A quick word about this FAQ. This information is compiled for the convenience of the Luna Classic Community members and is based on information currently available to us. It is a dynamic document that will change frequently.
We do not promote or endorse any projects/coins/tokens that have not been audited by @VegasMorph or The admins at @ClassicLuna Telegram.
When will the on-chain burn start and staking start? Staking starts August 26th — 1.2% tax burn paramater will be proposed on or after September 12th, 2022 depending upon network traffic speed of block height 9346889.
Is Vegas in communication with DK? YES, and so is Dr. Kim(ek826).
Is Binance and Kucoin in talks with Vegas? YES.
What happened with Proposal 4159? Validators can now install the code from the TFL repo using their standard upgrade process. TFL have merged the changes for TR’s v21 into their own repo and built their own V21 release that re-enables staking and contains the burn tax implementation.
Proposal 4159 gave them 10 days to do this, and they have done it with 4 days left on the request. They didn’t merge the staking, they just used TR’s cosmos-sdk clone that contains that code. They replaced the line that tells which repo to take cosmos-sdk from, instead of TFL, it will be from TR. Now is up to the validators to install.
This merge adds a tax parameter, the parameter change will need another voting, however it won’t need any merging as it’s only a parameter change. This is necessary in a decentralised system.
STAKING merged as well, even though they didn’t accept the Cosmos SDK changes they changed the endpoints in Classic Core so it’s using TR code isntead of Terra code.
Part of the Core changes is using the TR version of Cosmos-SDK which enables staking, so they didn’t technically accept the pull request for staking, but it’s part of the new release.
TaxPowerUpgradeHeight is when taxes are allowed to go into effect This will still need a parameter change proposal, but can be activated anytime after this height const TaxPowerUpgradeHeight = 9346889 (approximately 9/12/22).
1. Is it possible for LUNC to hit $1 or $.10 or $.01 or $.001? UPDATE UPDATE UPDATE UPDATE I’ll put the brutal truth
here. Every single day someone puts this in chat: ”Anything is possible”. With a $6.9 Trillion coin supply, $1 and even
$.10 are tough. Why? For comparison, Apple is the most valuable company in the world by Market Cap with a value of approximately $2.6 Trillion dollars. LUNC, at $1 would have a Market Cap of $6.9 Trillion…over twice that of Apple. At $.10 LUNC would have a Market Cap of $690 Billion. Not impossible, but extremely unlikely given the fact that LUNC currently has very limited use cases and no unique features like being tied to USTC with the burn/mint mechanism. To drive value, the supply must be reduced through burn/staking and new use cases must be found or created for the coin. All of these things drive the price of the coin as opposed to hope or wishful thinking. If you’re here thinking you’re going to turn your $500 into a $1,000,000 in a few months. Sorry friend that isn’t going to happen.
2. How long will it take for LUNC to hit $.001 or $.01 or $.10 or $1.00? No one knows and any targets or estimates are ALL SPECULATION or WILD GUESSING. People spend hours in chat arguing over this. It’s a huge waste of time. Believe me, we all want the price to increase sooner rather than later. But, no one knows as there are myriad factors involved. Supply, demand, utility, novelty, speculation, and emotion are among the many factors that drive price. To drive price, the supply must be reduced through burn/staking and new use cases must be found or created for the coin. Time will be the deciding factor but in the simplest of terms, if you cannot afford to lose your $$$ you might want to reconsider what you’re doing with that $$$. As always this is NOT FINANCIAL ADVICE.
3. There are a bunch of YouTubers calling for LUNC to “hit $1 soon” or to at least “drop a bunch of zeros” or to “go to the
Moon”….what do these YouTubers know that we don’t? They don’t know anything we don’t and I personally don’t care for the BS hype. In fact, they probably know A LOT LESS than we know. Keep in mind
that the MAJORITY (Not ALL) of the YouTubers just want MORE SUBSCRIBERS to their channel so A LOT of what you see is Click Bait designed to get you to subscribe and watch. This channel will work hard to have the most up to date and accurate information possible. Is it entertaining? Yes. And if you want to be entertained, keep on watching. If
you want REAL INFORMATION that comes directly from @VegasMorph, follow LunaClassicCommunity.com or @LunaClassicDevs on twitter
4. Wen Lambo? Wen $1? Wen Retire? When will people stop asking Wen? UPDATE UPDATE UPDATE First of all, Lambos aren’t all that great. Get a Porsche GT3 or Ferrari 488GTB if you want a luxury sports car. Secondly, it’s
WHEN. Type the H please. Thirdly, read the post above again. Everyone wants to get rich quick. Aside from winning the lottery, that rarely if ever happens. I am the most impatient person you will ever meet so it pains me to say….be
patient, the machine is being literally being rebuilt from the ground up and will be in motion soon. It is also important to remember that the long-term value of Luna Classic will be built around REAL USE CASES. Again, Luna Classic is NOT a get rich quick scheme. You’re better off buying a lottery ticket if that’s your goal. Still dreaming and telling all of your
friends that you’ll have that Lambo soon? Reread #1 and #2. :0)
6. Which exchanges do we need to eventually reach out to and encourage to implement the 1.2%? Binance. KuCoin. Coinbase. Kraken. Gemini. Crypto.com. Those are the big players who appear to be financially stable and capable of helping. Once we are burning ON CHAIN we will politely reach out to these exchanges for participation in the burn. They are aware of the work of TR and are aware that the 1.2% tax and burn is likely in their future. Please DO NOT SPAM TWEET these exchanges or SPAM THEM ON ANY SOCIAL MEDIA. We must do our part first and that part is to implement the ON CHAIN burn.
7. Should we Boycott exchanges or projects that aren’t supporting us and LUNC and should we message them or DM
them on Twitter/Social Media? Please don’t do any of the above. CZ/Binance and the other exchanges are fully aware
of who we are and what we’re doing. We won’t accomplish anything through harassment or a negative/hate
8. Should we message CZ/Binance or the other leaders at the different Crypto firms/exchanges and ask/beg/threaten them to implement the 1.2% Burn? In a simple word repeated multiple times…NO…NO…NO. Just don’t do it.
Everyone around the world in Crypto is aware of what happened to LUNC and USTC. Harassing them will do us NO GOOD and it might harm our chances for a successful and profitable recovery. We must do our part FIRST, which we
are doing. When they see that this coin can be community led in a proper way, our hope is all the big players will jump on board with us QUICKLY.
9. Should we message/spam/tag DK/TFL or anyone else at Terra and tell them how much they suck, how much you hate them, how much $ you lost, death threats or general dislike or disdain for him/them? Or what about Retweeting the same because someone said they would burn more LUNC if we would RT their post. Please don’t. They already know where they currently stand in the world of Crypto and it just makes you/us look bad. We want the keys to the castle and sugar attracts more bees than vinegar.
10. When will Binance implement the 1.2% burn that was voted on by the community? We do not know. CZ stated very clearly in a Tweet that the burn needed to be implemented ON CHAIN first. On 7–13–2022 he repeated this same Tweet multiple times in response to multiple requests to just go ahead and implement the burn. Vegas and the TerraRebels are actively working on this. Once it is up and running flawlessly ON CHAIN, we will reach out to CZ @ Binance but his message is clear. He wants to see successful sustained burns ON CHAIN first and WORKING PROPERLY. And again, PLEASE DO NOT SPAM CZ or Binance.
12. What NEW projects are being set up on Luna Classic network? There are several TBA but right now the focus is on
completing the code to properly burn LUNC.
13. Aside from @StarShip is anyone else accepting LUNC as currency and then burning? If you know of a verified and
trusted source for others who are doing this, please let us know and we will update the FAQ.
14. What is the deal with USTC? Is anyone working to repeg it? There is a team within TerraRebels that is working on USTC. The goal is eventually repeg USTC to $1 USD which in theory is possible but will take TIME and a lot of work. Once the LUNC burn is up and running successfully, the team with shift their focus to USTC and the repeg.
15. Assuming USTC is repegged to $1 will it be collateralized or have some sort of “fail safe” or “stops” to prevent exploitation or depegging in the future? Ideally yes but this is just all talk and hypothetical at this point. We will post
details as this unfolds.
16. Assuming USTC is repegged to $1, will it be re-linked to LUNC to burn the LUNC supply? Again, that is the ideal situation and the future hope as this is the unique mechanism that drives utility and value. Still, this is all hypothetical as there is a mountain of work that must be tackled first. We will post details as this unfolds.
17. If USTC and LUNC are re-linked, won’t the algorithm automatically start minting more LUNC and USTC? No. The Burn/Mint algorithm was disabled. Ideally, any re-enabling of the mechanism would most likely have to be presented and voted on in the Governance portion of Luna Classis on TerraStation. This is all speculation and hypothetical as the
burn is the #1 priority now. We’ll cross this USTC/LUNC/Algorithm bridge as the LUNC supply dwindles.
18. If USTC and LUNC are no longer liked together, why is their price action highly correlated? No idea. Most likely it’s a psychological link as the two have always been spoken of together.
19. There have been conflicting reports on whether USTC will be set up to deploy the 1.2% tax burn as well. What’s the real story? Good question without a definitive answer at this point. The coding to apply the 1.2% burn tax to USTC has been setup on TestNet and has been tested. The hope is to have USTC speed the burn of LUNC. When asked if USTC would be applying the burn tax as well, EK826 answered “Yes” in a Discord post. The only other thing we have been able to confirm is that as of this update, any burning of USTC WILL NOT START ON OR AROUND THE AUGUST 12th
DATE that has been mentioned to apply the burn code to the LUNC MainNet. That is all we can confirm at the moment. As soon as we can confirm more details, they will be posted here.
20. The supply of LUNC and USTC keep increasing. Why is that? Pay attention to the number you’re looking at. There are two “Supply” metrics. Total Supply and Circulating Supply. The terms are self-explanatory. What you are likely seeing is the fluctuation of the Circulating Supply as people move coins in and out of cold/hot wallets and in and out of different accounts. What you want to keep an eye on is the Total Supply once full scale burning of LUNC is in place.
The goal is to get that # down to 10 Billion Total Supply as fast as possible.
21. How long will it take to burn down to the 10 Billion Goal of LUNC? There is no way to know for certain as there are far too many variables. Stephen Hawking might have been able to make a good guess but unfortunately, he is no longer with us. From a statistical standpoint, the burn will likely follow an S curve. Slow burn…followed by a RAPID and sustained period of burning…followed by an extremely slow period of burning. As a metric though, think of this; If I as an individual burn 1 LUNC coin every second of every day for an entire year, I will only burn 31,449,600 coins. If I do that for 100 years, I will only burn a little over 3 Billion of the 6.5 Trillion total supply so there is A LOT of burning to do.
22. What if a person or entity holds more coins than the 10 Billion goal we want to burn down to? In practicality, if I hold any LUNC coins and never buy or sell, the supply will never settle at the 10 Billion goal without additional measures being taken to burn more coins or reduce supply. This issue will have to be addressed AFTER the burn is up and running successfully.
24. Does there have to be another Governance Vote to TURN ON the 1.2% burn once the code and testing on TestNet is golden? UPDATE UPDATE UPDATE Yes this is Proposal 4195 that the Validators have been voting on.
25. How many validators do we need on board to implement the 1.2% tax/burn parameter change on chain? UPDATE UPDATE UPDATE We need 2/3rds of whatever the number of active validators is to vote YES to make the change. Currently we have most of the Validators on board and have reached a Quorum.
26. What happens to validators who don’t accept the new code/parameters that the community voted to implement. They’re effectively dead in the water. They will be unable to process transactions on the blockchain, stake, or validate for LUNC, as they will have the OLD CODE that will no longer work properly with the Blockchain.
27. When will staking to existing validators be re-enabled on TerraStation? It is our that this has been turned back on.
28. When will NEW validators be allowed on board? Hopefully by October or November. This assumes there are no issues
with the new codes.
29. Who is the mystery “associate” that is coordinating action/dialogue between TFL and the TerraRebels to implement IBC, Staking, the burn, etc.? We have no idea who the “associate” is and any speculation would be just that…. total speculation. What is of note is whomever this person is, they are helping us to accomplish tasks much more quickly and effectively which demonstrates they have a very detailed working knowledge of the system.
30. Is anyone actively reaching out to any of the Metaverse players about LUNC being added to their projects? We need more volunteers with knowledge of this space to help us with this in a professional way. If you know any key people at the Metaverse firms, please let us know and loop Vegas or one of the Admins in with them.
31. Some of these burn coins seems to be a real and eager to help burn LUNC with their new token. How do we know these
are real and not scams? We don’t and honestly, we won’t trust any of these new burn coins until they show full transparency to include who is on the team, the whitepaper, a real audit etc. Remain skeptical and beware of scams
or get rich quick schemes. On one of these projects, I asked for a list of their Principal/Founders along with their CV (Curriculum Vitae). I (Mojave) was immediately banned. As always DYOR and this is in no way Financial Advice of any kind.
32. Are we expecting to eventually control @terrac_money on Twitter as the “Official” handle for LUNC or will there be another handle set up? Vegas has DM’d Do Kwon many times. We are hopeful he will soon turn the handle over so we can post there.
33. Will Do Kwon ever truly support the Luna Classic community? Highly unlikely but who knows? When USTC depegged Do Kwon panicked and bailed on Luna Classic and started LUNA2. We expect zero help or support aside from cryptic tweets. That being said, anything is possible, and we wouldn’t be surprised if he chimed in at some point or offered to assist TR with their work. It is without a doubt in his best interest to help.
34. Who are the TerraRebels and what exactly are they doing? A group of strictly volunteer like-minded individuals from around the world who believe in LUNC/USTC and the community. They are working hard to implement the proposals the community voted on to help LUNC recover. Let me repeat the VOLUNTEER part again. VOLUNTEER. VOLUNTEER.
35. Will the TerraRebels be taking control of the Blockchain from TFL? Absolutely not. No entity owns or has any specific control over the Blockchain. Think of the TerraRebels as Blockchain managers. TerraRebels manages the
technology/coding side of things based upon the governance proposals and votes of the community.
36. What’s the verified authentic address to send LUNC to be burned?
37. Why is Binance accumulating so many LUNC and USTC coins? We do not know. It’s all speculation based on circumstantial evidence at best. They could be preparing for a burn. They might be user’s coins. They might just be holding them in anticipation of TerraRebels successfully taking over LUNC/USTC and driving value. Anything is pure speculation at this point and only the team at Binance really knows why. It is probably a safe assumption that they are NOT accumulating the coins in anticipation of the price dropping. As always DYOR and this in NOT FINANCIAL ADVICE.
38. I was “Promised” or “Guaranteed” that if I bought LUNC that it would be dropping one or two zeros “very soon”, what happened? Um, you were lied to or bought into some BS on Social Media. Stop listening to the noise and the
YouTubers with their Click Bait and 8 minutes of $1 soon! There are no guarantees in Crypto. Actually there are no guarantees in life. The only guarantee we call all count on is that we are all headed to the grave one day. It is CRITICAL that you DO YOUR OWN REASEARCH ALWAYS. The only person responsible for your decisions/actions or inactions is
39. What is the best source for Luna Classic updates? You’ve found it. The Telegram Channel @ClassicLuna was established by
@VegasMorph who wrote the 1.2% burn proposal we all voted on. Any other Telegram channel claiming to be owned/endorsed or promoted by Vegas, TerraRebels or any of the Admins is NOT the most reliable source of information for LUNC. If you are on the other channels, you will notice they often grab and recirculate this FAQ. You will also notice that the majority of what you find on the other channels or Twitter handles is reported here FIRST.
There is a reason for that.
40. What do you LUNC guys have against LUNA2? Nothing. This just isn’t the group to discuss LUNA2. We believe both coins can co-exist and there can be projects and support for both coins. That said, we’re not here to bad-mouth or FUD LUNA2 and we will not tolerate any FUD for LUNC in this group. Violators posts will be deleted, and they will be banned from the group.
41. What do I do if I see a post in the group that looks like a SCAM, or if there starts to be members of the group who only FUD or who argue with other members for sport? Let an Admin know. We’ll take a look. If it’s abusive, hate speech, FUD, suspected fraud, etc. we’ll shut it down. Banter is fine. Sarcasm is fine. Cheeky humor is fine. Name calling, insults, obnoxious hubris etc. is not. Be kind and focus on supporting LUNC and getting REAL FACTUAL INFORMATION to other like-minded people around the world.
42. There are like a billion Luna Classic Community handles on Twitter. Which Twitter handle is the “Official” handle of this group and backed by @VegasMorph? None of them. This group is not officially represented on Twitter at this moment although you can follow @VegasMorph on Twitter if you like. If and when we spin up an official Twitter account, we will let you know and we hope that you will get us the support and following we need.
43. How can I communicate directly with the TerraRebels? https://discord.gg/HMtauX5C As always please be professional and polite in your communications. We are group of VOLUNTEERS working FBO the Luna Classic/USTC Community.