Anyone Here Get Burnt on Luna

Trying2SaveABuck on 14/05/2022 - 00:50
Last edited 14/05/2022 - 00:52

So for all the 'cool' stories of Randoms getting rich off crypto this would be the anthesis of that. Luna one of the large crypto currencies which had a market cap over 18bn which uses some sort of algorithm to give value to its 'stable coin' UST has tanked 99.99%

im seeing people lose millions in essentially a few hours ill admit i brought the dip 35 dollars worth for like 75k tokens on the off chance this crap becomes a meme coin or rockets one day but it looks like Luna has been de-listed or put in a trading halted so it is essentially dead.

Anyone ride it from over 100AUD to sub 1cent

ill note some seriously sad posts around reddit and twitter with people losing houses, attempting self harm, losing life savings etc

Financial Cryptocurrency

Comments

  • ameel on 14/05/2022 - 02:07
    +4

    Ooft. I read you bought 75k coins whn dip reached $35. That would have been brutal.

    • Trying2SaveABuck on 14/05/2022 - 08:47
      +15

      nahhhhhh i got 75k luna for 35 bucks about what id spend on a lotto ticket

      • gorge on 15/05/2022 - 21:17
        +1

        why'd you say 'burnt' then lel?

        • Trying2SaveABuck on 15/05/2022 - 21:44
          +1

          well if you were holding at 100 bucks and it is now essentially worthless….

          but once upon a time BTC drop by like 98 percent value and was 'essentially' worthless then a few years later a single btc was worth 80k so you never no with this crap put a few bucks here and there and if you have a lot of luck your entire life could change from a financial perspective.

          • [Deactivated] on 16/05/2022 - 03:16
            +3

            @Trying2SaveABuck: You could be right. But very different to BTC. Luna for starters is not decentralised. Hence they were able to shut the blockchain down after the ‘attack’. Either stupid/arrogant founder or one of the most elaborate scams ever. Either way, this coin cant recover…. But FOMO may get you some easy money. Worth a small risk. Good luck.

  • [Deactivated] on 14/05/2022 - 03:40
    +68

    When you knowingly load your money into the most obvious Ponzi scheme you should be prepared for the most probable outcome.

    • avoidfullprice on 14/05/2022 - 09:14
      +11

      Only rekt is permitted to use 'Ponzi' on this forum and in context of superannuation.

      Also, rekt will bitchslap us if we insinuate crypto is Ponzi, cuz it ain't no super.

      :O

      • Sleeqb7 on 14/05/2022 - 10:05
        +3

        I believe Dain is saying that specifically this crypto is more akin to a ponzi scheme, rather than Crypto as a whole.

        Explained more here; https://www.youtube.com/watch?v=hLa6CSDIrTk

      • digressfool on 14/05/2022 - 17:08
        +4

        No sign of rekt yet? 🤔
        I was hanging out for comments of BTFD or something.
        Maybe someone better call an ambulance to his place!

        • netjock on 15/05/2022 - 11:30
          +10

          Correction it's rekt's mum's place.

  • Hybroid on 14/05/2022 - 04:11
    +39

    For people to get rich off these schemes, others must take the fall and lose out.

    There's suggestions this was carefully orchestrated for elite few to cash out big time.

    No different to the manipulation that went on at the height of Dogecoin and many others.

    It's pretty clear now that "stablecoins" are anything but and the whole "tied to USD" is nonsense.

    • askme69 on 14/05/2022 - 10:56
      +18

      Isn't that the Australian Housing market?

      • idjces on 15/05/2022 - 18:32
        +1

        ^^ this, if crypto proves anything, it's that somebody must always pay for it on the other end.

        I don't see the younger generation willfully wasting away their lives just to exacerbate existing bubbles and pay for the comforts of elders

        • Drpepper666 on 15/05/2022 - 19:16
          +15

          Except you can live in a house, or rent it to generate income.

          Crypto coins are completely useless

          • idjces on 15/05/2022 - 19:32

            @Drpepper666:

            Except you can live in a house, or rent it to generate income. Crypto coins are completely useless

            The fundamental value of any particular good or service is not the point being discussed.

            The point is someone has to give value for someone else to receive value.

            A house, a stock, or anything, cannot go up exponentially in value forever. Someone has to pay for it

            • bejahi on 16/05/2022 - 15:30
              +1

              @idjces: yeah that's not how markets work my friend, it's not a zero sum game.

              take finite supply of something (eg land), infinite supply of something else (eg human labour over time) and you will see pretty quickly how the "value" of the finite supply can increase forever providing there is demand for it.

              • idjces on 16/05/2022 - 15:46
                -1

                @bejahi:

                take finite supply of something (eg land)

                well talking in theoretical's, everything is finite except time, and that is finite to any particular individual

                providing there is demand for it.

                everything has a maximum price. At some point the buyer says they're not willing to pay it, they have better alternatives to be exchanging for

                • cadwalader on 17/05/2022 - 16:31
                  +1

                  @idjces: If you are just talking theoreticals then value is indeed finite insofar as human society is finite. Since the cessation of humans or human society is a functionally irrelevant endpoint for us to discuss, there no point bringing this up. But if your intention is to shutdown discussion and disagreement by taking your point to the extremes where it no longer matters to us then yes, you are right I guess. (TLDR: its fine to discuss theoreticals but to make a point that is moot for us humans making the discussion isn't really helpful).

                  Value is constantly being created and the lower-middle class own and have access to more value than royalties in the past. Some things can certainly keep increasing in value if it retains both its utility, scarcity and desirability but at the same time isn't absolutely essential for survival like water.

                  If we are talking theoreticals, successful housing sales can just be limited to a certain criteria and/or a certain number a year (perhaps >$500k in income a year and not many than 50 houses a year) and you'd easily have prices going up forever.

                  • idjces on 17/05/2022 - 17:15

                    @cadwalader:

                    But if your intention is to shutdown discussion and disagreement

                    Not at all. It seems strange to define something in absolutes when everything in life is on a sliding scale. It`s clearly not as simple as supply being finite and demand being infinite.

                    The higher the cost goes, the more attractive any alternatives become. I thought the onset of covid has made it much more apparent that people are willing to reassess and jump to better alternatives.

                    Rapid changes in society and demographics don`t give me confidence that the status quo of a model that only goes back a few decades, will hold true going forward.

                    Some things can certainly keep increasing in value if it retains both its utility, scarcity and desirability but at the same time isn't absolutely essential for survival like water.

                    Thats a great way to define the concept. I feel like the list of possible items that meet this criteria over a decent length of time must be rather small. I havent spent a lot of time pondering over this definition, so I dont have much to respond here.

                    If we are talking theoreticals, successful housing sales can just be limited to a certain criteria and/or a certain number a year (perhaps >$500k in income a year and not many than 50 houses a year) and you'd easily have prices going up forever.

                    Well that would certainly be a good way to meet the criteria

                    Edit: Also, i might have used the wrong word, in which case im not sure what the correct definition would be for what I wanted to phrase. Im trying to say the cost in resources, that a person or entity is willing to exchange, in this example to purchase a house, cannot go up exponentially forever

          • mdavant on 16/05/2022 - 05:34
            +1

            @Drpepper666: Except you MUST live in a house / dwelling.

        • tessel on 15/05/2022 - 19:27

          But they already are. Prices continue to climb…

    • netjock on 15/05/2022 - 11:31
      +9

      Tether is backed by US Treasury bonds. These guys haven't heard about bond rallies and bond crashes. I do enjoy how naive these Evian drinking techie types are.

      Isn't stable coins just a joke when crypto is lack of trust in fiat?

  • Mokr on 14/05/2022 - 07:08

    This is good for bitcoin cause it shows that bitcoin is still not able to be exploited

    • AustriaBargain on 14/05/2022 - 07:58
      +43

      Or able to be invested in, or able to be bought in advance to even pay your bills and buy your groceries long term. It shows that bitcoin is just a get rich quick scheme and most of us weren't quick enough…

        • AustriaBargain on 14/05/2022 - 09:45
          +13

          Tell me you still are hodling bitcoin despite the freefall without telling me…

          • Ozschmargain on 14/05/2022 - 13:08
            +7

            @AustriaBargain: I'm stackin sats and riding this baby all the way to zero!

          • cadwalader on 17/05/2022 - 11:16

            @AustriaBargain: Have been in since 2014. Did lose some of it trying to trade so now I'll just hold it until I need the money. The potential upside is way bigger than the potential downside for me.

        • Juice-Wa on 16/05/2022 - 08:01

          Perhaps it's best to keep your investment advise on TikTok buddy. In an environment of nonsense, nonsense is just the normal. Here, you are foolish

      • [Deactivated] on 16/05/2022 - 03:24

        Bought in advance with what exactly? Fiat? Sorry, you’re missing the big picture. Zoom out a bit and take a look of the performance of BTC as a whole. It’s limited quantity. It’s truly decentralised and cannot be hacked - nothing has come even close. This is just one concept of it. But as the ‘OG’ it really is special and will hold and increase its value … its proven this over and over and over. It’s definitely past its glory days of quick richness, but it has plenty of time to grow. Buy the dips and buy some more when the days are dark and you will be rewarded in the future… or don’t, just my beliefs. But non believers will understand my conviction someday :)

        • mdavant on 16/05/2022 - 05:36

          Let's see how it goes in an era of higher interest rates and less money printing.

        • greatlamp on 16/05/2022 - 06:10
          +1

          Bitcoin, as you mentioned has a limited supply, and we are now at the tail end of that.

          So every dollar in increases the value of Bitcoin for everyone who bought before. It is literally a pyramid. As a medium of exchange, it is flawed.

          Let's see how it fares when the Chinese Yuan cryptocurrency is available, and can actually provide all the benefits that these tokens are supposed to provide, as a medium of exchange not a get rich quick scheme - and is also backed by the worlds largest economy

          • [Deactivated] on 16/05/2022 - 10:32
            +1

            @greatlamp: We’re about 20 years away from all the coins being mined. It’s appeal and power comes from NOT being backed by an organisation that can control it. It’s truly decentralised. The largest economy is the USA not China and there already is a digital Yuan. I think you’re just a hater and have zero clue about blockchain and digital currency. I’m not saying it’s perfect. But what you’re saying is just factually incorrect and a bit ridiculous.

            • greatlamp on 16/05/2022 - 13:48
              +4

              @[Deactivated]: I am not a fan of Bitcoin, that is true. I don't understand why the fans like you always conflate buying Bitcoin with investing in "blockchain" or digital currency in general, rather than explaining why the fundamentals of Bitcoin are solid.

              Obviously I understand enough to see that it has no utility. If you want to bank on that changing in the future, fair enough, but why will Bitcoin be the future rather than a coin not yet invented?

              China will be the worlds largest economy by 2030, when digital currency will be relevant.

              • [Deactivated] on 16/05/2022 - 16:13
                +2

                @greatlamp: I’m not pretending to invest in blockchain. Bottom line is, I want money/security, whatever you want to call it. But I also believe in the tech behind it and see it’s potential for the future. It’s not a matter of if, but when. I don’t know in what form that happens but Bitcoin is the first big leap for sure. Its utility is primarily in exchange. It’s so cheap and quick to send anywhere in the world and is fully transparent about it. It’s not centralised so the control of it is on you. Imagine being Russian now and all these sanctions if you need an example as to why that may matter. Has to be mined and the ledger is fully available which also ensures it’s security and it’s accessible to anyone. Bitcoin has no owner, it’s the only crypto that truly does it’s own thing. Look at this Luna shitstorm, they actually stopped the blockchain…. That’s so wrong, you can’t do that with Bitcoin, and that has big value. I don’t think it’s going to take over the world, but it’s like a trusted commodity. Digital gold is probably how I would describe it.

                China MAY be the biggest in 2030, but it’s not set in stone and depending where you look at, trajectories indicate otherwise.

                • aboogee on 17/05/2022 - 07:02

                  @[Deactivated]: Agree with shacktool

                  I am not a bitcoin hater and will concede I know a little about blockchain and intended use but again, to his point, why?

                  The answer the curious minds are looking for is not “don’t worry it’s better than fiat and not controlled by someone and you will just need to trust the magic” but “how is it giving you utility”. Of course if utility is defined as happiness due to the (mis?)conception that it is profitable then it’s a different story.

                  Using the Warren Buffet example. Let’s pretend you are in a world where there is you and me. You’re holding bitcoins and I’m holding land. I can use my lane to farm, live on, etc to generate utility. How does holding bitcoins making you better off than me. I’m genuinely curious. Please enlighten me.

                • [Deactivated] on 18/05/2022 - 10:58

                  @[Deactivated]: Imagine moving your life savings into Bitcoin in Russian and it tanks and basically you got half.

                  How amazing Bitcoin is!

                • thegamerulez on 18/05/2022 - 11:09

                  @[Deactivated]: I don't get the "fully transparent" part that people mention though.
                  If it's that transparent, why can't people who got scammed get their $ back?
                  They say once it's gone, there's noway to trace where it went.

                  • [Deactivated] on 19/05/2022 - 02:57

                    @thegamerulez: I mean in the terms of a ledger. Since any wallet can be looked up. It's obviously not as simple as that, as privacy is required. You are right on once it's gone.. but there are other ways to investigate these things with computer forensics. Saying that, for a good coin like Bitcoin, if you don't have the keys to the wallet that holds the funds, you simply cannot get access, it's impossible. But if you stored your BTC on an exchange, that is another story if the Exchange gets hacked etc.

                    BTC hasn't scammed anyone. Terra(LUNA) is another thing altogether because of how their blockchain was built. With Bitcoin, that is impossible… or for at least the foreseeable future.

                    Hope I explained that ok.

            • redfox1200 on 16/05/2022 - 17:55

              @[Deactivated]: Not even close to 20 years, you will be dead before they are all mined

              • [Deactivated] on 19/05/2022 - 02:53

                @redfox1200: When I looked it up, I remeber thinking it was closer to 2080. But I read an article that said 2040… so I am not sure now.

        • cannedhams on 17/05/2022 - 07:35

          The thinking that went into BTC was truly impressive, and it was a genuinely original idea. Apart from one significant hack, the code has been solid. As an innovation, it craps all over facebook, apple, etc, which essentially amounted to incremental improvements to already existing technologies.

          But after this many years, its still only actually being used for drugs, avoiding capital controls and kidnapping and ransom. Its not going to become a genuine day-to-day currency, probably ever.

          The problem is devising a currency which is both independent of human control but still responsive to human needs. The liquidity crises and huge spikes and craters in price remove BTC from serious consideration as "real money". Luna obviously failed in that regard but it will be interesting to see whether anyone cracks it one day…

          • Autonomic on 18/05/2022 - 10:43

            @cannedhams:

            The thinking that went into BTC was truly impressive, and it was a genuinely original idea

            Blockchains are essentially a slight change to a linked list which were created decades ago.

    • netjock on 15/05/2022 - 11:34
      +1

      It really isn't an exploit when someone being stupid thinks think the peg would hold.

      These techie people should look back how Asian currency crisis (Thai Baht lost it's peg) Euro zone financial crisis (PIIGS got cheap money they could pay back because they had the Euro and everyone thought it was stable) and everyone who got burnt thinking the Swiss National Bank was going to keep it's peg to the USD.

      Pegs don't work. Even the Chinese need to adjust the peg to the USD.

    • ProlapsedHeinous on 15/05/2022 - 13:34
      -4

      Bitcoin developers have completely ruined Bitcoin's main benefit. p2p electronic cash. Luckily Bitcoin Cash forked away from that dumpster pile and now has to rebuild from scratch. Bitcoin has been compromised now for years.

      • brendanm on 15/05/2022 - 14:13
        +1

        Bitcoin Cash

        😂 Can't tell if you are serious? It has steadily declined in value since inception.

      • [Deactivated] on 16/05/2022 - 03:26
        +1

        Limited… sure. Compromised…. How?

  • EightImmortals on 14/05/2022 - 08:05
    +7

    I don't directly own any luna but might have some exposure through some Invictus funds. The way the rest of my crypto portfolio took a punch in the dick this week I'm not too concerned about LUNA. But then the AUD and regular stocks got smashed as well. BTC seems to be testing the weekly 200 MA which it hasn't done since around 2020, I'd expect a bounce off that once it hits. It might have already hit bottom. (This is NOT trading or investment advice DYOR)

    Got this explanation the other day:

    As many of our investors may be aware, the Terra USD (UST) stablecoin decoupled from its USD peg this past week, causing the token to trade at a discount to the dollar. Regrettably, prior to the depegging, the majority of the ISG fund (98%), a large part of the IBA fund (48%), and a portion of the C10 cash hedge (40%), was exposed to the UST stablecoin. This has regrettably resulted in the Net Asset Value (NAV) of these funds experiencing a significant drawdown. At the time of the 5am UTC valuation point for 11 May, the UST price was severely depressed, resulting in the ISG fund NAV dropping by roughly 20%. For IBA, this impact was in the region of 10%. At this stage, it is unclear whether the UST price can repeg to $1.00, but there are strong arguments to be made that this will occur in the medium term. This mailer aims to holistically outline the current position to better inform investor decisions.

    The initial unpegging (to around $0.98) was a result of a series of incredibly large withdrawals from Anchor, a money market protocol on the Terra blockchain. These were instigated by a small number of large market participants, leading to a period of destabilisation within the Luna pegging mechanism. This drove mounting panic in the market and remaining participants have rushed to withdraw their UST and sell it for fiat currency on centralised exchanges. Short-selling speculators, major volatility and uncertainty in traditional markets have undoubtedly compounded the issue.

    The nature and timing of the initial sales has driven some speculation that this was a coordinated effort to drive down the value of Luna (as liquidity was temporarily diminished following the removal of the Luna Foundation’s liquidity from the popular Curve 3-pool in preparation for the migration to the 4-pool — making the attack easier to execute).

    However, the underlying mechanism employed by UST to maintain the peg is still, in our view, fundamentally sound. The Luna Foundation Guard (LFG) has loaned $750m worth of BTC from the reserve to specialised market-making firms to help protect the UST peg and create price parity once again. Beyond this, the in-built arbitrage mechanism whereby UST can be redeemed for $1 in Luna (irregardless of the external trading price) should allow for sustained buying pressure, albeit at the cost of Luna selling pressure (which we have seen play out spectacularly over the last few days). A recently-approved governance proposal will quadruple the rate at which this arbitrage can be carried out.

    Nonetheless, we are of the opinion that UST’s global market price will remain volatile and under pressure over the coming days. However, we should see a slow recovery back to dollar parity as the arbitrage mechanism brings the price back up, supported by rising yields on Luna that should help provide a floor for the asset (as Luna prices fall the staking yield, paid in Luna and UST, rises as a percentage of price — see the Twitter thread linked to below).

    The team at Invictus will, of course, continue to monitor the situation 24/7 and will rotate capital out of UST should we feel that, for whatever reason, parity cannot be met.

    • mskeggs on 14/05/2022 - 08:29
      +13

      If I got that message from a fund manager, I would be joining the class action that they had been acting negligently. It is clear they didn’t know what they were holding.

      • EightImmortals on 14/05/2022 - 08:47

        Yeah if it was just them you might have a fair point.

      • serpserpserp on 15/05/2022 - 12:51
        +6

        I would be joining the class action

        It is unregulated, the class action will go no where.

    • SBOB on 14/05/2022 - 08:46

      some Invictus funds

      Yep, bye bye 10+% of the c20 fund, but didn't have any of their other funds.

    • Mokr on 14/05/2022 - 14:36
      +3

      Lots of people don't remeber when thai land was pegged to USD. Turns out they didn't carry enough USD in their banks. And it tanked a ton of countries curencies like Russia etc.

      Yeah cypto is unstable but this is a learning exp for something so new.

  • brendanm on 14/05/2022 - 09:16
    +51

    All I know is that when my 14 million luna goes to $100, I'll buy ozbargain and change the colour scheme to green instead of orange.

    • Cul8r on 15/05/2022 - 19:47

      Green… the colour of money!!!

      • steven6 on 15/05/2022 - 20:42

        My money isn't Green, it's Violet and Purple. How do I make it turn green? Should I OzBargain more?

    • hawked on 16/05/2022 - 00:11
      +1

      And I thought my 2 million Luna was a lot 🤣

    • kalithreaver on 16/05/2022 - 08:36

      how much did that cost to buy?

    • notewar on 16/05/2022 - 15:46
      +1

      And bring Dark Mode too please

      • brendanm on 16/05/2022 - 15:49
        +5

        Already available friend, "My account" then "dark mode".

        • notewar on 16/05/2022 - 15:50
          +3

          thank!!!! never knew this

    • nereus on 17/05/2022 - 09:22
      +2

      Do the math
      Supply of LUNA is now 6,907,376,873,282 coins
      It can never reach $100USD again

      Also another way to think of it would be if LUNA had the market cap of Gold it would only be worth $1.77

      • brendanm on 17/05/2022 - 10:22

        Do you honestly think that was a serious post? Worrying.

        • nereus on 17/05/2022 - 10:36
          +1

          A lot of people are throwing money at this still with the mindset of 'buy the dip' so it was for you and others to be aware of. If you are joking or not…

          • brendanm on 17/05/2022 - 15:32

            @nereus: I'm obviously joking. I've even explained about the market cap etc further up.

  • [Deactivated] on 14/05/2022 - 09:16
    +4

    I think this is what you're after. It happens when you gamble. To some degree I feel bad, but if you had that money to invest in the first place, you're probably not that bad off without it. It was their own choosing.

    • brendanm on 14/05/2022 - 10:12

      I hope those people keep buying now, thinking they'll make it all back.

    • SlavOz on 15/05/2022 - 19:16
      +3

      Take everything you see on Reddit with a barrel of salt, then drop that barrel on your head. It's all made up.

      Nobody who drops $500k is on Reddit asking for advice or whining about their miserable existence. Those posts are just from people who wish they were smart enough to have $500k to blow. If you can't be a high roller in real life, the internet is your friend.

      Reddit is just the cryptocurrency of society.

  • brad1-8tsi on 14/05/2022 - 09:59
    +5

    people losing houses, attempting self harm, losing life savings

    And most of them, if asked "how does this product work?" can't answer. They don't actually understand what they are investing in.

    At least if you buy (for example) Brickworks it's fairly obvious that you are buying a building products company and if you look deeper it's partly a land bank/developer and has a major stake in diversified investments via WHSP.

    As always, if you can't afford to lose it or ride out the storm then don't invest.

    • Autonomic on 15/05/2022 - 19:33

      And most of them, if asked "how does this product work?" can't answer. They don't actually understand what they are investing in.

      This is true for every crypto tho.

  • Tomhaigh1 on 14/05/2022 - 10:06
    +3

    I bought $20 worth Luna at $2, currently I have 0.0065 :D

  • Typical16-bitEnjoyer on 14/05/2022 - 10:17
    +4

    There's shitcoins and then there is SHITcoins. This falls in the latter.

    • May4th on 15/05/2022 - 12:05
      +4

      UST/luna was not a shitcoin, it was the 3rd to 4th largest by market cap at one stage and held by a lot of big players with a very mature ecosystem. i think everyone got caught up in the hype of a fundamentally flawed algorithmic 'stablecoin' that has never been stress tested in a bear market.

      • darkmattersunB6c0MV on 17/05/2022 - 22:49
        +1

        What is sad is that an economist predicted such a scenario and Do Kwon responded by calling her "poor".
        This is another of his now infamous interviews, given hardly a week before the crash.
        https://twitter.com/EncryptedPedro/status/152453147423764070…
        "…95% are going to die [coins], but there’s also entertainment in watching companies die too”

        Personally, I lost several thousands - (between 1k and 100k :-) ), but guess it is the cost of risky crypto transactions. One learns and moves on. You cannot do much.

        • May4th on 18/05/2022 - 15:22

          they got complacent and greedy - if they reduced yield and built more of an ecosystem + shore up more collaterals instead of having mostly yield chasing deposits they'd be in a better position to defend a bank run - i think they said about 70% of UST was in anchor when it depegged. can't really put the cat back in the box once the floodgates open

  • jimsheppard17 on 14/05/2022 - 11:14

    Ethereum soon… lots of VC money in there too… remember Novograts bragging about luna and solana on CNBC…

  • pharkurnell on 14/05/2022 - 11:14

    Thats the worlds biggest sucker punch…

  • steven6 on 14/05/2022 - 11:20

    Buy the dip

  • spychiatrist on 14/05/2022 - 13:07
    +5

    Those who really lost big money won't admit it

    • Mokr on 14/05/2022 - 14:43

      most people in their lifestimes would have lost say 50-100k on an investment (paper loss/gains) selling too early or etc

    • peppet on 14/05/2022 - 19:46
      +2

      I'll tell you, my old supervisor lost $350k because it was all in some locked earning contracts where he couldn't get it out for a few weeks.

      Did it out of last ditch desperation to make fast money to pay for sick parent's care so it's just tragic all around.

      • [Deactivated] on 15/05/2022 - 19:36

        Was this in Aus? What medical treatment is costing that much?

        • peppet on 15/05/2022 - 19:44
          +3

          Not Aus, somewhere in America. He needed $1.2M to pay for treatment and professional care for the remainder of his mum's life. I think some of it would be repaid after death but it needed to be paid upfront so he mortgaged his property.

          People are laughing here but I feel nothing but sympathy for even the most reckless people because of his story.

  • AustriaBargain on 14/05/2022 - 13:14
    +2

    At least people who invested in Beanie Babies can play with the Babies, or give them to their kids, use them as pet toys. What are y'all going to do with worthless "coins" for the rest of your life?

  • taize on 14/05/2022 - 13:46
    +1

    As a laugh I spent $11 on Luna yesterday afternoon. My first $10 got me 22,000 and my second $1 got me another 22,000. If it goes back to its April high I'll have a cool $2Mil

    • Mokr on 14/05/2022 - 14:48
      +3

      luna will reset - and restart the blockchain from a time before - voiding all transactions - thats my guess - they did it with etherum

      • moar bargains on 14/05/2022 - 17:11
        +1

        But will the trust be there to actually do anything? What's to stop this happening again?

        • whatwasherproblem on 14/05/2022 - 19:14
          +5

          luna will reset - and restart the blockchain from a time before - voiding all transactions

          Exactly.

          But will the trust be there to actually do anything?

          Nope.

          What's to stop this happening again?

          Exactly.

          • [Deactivated] on 15/05/2022 - 19:41
            +6

            @whatwasherproblem: I don't get all these crypto fanboys who always talk shit about the government being able to print money causing inflation, that the USD is fake etc. But yet here's Luna printing trillions and possibly resetting the entire system and that somehow, this is a better system than what we have now? What a load of garbage.

            • brendanm on 15/05/2022 - 20:08

              @[Deactivated]:

              But yet here's Luna printing trillion

              Hahaha, and what happened to it? It became worthless, just like when the government prints money, reducing the value of the dollar.

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