‘I lost my life savings’: Terra Luna cryptocurrency collapses 98% overnight

[BarnacleBob]

The price of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent, wiping out the fortunes of crypto investors.

Terra, which ranked among the top 10 most valuable cryptocurrencies, dropped below $1 on Wednesday, having peaked close to $120 last month.

The majority of the losses were realised overnight, with a 98 per cent price fall in the space of just 24 hours.

The dramatic crash meant its market cap dropped from above $40 billion to just $500 million, resulting in unprecedented losses for investors in a leading cryptocurrency.

‘I lost my life savings’: Terra Luna cryptocurrency collapses 98% overnight

Suicide hotline numbers pinned to top of popular crypto forum

news.yahoo.com

 

[Juristic Person]

Yeah, this is pretty wild. Rough day. Interesting to see how this shakes out....

 

[BarnacleBob]

Why did Terra LUNA and UST crash? | Find out on The Market Report

On this week’s special episode of “The Market Report,” Cointelegraph’s resident experts discuss the Terra ecosystem meltdown.

 

[coopersmith]

I have lost my life savings a couple of times. The first thing I did after that happened, was to go get a job.



Life sucks man.

But here we are........

 

[Thecrensh]

the lesson to be learned? Don't put your life savings into one basket.

 

[dacrunch]

Terra Luna?

From the Earth to the Moon only to crash down to Earth again?

 

[Bottom Feeder]

the lesson to be learned? Don't put your life savings into one basket.

And how old were you when you learned that?

took me almost till 40

BF

 

[stAGgering]

the lesson to be learned? Don't put your life savings into one basket.

But really?
One has currency, a roof, a ride, a job, calories, and some precious metal.
Security and liquidity insurance.
A person would need to be smokin' crack in order to "invest' all in one basket.
Better off increasing the liquidity insurance.
Unless you're a Boomer and got the easy dollar devaluation ride post WW2.
That was the second best ride the US population had.
Best was after Jackson closed First National Bank and deflation engaged.
Now invest everything in anything that is not USD dependent.

 

[Goldhedge]

I tried to sell one of these a while back and had no takers!

If you had bought then, at least you would still have a pretty flower...

 

[nickndfl]

Everybody here was warned at least 100 times. Some shot us down as chicken littles. Again, it's all bullshit man.

 

[Fatboy]

I have no idea how it works BUT.... I'm going with Ponce on this one... "If you don't hold it, you don't own it".

How do you hold digits that are out in cyberspace, somewhere?

 

[coopersmith]

ashes to ashes, and dust to dust.....

Havent I heard this before?

The middle is the fun part.

 

[CopperSilverGold]

I have no idea how it works BUT.... I'm going with Ponce on this one... "If you don't hold it, you don't own it".

How do you hold digits that are out in cyberspace, somewhere?

Exactly! Some still pimp crypto despite the risks involved (not just crashing in price, but being cut off or controlled by TPTB).

 

[nickndfl]

Watch the PM dealers stop accepting crypto as payment or implement outrageous premiums over and above their cash premiums. That will be the other shoe dropping after today's 1929 style crash.

 

[CopperSilverGold]

Watch the PM dealers stop accepting crypto as payment or implement outrageous premiums over and above their cash premiums. That will be the other shoe dropping after today's 1929 style crash.

I believe Vermillion Enterprises (dealer in South Hill, FL) has not accepted crypto as a payment form for a long time.

 

[Mujahideen]

the lesson to be learned? Don't put your life savings into one basket.

Especially not a crypto.

 

[Joseph]

< sigh > i bought BTC when it was approx $4K, watched it spike to $19K and held it as I knew it was going to the moon (kinda like Jim Rickards prediction that "gold is going to $50K / oz)" . I continued to hold it when it dropped like a rock, then it went to $69K - continued to hold ...

 

[BarnacleBob]

Johnny_Crypto on TikTok

WHAT STARTED THE CRYPTO CRASH #bitcoin #luna #stocks #finance #investing #crypto #money #terra #stablecoins

vm.tiktok.com

 

[Juristic Person]

Why did Terra LUNA and UST crash? | Find out on The Market Report

On this week’s special episode of “The Market Report,” Cointelegraph’s resident experts discuss the Terra ecosystem meltdown.

Hey Bob, that was really good. I watched the full hour. Great insights and I do agree with these guys.

 

[gnome]

the lesson to be learned? Don't put your life savings into one basket.

especially one random shitcoin. nothing against crypto, but it's casino money.

 

[Avalon]

I don't quite understand it but this is what the say happened.​

Why LUNA and UST crashed?​

The debacle started when Terra’s algorithmic-based Stablecoins TerraUSD, which pegged against the dollar, started falling. Crypto exchange Binance even temporarily stopped the withdrawal of UST and LUNA leading to a cascading effect on prices of both cryptos.

The current debacle has highlighted the problems with algorithmic based stable coins.

“Terra’s fall could be attributed to large scale selloffs of the LUNA tokens owing to the reported “de-peg” of the algorithmic stable coin. This sellof must have also got exacerbated with the market already being in a laregly bearish mode,” Anshul Dhir, COO and Co-founder of EasyFi Network told FE Online.

 

[newmisty]

That's why it's called gambling.

 

[oldgaranddad]

At least with fiat currency you can always wipe your butt with it when it attains its natural value. Problem with crypto currency is you cannot even use the electrons to light a bulb when it goes to zero.

 

[ZZZZZ]

I bought $200 worth of ETH today, just for the fuk of it. Wish me luck.

 

[Juristic Person]

I bought $200 worth of ETH today, just for the fuk of it. Wish me luck.

I expect it to drop more before it goes up but long term I think it is a solid investment. The ETH blockchain is heavily invested in and hosts a wide assortment of good projects. Take the time to learn about them. This is a new field for the old dogs but the more knowledge you have the better off you will be positioned to take advantage of a potentially massive emerging market.

 

[ZZZZZ]

I expect it to drop more before it goes up but long term I think it is a solid investment. The ETH blockchain is heavily invested in and hosts a wide assortment of good projects. Take the time to learn about them. This is a new field for the old dogs but the more knowledge you have the better off you will be positioned to take advantage of a potentially massive emerging market.

Exactly why I like ETH over BTC . ETH is a practical technology in actual use around the world.

BTC is digital "money." A different concept altogether.

Some of the "junior" cryptos such as Polkadot, Solana, Cardana etc may have a technological edge, but ETH is the Blue Chip.

JMHO DYODD.
.
.

 

[southfork]

View attachment 258665

The price of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent, wiping out the fortunes of crypto investors.

Terra, which ranked among the top 10 most valuable cryptocurrencies, dropped below $1 on Wednesday, having peaked close to $120 last month.

The majority of the losses were realised overnight, with a 98 per cent price fall in the space of just 24 hours.

The dramatic crash meant its market cap dropped from above $40 billion to just $500 million, resulting in unprecedented losses for investors in a leading cryptocurrency.

‘I lost my life savings’: Terra Luna cryptocurrency collapses 98% overnight

Suicide hotline numbers pinned to top of popular crypto forum

news.yahoo.com

Not unlike Enron is it, this could happen to all the cryptos including bitcoin, they are backed by ?????????????????? Worse than the frn is my humble opinion

 

[TAEZZAR]

The price of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent, wiping out the fortunes of crypto investors

 

[Juristic Person]

Exactly why I like ETH over BTC . ETH is a practical technology in actual use around the world.

BTC is digital "money." A different concept altogether.

Some of the "junior" cryptos such as Polkadot, Solana, Cardana etc may have a technological edge, but ETH is the Blue Chip.

JMHO DYODD.
.
.

ETH is king but other competitors like Solana and Cardano offer much faster transaction times and lower gas fees so they have potential to compete with Etherium.

 

[jrog100]

Doesn't crypto kinda remind ya'll of the DOT COM bubble of Y2kish?

 

[EO 11110]

two quips apply here

= a rising tide lifts all boats

= when the tide goes out one can see who has been swimming naked

nazdak is down 30 percent. the naked reveals have just begun -- lots of blowups havent been publicized yet

 

[goldielox1]

Crypto is one of the biggest shams in history. Not only is it an empty paper bag with speculators just looking for n even bigger fool, but it also consumes buttloads of enegy that could be put to use driving economic growth and industry....resulting in higher energy costs for everyone. These "crypto farms" can power cities with the amount of energy they're squandering calculating useless problems.

 

[Mujahideen]

Crypto is one of the biggest shams in history. Not only is it an empty paper bag with speculators just looking for n even bigger fool, but it also consumes buttloads of enegy that could be put to use driving economic growth and industry....resulting in higher energy costs for everyone. These "crypto farms" can power cities with the amount of energy they're squandering calculating useless problems.

If they pay for their own electricity, what’s the problem?

 

[goldielox1]

If they pay for their own electricity, what’s the problem?

Because it increases prices for anyone for a useless activity. It's like if there's a drought and the billionaires don't care about water waste and then the little people have to pay double due to increased demand. At least if the activity were productive one could argue there's some sort of benefit. i.e. A manufacturing plant uses a buttload of electricity and causes local shortages and higher prices but the town benefits through economic activity. Having a farm of machines calculating pi to the trillionth digit over and over produces nothing of substance.

 

[southfork]

Doesn't crypto kinda remind ya'll of the DOT COM bubble of Y2kish?

And Enron fraud

 

[Voodoo]

Doesn't crypto kinda remind ya'll of the DOT COM bubble of Y2kish?

Sure and out of that grew FANNG companies like Amazon and Google. The point?

 

[#48Fan]

Crypto is one of the biggest shams in history. Not only is it an empty paper bag with speculators just looking for n even bigger fool, but it also consumes buttloads of enegy that could be put to use driving economic growth and industry....resulting in higher energy costs for everyone. These "crypto farms" can power cities with the amount of energy they're squandering calculating useless problems.

Stop.... Step away from the Kool-Aid. Time to put away the BSNBC.

 

[dozer99]

Two hours ago, went even bigger on ETH and SHIB. Blood running freely overnight, put on my Muck boots and got dirty!

 

[BarnacleBob]

And Enron fraud

I just employed the same analysis with granddaughters fiancee.... I warned him about this occurring last July. He really boùght into the hype becoming a big crypto bull.... Used Enron, LTCM & dynamics of 2000 tech wreck as examples...

 

[EO 11110]

cnbc (jim cramer) far outperforms the luna coin. some of his recent picks performance