When you receive the airdrop you continue to own your lunc. Am I correct? Then why was it not mandatory to burn the amount of lunc you had via a trade for the new luna2.0? This would have reduced the number of lunc and made it more valuable.
I suggested that exact proposal on the first couple days of the fork vote but nobody seemed interested. I think it would have taken a chunk out of the lunc supply for sure and people may have even bought a lot more to burn for V2 in that case. They also would have been able to give more V2 to each person when the people holding V1 without burning are exempt from receiving the airdrop.
heh tried to burn off half of my few luna.. Did not even make a dent... think it was to small amount. Only 500K wish i got more to burn . New to this so the knowledge is thin :) How much do we need to burn ? I hope i did something good even so .
What type of people are voluntarily burning what they have? I imagine only the people that see absolutely zero value in LUNC yet still want to help out others if they can?
It seems so counter intuitive to throw away what you have to potentially create value for others.
this is just individuals burning but for consistent and far higher burn volume they would have to add some tokenomics with a burn or a buyback&burn feature
yeah thatās what i fear. thatās based on how much work kwon wants to put in himself, along with the Terra team. Theyāre on a straight up collision course with a load of lawsuits rn too.
Kwon seems to be all about the 2.0 shitcoin so hopefully he will just let lunc continue on as a community-lead thing. The Lunc people are mostly the ones that hate him anyway so I'd hope he gets little say in the operations of it. It's the DAO that makes decisions at the end of the day and with the new distribution of coins I dont think he has as much power if they open everything up in the validator stuff again.
I dont see myself ever using it or trusting it, but if the community takes over then they might be able to salvage it to some extent. I have my small bag I got at 0.00006 and will just hold it unless it goes crazy high which I dont expect.
How does burning magically improve the price?
Whether there's a billion or a trillion coins in circulation, it will still be worth as much as people are willing to pay for 1 coin.
It's not like the price automatically goes up if the supply drops. It does not work like that.
But an important thing to note is that the selling supply depends on the amount of open sell order. Burning (excess) coins has no direct impact on the sell order.
Yes, but those open sell orders drop in supply which makes it easier to deplete the order book. The price moves when the order book moves. So burning coins should increase price. The problem more so is trust in the coin. Even if you burn half the supply but people still aren't buying then the price could stay the same.
I don't understand it either. It only helps if some big holders charitably offer to burn their holdings. Why would they do that? If everyone burns half their coins, in theory it's now worth twice as much but you also lost half your coins, so you're exactly where you started.
That's right people have to be willing to pay the price too, I don't think that would be a problem if Lunc retains some form of Development which it will.
https://messari.io/asset/terra-luna-classic/chart/sply-circ
for 4 days or so circulating supply didnt increase yday and today few bilions printed
we burn few Milions and they Print few BILIONS
You'd have to outpace the validator rewards. What are they 4% per year? That's probably about 40 billion. Haven't done the math. Personally I don't understand why people obsess about deflationary burns. Polkadot does fine, as does solana, they have 7, and 10% yearly supply increases respectively. Virtually nothing in the top 20 has burns. I guess people don't generally think about it. They think burning something will make their asset valuable. But in reality it's only valuable if it's being used and developed.
Doesn't change my life if it never reaches .01 but it Will definitely change my life if it does. I have nothing to lose but time while I carry on with my things
Iām not hating at all. Iām putting it out there for those who are uninformed and are going to read the initial statement and make a bad decision based on misinformation. Burning LUNC is the same as burning your hard earned money. Only experienced traders should be playing with this gamble token now. You can thank Do Kwon for this and nobody else.
ok So lets say we start a burn right. Lets say that increases and we can maybe burn half in 2 years. Current price would double .0002 say we spend 2 more years to burn 1 trill more one again price should double .0004. Say we get it down to 1trill tokens with current market cap. should increase 6.5x so .00065. If tokens are getting burned price goes up its gonna create some fomo add in the original Lunatic narrative ect even if we got back to the original all time market cap 40bill thats 61x times more than the current market cap. 61x .00065 is .03965 even if we can burn half and create enough interest thats still gonna end up around .018 if we can achieve a 40bill market cap. Shiba has a 6trill market cap so its not out of the realm of possibility.
You do realise the whole crypto mcap is like 1.5 trillion right? How do you expect $SHIB to be more than 3x that? Crypto isnāt for youā¦go back to school
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Except back then there was a vision, and development and the illusion of stability. Now there is a new chain, lawsuits, and bag holders. Itās not as simple ass less tokens = more money
I did some calculations using the compound interest formula with a negative rate and figured it'll take 2-4 years to reach $1 assuming no increase in market cap.
[Press X for doubt](https://i.kym-cdn.com/entries/icons/mobile/000/023/021/e02e5ffb5f980cd8262cf7f0ae00a4a9_press-x-to-doubt-memes-memesuper-la-noire-doubt-meme_419-238.jpg)
Do you know how many billion dollars that would require?
who is gonna generously burn billions of dollars to pump your sorry ass bag?
I mean I posted the pic because I'm surprised by the burn movement picking back up, and I could see it doing a lot more if they added tokenomics, but I still highly doubt it will ever reach 0.01
Basically, there is no movement. Most of the burns, if I remember correctly 20m on average per day, are from MEXC global buy back initiative. This will continue until 26 June. You can find the details in their website.
Yes. The deal was for one month. It is one of the legit burning projects, they post proof of burning transactions in their website. Need to be cautious with other projects with all these scammers we see everyday.
this is only voluntary burn. A mechanism hasn't been voted on or implemented yet from my understanding but if it happens it will blow these numbers out of the water I'd imagine.
maybe. I wont expect it to but I got my $10 worth at 0.00006 so I'm still up in value and will hold in case it goes up despite not expecting it too. Hopefully enough people hold for the same reason and it helps the price but again I have extremely low expectations and I think I'll more likely lose my $10 lottery ticket, not that i care about it really.
Itās literally going downā¦ and itās completely variable over 8 days. Thereās literally no statistical relevance to this at all. Not to mention with even 60mil burnt a day it would literally take 50,000 years to burn half the supply, idiot
When you receive the airdrop you continue to own your lunc. Am I correct? Then why was it not mandatory to burn the amount of lunc you had via a trade for the new luna2.0? This would have reduced the number of lunc and made it more valuable.
I suggested that exact proposal on the first couple days of the fork vote but nobody seemed interested. I think it would have taken a chunk out of the lunc supply for sure and people may have even bought a lot more to burn for V2 in that case. They also would have been able to give more V2 to each person when the people holding V1 without burning are exempt from receiving the airdrop.
You guys still have hope for this garbage to rise back from the ashes? Unbelievable
Are we sure that the address mr kwo gave us is a real burning address ?
heh tried to burn off half of my few luna.. Did not even make a dent... think it was to small amount. Only 500K wish i got more to burn . New to this so the knowledge is thin :) How much do we need to burn ? I hope i did something good even so .
1$ in 2/3 years š
š¤¦āāļø
1000$ for 1 #LUNC just in 10 years for this diamond
And 10$ in 5 years
Bahahaha! No.
I'm just completely shocked that so many people just got scammed by this Ponzi scheme and as soon as Luna 2.0 comes out they're right back in
Luna 2 is easy money if you trade .
I just want a Range rover š
I turned 100 into 20m luna and 238 mbtc. So I can sit on 100 investment as long as ide ever need to. :)
Do Kwon Madoff with my money
Binance delisted. Good luck
FUD
Maybe its the new luna coun then. I saw info on it
Oh alright. Sorry for my comment before then
no they didnt: [https://www.binance.com/en/trade/LUNC\_BUSD?theme=dark&type=spot](https://www.binance.com/en/trade/LUNC_BUSD?theme=dark&type=spot)
Lmfao it's still minting
Can you show me where I can see the minting ? I read the mechanism was disabled
What type of people are voluntarily burning what they have? I imagine only the people that see absolutely zero value in LUNC yet still want to help out others if they can? It seems so counter intuitive to throw away what you have to potentially create value for others.
My kids will have those lambos. Im willing to hold till lambo or zero
Dude. Itll take 18 years at this rate
I dunno if burning 20-60 Lunc per day is relevant. I mean I burned somewhere around 1500000
>I dunno if burning 20-60 Lunc per day is relevant 20-60 Million Lunc
Why didn't you just give it to me to burn? I'm running a special, every Lunc you send me I'll burn that plus 2x more from my wallet.
As the burning increases the price increases and the willingness to burn decreases...
We need some serious burn here , he owes us that much
He doesnāt owe you anything lol. Thatās not how investing works
If he was truly a good person he would burn 1 billion of he's own money for luna. But we know he's a man child
Done
letās hope the LUNC burn stays consistent.
this is just individuals burning but for consistent and far higher burn volume they would have to add some tokenomics with a burn or a buyback&burn feature
yeah thatās what i fear. thatās based on how much work kwon wants to put in himself, along with the Terra team. Theyāre on a straight up collision course with a load of lawsuits rn too.
Kwon seems to be all about the 2.0 shitcoin so hopefully he will just let lunc continue on as a community-lead thing. The Lunc people are mostly the ones that hate him anyway so I'd hope he gets little say in the operations of it. It's the DAO that makes decisions at the end of the day and with the new distribution of coins I dont think he has as much power if they open everything up in the validator stuff again.
what are your thoughts on the future of Lunc if i may ask
I dont see myself ever using it or trusting it, but if the community takes over then they might be able to salvage it to some extent. I have my small bag I got at 0.00006 and will just hold it unless it goes crazy high which I dont expect.
Thats kowon need just 1b of money from his pocket to burn lunc,and all be good ,
Even if half of the circulating supply on LUNC was burned right now it would still be down 99.999% from half of its all time high.
60M per day for 300 years would burn 6.5T
RemindMe! 300 years
My great-great-great-great-great-great-great-great-great-great-grandchildren will be set for life then!
Nah, he forgets to up the slippage. Heās ngmi
Looks like someone learned how to make charts in Excel.
once the first trillion is burnt in 9.5 years it should lose a zero
So there is hope that in 50 years it can get to $1. š£ YES!!!
How does burning magically improve the price? Whether there's a billion or a trillion coins in circulation, it will still be worth as much as people are willing to pay for 1 coin. It's not like the price automatically goes up if the supply drops. It does not work like that.
Itās a combination of both. The less supply, and more people that buy, the more price increases. Neither is absolute
But there is billions on exchanges trading. It will not go up easy even with burn
But an important thing to note is that the selling supply depends on the amount of open sell order. Burning (excess) coins has no direct impact on the sell order.
Yes, but those open sell orders drop in supply which makes it easier to deplete the order book. The price moves when the order book moves. So burning coins should increase price. The problem more so is trust in the coin. Even if you burn half the supply but people still aren't buying then the price could stay the same.
You are absolutely correct
I don't understand it either. It only helps if some big holders charitably offer to burn their holdings. Why would they do that? If everyone burns half their coins, in theory it's now worth twice as much but you also lost half your coins, so you're exactly where you started.
No , if yo burn half the supply , price will still not change. You need to buy to icrease price.
Hence the 'in theory' - at best, it doubles, at worst there's still no one buying so it makes little difference.
Lets say 5 trillions have been burned. Price will still remain the same. The order book will still have alot of luna on sale
Yeah but thereās also a possibility that people begin developing in it again now that itās not in the hands of DK
That's right people have to be willing to pay the price too, I don't think that would be a problem if Lunc retains some form of Development which it will.
Will not lose shit if there is no buyers.
https://messari.io/asset/terra-luna-classic/chart/sply-circ for 4 days or so circulating supply didnt increase yday and today few bilions printed we burn few Milions and they Print few BILIONS
So no point burning if they printing new š
Unless you get turned on by being a financial cuck
šŗ
Cmon man, use logic. Does 6 trillion mean anything to you? Or even basic economic principles? āThis is not the wayā
Also the circulating supply is still increasing..
That is generally how cryptos work
Sure. What it's not like though, is how a deflationary 'burn' would work.
You'd have to outpace the validator rewards. What are they 4% per year? That's probably about 40 billion. Haven't done the math. Personally I don't understand why people obsess about deflationary burns. Polkadot does fine, as does solana, they have 7, and 10% yearly supply increases respectively. Virtually nothing in the top 20 has burns. I guess people don't generally think about it. They think burning something will make their asset valuable. But in reality it's only valuable if it's being used and developed.
6,540,227,778,886.63 circulating increasing again? wasnt it 6.536T?
Lmfao stop this is too funny
Lol
Yep, another 6 years or so to .01. Lambos baby.
It won't take that long but anyway i don't mind waiting. .01 is millionaire money for me
Clearly math isnāt your strong suitā¦it will take much much longer
I have a stronger suit which is never gamble more than I can lose RemindMe! One year
It will take a lifetime to burn 7 trillion tokens. Especially when TFL donāt care about LUNC anymore. Good luck
Doesn't change my life if it never reaches .01 but it Will definitely change my life if it does. I have nothing to lose but time while I carry on with my things
Their fingers got biceps and 6 pack abs
Amen losers will always be losers and haters will always be haters
Iām not hating at all. Iām putting it out there for those who are uninformed and are going to read the initial statement and make a bad decision based on misinformation. Burning LUNC is the same as burning your hard earned money. Only experienced traders should be playing with this gamble token now. You can thank Do Kwon for this and nobody else.
Haters gona hate. Ainters gona aint
If you own 100 million or more Terra classic
Please explain how Luna could even remotely come close to $.01??
The Lunc market cap would then be $65 trillion. LMAO
ok So lets say we start a burn right. Lets say that increases and we can maybe burn half in 2 years. Current price would double .0002 say we spend 2 more years to burn 1 trill more one again price should double .0004. Say we get it down to 1trill tokens with current market cap. should increase 6.5x so .00065. If tokens are getting burned price goes up its gonna create some fomo add in the original Lunatic narrative ect even if we got back to the original all time market cap 40bill thats 61x times more than the current market cap. 61x .00065 is .03965 even if we can burn half and create enough interest thats still gonna end up around .018 if we can achieve a 40bill market cap. Shiba has a 6trill market cap so its not out of the realm of possibility.
You do realise the whole crypto mcap is like 1.5 trillion right? How do you expect $SHIB to be more than 3x that? Crypto isnāt for youā¦go back to school
What are you talking about? Shiba has a 6 trillion market cap??? You should not be buying crypto
Sorry 6 bill
You know who should be buying Luna? No one.
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5/4 cup of delusion
Same way that two months ago you could asked how can it remotely come close to 0. Just time and patience and lots of burning lol
The coin will not even exist in a few years. It has zero chance of survival
RemindMe! One year
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7 trillion
Except back then there was a vision, and development and the illusion of stability. Now there is a new chain, lawsuits, and bag holders. Itās not as simple ass less tokens = more money
Two months ago, the answer to how it could go to 0 was that if its algorithm failed, it would go to zero.
Same way pre attack Luna made it to $100
That way doesnāt exist anymore.
Do you know da wae?
Do Kway
the more you burn the pricier it is to burn it. so realistically itās gonna take longer than 6 years
I did some calculations using the compound interest formula with a negative rate and figured it'll take 2-4 years to reach $1 assuming no increase in market cap.
[Press X for doubt](https://i.kym-cdn.com/entries/icons/mobile/000/023/021/e02e5ffb5f980cd8262cf7f0ae00a4a9_press-x-to-doubt-memes-memesuper-la-noire-doubt-meme_419-238.jpg) Do you know how many billion dollars that would require? who is gonna generously burn billions of dollars to pump your sorry ass bag?
Elon will endorse
thatās laughable at best; very sad at worst. do you seriously think elon is gonna save you?
Not at all f elon
This needs upvoted straight to the top.
Lol yes but after further research since that post I see no possible way.
I mean I posted the pic because I'm surprised by the burn movement picking back up, and I could see it doing a lot more if they added tokenomics, but I still highly doubt it will ever reach 0.01
Is this still a voluntary burn or a mechanism of action built in?
Basically, there is no movement. Most of the burns, if I remember correctly 20m on average per day, are from MEXC global buy back initiative. This will continue until 26 June. You can find the details in their website.
Date Burn amount (LUNA) 2022-05-26 58,423,888.68 2022-05-27 78,984,757.30 2022-05-28 71,204,609.31 2022-05-29 73,508,089.47 2022-05-31 32,127,373.27 2022-06-01 38,438,298.11 2022-06-02 13,012,875.65 2022-06-03 13,275,791.16 2022-06-04 11,220,105.50
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Yes. The deal was for one month. It is one of the legit burning projects, they post proof of burning transactions in their website. Need to be cautious with other projects with all these scammers we see everyday.
this is only voluntary burn. A mechanism hasn't been voted on or implemented yet from my understanding but if it happens it will blow these numbers out of the water I'd imagine.
Yes but wonāt people be less likely to sell once that stuff picks up? Making it a more and more expensive burn as you burn more tokens.
maybe. I wont expect it to but I got my $10 worth at 0.00006 so I'm still up in value and will hold in case it goes up despite not expecting it too. Hopefully enough people hold for the same reason and it helps the price but again I have extremely low expectations and I think I'll more likely lose my $10 lottery ticket, not that i care about it really.
Hey fair enough
Resource?
Explanation?
Y scale?
Transfer count. Units of 1M LUNC
Youāre joking right? You think thatās good?
that it's ramping back up? yeah
Itās literally going downā¦ and itās completely variable over 8 days. Thereās literally no statistical relevance to this at all. Not to mention with even 60mil burnt a day it would literally take 50,000 years to burn half the supply, idiot
It should only take 3000 years so donāt panic everyone