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before the terra/UST meltdown wall street mouthpieces were stage-whispering to their regulators about USDT collapsing.
so that's one more fear card they can play, if they want to drop crypto into their buy zone as stocks continue to bleed.
cash is still king for now. i have added to a few positions on dips, just in case this is near bottom. but my hunch is we'll see another leg down in crypto before any meaningful rally.
instead of picking a number on BTC, i'm thinking ETH $1,500.
exactly. IF the plan gets implemented, and someone buys $2,000 of LUNC, then $40 worth of LUNC tokens are burned. gone forever.
same with sells.
so with dollar volume of $200M a day (lately our average) then $4M worth of tokens is burned. at .00009580 (current price) that'd be 41,753,653,444 tokens burned per day.
if we have 6.5 trillion tokens circulating, then it would take 156 days to burn them all.
but we know as the circulation drops lower, that 2% would be fewer tokens gone, so it wouldn't remain 41B per day as supply really shrank.
and of course the tax would not affect those who hold. more holders would mean less burning and probably higher prices. lol
even if centralized exchanges didn't do this burn, if the decentralized ones participated, that would help a lot.
yes, the really nice thing about a buy/sell tax on transactions is those holding won't pay a thing. and the tax could be in effect for a short time, just long enough to erase kwon's dilution, then once the supply is small again, the tax disappears.
it's not clear how it would be implemented on a CEX (centralized exchange) since all of them (binance, etc) run their transactions on a sidechain, not the blockchain itself.
MEXC has been using their fees as a burn for LUNC lately. i hope more exchanges follow their lead.
MEXC is proud to be the first CEX to launch a #LUNA buy back & burn plan with trading fee recieved from the pair, with the aim to helping with the recovery of the token price. It is nowhere near huge but this is what we can do to lay the helping hand on all #LUNC hodlers. pic.twitter.com/RmDzHzHBqy
— MEXC Pioneer (@MEXCPioneer) May 30, 2022
thanks, the chart on MERGE is looking really good.
i'm just basing this on Baby Doge Coin being green during the last few selloffs in big cap crypto, and listing SHIB did very little for robinhood. they'll need a new one to make big profits.
if you 100X Baby Doge from here, the market cap is still only 27 billion USD.
compare that to SHIB which has a 6 billion market cap now.
it's obvious which has the best leverage.
and BDC is consistently posting top metrics on social media. that's what the exchanges care about most.
Penny Pirate -- if you have a link to that article, post it here, i'd like to read it. there are lots of upgrades the community would like to see.
such as a main website with a dashboard that includes burning stats, links to all the staking options to burn, a directory of validators and a path for people to become new validators, a consolidated blockchain that ranks all holders across chains, etc.
if you're not already in the LUNC DAO telegram, join us:
https://t.me/LUNCMaximalists
your input there would be really helpful.
happy friday!
great idea -- if they could start it at 5% and lower it later, even better. plus anyone who holds their tokens wouldn't be taxed at all. it'll encourage a melt-up in price and volume.
join us here and suggest the 5% tax: https://t.me/LUNCMaximalists
that telegram group was created by the main vaildator on LUNC.
700 members when i joined last night, now it's at 1,226.
since you're new to crypto, there are issues you don't understand yet, but i'm glad to explain.
when LUNA 1.0 was crashing, do kwon added a huge amount of tokens to the circulating supply. trillions, in fact.
this dilution inflated the market cap. that is bad. without doing a massive burn, odds are, LUNC will crash even lower, and become worthless.
so a token burn must happen. and we can't ask just a handful of people with lots of LUNC tokens to get rid of them as a charitable gesture.
OTOH a burn tax automatically distributes the burden across all buyers and sellers, with whales paying more than minnows.
so -- if we do a 2% buy and sell tax, it could burn most of the supply within a few months.
assuming LUNC also adds good utilities and the community continues to grow, with low supply, i could see early investors taking out 1,000X profit. i say this based on a range, somewhere between what doge and SHIB did.
invest $1,000 and take out $1M. that's just my wild guess.
would you pay 2% tax for that gain?
i would, in a heartbeat.
one of the main LUNC vailidators created this telegram: https://t.me/LUNCMaximalists
it's getting very busy in there, which is a great sign.
join it and we can all encourage them to modify the contract, so a burn tax can happen.
i've been adding at current levels. the future of LUNC is about how many tokens (added by kwon during the drop) they can burn.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=169041791
it's also about what features will be added to the ecosystem, how likely it is new validators will be added, etc.
i've only been in the TG for a few hours, just learning as i go.
for those who missed dogecoin, if they do this right, LUNC could be a bigger runner that doge ever was. wild guess. but it really depends on how many tokens can be burned.
it's a 2% burn on all transactions. so if daily dollar volume is $200M USD then the burn would eliminate $4M USD of LUNC per day.
to find the token amount per day, divide $4M by the current price of .00010138, which is 39,455,513,908 tokens per day.
take the total circulation of 6.54 trillion tokens and divide it by that daily burn and it's easy to see how fast the supply would disappear.
our 24 volume now is lower than it was several days ago, and any announcement about this transaction tax burn method would bring in lots of new money, the price would rise, the burning would ramp up, and that would create even more FOMO.
i'd guess conservatively the burn process to get back to where we were pre-crash would take a few months. that's still very fast.
it's like a stock buyback, but much easier. a "burn wallet' is put on the blockchain and when tokens are sent to that address they are instantly gone from circulation.
as more tokens get burned, obviously the 2% of remaining tokens would be slightly less each day, but if the rate of burn remained constant, due to the market catching on and more traders having FOMO, it would take 19 days to burn it all. LOL
either that, or buy one ranch worth at the bottom, sell 1 ranch at a 10X and have 9 ranches for free. LOL
the people are rising up, and it's great to see. i'm in the LUNC DAO telegram: https://t.me/LUNCMaximalists
i have to say, i've never seen so many new members flying into a TG before.
this is a very organic thing, and if we hold and burn the price of LUNC can skyrocket.
still trying to figure out if the contract can be altered to burn 2% of all buys/sells. if so, that would be incredible.
there's a wild and crazy LUNC telegram chat now https://t.me/LUNCMaximalists for those who would like to join us!
there's a wild and crazy LUNC telegram chat now https://t.me/LUNCMaximalists for those who would like to join us! currently 898 members and counting.....
#LUNAclawback to LUNC indeed. thanks for these updates.
Luna Classic (LUNC) Coin Burning Rises as 1.1 Billion USTC Destroyed
June 2, 2022
https://www.analyticsinsight.net/luna-classic-lunc-coin-burning-rises-as-1-1-billion-ustc-destroyed/
a 2% coin burn on today's 24 hour dollar volume of $200,329,093
https://coinmarketcap.com/currencies/terra-luna/
let's do the math:
2% is 4,006,581.86, divide that by .00010144
so it would burn 339,497,060,923 LUNC tokens in one day.
the potential with this strategy is pretty mind boggling.
if the contract isn't renounced maybe they can make this change.
keep in mind if this was announced, crypto traders would pile into LUNC and the dollar volume would go way, way up, thus increasing the rate of burn.
glad you did, i think LUNC could be a fun one.
this wallet has 2.54 billion(?) LUNC tokens in it:
0xabea9132b05a70803a4e85094fd0e1800777fbef
that seems like an undercount.
i've seen lots of social media posts about a whale wallet holding trillions of LUNC
plus i see coinmarketcap is counting that wallet as 22% of total supply
https://coinmarketcap.com/currencies/terra-luna/holders/
and they show LUNC as having 6.54T total tokens
maybe you can help me figure this out. it looks like CMC is lopping 3 zeros off each amount. not sure why.
LUNC is a very curious situation. i wanted to loop you in on a chat we're having over there re: supply and the idea of burning tokens.
will quote my post here and link to the original.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=169039556
LUNC supply matters less than who owns the tokens, and why....
LUNC supply matters less than who owns the tokens, and why....
thanks for your post, CB. maybe some SD projects can merge with each other. circulating supply for many is already so small that pooling ownership wouldn't make the new token feel diluted.
token A (500K supply) + token B (200K supply) + token C (300K supply) = new conglomerate token with 1M supply. airdrops would proceed normally.
one advantage here is being able to pool resources for getting contracts coded and audited, sharing other relaunch costs, etc.
i felt like SD was already creating too many tokens for the limited money flow available. consolidating projects may help undo that effect.
it's hard to be in a good mood. anyway, glad we agree.
i just showed you proof in the form of two project leads, posting about their plans to move on without SD -- and you're saying it's "too early to say anything"?
lakers, it's looking like several of the SD tokens we own are planning to relaunch on pancakeswap and/or other DEXs, which means SmartDefi is not even a term we should use anymore.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=169021243
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=169028494
this means SD "trading again" doesn't really apply, or is too far in the future to even discuss.
if fegex were ever to restart, some projects may return there, but it's such an abstract concept, probably best not to hope for it until it happens.
we need to just trade our tokens again, however we can. period.
if the plan for LUNC includes a "buy and burn" strategy, i wouldn't be surprised to see it head lower before it runs.
then a huge burn gets a lot cheaper.
plus whales get to load at the dead bottom.
meanwhile, it's nice to know 45% of supply is already owned by the top 100 of 10,261 total wallets.
https://coinmarketcap.com/currencies/terra-luna/holders/
SD projects started in that ecosystem, but they can go on to trade anywhere:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=169008725
what if some of our favorites launched on pancakeswap and other DEXs? that'd be fine with me.
and if fegex restarts, if it seems like a good option, they can trade there, too.
as the saying goes " If you love someone, set them free. If they come back they’re yours; if they don’t they never were."
i'd like to see team FEG encourage all SD tokens to list on pancakeswap, or wherever project teams see fit, then return to the SD ecosystem later. IF it's even still happening.
holders of SD tokens should support this too. i don't understand why anyone would say "wait it out" when we have no idea how long the wait will be.
https://t.me/burnitSDchat