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 …
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?
4/
I thought it was a nice move letting users opt-in for off-chain tax, because it will show if the community really is willing to back their request for it.
But with the way the on-chain tax is handled, I cannot suggest anyone to support Binance at all. Sure, they …
5/
… have to deal with the tax. Because every movement of coins in their internal wallets costs 1.2%. But this is not a fair way to do it. Sorry. It really isn't.

#LUNCCcommunity #LUNCPenguins
I just was made aware of a discord post by Ed. It says Binance developers might have misunderstood something about the gas fees on the system and this led to the fee. Which still is very strange. Hopefully we will get clarification from @binance soon.

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More from @ColeStrathclyde

Sep 24
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
Sep 22
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. Image
Read 4 tweets

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