Terra Community Pushes to Eliminate Scams by Raising Proposal Standards

0
98
The Terra Community May Give Up Burn Tax Now to Boost Utility
The Terra Community May Give Up Burn Tax Now to Boost Utility

By voting to raise the conditions for making proposals, the Terra Classic Community works to eliminate scam ideas.

Terra Luna Classic (LUNC) influencer Classy Crypto revealed in a tweet on Wednesday that he had launched a new proposal with the help of LUNC core developer Edward Kim to guard the community from false proposals used by con artists to steal the money of holders.

Notably, the proposal intends to improve the minimal qualifications for users desiring to submit LUNC suggestions, according to tweets from Terra Rebels’ admin ClanMudhorn, who also admitted collaborating with the influencer. 

Proposal 6082 will require users to deposit 500,000 LUNC (about $125 at current prices) to propose recommendations and 1,000,000 LUNC (approximately $250 at current rates) to begin voting.

It’s worth mentioning that the current requirements are 0 LUNC and 345,000 LUNC, respectively.

This is a Step in the Right Direction; Says Terra Rebels

Classy Crypto claimed in a tweet from yesterday that he sees the proposal as his first contribution to the LUNC ecosystem. Classy Crypto has already stated his plan to operate a LUNC validator. 

When explaining his intentions, the influencer mentioned that he had received numerous DMs from community members sharing stories about how they had lost thousands of dollars due to scam proposals.

It is important to note that the Terra Rebels have endorsed the initiative and referred to it as a step in the right direction.

By publicising the tweets of a user who had lost his LUNC holdings as a result of clicking a link on a scam proposal on the Terra Station, reXx of the Terra Rebels further drew attention to the proposal.

While Classy emphasised that the idea has already surpassed the 50% approval level, some other members of the community have voiced worries that the initiative’s effects have not been adequately considered.

The proposal’s Effect May Fall Flat if the LUNC Price Plummets

Popular community member DemonMonkey777 voiced worry that if the price of LUNC falls, the proposal’s impact might be ineffective. He also said that if the token’s price spikes, it excludes community members with good ideas but limited resources.

StrathCole expressed similar worries, noting that it might not deter con artists because they stood to profit more from their ruses. However, as stated by StrathCole, it might prevent “little guys” from making significant contributions.

It’s important to note that the community has recently become more concerned about security. ReXx of the Terra Rebels had to alert members of a phoney exchange and burn platform and a scam plan, as was only reported on October 10. 

It is not unexpected that scammers are focusing on LUNC members because the buzz surrounding the group gives shady characters a way to prey on unwary participants.

Related: