Binance considering to Stop Luna 1.2% Tax burn

OcTradism

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Quote from: Ever-young on September 11, 2022, 07:17:41 PM

Recall that on the early of May 2022 their was a proposal of tax burning of 1.2% which is presume to go live on Sep 20th, the 1.2% tax proposal will see users pay a 1.2% fee on all on-chain transactions, including wallet interactions and smart contracts. This fee is then sent to the Terra-provided burn wallet to reduce the LUNC supply.

On chain transactions are not parts of what people trade on centralized exchanges. However, assume wallet interactions and smart contract executions are parts of that and Binance rejected to join the burn process. People in short term have valid reasons to worry because trading volume on Binance in general is very high and very dominating for Luna Classic trading volume.

Think further, the news is released very on time after Luna Classic has about x6 increase. Do you think will Luna Classic recover to $0.0006 and has another x6 rise from there when Binance suddenly makes an announcement to support Luna Classic burn?

Think of it many months from now

cryptoaddictchie

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1.2 tax or not the lunc supply is quite huge to drop easily. I think Luna team ia trying out a hype generated through exchange approach but the result of this wouod be the same classical dump since most big holders are probably unleashing their tokens once the the price go up a bit. For sure there are some whales have gotten a lot of losses here and trying to make their money back through dcaing the current price and lure more retailers to have a decent liquidity before they sold some of their holdings.

dansus021

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the user want the burn fee that gather from spot and margin trade like what MEXC do. instead, binance only charge for deposit and withdraw only.

but according the tweet you send binance still looking around since "We settle most transactions off the chain and this makes it difficult for the tax to be levied. ", are they gonna following MEXC or not.

but yes luna supply is tremendous Grin

X-ray

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This burn mechanism was actually a non sense thing. Binance shall stop it. I do agree if that will be making even more difficult for exchange site to fill the tax and send it to the government. It's better to ignore those lunc holders rather than dealing with government. It can make the exchange sites to be sanctioned or even taken down. I will support it. Tax burn was not helping a lot. it's only helping scalpers but holders are still loosing their money. UST will always be under 10 cents.
It's better for binance to re consider it as soon as possible. As the biggest exchange site and this will be attracting the regulators as well. It's bad for binance not only from reporting the tax.

Ever-young

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Recall that on the early of May 2022 their was a proposal of tax burning of 1.2% which is presume to go live on Sep 20th, the 1.2% tax proposal will see users pay a 1.2% fee on all on-chain transactions, including wallet interactions and smart contracts. This fee is then sent to the Terra-provided burn wallet to reduce the LUNC supply.
which most exchange like Binance has implemented for all in chain transaction, which was confirmed on a Tweet on the 8th of September which has triggered the price pump of both the new Luna 2. And the Luna Classics together with the stable coin USTC.

On the 9th of Sept Binance also made another Tweet stating their might be a review on their decision about the tax burning on all Luna classics transaction which I really think might bad for Luna holders, because the burning was helping the price pump of the token which I was a beneficiary.

Topic: Binance considering to Stop Luna 1.2% Tax burn (Read 82 times)