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StrathCole

Sep 22 • 4 tweets • 3 min read

Guys! Don't panic because of #USTC getting minted. It's the normal market swap mechanism. It was only "disabled" for #LUNC/stablecoin and not for e. g. USTC/MYTC.
See this tx: finder.terra.money/classic/tx/FAD…

So nothing to really worry about.
#LUNCcommunity #LUNCPenguins

The only (really) bad thing about his in my opinion is that there are no burn taxes on MsgSwap transactions 😆

Here is the current list of all coins with their total supply. Every of the "XXTC" coins could be swapped to #USTC and such mint new USTC to the supply. For example there are still 1M #MYTC after the recent swaps, worth around 200k USTC.

The #KRTC (39B) alone should be worth around 27.6M #USTC. So it is most likely that a few millions of USTC will be minted in the future due to the market swaps.

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More from @ColeStrathclyde

StrathCole

@ColeStrathclyde

Sep 24

@edk208

1/
Many of you are aware of the current problems with #LUNC out of gas failing transactions. Good news first: A solution is in the works! But I want to explain to those who are interested what I researched and what @edk208 was so kind to confirm to me that they suspect similar …

2/
When you make transactions of #LUNC or #USTC to the chain via #TerraStation (and by other means), first there is a simulated transaction done to get the estimated "Gas" that will be consumed by the transaction. The Station then takes this estimation, adds a bit of safety …

3/
… amount to it and then sends the actual transaction.
What now happened is, that the code that calculates the actual tax on-chain, writes the tax spent to a storage for statistics. This can be queried per block, so it is a permanent and increasing storage. Putting anything …

Read 9 tweets

StrathCole

@ColeStrathclyde

Sep 24

@binance

The way @binance and @cz_binance "support" the burn tax on-chain is not fair. It is a nasty strategic move.

1/
You are not charged deposit fees (of course you will be taxed on your side on deposit), but they charge a fixed(!) fee on withdrawal of 102,000 #LUNC …

2/
The minimum withdrawal amount is 204,000 #LUNC.
So that means small wallets in fact are kind of held hostage. Who can afford paying 10% fees of the sent amount on 1M? Who will pay 50% of the wallet holdings if he owns only 200k?
On the other side you only pay …

@binance

3/
… less than the real tax when withdrawing > 8.5M LUNC. This clearly benefits big holders and kind of screws the small holders.
The support team suggested to change coins to different currencies to move them away from @binance. Really? Do you even know what you are saying?

Read 6 tweets

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