative where a % of the tx fee is burned. So rather than increasing taxes. maybe slight increase in tx fee? This also means LUNA token can continue operating in exchanges as many exchanges dont support tokens with taxes.
I agree the fee shouldn’t be too high. We need to be patient to bootstrap everything and let momentum grow.
thats my suspicion as well seeing how the price is moving sideways in accumulation mode. best time to do buybacks at these levels.
I personally don’t think the new fork will not have any value at all if this happened.
By the way, i beleave that at least one of the largest exchange, binance, will never list any new forked tokens on its exchange. See what CZ from Binance siad below…
Agree. Add a transaction fee to help build reserves. There is already a good infrastructure. Use it! After peg is stable focus on protect the infrastructure and develop good tokenomics against collateral short runs. As Do Kwon said, there is already a plan to back the UST and Luna. Place a security control to protect the devations in this backup (i call it tsunami control) this, because this early market called crypto panicked.
Tagging a few validators here who need to see this:
Guys, we need your help! Please have a look and weigh in on this proposal.
The community does not want a fork. How will the fork have any value without the community’s support?
The community wants revival of the Terra ecosystem - both LUNA and UST, and there are some good ideas in here to support that revival such as:
- Raising fresh capital through transaction fees on CEXs
- Increasing marketcap of LUNA with a combination of burns and staking
- Reducing the marketcap of UST by burning UST in the community pool
- Fixing systemic design issues as discussed in this thread and restoring a much stronger and more resilient system
Once the marketcap of LUNA surpasses that of UST and the system is restored with all the fixes discussed here, UST will go back to its peg and the faith will not only be restored but will emerge stronger
Yeah fork isn’t a way ;/ At least I don’t see any future of LUNA with this fork
Keep up the good work @HelloThere. I was just looking for your post saying 20% was too prohibitive but I guess I will reply here. I agree. It would be a deterrent to investing. a couple of % points seems reasonable.
If there was some confidence, I am sure everyone would dive in. I am holding but some of these conversations are making me nervous. Too many vested interests not willing to take it on the chin and let the system work because some of the little guys might just have got lucky while everyone else was watching Crypto Banter
This proposal is the only way forward that doesn’t just blatantly re-allocate funds
I support this proposal.
New validator said yes Lest wait and see what big ones will say
There is another validator backing the proposal!! would it be worth to add the link of this post to the proposal description in terra station?
I couldn’t post this proposal at that time so someone else did it. I’ll search who was it and contact him.