SHIBA TITANS Launching Tonight! —-Super Based Team Fully Transparent | LP Locked |BIG Marketing BUDGET | Shiba Titans ($TITAN) is on the hype train with BAYC + ApeCoin and we all know how hyped that was, similarly $TITAN will be a token on the Ethereum Smart Chain for their NFT Metaverse Project!
👾Hubber - the Gamers Hub - is a dedicated Gaming & E-sports platform founded in Thailand and expanding internationally. 📹Watch and decide on the video we prepared for you in the Telegram group, check out the verified team and their past projects📅Presale on the 31st of January🔥
💮$TITAN is trending on pinksale! 🏹 The clash of the swap platforms is here.Meta Titan is a P2E game whereby avatars inspired by the swap platforms battle against each other in the arena to emerge with lucrative rewards! 📆25th of Jan on Pink Sale at 2PM UTC🔥
I'm not convincing you algo stablecoins aren't dangerous; all stablecoins, even fiat-backed ones, can be destroyed. I'm just saying some have clearly worked better than UST and TITAN, and you shouldn't make the assumption because they have the same label. That is all. It is no different than the buttcoiners saying all crypto will fail because some did.
DAI was a bad example from me I'll admit, and I don't know much about TITAN besides it's collapse. >We've already dropped \~4x from the peak. So a 400% over collateral would be falling apart right now. That's only if no-one interacted with the protocol (as in minting/burning the the stablecoin or reserve coins). Minting and burning those coins requires fees that sent directly to the reserves. SigUSD is basically Ergo's version of DJED, and it has been pretty stable, even when ERG has been tanking this bear market.
> Voyager, TITAN, not the best track record. lol man that's only 2 trades. Such nonsense. Dude is super passionate about crypto and I've seen him do like a fucking weekend NFT project just to learn some shit. He's more into crypto than 99% of this sub from a passion perspective vs his money but also that as well.
now you’re using high school logic. LUNA/UST, 3AC, Celsius, Voyager, BlockFi, FTX, FTX-US, Alameda, IRON/TITAN all blew up in the last year or so. so over the last year or two, please tell me: 1. how many stocks in the Nasdaq/NYSE were uncovered to be actual ponzi schemes? 2. how many hedge funds in the US were stealing from investors? 3. how many banks have went insolvent from re-hypothicating funds?
Currently sitting here reconciling my tax from around 16th June 2021 which was when TITAN collapsed and like me and many others, Mark Cuban also lost big time. The algo-stable that it supported IRON is still below peg and despite being a warning to us all about the prospect of an eventual collapse with LUNA/UST, well I guess there's a lesson in there somewhere. Anyway, hindsight is 20/20 eh
The warning signs were the previous collapse of the TITAN stablecoin. It failed due to the same reason - a depeg death spiral and occurred only a few months prior to TERRAs collapse. In hindsight, the other red flags were the 20% APY, and Kwon’s immature behaviour online.
TLDR: Mark Cuban has an amazing track record with crypto advice ranging from TITAN to staking on Voyager. Following his great track record, he recommends you buy the meme coin DOGE instead of the smart contract blockchain ADA no comment...
Honestly I kinda like my second idea much better too. I was thinking about it a bit more and even if USDD depegs and then repegs TRX will most likely still be lower after the repeg just because there's no way around it: TRX will get minted and diluted when USDD is below $1. It seems like that the whole nature of minting and burning like this actually lowers the risk of the trade, and TRX doesn't need to hyperinflate and go to 0 for the trade to be profitable. Its kind of boggling my mind a little bit because it seems to me traders should be wise to this sort of thing now after IRON/TITAN and UST/LUNA. As soon as traders see a system like this depegging now why would they not all pile into it and 'push over the jenga tower?'
If we ever get back into a bull market, we'll probably get a new batch of new people. New people who weren't around for the Luna fiasco. They also probably won't be too familiar with what happened with things like ETC, ICP, TITAN, CRO, etc... And we'll probably have to teach them all over again about HEX and Safemoon being scams (if those are still going). There's gonna be so much we'll have to teach. And so many traps many of them will fall into again.
Burning mechanism for whose LUNA? LFG's? Investors? Who's gonna pay the price for burning their own billions of minted LUNA? I seriously think it's going the way of TITAN/IRON finance and the sooner people can accept this, the faster we can get out of this BS.
It wasn't "promising technology" in 2022. Maybe in 2020 it was a novel concept, but after IRON/TITAN exploded last year, the writing was on the wall for undercollateralized stable coins. Terra made a couple of adjustments to try and add to the stability of the coin. The Anchor protocol was established to push up the value of LUNA, in order to help it get off the ground. The Luna Foundation Guard was set up under the idea that having a strategic reserve of capital that could be deployed at the right time to blunt a downturn. But given that the LFG fund was not only insufficient to bridge the gap between the promised circulating supply of UST and the market cap of LUNA, but it was also held in volatile assets that were themselves dropping against the value of the peg of UST, the kind of correction that could be forced by the LFG was limited, like they needed to pull the trigger at $.96, rather than letting it collapse all the way below $.80 before making the call. So, at best it was a minor evolution of an already failed concept, that traded additional security for increased centralization. However, it wasn't a ponzi scheme. Bitconnect was a ponzi scheme. Bitconnect lied to holders, and claimed that they had an investment mechanism that generated value which allowed them to generate returns. In reality, akin to Bernie Madoff, they took the money that new entrants to the system brought in, and used it to pay the returns for the older participants. Terra operated on a startup model. They were honest that the money that was funding the fabled 19.5% Anchor return wasn't from them loaning out funds for interest, or investing loaned funds in different ways. They were fronting losses from their initial VC seed in order to entice users to the protocol. The increase in user base increases demand for LUNA which increases LUNA's market cap, which can successfully collateralize a larger supply of UST. The idea behind such a model is akin to the modern silicon valley startup, where the money from initial investors is actually given to newer investors to try and improve their market share, in hopes that when you have to cut rates and benefits, you'll still have a dominant enough position in the market that you can become profitable. Terra is kind of like WeWork. It tried to use a startup model to advance an outdated business model that was vulnerable to short term market downturns. It's not fraud in the sense that Nikola or Bitconnect were, but it's just a bad idea that had a shiny wrapper on it.
“Are you alright, buddy?” TITAN asked his new BFF, LUNA. After what seemed like eternity, LUNA finally put his hands down from his face. Tears decorating his weary face, he said, “I’m so conflicted. Many people lost their life savings because of me. Other people made profits due to my collapse. How can I make amends to those who lost everything?” “You can’t,” TITAN said gently, “But remember that you serve humanity to the best of your ability *always*.”
> UST was supposed to be backed by Luna, whose value was derived from the ecosystem. How can you not see the issue here? The "ecosystem" is a circlejerk of Luna-tangent tokens to pump volume. This was never about innovation, Iron/TITAN suffered the same broken economics, and Do Kwon was literally a part of Basis Cash which also suffered the same fate.
“But why wouldn’t Do Kwon say sorry?” LUNA asked, a look of bewilderment and repulsion on his face, “Many people lost their life savings on his invention.” “These rich people are all the same,” TITAN soothingly consoled his new friend, “Mark Cuban also expressed concern for his loss in riches when I fell apart. They care only about themselves.”
Literally all algorithmic stablecoins before UST have crashed and the secondary token fell to 0. Why would it be any different than other ones? As soon as the profit of attacking is higher than the cost it goes down. Look at IRON and TITAN, those worked similar
The crash was possible as a similar thing happened on Polygon, with IRON / TITAN in place of UST / LUNA, except that was backed by 75% USDC. Still there was a run and an implosion & infinite mint that killed it. I lost a ton. This kept me out of UST and LUNA.
It's either one of two things: 1. Hopium. 2. Lack of understanding on the LUNA/UST ecosystem. Especially after seeing what happened to Iron Finance (TITAN), LUNA holders should have been worried and thinking about exit strategies,
LUNA was conflicted. TITAN was great company and all, but he missed his old buddy, UST, dearly. A dilemma raged in his mind. Did he want UST to join him over here on the other side? Maybe not, because he did sacrifice his life for UST. But he missed having someone on his wavelength. He took a deep breath, not knowing what to think, not knowing how to feel.
Back when IRON / TITAN had their rugpull I actually did throw $100 into it at a low price and sold twenty minutes later for $1k. However a few hours later it dropped by a factor of one hundred times. Keep in mind that for you to win on this someone else has to lose. That was the first and last time i did something like what you are describing. Felt real scummy and was more risk than what i feel comfortable with.
That's what happens with algorithmic"stablecoins" -Not the first to crash and probably won't be the last. TITAN is a prime example. I never had UST/LUNA in my portfolio and put $500 yesterday for a punt. I lost. And I'm ok with that Always do your research and never invest what you can't afford to lose.
It's the same thing that happened to IRON/TITAN. Check out the price of Iron Titanium, it went from a high of $58, to being an order of magnitude cheaper than safemoon. The arbitrage mechanism will keep spitting out tokens, even though they're worthless, and every iteration just makes them inexplicably even more worthless.
So when is this guy: [https://www.theblockcrypto.com/post/143275/usn-stablecoin-goes-live-on-near-protocol](https://www.theblockcrypto.com/post/143275/usn-stablecoin-goes-live-on-near-protocol) Going to get hammered? Near (LUNA/TITAN incarnate) is currently valued at 4.5 billion and that just launched. So do we just have to wait until USN's market value starts approaching Near Protocol's (currently at 4.5 billion) and go through this shitshow again?
The pair is irreversibly broken. The market cap for LUNA would be 3x BTC if LUNA goes back to it's ATH. Look at IRON/TITAN for a historical view of what happens when coins crash. Buying LUNA is gambling when the house has told you that it's going to win before you even place your bet.
Bro it's literally dead, you are delusionnal. Billions and billions of coins are being printed from thin air just to be sold to try to regain the peg. Have you seen what happen with TITAN/iron bank? Terra is gonna keep dropping 90% a day for weeks. And that big money conspiracy you are talking of are just rumors. UST through Anchor was just a ponzi bound to fail. People got rekt
The same thing happened with IRON/TITAN on Polygon. I lost a giant amount on that, even though I had researched the contract and they had done everything right I had thought. I later asked on reddit about LUNA and UST, what would be done to make it different. I wasn’t clear of the technology on the Terra blockchain so I asked in honesty. I never got a clear and specific enough answer, so I avoided UST. I had planned on putting on a big short on LUNA but it died before I had a chance. I expected the crash to come when the equity market and economic data suggested a recession.
Yes, but if LUNA keeps dropping then you wind up in a situation like IRON/TITAN, where there's only a few thousand IRON left in existence because no one wants to buy TITAN to mint IRON, because TITAN is worth 1/9 of what safemoon is.
It's not an attack on all crypto. It's a fundamental flaw in the protocol. It's a protocol that requires trust, in a system that is trustless. USDT has similar issues with being undercollateralized, but other stable coins like GUSD, USDP, and DAI are overcollateralized, and therefore able to resist these kind of moves. TERRA/LUNA operates on the same principle as IRON/TITAN did when it got tore apart, and in less than a week their equivalent of LUNA went from being worth $58, to being so worthless you needed 9 of them to buy one Safemoon. LUNA is falling prey to the same fate, because it's built on the same foundation.
For those who have a substantial amount invested in UST and now pacing nervously mumbling WTF to yourselves, please DYOR and understands how the UST peg works first. Quoting this from Terra Discord, as low as LUNA goes, like 1/100th of a penny, it comes back as soon as excess UST is all burned. Currently burning 100 million an hour. That may mean total LUNA supply does a 10,000X etc., and prices will be very, very low, but that’s how the system works. Believe it or not LUNA will drop around 0.00005 but UST will reach the peg again. This happened with IRON and TITAN and it took 3 months for the algo stable to go back to 1 USD. UST will re-peg no matter what, even if it takes 1 trillion Luna to mint as long as there's demand for LUNA. It'll take time people, but it's highly likely UST will regain it's peg. Stay strong, and be safe.
I'd be careful of that. [This time last year, Iron.Finance had $2 billion TVL in a near identical protocol.](https://ciphertrace.com/analysis-of-the-titan-token-collapse-iron-finance-rugpull-or-defi-bank-run/) IRON was a dollar stable coin that held its peg through arbitrage. If IRON fell to $.95, you could buy it, burn it to mint $1 worth of their control token TITAN, and pocket the difference. They had a $2 billion ecosystem built, and in less than a week, 99.9% of it evaporated. TITAN, their version of LUNA, [was worth $58 this time last year, now it's worth an order of magnitude less than Safemoon.](https://coinmarketcap.com/currencies/iron-titanium-token/) Unless you're confident that they're going to be able to get a bailout that can bridge the gap between the outstanding supply of UST, and the market cap of LUNA, which is a roughly $14 billion loan, then the whole protocol is going to collapse and both UST and LUNA will go to zero.
This is the second algorithmic stablecoin collapse that I witness (the first was IRON/TITAN one year ago). It does make you think, there must be something inherently wrong with stablecoins lol, and I am not surprised that is what the regulators are mostly concerned about
Reminds me of the great IRON and TITAN debacle. Titan was the best stablecoin there ever was. Once it hit 0, it stayed there . Doesn’t the LFG and Luna foundations take the 1.8 billion loss on the btc sold for lower value though?
TerraUSD, commonly known as UST, is a stablecoin pegged by "maths" to the USD. In theory 1 UST = 1 USD. Luna is a governance token that lets you... actually it doesn't really let you do anything in the real world. But let's pretend Luna is very in demand because it just is, okay? So the Luna being traded on the market has some nominal dollar value, let's say $50 per Luna, and a whole bunch of Luna currently exists, with more coming into existence over time via Proof of Stake rewards. Now, the key mechanism of Terra/Luna is that you can swap them back and forth for each other. A price oracle (controlled by Terraform Labs on behalf of Luna staking validators) informs the Luna blockchain of its dollar value at any time. You can then use crypto magic to "burn" Luna into a dollar amount of UST, even if UST is currently trading above $1. So UST is trading for $1.10. You burn a Luna for 50 UST, then sell UST for some other stablecoin, and get 50 x1.1 = 55 USDC. Hey, free money! In theory, this also makes Luna more scarce, and UST less scarce. So the price of Luna goes up as everyone does this, while the price of UST gets pushed back to $1. The same can happen in reverse. Say the price of Luna is now $100, but the price of UST is 90c. You buy 100 UST for 90 USDC, swap it for 1 Luna, then sell it for 100 USDC. More free money! There's more of Luna so its price goes down, but less of UST so its price goes back up, again to $1. This, in theory, means UST is constantly "backed" by Luna. Okay okay, but where does the demand for Luna come from in the first place? Well, what if I told you there was this magic box, the Anchor Protocol, that is guaranteed to pay out 20% APY for your UST? Wow that's great, everyone wants UST for more free money! But UST is minted from Luna, so now everyone wants Luna too. This, ladies and gentlemen, is the future of finance, a multi-billion dollar perpetual motion machine sustained entirely by itself! With one wave of the hand, the Terraform Labs has pulled itself up by the bootstraps into infinity. But wait, you might ask, who's paying out that 20% APY interest? Well, the answer to that is in two parts. Seem the magic Anchor box also lets you borrow UST, and charges you interest, but you can only do this if you deposit Luna or other crypto into the box. You do this because you are a smart person and your trades never go tits up, and you also know for a fact that Luna is going to the moon. It's literally in the name, after all. So why not deposit your Luna for UST on interest, go make a fortune on DogeElonMarsRocket, come back after having earned 5x profit, pay your interest, then withdraw your Luna which has now also 5x in value? Leverage is fun! Now just hold on a minute, you keep asking, because you hate to be rich for reasons. The Anchor protocol shows there are more people farming that 20% yield than borrower assets. How is this sustainable? Never fear, interpid DeFi degen. Do Kwan and Terraform Labs can just top up the "Yield Reserve" of Anchor at any time to guarantee that 20% yield. After all they have vast stores of Luna, so you have nothing to worry about. But still, you're not satisfied by these perfectly cromulent answers explaining the future of finance. Since Luna is traded on the open market, isn't it possible that both the price of Luna and UST could dip at the same time? And doesn't that mean it could lead to a Weimar Republic style hyperinflation death spiral when a cratering UST can only defend the peg by minting vast amounts of Luna, further deflating the dollar value of the UST backing asset? Lol, I say. Lmao. That can never happen. We've seen it happen once already with IRON/TITAN, and we've learned our lesson. If you buy a whole lot of bitcoins and say that now also backs UST, this kind of collapse is now clearly impossible. Now are you in or what? LGF! WAGMI!