@FatMan, you’ve offered a bet, and I @nubcake_MeoW_ accepted, that we both contribute 1BTC with the winner taking all proceeds (2BTC minus escrow fees)
The bet originated as a response to your following statement 08/09/2022 on TR discord:
No major exchange will ever support a 1.2% burn tax for off-chain trades. It will simply never happen and there's no point talking about it because it's a silly idea. If you disagree, I am happy to bet on it.
You maintain the statement will prove true, and if it does you win the bet.
I maintain the statement will not prove true, and if it does not, I win the bet.
For clarity on both sides, we have discussed the key points and terms in detail and agreed as follows:
1. ‘Major exchanges’ are defined by you as: Binance, Kraken, KuCoin, Huobi, Coinbase, FTX, Gemini
2. A burn tax is defined as a mandatory >0.9% fee taken out of amounts traded on LUNC spot trading pairs with the intention of burning the proceeds. This definition only includes a tax levied on amounts traded internally on the exchange and does not include on-chain burns (ie. burns caused by withdrawals from or deposits to the exchange).
Non-exhaustive examples of nubcake winning:
- Binance increases their spot trading fee to >0.9% and forces it on users across all LUNC spot trades and sends it to the burn wallet.
- Binance automatically deducts >0.9% of every LUNC purchase's proceeds to send to the burn wallet.
- If the recent MEXC burn described in the following link had been implemented by one of the exchanges noted in this bet
https://support.mexc.com/hc/en-001/articles/10122048174105.
The spirit of the bet is that if someone trades $100 of LUNC, the exchange takes >$0.9 (this number is X) to burn and gives ($100 - X) to the user on the other end of the trade, regardless of how it is specifically implemented.
3. If Terra Classic governance alters the on-chain burn tax to be less than 0.9%, or removes it entirely, the bet is considered void and both parties are refunded less an equal contribution to the escrow fees.
4. The ‘burn tax’ must be announced by one of the above listed CEX before 01/01/2023 and implemented no later than 01/01/2024 for nubcake to ‘win’. If this does not occur FatMan ‘wins’. In the case that a ‘win’ becomes clearly apparent, or is otherwise agreed by the parties, the proceeds of the bet are to be immediately paid to the winning party, less any escrow fees which are to be taken from the proceeds.
5. The parties will organise separately the escrow arrangements and each pay their 1BTC into escrow within 4 days of the escrow arrangements being agreed.
6. In the event of a dispute, the escrow provider will determine the ‘winner’ on their sole discretion but must rely on this agreement as the sole basis for their decision.
Here are the terms we both agreed to. The executive summary is if the Terra Classic chain implements a burn tax of 0.9% or higher per transaction, the bet becomes active - I win if no major exchange implements a burn tax on trades and nubcake wins if any major exchange does (refer to the above message for finer details). If the Terra Classic chain does not implement such a burn tax, the bet is voided (you can keep the escrow fee and return the bets to us). It's unlikely that there will be a dispute (it will be quite clear to both of us who won), but in the event that one of us acts in bad faith or if the outcome is ambiguous, please refer to the above message in order to determine who won.
If this works for you, please post your address. nubcake will post here as well to confirm their account. We will send the money to you within four days from the time you post your address. Thank you.
