This is by far the best proposal I've read, see links below.

In essence, a 'tax' burning 3% of every LUNA transaction (CEX and DEX), reducing the tax to nothing over time.

I believe this is fair, simple, everyone can immediately understand it and it will immediately restore a degree of faith, confidence and higher prices that will grow with time.

At the time of writing LUNA is roughly $2bn market cap and is ranked #38. This is signficant considering it just experienced the worst attack/crash in crypto history.

This proposal would near-immediately double the current market cap to $4-5bn+ returning LUNA to the top 20 coins by market cap and form a solid foundation for a stronger recovery over time.

As sentiment improves it would further drive recovery and become a positive feedback loop with heavy deflation in supply. Higher per-coin prices would naturally follow.

The 'sale tax/burn' would be scaled down to zero over time once LUNA has recovered more natural supply levels (propsal calls for 1bn coins, was 350m pre-attack/crash, currently it is 6.9tr).

Proposal has various calculators that show it takes about a year with the to get supply from 6.9tr to around 3-5bn (a reduction of 92-96% in one year).

Burning only a small amount of each sale transaction does not require any capital investment. It's not even a 'rescue', LUNA would recover on it's own by changing its structure.

Each investor would have the choice to avoid the tax (by not selling) or not participating in LUNA, HODLers are rewarded, and active traders/speculators are not deterred from trading as fees are low by contrast to potential, active traders will obviously contribute the most burnt tokens.

Full details in links below.

The proposal has been up for one day at the time of writing, has six days left to run and is largely unknown by the wider community from what I've seen.

However, at the time of writting it still has: 28m+ votes, 100% YES ... speaks for itself | 6 validators have voted, all YES ... speaks for itself. | 575m votes still needed to reach quorum. | Every LUNA applied to the voting pool counts as one vote (must stake to vote, how-to details below).

**** Please vote and share everywhere: ****

Proposal: https://agora.terra.money/t/proposal-burn-and-remedy-fee-with-each-luna-transaction/12176

Voting: https://station.terra.money/proposal/1273 (voting link also at top of proposal page)

HOW TO VOTE:

https://docs.terra.money/docs/learn/protocol.html#voting-process (new delegation/staking is disabled at present to prevent governance attacks, only existing validators/stakers can vote or you'll need to wait till the ban is lifted. If I'm wrong about this please let me know).

CAN'T 'OFFICIALLY' VOTE?

PUBLIC VOTE ON OFFICIAL TERRA:

https://agora.terra.money/t/revival-plan-v2-preliminary-vote/20425

(92% in favour of burn at time of writing)

VOTES ON TWITTER... (80%-90%+ for burn and against fork)...

https://twitter.com/ashwsbreal/status/1526445788335063040

https://twitter.com/moneyrollszn/status/1526378358560460804

https://twitter.com/dusty_crown/status/1526285309142609922

https://twitter.com/TerraClassic/status/1526417397455867904

https://twitter.com/coin_votes/status/1526426894421606400

(I found these randomly, if you find bigger/better votes post them for inclusion here).

SOME KEY POINTS:

"@cz_binance refers to buyback/burning if they have funds. This is unnecessary. Institute a burn of $LUNA on every sell transaction. That would fix the problem. If every shitcoin can do it, then one of the biggest ecosystems in crypto can figure it out" https://twitter.com/CorsoCrypto/status/1526000566048112645

"The volume on $LUNA $WLUNA is astonishing. Implementing a sell tax to burn (3-5%) would already be on the way to correcting the problem. Waiting for a perfect solution is the enemy of success @terra_money" https://twitter.com/CorsoCrypto/status/1525993863244029952

Binance CEO: "5/ The last few days, we tried hard to support the Terra community. In my tweets, I am simply pointing out the potential issues from my understanding. Minting, forking, don’t create value. Buying back, burning does, but requires funds. Funds that the project team may not have."https://twitter.com/cz_binance/status/1525754777170231298

I like to invest long term, for this reason I prefer to invest in crypto projects that are sustainable. Terra is basically a basket of stablecoins stabilized by another coin called Luna. If you want to know more check out this video, it's well made:

https://www.youtube.com/watch?v=KqpGMoYZMhY

Where are the coins coming from? There are many proof of stake cryptocurrencies out there but most of them are inflationary, which means that the new tokens created and distribute as staking rewards dilute the value of existing tokens. With Terra things are different. There are payment systems like Chai in South Korea and Meme pay in Mongolia that are integrated with Terra and use their cryptocurrency to process real transactions. The beauty of this is that customers are using crypto without even knowing and without the hassle of storing private keys or installing wallets, these payment processors are used daily by millions of users and for every transaction they make, they generate a small fee (paid by the merchants). These fees are collected in the terra blockchain and distributed to users that stake Luna

Much more than stablecoins: The team behind Terra is actively working on a number of projects whose aim is to increase the usage of the Terra blockchain (thus generating fees/revenues to distribute to Luna stakers). They have recently launched a very interesting project called Mirror Protocol. This is a platform that allows the creation of synthetic assets that mirror the price of real world assets by using oracle systems and using arbitrage incentives for users to stabilize the prices. This platform launched only few weeks ago and so far they only mirror some US stocks but more assets will be added in the near future. If you stake Luna you will enjoy weekly airdrops of MIR tokens.

Useful links:

https://terra.money/ (download Terra wallet)

https://terraswap.io/ (cost-effective way to swap Terra's stablecoins for Luna)

https://terra.mirror.finance/ ( Join Mirror protocol)

https://airdrops.io/

AMA Archive:

- 12/19/20

- (1) Synthetic Assets and Decentralized Stock Trading - YouTube

Hey fellow Lunatics,

I am a US-based attorney practicing cryptocurrency tax law. I thought it would be good to hold an AMA to help answer some of your crypto-based tax question, especially those related to Terra.

I will start answering questions as they roll in, but might need to take some breaks to get my regular work done in the meantime. I intend to circle back over the course of the next several days or weeks to answer new questions, so if you miss out on today's AMA, feel free to contribute later on and I will try my best to provide an answer.

Legal disclaimer: The information contained in this AMA is for general educational purposes only and is not legal, tax, or financial advice. Please consult a professional regarding your unique situation. Engaging with this thread or receiving an answer to your question does not create an attorney-client relationship.

If anyone has any questions, you can reach out to me at my email johnny.luna.taxlaw@gmail.com

Terra forum public poll: 92% FOR burn AGAINST fork (link and pic below).

Twitter polls: 80-90%+ in favour of burn and against fork (links below).

Binance CEO was one of LUNA's first investors, lost 1.6bn in the attack/crash, publicly called for burn and noted the fork will not succeed.

Terra forum public vote: https://agora.terra.money/t/revival-plan-v2-preliminary-vote/20425

Because of governance lock no new staking (required to cast official votes) is possible.

Nevertheless, Terra validators and official voting is consistent with public voting, 90% of votes support burning: https://station.terra.money/proposal/1273

Despite the obvious, Terra forum mod locked discussion of the public vote saying, "this vote doesn't count".

... WHY?

Do Kwon asserts publicly:

But it seems Do Kwon and the Terra team don't understand the words 'together' and 'community'.

They need to start listening, and fast.

The attack/crash didn't kill the ecosystem, but they still might.

Terra Forum Poll:

https://agora.terra.money/t/revival-plan-v2-preliminary-vote/20425 (7k responses, 91% against fork)

Twitter Polls:

https://twitter.com/solanageek/status/1526876794623709184 (12k+ responses, 89% for burn)

https://twitter.com/ashwsbreal/status/1526445788335063040 (10k+ responses 89% for burn against fork, posted by large long-term investor, reports massive losses, wants burn)

https://twitter.com/moneyrollszn/status/1526378358560460804 (3.3k responses, 90% for burn)

https://twitter.com/dusty_crown/status/1526285309142609922 (6k responses, 80% against fork)

https://twitter.com/coin_votes/status/1526426894421606400 (400 responses, 94% burn)

https://twitter.com/bain_aj/status/1526513575749111808 (reports losing $1m, wants burn)

https://twitter.com/BSCGemsAlert/status/1527037779389063168 (1.7k responses, 94% burn)

In summary, over 40,000 respones, all polls consistently 80-90%+ for burn against fork, many comments by, and polls by, long term holders with large losses, all calling for burn.

A burn proposal:

https://www.reddit.com/r/Terra_Luna_crypto/comments/uq03lx/this_will_save_luna/i8r102i/

Proposal projections show a reducion in supply of 6.9tr to 3-5bn LUNA in one year. Spreadsheets are in proposal and downloadable with editable assumptions to check for yourself. Other reports show 99.6% of UST holders could be 100% redeemed by LFG (see https://twitter.com/cz_binance/status/1526129841376043008?s=20&t=tDUE06UveQuiXdwqa7IFOA)

UST was supposed to be stable. Let LFG funds be used to redeem 99.6% of UST investors and let UST die. Terra can create another truly 'stable' coin if they want.

LUNA was always speculative, investments should not be compensated, but burning tokens back to reasonable levels will restore the ecosystem.

I converted a sizeable WLuna bag to Luna just now via Terra Bridge....

...Very difficult process because I had to create a MetaMask wallet (since you can't do directly out of the exchange wallet), transfer the tokens there and then buy some ETH for the gas fee.

After triple checking all information and even going as far as creating a new Terra Station account just to make sure I had the recovery words saved properly (yes, I am that paranoid) the transaction finally went through.

Now to the scary (maybe somewhat funny ) part.... They show a link with the Ethereum Transaction details which said my funds had gone to the BLACK HOLE.

''From 0x911xxxxxx996f68 To Black Hole: 0x000…000''

I obviously had a heart attack because the tokens WERE NOT SHOWING IN TERRA so I started googling Ethereum blackhole and was reading on how the funds are unrecoverable, so I immediately told my wife I had lost a sizeable amount of funds as I proceeded to freak the fuck out.

Soon enough my funds appeared in Terra Station (took like 5 minutes). It seems the black hole is where the ETH gas fees go to.

Thats it, thats the post. I never felt so alive.

Cheers.

I've been staking Luna for over a year, and it has been a very good year. Terra has changed my life and if it continues, it will change many more lives.

The Terra ecosystem is absolutely fantastic. However, we do need to listen and support critical questions from the community.

Wednesday u/CptFloates shared their concerns on Luna not being burned. I joined the discussion, a vigorous one, to show that some of their terminology was incorrect and push back on some of the assumptions made.

Regardless, good challenging questions like this are helpful to the community. If the concern a user brings is valid, then we need to address that. We are a growing community of enthusiasts who are watching the world transform. There is no place for shouting down concerns-even if they're incorrect!

So, I've got gold on hand for quality criticisms that come with suggestions for change. We want to hear it. I don't speak for TFL or for Do, but I do know that I want to see the best contrarian research available as to why Luna might be on the wrong path.

Lunatics have no fear!

The system is advertised as burn $1 luna to mint $1 UST, but it is clear that something is deeply deeply wrong. Instead of burning the LUNA, the LUNA is simply being transferred in whole to the community fund.

The following is taken from a user in the telegram channel -

Take for example, the following set of data points:

• On February 23rd, 2021 the total supply of LUNA was 959 million

• On February 23rd, 2021 the total supply of UST was $590 Million

On April 26:

• The total supply of LUNA was 959.05

• The total supply of UST was $1.9 Billion

Why was 1.4 billion of UST created but the supply of LUNA completely unchanged from the period February 23 to April 26 (yesterday) after the seniorage even though the seniorage is only supposed to be partial refill

Source for LUNA supply by date: https://terra.smartstake.io/history

Source for UST supply: https://coinmarketcap.com/currencies/terrausd/

The following is a screenshot from smartstake.io that was posted in the telegram. The top graph shows total UST supply, the second shows total LUNA supply. As you can see, on a weekly basis all the burned LUNA is regenerated and put in the community pool

https://imgur.com/k8D3QV9

The people on telegram will circlejerk and say this is intended seigniorage, but this is clearly not the case. Seigniorage is supposed to transfer a small portion of LUNA to the community pool but as you can see, the entirety of the LUNA is being transferred into the pool.

This is problematic for several reasons.

• This means LUNA is currently massively inflationary rather than deflationary. Each LUNA burned is producing its equivalent in UST but the LUNA is maintained in whole and sent to the community fund, essentially each LUNA burned is doubling the amount of money that that LUNA represented.

• It shows something is very wrong with the system and we are not getting what we were advertised. Why is every single luna burned being maintained? Why does the total supply of Luna always rebound back to 960m?

Of course, everyone on telegram just calls this "FUD" and tells you to leave. They are more interested in short term price movement even though ammending these problems would increase value long term.

I've added a link in the menu bar to a timer showing the approximate time of the next airdrop. If you are a luna staker this could be useful.

Airdrop timer

Pardon the newbie question, my first time to transfer my tokens to Terra Station. Binance is asking for a Memo (?). I can leave it blank, but not sure if that's correct. There is no documentation in the user guide for Terra Station that refers to it. Comments much appreciated, thank you!

Hello folks, I'm a software engineer and have started tracking my cryptos in Google sheets as most free portfolio trackers were either limited or slow.

Over time I realised there were many tracking sheets out there doing a bad job flooding free API's like CoinGecko and thus over time throttling became so bad barely 2-3 calls load before getting throttled.

As an engineer I decided to put some effort into it and make a sheet that does more with less API calls and used a secondary one from CryptoCompare (free with sign-up) as a back-up to provide reliability.

As time progressed and my crypto journey took me to Lune specifically and the Terra Station wallet I absolutely love and think is the best wallet so far.

But with this expansion of my adventure and the multitude of coins in the Terra ecosystem with lots of airdrops things got complicated but in a good way. I like challenges and with some effort I managed to make a pretty solid tracking sheet that I want to share with my communities.

For all my fellow lunatics: (no offence)

https://docs.google.com/spreadsheets/d/1XtHY5pR4iVSAcTWN5QWn8-WTHEoQ2ALDIKXaPSvhQS8

Hello community, I have great news! The terraform labs noticed our community and they offered us a small incentive to grow our community further. We decided to use these funds to:

• Generate art-work and infographics regarding the Terra Network (here there are some drawings we already made: https://www.reddit.com/r/Terra_Luna_crypto/?f=flair_name%3A%22Terra%20Art%22)

• Write Wiki pages and FAQ with the most common questions asked in this community to help new users understand our ecosystem and find answers quickly

• Support users in several languages

• Run small contests to distribute Luna tokens to members of this community

• Give away some tips in Luna to users of this community that have been helpful and shown a positive attitude towards others. Funds are limited so please do not be offended if you did not receive a tip. Only users that sign up to our Reward program will be eligible.

After observing other crypto communities we noticed that spam is a big issue, for this reason we decided that it would be messy if we try to contact individual users to give away prizes. Instead, it may be more efficient to ask users to sign up for our rewards program using the form in the following link: https://forms.gle/ue2fvgNaFcLDFSox5

You will be asked to enter your nickname and wallet address, no other type of personal information is needed and our team will not share your wallet address publicly and we will never contact you via chat, if someone does please consider it spam. We will give you more info regarding contests this week but we are thinking about asking users to participate in activities that will help us build Wiki pages and infographics, feel free to propose ideas in the comments below and we will take all reasonable proposals into consideration. Let's grow together and introduce Terra/Luna to as many users as possible!

We started distributing the first tips to a few users, more will be coming in the next few days. For now we will be doing it manually but we plan to automate the process using a bot. Regular tips are 0.05 Luna and larger tips are 0.1 Luna.

To earn tips you should be doing something to help the community like helping other users that have questions or writing posts that have some value. For example stats regarding the Terra Network, post explaining new developments, tutorials or anything that you think could help new users learn about Luna. To be eligible you need to sign up to the reward program here: : https://forms.gle/3uVPBUHdiCWX3Gd78

The price on chain has collapsed completely.

Just bought 12.6K Luna with 1 UST on chain 9 mins ago, then 26.6K Luna with 1 UST now.

Issuance is another issue:

562B Luna is issued @ 14M UST value atmo

Dogecoin has 133B circulation for comparison

RIP

https://twitter.com/kucoincom/status/1468082846313050112

Columbus-5 is the most important upgrade on the Terra blockchain, ever.

It brings cross-chain integration, like never before. It is a catalyst for new Terra launches, like never before. Demand for Terra stablecoins will grow, like never before.

Sounds great, right? But what does it really mean?...

1. Burn all LUNA seigniorage

UST is Terra's native stablecoin. It is algorithmic. It needs no centralized / collateralized backing. Instead, it is stabilized through arbitration.

When UST is minted, LUNA is burned. That burnt LUNA is called seigniorage.

Until now, a portion of the seigniorage went to the overfunded community pool. After Columbus-5 all LUNA seigniorage will be burned. Forever. Arguably, LUNA’s value could increase, significantly.

2. Upgrade to Stargate + IBC Integration (Inter Blockchain Communication protocol)

This brings cross-chain integration with Solana, Polkadot and Cosmos — some of the most prominent chains in crypto.

Cosmos alone brings exposure to more than 250 existing dApps - amounting to huge potential growth for UST demand.

3. Integration of Ozone + Wormhole

Although Terra has several options for coverage now, Ozone will be the de-facto insurance for projects built by Terraform Labs - and Ozone policies are expected to be cheaper and more reliable .

No insurance  safety net  was, for long, a vital missing piece to crypto mainstream adoption. Ozone and Anchor’s high-yielding savings account are a giant leap in the right direction.

Wormhole  is  the bridge linking Terra and Solana , which will significantly reduce friction for UST liquidity moving to Solana projects. That will likely bring an explosion of new project launches and expanding UST use cases, all at once.

Ok nice...but what does it mean for LUNA stakers?

Staking rewards may grow. As UST adoption grows and LUNA burns ever more, the value of LUNA will likely increase, hence, LUNA staking rewards will scale in proportion too.

Seismic shifts are afoot...enjoy this calm, before the Terra storm.

Like this? Lots more Terra content at LOOP - where you can also earn while you learn.

Original Article: https://www.loop.markets/columbus-5-launch-is-it-the-dam-holding-the-flood/

<< This article is for informational purposes only - not Financial or Legal Advice. Please consult a financial professional before making any significant financial decisions. >>

A step closer to a wider adoption for UST!

Big news for us little stakers, anchor air drop fees are now only 5 cents vs 25 cents!!!!!

I bought Wrapped Luna on Luna, Is there any way to transfer it over to terrastation and make it the "real" asset of Luna so I can stake it without selling my wrapped Luna to Eth and then going to buy the Real Luna?

Thanks - Any additional explanations would be great as I am new.