The graph of these crypto investments is looking a little worrying.
Is there a point where continuing to hodl is risky?
Some background for general readers:
https://www.cnbc.com/2022/05/11/terra-ust-stablecoin-dives-b…
LUNA and UST Coins
mskeggs on 12/05/2022 - 10:12
Comments
How much ya lose?
Best to stick to USDC.
I aint gonna stick to any stable coin from now.
Worst day of my life…..My biggest loss ever@moneytomyway: You didn't answer my question.
I'd never put all my money into "stablecoins" as they just aren't stable.
@moneytomyway: the real criminal thing is the rug pullers who made off with all the money will probably never be held to account
damn disgusting
@abctoz: Yup. It's crypto after all.
I would never put a significant amount of money into crypto. I'd rather put it in a 1% Savings account not having to worry about all my money going poof.
@[Deactivated]: its great for speculators as some can make significant gains, you just have to be extra careful
btc might take many years to recover from this, maybe almost a decade….
I would buy some under 2k just in case it goes to like 500k
@abctoz: Its not a rugpull, more an exploit by big players on how UST and LUNA interact. Issues regarding this was posted on twitter months back but was laughed off.
@abctoz: There was no rug pull, Luna and UST setup was pure ponzi and it unravelled with sell pressure.
@rover100: ok so the chart looks like a rug pull, retail literally lost tens of billions, but its not a rug pull because it doesn't meet the classic definition
@rover100: I find it hard to believe that insiders who worked on the project day and night didn't know how the protocol worked, unless I'm mistaken all the stable coin coming in was exit liquidity, tens of billions
running a stable coin is conceptually simple, you just store all that money safely somewhere, where is the money?
@abctoz: Its an algo stablecoin thats the difference, nothing really was backing it. Its not like USDC or USDT. They bought bitcoin shortly before to back it which they had to sell.
@rover100: you just said that investors who knew how the protocol worked cashed out at the top, (thereby pulling the rug). what I'm saying is if you actively work on the project this chance is way higher
this is why I said advanced rug pull,the causes are more complex but the effect is the same
No, best decision you ever made. I was still hoping and hoping until all terra tokens got de-listed from Binance. Lost all my UST, can't even salvage it to sell it for 1c on the dollar.
Yep, lesson learnt. Stay away from defi, stick to cefi like Binance or Celsius. Never ever buy a non 1:1 backed stablecoin. Stay away from all algorithmic stablecoins, they are all scams.
Luna is suspended and not delisted? Also read that they're trying to find backing or stabilise before making a con back? I'm not sure, lots of contradicting articles /opinions. Thanks
Sorry to hear that, I am still recovering from it. Been a walking corpse for days, I am fine with losing from trading but never would I imagine to loss 7/8 months income on a "stablecoin".
I have swapped all my non-staked TAUD back to AUD and not gonna touch it ever again my life. When my term is up with Crypto.com, I will also do the same.
I think Binance relist Terra
Don't think you learnt the right lesson there lol
So glad i didnt know this scam Luna was always as scam i'd say Sol is a scam too
Pretty much all NFTs are scams the crypto space is pretty 'f—ked' atm tbh
On the other hand my tulips are definitely not a scam, you should buy a million on them! There's a tulip shortage on the way, I tells ya!
NFT art… I think so… But i dun get some ppl… Paid 500k for a digital monkey picture… 🙈
You don't buy the picture… You just buying the certificate that says you own that picture
BAYC hodlers owns the copyright to the NFTs.
They can monetize the artwork.
There's a thread on Twitter from last November, one user described how with $1b you can cause the pricing mechanism of Luna and its stable coin to collapse. The founder, Do Kwon, saw the thread, re-tweet it with a smart arse reply. I guess it's alright for him, I'm sure he cashed in some.
feels like all the insiders sold the top and got out like bandits, they're now trying to blame Blackrock lol…
all insider have short luna from 3 digit to $0.xx making XXX.XXX% gains from short
Wall street boys smells blood, it has started
they will come in short then squeeze liquidity and then game over they go home with their $300 Wagyu steak sandwichesthe good news is this will spill into the stock markets with people force margin call and liquidation so there are some awesome business sell on the cheap soon to pick up.
this is crisis 3 in my life time, the last two was super profitable
I'm 🤔 of all the ETFs and pension funds that haven't rebalanced getting rekt.
The 💉 🛀 will be glorious to ⌚.
It's over.
nope
For those interested, this video seems to cover a lot of the topic fairly well
They lost me at 2 mins telling the audience that it's hodl time and at 3 mins going straight to an ad they promote selling a app to trade IRAs…
The amount of post contemplating suicide in /luna on Reddit is heart breaking to be honest.
that is sad I hope they can get help, I think it is time for the government to step in and regulate this space
this is unregulated gambling@tomleonhart yes, it will be impossible for them to get back their money valued at $100 because they increased their supply x35 now so in order to be in the same value they need to have x1500+ / 150.000%
https://www.cnn.com/2021/07/01/business/robinhood-lawsuit-su…
Robinhood settles lawsuit over 20-year-old trader who died by suicide
By Matt Egan, CNN BusinessUpdated 1855 GMT (0255 HKT) July 1, 2021
The stonks market is regulated by the SEC.
That doesn't stop people from getting rekt.
You can't regulate stupidity.
It's their 💵.
They should be allowed to spend it as they want.
@brendanm: it is not that clear cut
some people are easily fall for mis-information and don't have good judgement
I wish they can get help, sometimes it not their fault, they are just naive and hope someone can
talk them through itsome people are easily fall for mis-information
There are about a billion articles, posts, YouTube videos etc warning people not to sink all their money into shitcoins. They choose to anyway.
sometimes it not their fault
Unless they have a legitimate impairment, it is 100% their fault.
PLEASE
don't buy LUNA, it is $0.3 now.
They mint / increase their supply every minutes and contract could mint up to 2.000.000.000
at the moment it is 10.000.000 supplies
the reason they mint is because they need money to peg their UST to back to $1, so if you are buying LUNA now then you are dump because you just refueling their UST and burning your money instead.
Wait until UST is close to $0.95-$1 then it will be a good time to buy.
It's $0.00005211 now :(
The good 👍 news is the SPX and XJO are also getting rekt.
Enjoy 2022.
Is ETH dead too?
I dont think so, but all of stable coin is scary at the moment. Even USDT is looking like UST. If you swap your busd to usdt you will get 7.5% right now.
eth is listed on the cme, it can lose like 99% but I doubt it will ever die, in fact pretty high chance of ath if you give it 10 years
Didn't realise the was a seperate thread on luna.
A concerning time for anyone who chose to "invest" in Luna…
If I had spent $100,000 near its peak (say, around the $110 price point)…. Then that $100k would now be worth $99.
Not $99,000… Just, $99.
Well now it's $27.27 now.
I was waiting for it to hit $0.03….
…. Timed it perfectly.
/S
Normally you're giving answers not asking questions. Worrying indeed. Are you holding a bag or two by chance?
are we buying the drop? whats the emoji for drop?
0.01c this morning
hows that 18% APY earnings working out? xD
Hey don't be mean. People in this very thread have just said they've lost a lot
How much average lost? no ones really said..
A +18.36% APY $UST is a net yield of ~9.00% APY.
Here are my thoughts. I could be fully wrong.
I feel UST and LUNA will make an eventual comeback. UST is going thru the same cycle for the last few days. Go down to 28c and then climb back to near 80c.
The Luna foundation is buying a lot of cheaper BTC. If there are two genuine bluechip cryptos left, they are BTC and ETH. Eventually this bear cycle will end and BTC will climb and so will UST and LUNA.
Also due to the panic selling, a lot of people lost good money. Some of them will swear off LUNA/UST and maybe many other cryptos but new money will flow in and take these coins back.
Of course, that may not happen and this may be a rugpull or a coin that has a death spiral.
Either ways, 20% APY was always too good to be true!
UST is at 7 cents right now, and LUNA is literally at zero. They're both being delisted from exchanges. It's over.
That's why I said I could be wrong. Exchanges can relist coins no worries.
Greed can draw back investors. And also in between all the gloom and doom, some key folks appear to be bullish though they are a minority.
https://coinculture.com/au/markets/avalanche-founder-is-bull…It's over.
It's dead, Jim.
I bought a bit over 4 million luna for 10 busd a bit earlier his morning. It's up about X10 since then 😂. What a stupid coin.
don't see how they can comeback unless they return the money grifted off investors
So I put some dough in this yesterday in Kucoin when I posted this by trading for UDST. The price was fluctuating quite a lot Randomly traded back to USDT now. In 24 hrs or so. The price had moved to 13c from a low of 4c. Anyways made around $200 on this and still have 1000 odd UST's left lol.
Looks like the only liquidity now is from traders doing this on a bigger scale.
LUNA bouncing is a trader's dream.
LUNA is dead. Am talking abt UST.
But yeah LUNA coming back will be the comeback of the century.
I wonder if big players are salivating….create a pump and dump situation.
@axlfan: I like TERRA.
The Dapps UI are smooth, fast and reliable with cheap gas that can be paid with LUNA or UST. It's everything EVM should be.
It's a shame that UST/LUNA minting got out of 🙌.
@rektrading: I am pretty sure it will come back in a different form given the latest updates from Kwon and his team. Not that I am their fan but they seem to be genuinely trying something. Its their arrogance that did this in the first place and a blind spot to such manipulation.
I learned about this so late but many things stood out about this. Hope something good comes out of it. The people who did big in crypto always bet against the market sentiment early.
@axlfan: One way to fix LUNA is to do a coin merger like EGLD and change the ticker.
Something like 100,000,000,000:1.
Delisted.
Well, that was fun.
Can still buy it with busd on binance for some reason.
Relax dude, it's impossible for that to happen. Trust in the code.
The code works.
People on the other hand are unreliable. Primal emotion like fear is much stronger than greed which causes the weak hands to press sell.
Just sit back and chill, they'll burn some coins, it'll stabilise the thing, the algorithm kicks in and boom, back to the 1:1 definition thing.
That's what it's been designed to do. It's right there, in the code.
@Crow K: I'll be a multimilionaire soon, my $10 is now about $200. Come on luna, and the lunatics still buying it.
@Crow K: It's now $350 haha. I'll be a millionaire by about 7pm I'd say, I'm on the lambo website now speccing out my new car.
@brendanm: dude that's a 3400% increase, those are Ponzi numbers GET OUT GET OUT GET OUT
you gotta stick with realistic returns like 20%
@Crow K: Oh no it's back down to $250, cancelled the lambo.
GET OUT GET OUT GET OUT
I put $10 into it this morning as a joke, and $5 of that was a bonus from binance.
@brendanm: Oh yeah, the "whales need exit liquidity, what an excellent time to be interested in crypto" promo, I think I got one of those as well.
Just as well all my money's tied up paying those transfer fees for that Nigerian prince who is going to share his inheritance with me.
Just as well all my money's tied up paying those transfer fees for that Nigerian prince who is going to share his inheritance with me.
Can you pm me his details?
c'mon fess up, those reading and not commentating
how much did y'all lose? there were many spruiking anchor protocol and the miraculous gains they were making while putting their feet up xD
i lost almost 100k…. of my imaginary money.
I think the advice has been right all along: "Don't invest more in crypto than you can afford to lose."
For poor people like us, crypto should be a way to invest a few $, and hope they increase in value. It's not a place to invest your life savings no matter what the potential returns. Heartless mega-wealthy people control the value of things like crypto and some types of shares using clever trading tactics only available to the mega wealthy. Poor people will always get burnt if they take on too much risk over-investing in these things.there are only two relatively safe assets, btc and eth that are listed on the cme, the rest is speculation
Neither BTC or Eth are safe assets. They are safer than shit coins but are still mostly fueled by speculation.
It's time to read up on the next projects. $USDD and $USN.
Speaking of reading up, I'd recommend everyone take the time to read pages 14 and 15 of the Cryptocurrencies - Your Key to Freedom AMA thread.
Crypto is your key to freedom.
Lose all your money - > sell your house to pay your debt - > no more mortgage = debt free.
Guy was a genius since day one.
AU$3K TO $666 TODAY ~ RIDE IT ALL TO THE BOTTOM & HODL! Says the insane man who is ill advised as 99.9% of crypto is a SCAM based on the GREATER FOOL concept
Crypto… Just another of many scams that has made the Rich Richer
Market used by professional whales with billions to fleece uneducated investors in a market that's completely unregulated and zero consequences doing completely illegal trades.
Wonder what will happen…
its hilarious reading twitter and all these stories distracting people from the ugly truth that this was probably the biggest rug pull ever in crypto
Exactly, but the government with their money printer is somehow worse.
💵 🖨️ brrr
MTG goes full GOBLIN MODE on House Floor after Congress votes to send Ukraine $40 BILLION as Americans suffer Biden economy:
“Stop funding regime change & money laundering scams!”
But everyone told me crypto was insulated from the traditional markets. Down what, 70% from the highs last year?
Plenty of people suckered in from echo chambers on Twitter and Reddit.
Blame Citadel and BlackRock, they have been manipulating the stock market and now they are doing with crypto, and yet the US government doing nothing to stop them.
https://www.forbes.com/sites/michaeldelcastillo/2022/05/11/b…
https://www.benzinga.com/markets/cryptocurrency/22/05/271548…
I was hoping it will re-peg and hold until sold them at .4 this morning, worst decision I have ever made….