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

BarnacleBob

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$ Terra LUNA now $.11 conversion....
 

Nomis Elpmis

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Terra LUNA is at 1 cent now. Effectively worthless, down from billions. By the way, this is a 'Proof of Stake' consensus coin.


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jrog100

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Sure and out of that grew FANNG companies like Amazon and Google. The point?
Actually, Amazon wasn't part of the the .com bubble. they were and are a legitimate company that actually sells products. My point is that crypto is a hoax. and people are buying into it in incredibly reckless ways. Why on earth ANYONE would invest in an invented electric "currency" defies all logic and reason.
 

#48Fan

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Actually, Amazon wasn't part of the the .com bubble. they were and are a legitimate company that actually sells products. My point is that crypto is a hoax. and people are buying into it in incredibly reckless ways. Why on earth ANYONE would invest in an invented electric "currency" defies all logic and reason.
Really? How much commerce is conducted online? How much is it expected to increase in the future? You don't see any value in being able to send hundreds/thousands/millions/billions across the world for next to nothing and no third parties or permissions? This kind of thinking defies all logic and reason to me.
 

jrog100

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Really? How much commerce is conducted online? How much is it expected to increase in the future? You don't see any value in being able to send hundreds/thousands/millions/billions across the world for next to nothing and no third parties or permissions? This kind of thinking defies all logic and reason to me.
I understand you're a huge fan of "crypto". Everyone knows it's stupid but that's okay. I won't hold it against you ;)

BTW, I'm not sure if you've heard of them but you can use credit cards on line now. And I can think of no reason to send my billions around the world.
 

#48Fan

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I understand you're a huge fan of "crypto". Everyone knows it's stupid but that's okay. I won't hold it against you ;)

BTW, I'm not sure if you've heard of them but you can use credit cards on line now. And I can think of no reason to send my billions around the world.
Well, you just enjoy your establishment lifestyle, friend. I'm opting out.
 

newmisty

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Doesn't crypto kinda remind ya'll of the DOT COM bubble of Y2kish?
More like Darpa's Lifelog (facebook)
 

newmisty

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I understand you're a huge fan of "crypto". Everyone knows it's stupid but that's okay. I won't hold it against you ;)

BTW, I'm not sure if you've heard of them but you can use credit cards on line now. And I can think of no reason to send my billions around the world.
If you don't have a bank account or a license or any kind of identification, you could go to the local supermarket in exchange cash for a prepaid debit card which can be used almost anywhere credit cards are used.
 

goldielox1

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Really? How much commerce is conducted online? How much is it expected to increase in the future? You don't see any value in being able to send hundreds/thousands/millions/billions across the world for next to nothing and no third parties or permissions? This kind of thinking defies all logic and reason to me.
Bitcoinfanboys always confuse the technology with the currency. The technology is pretty interesting but having it based on a empty paper bag currency (turdcoin) isn't the smartest idea.

Name any legitimate "currency" that is 95 percent correlated with the NASDAQ or any other stalk market.

Fanboys love to claim bitcoin and other turd cryptos are digital currency. However, very few transactions are done with bitcoin. It's all just a speculative instrument. Even the venders that allegedly accept bitcoin are just paying a 3rd party to immediately convert the bitcoin you paid with into USD. So they're really not even accepting the bitcoin, you're just giving them USD via a third party that is selling/converting your crypto for them on your behalf for USD. A true bitcoin financial transaction would be if you actually gave the bitcoin to the vender who kept it and maybe even used it to buy inventory or pay bills. That is NOT what is happening here.

There are gold backed debit cards for instance that can let you buy without having a government backed fiat if that's your concern.

 

Goldhedge

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Lancers32

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Lots of money to be made once this garbage finally bottoms.
 

Voodoo

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Bitcoinfanboys always confuse the technology with the currency. The technology is pretty interesting but having it based on a empty paper bag currency (turdcoin) isn't the smartest idea.

Name any legitimate "currency" that is 95 percent correlated with the NASDAQ or any other stalk market.

Fanboys love to claim bitcoin and other turd cryptos are digital currency. However, very few transactions are done with bitcoin. It's all just a speculative instrument. Even the venders that allegedly accept bitcoin are just paying a 3rd party to immediately convert the bitcoin you paid with into USD. So they're really not even accepting the bitcoin, you're just giving them USD via a third party that is selling/converting your crypto for them on your behalf for USD. A true bitcoin financial transaction would be if you actually gave the bitcoin to the vender who kept it and maybe even used it to buy inventory or pay bills. That is NOT what is happening here.

There are gold backed debit cards for instance that can let you buy without having a government backed fiat if that's your concern.


There are like a thousand cryptos now and the only one I won't consider buying is Bitcoin well, maybe that and a few others like Tether.
 

Nomis Elpmis

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Terra LUNA's price is at $0.00008 currently. It's all-time high was around $120. I bought $100 worth today just in case it gets brought back from the dead. It could be like the Kentucky Derby 80 to 1 bet.
 
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newmisty

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Terra LUNA's price is at $0.00008 currently. It's all-time high was around $90. I bought $100 worth today just in case it gets brought back from the dead. It could be like the Kentucky Derby 80 to 1 bet.
That's a lot of decimal points. So basically if I wipe the dust off a copper penny I can buy in with the dust?
 

hammerhead

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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.

It's all hookers and blow until the market tanks.
 

Mujahideen

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part of me thinks this was a psyop. The guy who was running Luna is just too easy to hate.
 

Someone_else

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Or you can buy $10 of lottery tickets.
 

Goldhedge

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The money pit... a losing proposition....

$3 billion in bitcoin was sold in a last-ditch attempt to save UST stablecoin from collapse​

PUBLISHED MON, MAY 16 20228:48 AM EDTUPDATED 4 HOURS AGO
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Ryan Browne@RYAN_BROWNE_

KEY POINTS
  • Luna Foundation Guard said it spent almost all of the bitcoin in its reserve last week in a futile attempt to save terraUSD.
  • TerraUSD — or UST, for short — has fallen well below its intended $1 peg. By Monday, it was trading at just 9 cents.
  • Terra creator Do Kwon had promised to use the bitcoin in the event of a dramatic fall in the value of UST.
Investors have been eager to find out what happened to the $3 billion in bitcoin bought up by crypto firm Terra to back its failed stablecoin. Now, they’ve got their answer.

Luna Foundation Guard, a fund set up by Terra creator Do Kwon, said Monday it spent almost all of the bitcoin in its reserve last week in a futile attempt to save terraUSD — or UST, for short.

The foundation had accumulated a total of more than 80,000 bitcoins, which was worth nearly $3 billion last week, as well as other tokens including BNB, tether, USDC and avalanche. Kwon had promised to use the bitcoin in the event of a dramatic fall in the value of UST.

In a series of tweets, Luna Foundation Guard said it transferred 52,189 bitcoins to “trade with a counterparty” as UST fell below its intended $1 peg. A further 33,206 bitcoins were sold by Terra directly in a last-ditch effort to defend the peg, the foundation said.

As of Monday, Luna Foundation Guard had just 313 bitcoins left in its reserve, worth approximately $9.3 million. The firm said it would use the remainder of its $85 million in crypto assets — including some BNB and avalanche — to “compensate remaining users” of UST.


“We are still debating through various distribution methods, updates to follow soon,” Luna Foundation Guard said.

UST is what’s known as an “algorithmic” stablecoin. Unlike tether and USDC, which hold fiat assets in a reserve to back their tokens, UST relied on a complex set of code, coupled with a floating token called luna, to balance supply and demand and stabilize the price.


When UST began to drop below $1 last week, luna also started to sell off, resulting in a vicious cycle that caused UST to plunge to less than 30 cents while luna became worthless. UST is now worth just 9 cents, according to CoinGecko data.

“The big problem when you’re dealing with a partially collateralized stablecoin like UST is that your hard collateral — bitcoin, in this case — is going to be considerably more valuable to [investors] than your governance token,” or luna, said Frances Coppola, an independent economist.

Blockchain analytics firm Elliptic estimates holders of UST and luna have lost a total of $42 billion over the past week. Analysis from the company shows that 52,189 bitcoins were moved to a single account at crypto exchange Gemini, while a further 28,205 bitcoins were transferred to Binance. Tom Robinson, chief scientist at Elliptic, said it was “not possible” to trace the movement of funds beyond these wallets.

The debacle rippled through crypto markets, wiping out more than $200 billion of wealth in a single day. Bitcoin on Thursday briefly fell below $26,000, its lowest level since December 2020. The world’s biggest cryptocurrency was last trading at $29,526.75, down 1.4% in the last 24 hours.

“There’s not a whole lot of outstanding sell pressure,” said Dustin Teander, analyst at crypto research firm Messari.

“In a sense, the market is going to take that as kind of bullish.”

 

Voodoo

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I bought 814,000 LUNA today for $100. If it goes back to it's all-time high of $120 from last month that's $97.6 million to me.:winks2:

Right idea, just a bit too early. Did you see the last Dollar Vigilante video? He bought 5 Billion coins at the minimum or darn near, 0.000001. I posted it in another crypto thread.
 

ds_mustang

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The LUNA guys selling off their BTC reserves to shore up their failing stablecoin just pushed BTC down which dragged down the entire crypto space (which follows BTC), and that just further undermined their attempt to stabilize their token. They burned $3 billion and accomplished nothing but crashing the crypto market. What a sh*t-show.

I spent a little money to buy a bunch of LUNA at these lows prices, but there are literally trillions of the things now and more than likely they will remain worthless. But at least I knew that when I bought in.

On the bright side(?) we now might have a -60%+ low in crypto that has been hardened by this drama. Maybe we've seen the lows for now.
 

nickndfl

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Hope is not a good financial strategy. You are gambling when you speculate with cryptos.
 

#48Fan

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The LUNA guys selling off their BTC reserves to shore up their failing stablecoin just pushed BTC down which dragged down the entire crypto space (which follows BTC), and that just further undermined their attempt to stabilize their token. They burned $3 billion and accomplished nothing but crashing the crypto market. What a sh*t-show.

I spent a little money to buy a bunch of LUNA at these lows prices, but there are literally trillions of the things now and more than likely they will remain worthless. But at least I knew that when I bought in.

On the bright side(?) we now might have a -60%+ low in crypto that has been hardened by this drama. Maybe we've seen the lows for now.
You've gotta hand it to the crypto market. It's stayed rather resilient. I heard the Luna fiasco compared to a failure of Goldman Sachs. If Goldman Sachs failed, it would wipe out the entire legacy markets. Bitcoin seems to have found strong support at $30K. Not too shabby if you ask me.

ETA: No one was bailed out either.
 
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Mujahideen

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The government and Wall Street were behind its collapse. I also think the guy running Luna is shady and compromised also.
 

TAEZZAR

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