Reddit Posts
LUNA INU ($LINU) Trending on Coinbase: Memecoin with Potential Ahead of Bitcoin Halving?
Me, waiting for SEC announcement about ETFs…to buy that juicy dip in ALT coins.
Court Rules In Favor of SEC, Deems TerraUSD, LUNA As Unregistered Securities
Noob question: why tokens like USTC, LUNC and FTT are still being traded?
In another reminder that crypto is just people chasing fast money and hype, two of the most disgraced and dead projects in LUNA and FTT are ranked 1st and 3rd for 1W gains in the top 100 with massive buying
Sensible predictions for the next market bottom? Greedy buyer who missed the train, asking.
Trader Who Placed $10 Million Bet Against LUNA Loading Up Reddit's Moons
Over the last one year, we had Addresses with over 1 BTC hitting a new ATH, transactions increasing further and Active Entities growing further in Crypto. The most bullish bear market ever.
The most popular way investors look at charts and it's flaw [SERIOUS]
Some of you might be in a world of hurt if you're over-leveraged, especially in small-caps
Do Kwon's Secret Messages Exposed Before Terra (LUNA) Collapsed: Was This the Cause of the Breakdown?
Are there any indicators that can warn us that an exchange is going bankrupt or a project is failing?
Anyone still have LUNA stuck in Terra Station?
A personal bullet-proof (hopefully) way to secure your assets
Looking back: FTX did not really collapse all by itself, but LUNA had given the first punch that pushed everything down.
Today marks 2 years that I got into crypto! Here are some learnings from this journey so far
What will the next FUD event be?
Trader Who Placed $10 Million Bet Against LUNA Loading Up Reddit's Moons
No, this is NOT the “longest“ bear market in Crypto history, people are drawing unlogical lines to click-bait here. We should stick to the truth.
FTX Cold Wallet Actively Transferring Tokens. Till Now Transferred Over $10 Million Using Wormhole
After nearly two years of a bear market, even the current dips barely make any change in realized losses. Clearly the bears seems to have dried out.
Let's have a [SERIOUS] conversation about Binance. Is it really a shady exchange or 'Binance FUD' is more popular because it gets more clicks?
DongCoin decoded: Delving deeper into South Korea's meme coin revolution
How Many Terra Classic (LUNC) Tokens Burned in the Last 1 Month? At this Rate, How Long Will It Take to Fall to the Old LUNA Supply?
The Terra Luna Crisis. Updates and Potential Outcomes.
Stablecoin Protocol Harbor Suffers Hack Attack: Some Pools, Including LUNA Are Affected
These past 2 years were worse for crypto than the Mt Gox hack and if you’re still here, congrats.
The best legal analysis on why the XRP ruling was rejected in the LUNA case
The best legal explanation on why the XRP ruling was rejected in the LUNA case
Lost It All Twice in Crypto... Until I Uncovered THIS Secret
Major crypto news sites reporting MOON news is very bullish.
Ignored my Crypto wallet for a few years, now seeing that KuCoin is no longer available in the US. What does this mean for my assets?
Trader Who Placed $10 Million Bet Against LUNA Loading Up Reddit's Moons
for those who bought the top in November 2021, how are you holding up?
What its like currently holding ADA. Part 2.
What its like currently holding ADA part 2.
Major crypto news sites reporting MOON news is very bullish.
Is this the most non boring /action packed bear market to date ?
Trader Who Placed $10 Million Bet Against LUNA Loading Up Reddit’s Moons
Relive the crypto crash of '22 here. Events, mistakes, achievements. A lesson to remember, never listen to crypto analysts as nobody knows anything.
[Satire] Seven years ago bitcoin forked and the true vision of Satoshi was born - Bitcoin Cash
Only In Crypto: Bankrupt 3AC Founders Launch 'Justice' Token Targeted At Terra (LUNA) Whistleblower
Move aside hamster racing theres a new game in town, its called cryptocurrencies
PAXG - what are your thoughts on gold backed stable coins?
Will "inverse r/cryptocurrency sub" strike again?
Last bear markets we see suicide hotlines pinned, this time there is none of these posts. Have the crypto space matured?
It’s quite ironic how last year we were in complete fear of the current price levels of $30k, but now we are in complete greed at the same price. Crypto just outplayed us.
Chris Amani replaces Do Kwon as Terraform Labs new CEO
Stablecoins - are they safe? Is all the USDT FUD deserved? [NO MOONS]
Stablecoins - are they safe? Is all the USDT FUD deserved? [SERIOUS 2] [NOMOONS]
KeeperDAO ROOK - down 96% in Last Week
We are in a bullmarket since early 2023! The bullrun is inevitable, it will be HUGE!
People here often joke that we should inverse this subreddit. Is there truth to this idea and why (not)?
One year ago the media was starting to call Bitcoin an “insignificant fallacy“ as prices fell to sub-$20k. Guess they were wrong once again.
Over a year ago, after Luna collapsed CZ said he was "poor again". That was highly insulting to people who actually lost their life savings. It was just another example how billionaires do anything for attention, to make you like them and that they are not our friends
If your portfolio is not down more than 50%, and you didn't invest in FTT, LUNA, CRO, SOL, etc..., or some overpriced NFT, and you are still holding strong, CONGRATULATIONS! You are still doing far better than Kevin O'leary, Mark Cuban, Tom Brady, and so many of the big names in crypto.
Luna 2.0 - A True Crypto Redemption Story
If your portfolio is not down more than 50%, and you didn't invest in FTT, LUNA, CRO, SOL, etc..., or some overpriced NFT, and you are still holding strong, CONGRATULATIONS! You are still doing far better than Kevin O'leary, Mark Cuban, Tom Brady, and so many of the big names in crypto.
BTC has been down year-over-year for over 490 days this bear market, the highest there has been EVER. This bear market was truly exceptional.
What do you think crypto is going to do with your life?
Here's why most people will repeat all the same mistakes (and we can already see it right now). Why we keep seeing so much of the same in every cycle, and people don't seem to ever learn. And why even crazy macros haven't made that big of a dent in the long term cycles.
We just had our highest monthly and weekly close since May 2022. The difference, back then we are moving down in fear and now we are moving up in greed.
Even with all of the pumps above bear market lows, there were barely any remarkable realized profits. People just are not ready to soll at such low prices.
A largely unnoticed crypto fraud of massive proportions (over $500 million)
Liquidity tightening: Impacts on crypto.
Nearly 69% of all Bitcoin Supply did not move in over one year. Meaning that the majority of holders had enough conviction to hold through one of the most brutal bear markets ever for Crypto.
We're on the verge of the biggest crypto bullrun in human history: this is why...
FTX paid $121.8 million in legal, consulting and financial services between Feb. 1 and April 30, aka around $1 million per day while the users who lost money have gotten nothing back.
12 years ago, the Great Bitcoin Crash of 2011 began with seven daily -20% declines in a span of five months.
We should all remember that literally no company is “Too big to fail“, not even Binance or Coinbase. Don‘t bet too much on them.
After all of this drama of “securities“, long-term holders did not even flinch and sold nearly nothing. Be like them.
Do you guys think that it is time to write off all non-ETH L1s?
Who are in jail and who are not , fun 2023 crypto update !
Algorand: Many of us were bullish and invested. Now Algo is down more than 96% in USD and 99% against Bitcoin. What can we learn from this experience to prevent making the same mistakes in the future?
Most of our current “stricter“ Crypto rules are just thanks to Do Kwon and SBF‘s scandals last year. They basically gave every argument to regulate Crypto as hard as possible.
Discord bot to help track your crypto assets
I made a Discord bot to track my bag
Terra Classic Token (LUNC) Soars 28.59% in Just 24 Hours
Don't rely on others doing the research for you when investing, most of the time those people also rely on someone else and the faults a coin has gets overlooked
Buying established alts doesnt pay off
The cognitive biases of the crypto investor
[Serious] Does LUNC is now considered a meme coin?
I thought the bear market would be a thrilling ride, but aside from some exciting moments, it is most of all really, really boring. How do you cope with the boredom?
Mentions
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tldr; Victims of the Terra (LUNA) collapse can now file their claims as part of the bankruptcy voting process until August 21, following a Delaware bankruptcy court order. Claims must be submitted to Epiq, the debtor claims and noticing agent. Missing the deadline excludes claimants from voting on Terra’s Chapter 11 bankruptcy plan but doesn't prevent later claim filing. The collapse of LUNA led to significant financial losses, and its founder, Do Kwon, is awaiting extradition for related charges. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; Victims of the Terra/LUNA collapse have until August 21 to file claims for crypto losses in the bankruptcy proceedings, as per a Delaware bankruptcy court. This deadline allows them to vote on the debtor’s plan. Claims must be submitted to Epiq, the debtor claims and noticing agent. Missing this deadline means losing the right to vote but not the ability to submit a loss claim later, with future procedures to be announced. The collapse of LUNA wiped out tens of billions of dollars over two years ago. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Could've been worse. You could've invested in ALGO, ONE, LUNA on many other alts, where your $5 becomes less than $1
You ever heard what happened with LUNA and Do Kwon building up a 1B Bitcoin reserve to peg his own currency ?
Yes, the only reason I still visit this sub is to reverse it. The last time this sub flipped bullish on SOL and LUNA was when it touched $200 and $100 respectively in 2021
The biggest threat is in the coding, Sarah's I said that depending on how widely bitcoin became accepted that bitcoin could go to 11 decimal places making it fall like SUN and LUNA WINK BTTC I believe that is why Germany was the first country to sell. I believe they will crash the coin to decimals like lunas or shiba are at and then let governments buy it back up to 1$, think the supply will go to the supply of stashis representing a whole new era of global currency.
Obviously we're talking about current/recent state. When someone mentioned LUNA is shit, you don't go argue with "No, it's great, It went from $1 to $100+ in 2021"
But won't... People will buy s***coins regardless, UST/LUNA wasn't an exchange, was just a s***coin, a barely though s***coin.
Lol these comments. Would you guys rather they put the money in btc and cause another LUNA crisis?
Hex, One, LTC, Algo, Loopring, CRO. ETC, LUNC, BCH, LUNA, and Tezos. The sub hates all those. Buy them all to inverse the sub and tell us how rich you get. Rub it in our faces.
You can make also more money in casino gambling compared to investing in good projects. People always talk how they made 50x with some dumb meme coin, but they won’t tell you how they got rekt ten times before. And let’s not forget scams which larp as serious ones like LUNA - people holding acted so smart before it collapsed. Whether algorand will make money remains to be seen, the project clearly didn’t favor early buyers with its tokenomics, which the average reddit buyer somehow failed to understand. And it lacked the hype factor, but hype in crypto usually means endless lies about replacing the dollar and saving the world, so not having such dubious track record might actually be beneficial long term. No idea where algorand goes, but i am sure that the meme coins and scams aren’t sustainable, and that most of the people will lose money on it. The house always wins
#DeFi Con-Arguments Below is a DeFi con-argument written by noxtrifle. > DeFi, or decentralized finance, is a method of transacting without the need for an intermediary, and in many ways replaces the traditional banking systems. Instead, a smart contract at the core of the app manages the whole system. However, the lack of regulation in the DeFi space is the root of several issues, such as: > > * **Lack of regulation** > * Like most cryptocurrency-based technologies, DeFi protocols lack comprehensive regulation. This allows doomed (or untruthful) systems like LUNA to thrive while investors are robbed of the money placed in DeFi protocols. > * Regulation is also a crucial factor in letting investors know that a protocol is compliant with legislation, so a [lack of regulation inhibits the potential of DeFi](https://www.insiderintelligence.com/content/lack-of-regulation-hinders-defi-s-disruptive-potential-modern-finance), especially to non-holders. > * **Barriers to entry** > * To enter the DeFi space, especially the most mainstream ones such as Curve and Compound, the ownership of crypto is *necessary* to participate. As such, people who are not tech-savvy or do not believe in crypto would not be able to experience the benefits of DeFi. > * That is, the mainstream adoption of DeFi is contingent on the mainstream adoption of crypto, something that could take decades to accomplish and would, in the process, stifle DeFi innovation due to a lack of users. > * **Risk** > * [CNBC](https://www.cnbc.com/2021/06/18/whats-defi-crypto-based-decentralized-finance-explained.html) highlights that there are 3 main types of risks with decentralized finance protocols. > * Technological Risk — that is, malfunctioning or malicious code could have catastrophic effects on the protocol, such as the [$90m glitch](https://www.cnbc.com/2021/10/01/defi-protocol-compound-mistakenly-gives-away-millions-to-users.html) suffered by Compound after an upgrade. > * Asset Risk — that is, since the cryptocurrencies used as collateral for loans are highly volatile in value, undue price movements would cause the mass liquidations of millions of users. On the other hand, loans from centralized banks remain relatively stable, and the only method of liquidation is defaulting. > * Product Risk — that is, since there is no regulation to protect investors from failed projects and that the value of a DeFi protocol is often determined based on its APY, it is commonplace to see DeFi protocols enticing users with unrealistic APYs and collapsing once they have a significant number of users. This entails the loss of investor funds, and is a similar situation to the [crash LUNA underwent](https://www.forbes.com/sites/billybambrough/2022/08/01/others-could-fail-imf-issues-stark-crypto-warning-after-terra-luna-led-crash-wiped-2-trillion-from-bitcoin-ethereum-and-crypto-market-price/?sh=82ebf157a23d) a few months ago. The IMF also warns of the product risk in decentralised finance. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_defi) to find submissions for other topics.
The few people who talked to me last cycle about Crypto in 2020 asked me what they should buy if they were interested. I told them to buy Bitcoin and Ethereum. Bitcoin was ranging around $9-10k, and Ethereum was about $200-$300. So first off, they completely ignored it until Crypto started going up, They started looking again in 2021, when everything was booming like crazy. They told me they bought Bitcoin Cash, because "Bitcoin was too expensive" - They told me that they bought LUNA because it was "going up", and they told me that they bought SHIB because it was "Going to $1". This is what people entering the space think. Even if given guidance, they want to do it "their way", and "their way" means following what influencers are shilling, or throwing darts at the thing that has the biggest green gain of the day.
I can confirm. Huge LUNA shiller.
So Raoul Pal is now the CEO of all of finance? 😂. This guy was shilling LUNA like crazy last cycle. Bet he doesn’t even know how many zeros there are in a trillion lmao
He also shilled LUNA then had those videos/ clips removed from the ‘net.
Hearing about LUNA gives my Vietnam style flashbacks. The trauma is too big...
Imagine buying the dip before the LUNA and FTX collapse. Not saying this will be as bad. Just saying not all dips are necessarily for buying.
Let them buy dog coin or LUNA or CRV “sand in box” 📦 and try and say it’s no different from even let’s say Chainlink. They all same right? I don’t think I understand the original post I guess. So the original post implies that BTC and IOTA are more or less the same sand in a box 📦? And why should BTC be priced differently from IOTA sand particles in box 📦? I think I missed something here. Maybe IOTA sand is worth more than BTC sand is what the person posting is implying? That is how it came off. What if IOTA sand is just the same as BTC sand? He has a point! Or does he? 😂 why dude trying to overthink everything and just not post this question of it’s all same sand. It’s not the same sand so why pose dumb questions like this Sandman?
Damn, I should've held that LUNA I bought at $60 /s
Just to give newcomers perspective LUNA was top10, it took 1 day to tear it to worthless, i know and lost some. Many regards were even all-in on it. Wanna know why? CaUsE it´S tOp 5!
Wow, all the way back in 2022?! 😆 That's an actual blink of an eye in crypto. LUNA and Loopring were both similarly shilled in 2022. Just like an ocean of other irrelevant and scammy shitcoin projects that inevitably die off.
Anytime I see something shilled like this I know it's going to be the next LUNA.
tldr; The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Ethereum software provider ConsenSys, alleging that its MetaMask service acted as an unregistered broker by offering and selling securities through its wallet tool and staking service. The SEC claims MetaMask facilitated over 36 million crypto transactions, with at least 5 million involving 'crypto asset securities' such as Polygon (MATIC) and Luna (LUNA), among others. The lawsuit also accuses ConsenSys of collecting over $250 million in fees from these activities. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Worse than LUNA? I doubt it.
> Honestly tho, this sub has a bad track record. I might buy some now tbh LUNAticks were saying the same when this sub told them to get out of LUNA...
Crypto being crypto. Soon enough it will be red again, there are a thousand memecoins better than LUNC and LUNA nowadays
Well, sometimes doing nothing is the best action to take. Personally, I was away from home travelling when the news about Reddit "cancelling" the project were announced. Soon after, I panic- selled at the literal bottom because I didn't want to experience a second LUNA like crash , fuck my life.
Me watching my LUNA (portal) go up and down with no idea how to move it anyway 😒
LUNA was not burger owned. Binance literally got caught trading against their own users and they are not burger owned. Everyone manipulates the markets. If you think it is only Americans you are delusional
He also pumped LUNA, Celsius and FTX. Definitely reliable.
LUNA enters the chat (down -97,87%) Having solid coins (BTC, ETH etc.) is more important than ever.
I've had a mix of both. During the last bull run, I held LUNA too long. I sold AVAX too early.
I feel you bro. That's a tough one losing out to LUNA. That was a savage crash. Fuck the 401k idea and being a sheep being trapped within the system that is designed to keep us poor. Crypto is the way and tbh memecoins have been running the show for the past few months. I bought into HEGE early on and it has been one of the best decisions I made. I'm basically all in on it now because the rest of the crypto market is taking a shit but this thing just keeps on holding up. The community has been growing and there's tons of stuff happening like a CEX listing next week. Dude, if this thing does a 10x that's 74m mc. This could easily do 50x at this rate based on shittier memecoins going over 300m mc. IF you're going to throw money at a meme, best to make sure it's not going to be one that rugs or slow scams into oblivion. HEGE is a safe bet.
Contrary to LUNA, that Tatoo is doing fine.
best bet. followed, researched and bought 18k LUNA. Rode it to the $100 along with diversifying to Anchor and abracadabra. Saw its downfall and shorted it (lucky) the 3rd time it was at $100. Made more than my spot in 2 days. Went to the club and sprayed $25k on a supreme gun. Hoping to recreate with $NEAR
Trump made money on his own shitcoin. Just like all the other grifters. Very pro-crypto. Go ahead and buy some safemoon, too. And some LUNA. And while you're at it, throw in some MuskInuMoonHarryPotterPEPE.
You seem like the type of person who would take out a second mortgage on their shitty, 1 bedroom condo to go all in on LUNA.
>It's still legal for the them to approve the ETF without specifically recognizing ETH as a commodity. Ahem... A "commodity" (for the purposes of commodities regulation in the US) is defined as a thing for which a contract for future delivery exists. For example, every deposit of ETH (and every other crypto) on Coinbase is an asset for which there is a contract for future delivery - specifically, the Coinbase terms of service. ETH is already a commodity. So is every other crypto traded on any custodial exchange. There's no "recognizing" about it. It either is, or it isn't. There are some commodities that are not securities. Soybeans, for example. Or, as already found (and subject to appeal) XRP. But some commodities can *also* be securities. LUNA, for example. And sometimes a commodity that isn't always a security can be part of a securities issuance. For example, in the same case where XRP itself was found not to be a security, the judge nevertheless found Ripple violated securities laws by issuing XRP. It's way more complicated than these simple one-or-the-other soundbite arguments make out.
Whenever I hear "Dencun", I get reminded of that Terra LUNA shiller on YouTube who got everyone rekt.
It's not going to have an FTX or LUNA type crash, I think it will be more like XRP, just fade slowly into irrelevance over a couple cycles.
Yes- UST, LUNA, and Anchor were all trusted platforms at one point. Hence why so many people and institutions invested in it.
TradFi media pumps next LUNA. Headlines of "Solana crashes and burns, don't trust crypto" already written ready and waiting.
Go back and reread your 1st reply, you claimed UST was widely trusted.... It quiet simply wasn't! Many other stablecoins had FAR more volume and were actually widely trusted. UST was just part of a scam ecosystem that was systemically flawed from the outset and a LOT of people got into it chasing YIELD, not because they "trusted" UST (or LUNA for that matter). GREED is what drove most and because they became involved in that ecosystem, it was just EASIER to use the native stablecoin in that ecosystem. Correlation does not = causation! UST was never "widely trusted". UST wasn't even widely used in comparison to other top stablecoins of the time! Turns out it was actually a unstablecoin.... who would have thought! On the upside, pretty stable at $0.02 now! Actually, just checked and its not even stable at $0.02!
you're off topic bc im talking about LUNA/UST being considered blue chip in their primes. Which they were. I said nothing about my investments or personal allocations lol
Been in the "space" since 2015 🤣 Leverage DIDN'T cause the crash.... the dodgy AF minting mechanism that was designed to maintain the UST peg IS what caused the crash! NOTHING ELSE! Go and look how many LUNA got minted into existence during that period! Then go read the formula used to maintain the algorithmic UST peg. Then you might start to understand just how wrong your understanding of what happened is! There were MANY far more intelligent people than me warning about this PRIOR to the crash... I was just someone who heeded what they warned, then went and dug into the formula used for LUNA/UST peg and saw for myself what a clusterfuck it was waiting to be. Many of those even spoke publically directly to Do Kwon's face! He was made VERY aware of the systemic risk at the core of everything! He KNEW, but discounted it as it fell outside the mean.... Discounted a SYSTEMIC risk! He proceeded KNOWING in the event it was triggered, it would destroy all value in the ecosystem! And people STILL invested in that shit! And how has that turned out for everyone involved.... It might pay you in the long run to read a few books about crowd psychology. Just because a large group are in agreement or accepting of something, does not = right/correct. In fact, it can actually in a lot of cases cause weak willed people NOT to assess things themselves properly and they just follow along blindly because that's what "everyone else is doing".
Lol You simply don’t understand… were you even in the space during Anchor’s prime? I’m not mentioning CEX/DEX bc the listing made LUNA/UST legitimate. I’m mentioning them because those institutions themselves were over-leveraged themselves in LUNA, which caused a domino effect of crashes when LUNA fell
No one is talking about throwing 100% of money into altcoins. It’s a fact that LUNA/UST we’re a trusted pair in their primes. Trying to debate me on this is silly.
You do understand that projects PAY to be listed on CEX's..... right? Think it's $80k to list on Binance, plus $60k of the token. Being listen on a CEX gives the appearance of legitimacy, the reality however is that the project just paid a boatload on money in exchange they purchased the appearance of legitimacy. And it doesn't take hindsight.... it was LITERALLY laid out in LUNA/UST's white paper exactly how the mechanism worked to maintain the stablecoin peg! The math made the ASSUMPTION that value in the ecosystem was in a CLOSED loop. Anyone who bothered to read it and actually PROCESS how that mechanism would work in the real world immediately saw the fundamental flaw in it when it came to a situation that put fear into holders in that ecosystem.... a certain % of them WOULD be guaranteed to stampede for the exits and that would cripple the mechanism and cause a significant % to further leave once the mechanism failed to hold the peg. Once that happened, it was always going to result in a run away minting death spiral! It was with good reason I didn't touch LUNA or UST with a single $! It was a steaming pile of dog shit from the start that was obscured by some fast talking from the cult leader in charge of it, who's own ego and hubris directly caused how bad it unwound! He fuckin KNEW the risk was there, but he deliberately discounted it as it fell outside the mean and wouldn't be a problem unless it became a problem! You can't have a SYSTEMATIC fault in your system and then discount it..... it's a fuckin SYSTEMATIC fault! That means they entire system is just waiting to IMPLODE, while everyone HOPES it doesn't! The fuckin height of arrogance! And here we are.... systemic failure! Why TF would anyone trust that shit! The fact so many did, tells me clearly that most people are crowd followers and AREN'T really doing their own due diligence! The fact a heap of people "trusted" it is meaningless, it just speaks volumes about the lack of weight I would attribute to those peoples judgement in my own due diligence!
LUNA/UST was trusted by many people and institutions including many DEXes and CEXes. Like 2 if not more top 10 CEXes crashed out during that time due to residual affects of the LUNA crash. Luna went form like $90 to literally 0 in about 48 hours. And caused 1 of the biggest crashes in crypto history Again what you're saying is easy to say in retrospect. It was a top 10 coin for a reason - because people and institutions in the space trusted it.
How'd that work out for everyone again.... Well trusted by who.... it wasn't astute crypto investors, that was for sure! So, well trusted by mouth breathers who followed the crowd and couldn't see that the mechanism used to stabilise the UST peg was fundamentally flawed and in the right conditions, would result in a run away minting event on LUNA as it attempted to incentives people holding UST like it was some sort of closed loop and people didn't have options to exit both LUNA and UST..... The ONLY eventual outcome was always going to the exact outcome that happened! Sooner or later, it was the ONLY result that could happen! All laid out in the fucking white paper!
comparing Doge and Shib to LUNA/UST at the time would be considered asinine. LUNA was pretty much seen as a Blue Chip coin akin to Solana and Cardano. Again it's easy to say all this in retrospect.
>First off, Rude. You think I'm rude when you're the one sneering at OP and saying "lmao" when you clearly don't know what you're talking about? Unless you're an annoying bitcoin maxi. LUNA was never a "shitty alt" , that's what I and all the other commenters are telling you, but you still think you're smarter than OP was.
Lost 2k trying to short LUNA back on FTX when this shit happened, it was super volatile.
Meh. I've been in crypto since 2016 and couldn't tell you what it was. What probably occurred was that during the time that LUNA was an entertaining read on Twitter watching the melting down, I could have told you what Anchor was. But who remembers the name of some moron who got himself killed by running into traffic chasing a feather ten years ago? Especially when running into traffic chasing a feather is the leading cause of death for feather owners?
> and their Anchor subsidies were likely to continue for a long time until LUNA turned to dogshit. Honestly this whole "treat crypto like fiat earning APY" and shit just rubs me the wrong way and seems like a great way for one group of people to separate crypto from its original owner in a legal and "above board" manner. I can't *possibly* help that this particular coin has taken a bit of a nosedive so you will have to eat the costs because after all, you gave me the private keys knowing full well that this might happen sir. Have a better day.
Not that I side with OP, but wanted to clarify for others: They didn't have 700k invested in a token - it was 700k worth of UST (Luna's stablecoin) earning 20% APY in Anchor Protocol. At the time, the LUNA foundation was supporting basically the entire Anchor APY themselves - it was heavily subsidized. Users were depositing into Anchor because LUNA was so huge, and their Anchor subsidies were likely to continue for a long time.
Lots of people put money in anchor, including many savvy investors. In hindsight, of course, it seems foolish. But remember the narrative at the time. Do Kwon was the darling of the crypto world and high apy staking was the craze. They claimed to have cash and BTC reserves to protect UST, in addition to LUNA being top 10. I was among those who lost money from UST. I’ve been involved in groups forming lawsuits against LFG, TFL, and Do Kwon. The people who lost in this aren’t douchy degens but serious people in respectable professions. We are all wiser now, but it isn’t a group of idiots.
Easy to say this in retrospect.. LUNA was a top 10 rank Coi and UST was the most trusted stablecoin
anchor was the lending and borrowing platform connected to LUNA, and the failed TerraUSD stablecoin, eg the platform offering 20% yearly returns
It must have been excruciating not having that dry powder at the bottom of the bear market. What has your strategy been since then? I made the same mistake. I put all my money into the market just before the first massive dip losing a lot of money (China crypto ban dip), and then I broke even after the market rebounded to its ATH. And then I I lost about 90% after LUNA and FTX shitshow. So I never gained anything for taking on such massive risk. Now I am doing alright because I consolidated everything into Solana and have just been DCAing into it.
2 years since I found the absolute bottom during the LUNA crash and made a 73x over 3 days.
That was a Rollercoaster to watch. Crazy part is I was so close to moving 50% of my portfolio into FTX and LUNA.
I remember reading a post from a guy who took all of his AND his wife's savings and dumped it all into LUNA, without telling his wife. This was JUST before the crash. I often wonder about that guy, what the fallout was like, and what his life is like now.
Same but looking back wouldn’t change a thing. LUNA is what made me fall in love with this space. The burn mint mechanism was truly one of the best ideas I’ve seen in crypto. Just couldn’t end up executing it. Oh well!
Was truly the best protocol ever designed. Was so close to perfect execution. Just fell short at the end when it mattered most. I will always love you LUNA no matter what happened.
I don’t care what anyone says, LUNA was and will always be the best project I’ve ever used in my life. The user interface and experience was so amazing. The burn mint mechanism was incredible. Just couldn’t execute it properly. If someone can remaster this gem in a way that can’t drop to 0 then it could be the best protocol in the world.
I had total $200 worth of cryoto and I had converted my $100 worth of BTC to LUNA just a day before this crash. Good old times 😂😂😂😂😂😂
Haha, the mistake here is that \*people\* weren't the ones selling LUNA, it was the protocol itself frantically dumping in an attempt to maintain the UST peg. You weren't just going against some nervous investors. UST was \*waaay\* under-collateralized, and it popped.
Bought 500$ worth of LUNA and sold it 3 weeks before the crash after watching a YouTube video saying that Anchor was a Ponzi and releasing it really was. Not even Bernie Madoff offered a 20% APY
I have this motto when it comes to investments that is"If I can't understand why people should invest in something then I probably shouldn't do it myself ". LUNA was a clear example of that: it had nothing unique from other blockchains except for having its price dependent on a speculative protocol (Anchor and consequently USDT) that had nothing except high APRs in a - apparently - stable coin. That's what happen when people go greedy instead of rational and don't make a fundamental analysis of the projects they throw their money into. It was an extremely flawed protocol but people turn their eyes into the 10% APRs.
"guys explain to me why UST/LUNA is differant than Iron/Titan" - and I got laughed at.
Could I buy a billion LUNA for $0?
What’s going to be the LUNA of this cycle. Don’t think we will ever truly learn as a society to not trust nice green numbers going up.
Fairly sure LUNA was short for LUNATIC haha
I remember making a post about LUNA ponzinomics just 2-3 weeks ago it collapsed and got flamed and downvoted by toxic Lunatics
That was definitely NOT fun to live through. Even though I didn’t have a dime in LUNA, it made the whole crypto space look stupid to anyone with an IQ over 50
[LUNA holders felt like](https://www.youtube.com/watch?v=DMonlRsJ5hY)
I was lucky that I made some money off LUNA and dumped all of it a month before for bitcoin instead, but man even I have flashbacks of what COULD have been.
It's OK the influencers they follow were bullish on LUNA too, they are sure Solana will be just as good
Oh ok. Here I was thinking that many people got rekt from from the market crash, not to mention Terra/LUNA, FTX, Celsius, etc. But apparently, most made a 100x. Gotcha.
Because of the debt exposure during those events. Luna crashed because it was used as a backing asset to mint UST not USDT. The UST token was collateralized by other stable coin assets, btc ETH and LUNA When LUNA started losing value, the UST minted with that LUNA as collateral lost its peg to $1 and started dumping. The selling of UST caused more LUNA to liquidate as it was serving as the counterpart to UST that was being dumped. Both LUNA and UST took a huge shit to 0 because the UST was ultimately collateralized against a worthless token (LUNA) FtX collapsed because of a different racket in which they used the deposit from users to effectively leverage long into crypto. When btc and eth dropped and the depositors wanted their usd back the business quickly realized its insolvency and had to shut down. USDT is minted with USD in collateral. As long as the tether foundation is able to produce $1 per 1 USDT when banks ask for redemption, there is no issue. The problems start when you mint USDT against non USD pegged collateral.
Went from about $1k USD to ~$14 really quick. Damn you Voyager, damn you Mark Cuban! That was after buying more on the way down! I *thought* it was big. I'm OK. I was more OK after hearing how much deeper others were in LUNA. A little bit of schadenfreude. Life f'd me though. Crypto could have helped me massively. It still can. I'm waiting.
I had nothing invested in this before the crash. But I managed to 1000x by investing at the absolute bottom of LUNA. Was the most left curve move I ever made. Everyone said it was completely dead and in my crossed eyed state, I bought.
Bought a couple grand worth of UST when it was like at .79 cents thought surely it will repegg. Had most my LUNA in lp pools so it wasn’t accessible…
Sorry for your loss man, but the seigniorage model of TERRA always had a Black Swan built into it. I didn't dare having one LUNA or TERRA in my bag. Flipside of that scale of crash? The run-up beforehand is spectacular.
Oh fo sho, man. Like, last cycle, the vast majority of people made at least a minimum of 10x. Only a tiny, tiny, tiny minority of people lost money in Terra/LUNA, FTX, Celsius, etc. /s /s /s /s!!!
#DeFi Con-Arguments Below is a DeFi con-argument written by noxtrifle. > DeFi, or decentralized finance, is a method of transacting without the need for an intermediary, and in many ways replaces the traditional banking systems. Instead, a smart contract at the core of the app manages the whole system. However, the lack of regulation in the DeFi space is the root of several issues, such as: > > * **Lack of regulation** > * Like most cryptocurrency-based technologies, DeFi protocols lack comprehensive regulation. This allows doomed (or untruthful) systems like LUNA to thrive while investors are robbed of the money placed in DeFi protocols. > * Regulation is also a crucial factor in letting investors know that a protocol is compliant with legislation, so a [lack of regulation inhibits the potential of DeFi](https://www.insiderintelligence.com/content/lack-of-regulation-hinders-defi-s-disruptive-potential-modern-finance), especially to non-holders. > * **Barriers to entry** > * To enter the DeFi space, especially the most mainstream ones such as Curve and Compound, the ownership of crypto is *necessary* to participate. As such, people who are not tech-savvy or do not believe in crypto would not be able to experience the benefits of DeFi. > * That is, the mainstream adoption of DeFi is contingent on the mainstream adoption of crypto, something that could take decades to accomplish and would, in the process, stifle DeFi innovation due to a lack of users. > * **Risk** > * [CNBC](https://www.cnbc.com/2021/06/18/whats-defi-crypto-based-decentralized-finance-explained.html) highlights that there are 3 main types of risks with decentralized finance protocols. > * Technological Risk — that is, malfunctioning or malicious code could have catastrophic effects on the protocol, such as the [$90m glitch](https://www.cnbc.com/2021/10/01/defi-protocol-compound-mistakenly-gives-away-millions-to-users.html) suffered by Compound after an upgrade. > * Asset Risk — that is, since the cryptocurrencies used as collateral for loans are highly volatile in value, undue price movements would cause the mass liquidations of millions of users. On the other hand, loans from centralized banks remain relatively stable, and the only method of liquidation is defaulting. > * Product Risk — that is, since there is no regulation to protect investors from failed projects and that the value of a DeFi protocol is often determined based on its APY, it is commonplace to see DeFi protocols enticing users with unrealistic APYs and collapsing once they have a significant number of users. This entails the loss of investor funds, and is a similar situation to the [crash LUNA underwent](https://www.forbes.com/sites/billybambrough/2022/08/01/others-could-fail-imf-issues-stark-crypto-warning-after-terra-luna-led-crash-wiped-2-trillion-from-bitcoin-ethereum-and-crypto-market-price/?sh=82ebf157a23d) a few months ago. The IMF also warns of the product risk in decentralised finance. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_defi) to find submissions for other topics.
> bloated inefficient technical debt. If you're actually interested then this part of the roadmap contains links to many of the different areas of this issue that are being worked on. https://domothy.com/roadmap/#the-purge What do you mean specifically by technical debt, because if you can't find it in that link I might be able to point you to relevant research, EIPs, etc. > every first mover advantage to put the other smart chains away, Honest question, do you know just how much Ethereum dominates innovation in crypto? Obviously other projects try to spin the narrative that Ethereum is old and outdated, and the new thing is EOS/NEO/SOL/AVAX/LUNA/SUI/etc etc... but the truth is that if you analyse where novel code is first deployed, 71% is first found on Ethereum, so again, more than double every other chain combined. https://www.developerreport.com/developer-report?s=71-of-contract-code-is
#DeFi Con-Arguments Below is a DeFi con-argument written by noxtrifle. > DeFi, or decentralized finance, is a method of transacting without the need for an intermediary, and in many ways replaces the traditional banking systems. Instead, a smart contract at the core of the app manages the whole system. However, the lack of regulation in the DeFi space is the root of several issues, such as: > > * **Lack of regulation** > * Like most cryptocurrency-based technologies, DeFi protocols lack comprehensive regulation. This allows doomed (or untruthful) systems like LUNA to thrive while investors are robbed of the money placed in DeFi protocols. > * Regulation is also a crucial factor in letting investors know that a protocol is compliant with legislation, so a [lack of regulation inhibits the potential of DeFi](https://www.insiderintelligence.com/content/lack-of-regulation-hinders-defi-s-disruptive-potential-modern-finance), especially to non-holders. > * **Barriers to entry** > * To enter the DeFi space, especially the most mainstream ones such as Curve and Compound, the ownership of crypto is *necessary* to participate. As such, people who are not tech-savvy or do not believe in crypto would not be able to experience the benefits of DeFi. > * That is, the mainstream adoption of DeFi is contingent on the mainstream adoption of crypto, something that could take decades to accomplish and would, in the process, stifle DeFi innovation due to a lack of users. > * **Risk** > * [CNBC](https://www.cnbc.com/2021/06/18/whats-defi-crypto-based-decentralized-finance-explained.html) highlights that there are 3 main types of risks with decentralized finance protocols. > * Technological Risk — that is, malfunctioning or malicious code could have catastrophic effects on the protocol, such as the [$90m glitch](https://www.cnbc.com/2021/10/01/defi-protocol-compound-mistakenly-gives-away-millions-to-users.html) suffered by Compound after an upgrade. > * Asset Risk — that is, since the cryptocurrencies used as collateral for loans are highly volatile in value, undue price movements would cause the mass liquidations of millions of users. On the other hand, loans from centralized banks remain relatively stable, and the only method of liquidation is defaulting. > * Product Risk — that is, since there is no regulation to protect investors from failed projects and that the value of a DeFi protocol is often determined based on its APY, it is commonplace to see DeFi protocols enticing users with unrealistic APYs and collapsing once they have a significant number of users. This entails the loss of investor funds, and is a similar situation to the [crash LUNA underwent](https://www.forbes.com/sites/billybambrough/2022/08/01/others-could-fail-imf-issues-stark-crypto-warning-after-terra-luna-led-crash-wiped-2-trillion-from-bitcoin-ethereum-and-crypto-market-price/?sh=82ebf157a23d) a few months ago. The IMF also warns of the product risk in decentralised finance. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_defi) to find submissions for other topics.
Everyone knows that any crypto could lose almost all of its value at any time, and any holder is free to sell and take profits at any time, or not to buy if the price is too inflated, so I would have no issues with having taken profit on something that eventually crashes. I sold a ton of LUNA for profit, for example, when it actually had significant value and Do Kwon started insulting people who questioned the LUNA/UST mechanism and generally being a tool.
Courts are not consistent. A different judge ruled other tokens were securities. > “There is no genuine dispute that UST, LUNA, wLUNA and MIR are securities because they are investment contracts.” https://www.nortonrosefulbright.com/en-us/knowledge/publications/16178e2d/crypto-tokens-held-to-be-securities-as-a-matter-of-law-in-big-win-for-sec
Cardano is very relevant, it's pretty much the only properly decentralised cryptocurrency at this point, but you wouldn't know because the media that are ETH bag holders tell you to just worry about fiat prices and get rekt on LUNA, Celsius etc.