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Merits 11 from 1 user
Re: Bet - Will major CEX do 'off chain' LUNC burns
by
LoyceV
on 29/10/2022, 12:34:21 UTC
⭐ Merited by nubcake_MeoW_ (11)
I would be very appreciative of your input.
Okay, here it goes:

I think the Bet terms, which both parties agreed to, should be binding. That's literally what it says (Clause 6), and that's what is agreed upon.
I understand there was more discussion on channels outside Bitcointalk, but discussion isn't the same as agreeing to Terms.
The sole point of posting Bet terms is to make absolutely clear what to rely on when shit hits the fan.

I'll remind you again that I know nothing about "Terra" or "LUNC", nor did I verify any of the claims made. I read only in this topic that the burn tax is reduced from 1.2% to 0.2%. Again: I did not verify this, and I have no idea if station.terra.money is owned by "Terra Classic governnance" as mentioned in Clause 3. Nobody seems to object against this claim, but I don't see when I click this link:
LUNC (Terra Classic) governance proposal #5234 has passed reducing the tax from 1.2% to 0.2%
(see https://station.terra.money/proposal/5234)

My reluctance is partly due to the fact clause #3 doesn't include a timeframe, and since the bet does not reach maturity until January 1st, 2023.

Bet terms:
Quote
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.
My interpretation of Clause 3 is that it's an escape clause. The moment the on-chain burn tax becomes lower than the minimum amount that this bet is all about, there's no way any exchange is going to implement a burn tax above 0.9%.
There's no need for a timeframe, it's a one-time event that makes the bet invalid.