Quote from: nubcake_MeoW_ on Today at 04:58:15 AM

DireWolfM14 thought people might like to cast a vote on the outcome hence the poll.

Purpose of this post is mainly to confirm the Escrow transaction with DireWolfM14.

- Escrow providers are Zarzarb and DireWolfM14, each to hold 2BTC, being 1BTC each from FatMan and nubcake_MeoW_.
- Zarzarbs escrow already confirmed and funds paid.
- Funds are yet to be sent to DireWolfM14, pending confirmations by reply to this message.

Bet terms:

Quote

@FatMan, you’ve offered a bet, and I @nubcake_MeoW_ accepted, that we both contribute 2BTC with the winner taking all proceeds (4BTC 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.

Quote from: FatManTerra on September 09, 2022, 11:28:12 PM

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.

DireWolfM14, Fatman, please repond quoting this message to confirm details are accurate and your acceptance.

Agreed multisig wallet for BTC deposits: bc1qnmt5q56rlftz9zuyh4kf8xx3yuvvux36q3n0vmw62v38mlv4v6aqv2pk0c
My wallet address for payment in case of winning: 1MLnUWTYzvL1iqzC52H1ZD9c93s9TnFw82

Interesting bet! I'm not voting, cause I have no idea what centralized exchanges do. My take is they'll do anything if it's profitable.

Quoting so it won't be edited. Good luck to both!