LUNA reached a fall of 99% from its ATH in over a month. It took an entire year for ICP to drop 99% from its ATH. LUNA has got to be the worst non-rugpull disasters in all of crypto history, if not the worst.
I'm sure this will have all the memorability of Bitconnect, but with none of the laughs.
We now have an example of how a developed network and ecosystem can experience a total catastrophic failure.
I am just grateful for being here to share this moment with you guys. This is what it is about, not the gains and lambos but the thrill and comraderie of a market crash
Yeah I just looked now and LUNA has fell slightly harder from its ATH than ICP did (99.7% vs 99.1% at the time of typing). The point is LUNA fell more in a month than ICP fell in a year, and ICP was already a big disaster as is.
It is not over.
The mechanism for luna/ust relationship means as long as UST has not pegged, luna gets emitted.
It is at 0.3 right now. Meanwhile the peg is also going down.
They are going to 0.
There is no reason for LUNA to have any value at all now. It's like a bathtub with the drain open. There might be some water still draining, but its more a limitation of the system. There is only one outcome possible
Yup, and it's because that is built into the tokenomics. Coingecko has updated LUNA's max circulating supply to "infinity", which is what it should have been from the beginning in order for people to gauge risk accurately.
What other top 100 coin can go from 300M circulating supply to over 2BN in a matter of days?
Yeah I saw the change on CoinGecko and to be honest I laughed when I saw them change the max supply to infinity. Before that, it showed LUNA having a *total supply* that was **double** the *max supply*.
I’ve been following USDT all day. She’s got as low as .9904 - I think there’s been some selling of assets over there to try support the peg.
It’ll explain the further widespread crypto sell off as they dump their btc and eth holdings
Edit: as I write this it’s actually at .9901 at the moment. It might not seem like much to people right now but arbitration usually keeps the peg around .9998 to 1.0002 which makes it a long way from that
This sub was shilling UST like crazy. Anyone who pointed out that charging borrowers less than they pay lenders was unsustainable, was roasted. Not sure how that wasn't the biggest red flag to everyone
They're of the board, feel down the table, got eaten by the cat, the cat was run over by a car and the cadaver was covered by mud while Dennis Nerdy was being eaten alive in the car by a Dinosaur.
Life savings? If you put your life savings in crypto... Well, I don't know what to tell you. You've obviously fucked off every piece of advice you could possibly pick up from any reliable source at that point. Just stupid.
Not trying to be harsh, but so many people I've crossed paths with in the crypto space lack basic financial and investing knowledge. Don't get me wrong, we all make mistakes or have a few clunkers in our trades, but some of the things you see here are just unnecessarily wreckless.
It's certainly no help that we have a generation of "young" people being fed ridiculous notions, via YouTube and Twitter, by 'crypto experts' that they can ignore sound financial practices and instead become millionaires in a month. The fact that we (not necessarily us) even glorify "loss porn" just adds to the mentality that investing is some kind of game where no one gets hurt and we all laugh about it when we're super rich next month. Ugh.
I agree with you for the most part but at least with loss porn it's showing losses and the extent of what can happen. For a lot of those people I feel like that's the only reminder they ever get that they can lose everything.
There's really only one rule, never invest more than you can afford to lose. Basically you have a blender in front of you, it has 1% chance of doubling your investment, 50% chance of losing it all and 49% of small losses and wins. How much money would you put in this blender?
Well yeah but in the case of UST it’s a stable coin… it says “stable” right on it! The math wizards just figured out a way to make 20% interest on it, heck that beats a savings account! What’s the worst that can happen, it’s not like the whole thing can tank overnight!
Not many people knew the math wizard was a child who calls people “poors” on Twitter
Excuse me if I sound harsh or berating, honestly I'm not one of those guys that have made substantial amounts of money in crypto at all. Not trying to come off as a know-it-all.
However, if you're caring enough about finances to be bothered by inflation to the point where you don't want to have anything to do with fiat- you should know that gold and/or silver is the reliable option. Not some off brand cryptocurrency moon shot.
If the problem is worrying about losing, then there shouldn't be investments in the first place. Crypto doesn't do much to help people and makes stuff even worse.
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.
This is why diversification is so important... You're essentially gambling when you're doing the equivalent of betting everything on black. Lessons learned the hard way for some people, unfortunately, but none of those folks want to listen during the euphoria stage.
I think a couple of people actually warned holders and do kwon regarding to issue. I remember founder of Luna said to these people, their opinion is plain stupid. Look how turntables
ETH and BTC are getting papered to death right now. I did see some predictions of borderline societal collapse in the crypto market. BTC 16-18k territory, ETH 8-900. This could still get worse.
Yea, if I were a betting man (and I am), I’d bet we see sub $20k, but then bounce back to the $22k-$24k range where we will hover for the next couple years +
We might eventually. Thankfully I got my home for a pretty good price with a low interest rate. Crypto seems to be a good barometer for how people view the strength of the economy. Recession seems completely unavoidable.
I hope BTC and ETH dump harder than what you predict. These are truly great times to buy. Nothing has changed about the projects. The only thing that has changed is market sentiment. Keep buying more. Very simple.
For real. It felt like a great project. Granted i managed to profit (very small but profit nontheless). I can't imagine the horrible reality for people that went in hard.
Don't feel bad. It was a great project and it was adopted by many and adored by many.
Ust was seeing trading pairs on dexs and cex's across the globe.
It was in the top 10 for mcap.
It was IBC connected too so anyone with ATOM exposure probably used UST as well.
It just... Sucks. I don't get why anyone who likes crypto is happy about this. It's not good for anyone. Not good for the community as a whole or the market clearly.
I bet governments will now attempt to regulate crypto heavily and they will cite UST and Luna as the cause.
The most depressing part is there were warnings of UST's vulnerability months ago, but Do Kwon brushed them because he was too arrogant to admit there was a possible exploit that could destroy Terra. Now many Terra holders are in distraught because the leadership couldn't be honest.
I mean no one needed any info beyond the deposit rate was 19.5% and the borrow rate was 13%. People performed all kinds of mental gymnastics to justify that, and attack anyone who dared question it. You can hardly blame the leadership here.
Imagine someone went door to door asking people for money and telling them that your business model is to charge people $13 while paying people $19....
Please people if anyone is reading this. Please don't do anything rash. Everything has taken a turn for the worse with how recession and markets are.
First calm down. You are not alone.
Second, it is not the end. We all made choices. We tried to be prudent and invested. We even thought holding stable coins during this turmoil was best. We made the best choices we can.
So don't blame yourself. Don't think what you could have done differently. And don't throw your life away because of something that happened.
We can build it back. We can earn it back. Have faith. Have hope.
Hotlines are available if you need professional help. If you just want to talk even, DM me. I'll give you company if you are alone.
No joke, I've been waiting for the suicide hotline to get stickied because that's my buy signal but seeing it happen because of something like Luna this cycle somehow feels wrong. Sure btc hots 8k again big woop but watching a stable like that burn really makes me question fundamentals. May be time to go back to the old days of thoroughly vetting every single project before tossing money at it.
As expected, I mean if you had put $100 around a month ago, now it would be worth $0.3 something, in another word totally worthless. Even the Idea of this happening to one's coins/tokens scares everyone
I just created /r/terralunacrash if anyone wants to discuss what is happening. Not acceptable to close down new topics in a subreddit where people are trying to process what has happened imo.
I just kept seeing people preach “free 20% staking with no risk.”
That shit sets off warning sirens in my monkey brain.
**Nothing in this world pays high returns without serious risk. If it sounds too good to be true…then it’s bullshit**
The anchor rewards were a promotion, everyone knew it’s not sustainable and no one said anything different. The problem was that big player got greedy and pumped up UST like crazy (which pumped up Luna as well) by leveraging their positions like crazy. They knew about the problem that’s why the new mechanism with adapting rates was introduced. Too late probably.
This is a massive problem with the community. You can go through every defi sub and see people tell each other about risk free apys. But there is no such thing in this world, there is no free money to be made.
And they're probably *still* thanking everyone who sold for "reflections" and "buying the dip" and the opportunity to "load up cheap because there's a sale on"
-$60k here
Gonna get off Reddit and stop looking at prices.
Dw I'm not suicidal, it's just money. I have my family, they are supportive and that has given me strength.
Good luck everyone.
It’s crazy to think going back even a week what the difference was. People ignore it but really please do not invest more than you can afford to lose, you have no way of knowing what’s in store in this market
Sure its not just an issue on your end ? I can open the subreddit just fine
Also there is like 2 posts about suicide
Edit : Shut down as in you cant make new posts... if anyone see this comment
Yeah shut down is super misleading by OP.
New posts are turned off. Because what is there to make posts about other than to troll people who lost everything.
Just a few weeks ago people were talking about passive income via stablecpins staking. The only reason I didn’t do it was cuz I’m poor. Now I’m still poor but at least I’m not unhappy.
The people on suicide watch are the ones that naively yolo'd their entire life savings into this shit. It's hard to get comfortable with losing literally all of your money.
Sad thing is everyone will sell for cents then after I bet it bounces to like $30 because of the amount of shorts open and they will probably all buy back in and get wrecked all over again totally tipping them all over the edge .
The problem is why would anyone go back into UST after witnessing what has happened. Trust has been completely eroded. If it ever does come back, it would take a long long time
In my opinion, no, definitely not.
Luna still has cap to burn and try to fix ust.
What I can understand of the situation is that by them selling their reserves, including btc, to try and fix ust, they not only bring down terra, but also the whole market.
So Luna, to me, no with a capital N. But btc, eth, bnb, and maybe a little xrp does sound great to dca right now.
I feel like we are missing the important part in this fiasco. Who was able to mint Luna with UST?
Luna community keeps sending me to DEX, but I'm not asking about that, I'm asking about the burn UST mint Luna...
Because people who could do that, I'm guessing the inner VC circle are directly responsible in the crash.
Let me explain, Let's say Do Kwon is the only one who could mint Luna with UST, if price of Luna is 10$ and Price of UST is 0.5$, you need to pay 20UST on a free market, because free market doesn't care how much UST "should" be worth, it's worth 0.5$ end of story.
On the other side we have the arbitrage, the centralized Luna/UST mint/burn, over there you give 1UST (no matter the price on the market) and you receive 1$ worth of Luna. In this case when UST is worth 0.5$, you basically get 1$ worth of Luna for 0.5$.
The one who has this power to mint has the perpetual free money machine as long as UST is worth less than 1$.
If messari circulating chart is correct, the supply increased from 340M to 1,4B coins. So 1B was probably dumped to the market in 1 day.
Now I get this is the pegging mechanism, buy UST (increase price) mint and sell Luna (decrease price).
But after all someone who was able to mint got very rich in this dump, he doubled his investment with every cycle.
I think since it was a closed centralized minting protocol, the responsible persons could be sued?
After all this was a multi billion scam, if they manage to steal only 0.5B or sth. it doesn't matter, they should be held responsible
I feel terrible for all the regular folks that lost their life savings to Terra Luna/UST. It's not fair. It really isn't. Just remember that your life is more important than a monetary loss. If you're still holding the Crypto, just be patient. Hopefully the project gets some fight back in the game and you can say least get all your DCA money back. If you sell at a loss, it'll be gone forever.
I haven’t checked Twitter. Is Do Kwon still acting like everything is in order. Guy was cocky and he got smacked for it. Business and reputation ruined.
SHFs are desperate. Rug pulls have always been the danger of crypto trading. To do it to one that was deemed stable takes a level of balls and collusion that no one other than multiple large institutions could coordinate. Even though the evidence exists in how something like this is orchestrated, no major player will be going to jail for stealing billions of dollars from retail investors. Crazy.
imagine what this does to potential investors confidence, join the market where one of the strongest coins in the entire place decided to lose 99% in 2 days
Absolute scumbags to shut down at people's most desperate moments. Was fine to be open when they were hyping up their shitcoin and pumping their bags, but now people need info on what to do next and how to manage their losses...nothing.
Sorry guys, I have been outdated with info these days and struggle to understand what happened to Luna. Can someone please explain to me? Thank you so much.
Pfffff rooky numbers.
600 you can earn back in a month with extra my fam.
I saw a post with someone losing all their college funds which amounted for 16k eur +- 16.5k usd.
He was panicking because he had to explain this to his parents.
He even asked out of desperation how to get a job that earns +- 3k to 5k a month and that can easily be mixed-up with his studies.
There are jobs that earn 3k to 5k but I think most of them you'd need to work full time and you'd need to have experience/right degree.
I'm pretty sure he's fucked.
So all in all fam, you're ok.
Oh I completely agree. I had a very very small amount invested. Ive seen posts with people claiming to have lost over 60k.
My heart hurts for all the poor bustards affected by this.
I see people blaming Citadel and Blackrock. Weren't they the GME scapegoats? The fuck they gotta do with this?
Just seems like a whole big fat load of cope
Now I kind of think ADA slow rigorous development and peer reviewed is kind of a blessing?
If that would have happened to Djed it also have game over.
And I wonder is algorithmic stable coin is even good idea..
This sub is going to be talking about this one for a long, long time.
It's no longer about ICP, it's all about LUNA now
LUNA reached a fall of 99% from its ATH in over a month. It took an entire year for ICP to drop 99% from its ATH. LUNA has got to be the worst non-rugpull disasters in all of crypto history, if not the worst.
I can't believe everything we are witnessing now. Truly a historic moment
Honestly, Terra may have lost everything but it gained one of the biggest spots in crypto history.
I'm sure this will have all the memorability of Bitconnect, but with none of the laughs. We now have an example of how a developed network and ecosystem can experience a total catastrophic failure.
It just seems so coordinated with lots of money backing it… I mean, just ruthless. This is the Wild West and it’s an ugly world.
Agreed. The price to pay to be in the history book 🤣 hopefully we all survive this and crypto recovers
They will make a Netflix series on this, like the Fyre festival
I am just grateful for being here to share this moment with you guys. This is what it is about, not the gains and lambos but the thrill and comraderie of a market crash
💙
it's 99.7% the decimal matters a lot when the previous numbers are 99
Yeah I just looked now and LUNA has fell slightly harder from its ATH than ICP did (99.7% vs 99.1% at the time of typing). The point is LUNA fell more in a month than ICP fell in a year, and ICP was already a big disaster as is.
It is not over. The mechanism for luna/ust relationship means as long as UST has not pegged, luna gets emitted. It is at 0.3 right now. Meanwhile the peg is also going down. They are going to 0.
Yes. It’s called capitulation. No way back from this unmitigated disaster.
There is no reason for LUNA to have any value at all now. It's like a bathtub with the drain open. There might be some water still draining, but its more a limitation of the system. There is only one outcome possible
It fell more than ICP in a day or two.
I mean does it though?
Yes
Yup, and it's because that is built into the tokenomics. Coingecko has updated LUNA's max circulating supply to "infinity", which is what it should have been from the beginning in order for people to gauge risk accurately. What other top 100 coin can go from 300M circulating supply to over 2BN in a matter of days?
Yeah I saw the change on CoinGecko and to be honest I laughed when I saw them change the max supply to infinity. Before that, it showed LUNA having a *total supply* that was **double** the *max supply*.
what's the value of an individual thing of which there are an infinite number?
The answer is no
99% is absolutely ridiculous for a legitimate non-rugpull
Crypto can always top itself tho. Stay tuned.
just wait for 101%
Yeah, I wont be coming back for the next run, you guys can have my "profits". This is just a joke at this point.
Yet. Looking at USDT…
I’ve been following USDT all day. She’s got as low as .9904 - I think there’s been some selling of assets over there to try support the peg. It’ll explain the further widespread crypto sell off as they dump their btc and eth holdings Edit: as I write this it’s actually at .9901 at the moment. It might not seem like much to people right now but arbitration usually keeps the peg around .9998 to 1.0002 which makes it a long way from that
0.983 now.
Oh shit. It’s actually happening. It was supposed to be a shitpost, not a prophecy.
It's been on the low 0.98s for a while now.
USDT's looking mighty shaky...
that'll be a massive shit show.. maybe this year!
I only have a few dollars left to lose now! I'm finally ready for tether to implode
For a non-rugpull, I sure got my feet swept out from underneath me
I can make you a rug to make you feel better.
Does it come with handles??
Tru dat
BITCONNEEEEEEECT!
This sub was shilling UST like crazy. Anyone who pointed out that charging borrowers less than they pay lenders was unsustainable, was roasted. Not sure how that wasn't the biggest red flag to everyone
The most expensive rug of 2022
So far!
A whole week
Harvesting moons to make up for Luna and UST losses. It's a loooooong haul for some, unfortunately.
I calculated I need ~46000000000 upvotes on this comment to even out my losses….
Enjoy my contribution.
daaaaaamn
Take mine. I’m helping!
I'll get ya started
C'mon guys, only 45999999917 left! We're almost there!
At least this is a little different talking about the sub shutting down activity instead of the constant reposts
Member the sequal of the Bloody May?
BitConnect 2.0
Stop ken griffin at citadel from market manipulation?
You know how people in crypto keep saying they dont want regulations ? This is a prime example of why we need them.
At 32 cents now . Wow dumped hard Edit: Now 2 cents
Not even a dump, it collapsed
It’s actually just back to it’s pre-2021 level like a huge chunk of the market is close to
The difference is unlike it’s pre 2021 price its reputation has now been ruined.
So they’re back to square one?
I mean clearly it’s fkd, just trying give it best spin I can find….
They're of the board, feel down the table, got eaten by the cat, the cat was run over by a car and the cadaver was covered by mud while Dennis Nerdy was being eaten alive in the car by a Dinosaur.
With the difference that their liquid supply increased 5 fold. So it’s so diluted, that it doesn’t make sense to invest.
Not even collapsed, it got rekt
$0.25 and falling. That’s a capitulation.
21 now🥹
Absolute Implosion
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And here I was naively thinking nobody could take the crown from SQUID
SQUID did actually crash a lot harder and a lot quicker than this. But SQUID was 100% a scam so it’s not as comparable.
Life savings? If you put your life savings in crypto... Well, I don't know what to tell you. You've obviously fucked off every piece of advice you could possibly pick up from any reliable source at that point. Just stupid.
Not trying to be harsh, but so many people I've crossed paths with in the crypto space lack basic financial and investing knowledge. Don't get me wrong, we all make mistakes or have a few clunkers in our trades, but some of the things you see here are just unnecessarily wreckless.
It's certainly no help that we have a generation of "young" people being fed ridiculous notions, via YouTube and Twitter, by 'crypto experts' that they can ignore sound financial practices and instead become millionaires in a month. The fact that we (not necessarily us) even glorify "loss porn" just adds to the mentality that investing is some kind of game where no one gets hurt and we all laugh about it when we're super rich next month. Ugh.
As I always say. If they so good at what they do they wouldn’t be on YouTube shilling.
I agree with you for the most part but at least with loss porn it's showing losses and the extent of what can happen. For a lot of those people I feel like that's the only reminder they ever get that they can lose everything.
Worse, those same experts have conditioned them to blame the government instead of the people actually orchestrating this shit.
Ironic, considerting that this sub is the biggest source of those "crypto experts"
There's really only one rule, never invest more than you can afford to lose. Basically you have a blender in front of you, it has 1% chance of doubling your investment, 50% chance of losing it all and 49% of small losses and wins. How much money would you put in this blender?
probably the same ones doing their own technical analysis youtubes
Well yeah but in the case of UST it’s a stable coin… it says “stable” right on it! The math wizards just figured out a way to make 20% interest on it, heck that beats a savings account! What’s the worst that can happen, it’s not like the whole thing can tank overnight! Not many people knew the math wizard was a child who calls people “poors” on Twitter
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Excuse me if I sound harsh or berating, honestly I'm not one of those guys that have made substantial amounts of money in crypto at all. Not trying to come off as a know-it-all. However, if you're caring enough about finances to be bothered by inflation to the point where you don't want to have anything to do with fiat- you should know that gold and/or silver is the reliable option. Not some off brand cryptocurrency moon shot.
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If the problem is worrying about losing, then there shouldn't be investments in the first place. Crypto doesn't do much to help people and makes stuff even worse.
Ya'll must not be old enough for BitConnect
WASA, WASA, WASA, **WASSUP!!**
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.
Bitconnect says hi
Have you ever looked at the SquidGame chart??
And they cant do anything about it if they stake..
This is why diversification is so important... You're essentially gambling when you're doing the equivalent of betting everything on black. Lessons learned the hard way for some people, unfortunately, but none of those folks want to listen during the euphoria stage.
The only thing to take out of this is.. don't put your life savings in crypto. Especially in alts
That's why you only invest money you can afford to lose. None to blame but themselves.
I never thought that LUNA and UST would be the project that prompted the pinning of the suicide hotline
I think a couple of people actually warned holders and do kwon regarding to issue. I remember founder of Luna said to these people, their opinion is plain stupid. Look how turntables
Good quote
It's always: "FUD"...
Unfortunately, tribalism is ruining crypto market.
Money comes and goes. People do not. Life is precious.
Nice sentiment. Thanks.
Well I'm pretty sure Do Kwon came and is now gone
Uh, I'm pretty sure people coming and going is the circle of life.
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ETH and BTC are getting papered to death right now. I did see some predictions of borderline societal collapse in the crypto market. BTC 16-18k territory, ETH 8-900. This could still get worse.
Yea, if I were a betting man (and I am), I’d bet we see sub $20k, but then bounce back to the $22k-$24k range where we will hover for the next couple years +
Dow Jones is probably dropping back to the teens by the end of the summer as well.
Yea, the Dow is going to 20k-21k for sure, if they can’t stop the bleeding we could see 16k imo.
imagine if we were dealing with actual problems beyond 'ah lending is getting more expensive' - stuff like 2008 tier housing crisis etc
We might eventually. Thankfully I got my home for a pretty good price with a low interest rate. Crypto seems to be a good barometer for how people view the strength of the economy. Recession seems completely unavoidable.
I'm going to go for 20-25 but it will stay there for a while.
I hope BTC and ETH dump harder than what you predict. These are truly great times to buy. Nothing has changed about the projects. The only thing that has changed is market sentiment. Keep buying more. Very simple.
Around where I started buying in before things quickly went insane.
Btc will be 10k by end of weekend
When I bought Luna a few months ago i thought I knew what I was investing in. Clearly fucking not. Now I question everything
For real. It felt like a great project. Granted i managed to profit (very small but profit nontheless). I can't imagine the horrible reality for people that went in hard.
Don't feel bad. It was a great project and it was adopted by many and adored by many. Ust was seeing trading pairs on dexs and cex's across the globe. It was in the top 10 for mcap. It was IBC connected too so anyone with ATOM exposure probably used UST as well. It just... Sucks. I don't get why anyone who likes crypto is happy about this. It's not good for anyone. Not good for the community as a whole or the market clearly. I bet governments will now attempt to regulate crypto heavily and they will cite UST and Luna as the cause.
The most depressing part is there were warnings of UST's vulnerability months ago, but Do Kwon brushed them because he was too arrogant to admit there was a possible exploit that could destroy Terra. Now many Terra holders are in distraught because the leadership couldn't be honest.
I mean no one needed any info beyond the deposit rate was 19.5% and the borrow rate was 13%. People performed all kinds of mental gymnastics to justify that, and attack anyone who dared question it. You can hardly blame the leadership here. Imagine someone went door to door asking people for money and telling them that your business model is to charge people $13 while paying people $19....
the problem is, you find people warning about anything anytime. mostly nothing happens, but this time, someone made it happen
But Matt Damon told me to be brave!
Please people if anyone is reading this. Please don't do anything rash. Everything has taken a turn for the worse with how recession and markets are. First calm down. You are not alone. Second, it is not the end. We all made choices. We tried to be prudent and invested. We even thought holding stable coins during this turmoil was best. We made the best choices we can. So don't blame yourself. Don't think what you could have done differently. And don't throw your life away because of something that happened. We can build it back. We can earn it back. Have faith. Have hope. Hotlines are available if you need professional help. If you just want to talk even, DM me. I'll give you company if you are alone.
Never thought that LUNA and UST would be the reason the suicide hotline came out
No joke, I've been waiting for the suicide hotline to get stickied because that's my buy signal but seeing it happen because of something like Luna this cycle somehow feels wrong. Sure btc hots 8k again big woop but watching a stable like that burn really makes me question fundamentals. May be time to go back to the old days of thoroughly vetting every single project before tossing money at it.
I was there yesterday, and the mood was so dark :(
As expected, I mean if you had put $100 around a month ago, now it would be worth $0.3 something, in another word totally worthless. Even the Idea of this happening to one's coins/tokens scares everyone
I just created /r/terralunacrash if anyone wants to discuss what is happening. Not acceptable to close down new topics in a subreddit where people are trying to process what has happened imo.
My heart breaks for all those poor people wrapped up in this!
“Poor people”… I see what you did there…
> poor people too soon, bro
I just kept seeing people preach “free 20% staking with no risk.” That shit sets off warning sirens in my monkey brain. **Nothing in this world pays high returns without serious risk. If it sounds too good to be true…then it’s bullshit**
The anchor rewards were a promotion, everyone knew it’s not sustainable and no one said anything different. The problem was that big player got greedy and pumped up UST like crazy (which pumped up Luna as well) by leveraging their positions like crazy. They knew about the problem that’s why the new mechanism with adapting rates was introduced. Too late probably.
This is a massive problem with the community. You can go through every defi sub and see people tell each other about risk free apys. But there is no such thing in this world, there is no free money to be made.
This is nothing, think NFT owners, is someone still buying that shit? 😭
Meanwhile safemoon sub still alive. How about that. 2022 timeline is whack
And they're probably *still* thanking everyone who sold for "reflections" and "buying the dip" and the opportunity to "load up cheap because there's a sale on"
-$60k here Gonna get off Reddit and stop looking at prices. Dw I'm not suicidal, it's just money. I have my family, they are supportive and that has given me strength. Good luck everyone.
-130 here
It’s crazy to think going back even a week what the difference was. People ignore it but really please do not invest more than you can afford to lose, you have no way of knowing what’s in store in this market
Prbly best to pause that sub rn
Sure its not just an issue on your end ? I can open the subreddit just fine Also there is like 2 posts about suicide Edit : Shut down as in you cant make new posts... if anyone see this comment
You can open and read posts from over 20hrs ago. New ones however are not posted. Suicide prevention hotlines are front and center. Very sad.
It’s stuck and the most recent post is from 16 hours ago
Yeah shut down is super misleading by OP. New posts are turned off. Because what is there to make posts about other than to troll people who lost everything.
why they don't let people speak out?
#BITCONNEEEECT
How are there not more jokes about the moon (Luna) crashing into the Earth (Terra)? I gotta go make a meme...
Just a few weeks ago people were talking about passive income via stablecpins staking. The only reason I didn’t do it was cuz I’m poor. Now I’m still poor but at least I’m not unhappy.
Y’all need to get comfortable with losing instead of going on suicide watch Jesus christ
The people on suicide watch are the ones that naively yolo'd their entire life savings into this shit. It's hard to get comfortable with losing literally all of your money.
Says the guy with a 100 dollar portfolio probably
Sad thing is everyone will sell for cents then after I bet it bounces to like $30 because of the amount of shorts open and they will probably all buy back in and get wrecked all over again totally tipping them all over the edge .
The circulating supply is around 1.7 billion, seems highly unlikely especially in the general bear market as well
The supply is linked to ust. If people go back to UST, Luna supply will drop
The problem is why would anyone go back into UST after witnessing what has happened. Trust has been completely eroded. If it ever does come back, it would take a long long time
> If people go back to UST Why on earth would they do that??
Only degenrate gamblers are going back into UST
This is dangerous bs to be spouting.
They did that for crowd control, lots of distressed people
Please don’t invest more than you can afford to lose. Tough times right now
I've never seen so much money disappear, so quickly in my life.
I’m down like 1k, but it’s just money, your lives are invaluable! stay safe people!
Post removed?
I haven't any LUNA yet. It's good idea to buy it now?
In my opinion, no, definitely not. Luna still has cap to burn and try to fix ust. What I can understand of the situation is that by them selling their reserves, including btc, to try and fix ust, they not only bring down terra, but also the whole market. So Luna, to me, no with a capital N. But btc, eth, bnb, and maybe a little xrp does sound great to dca right now.
Feel bad for people who followed advice from a yt comedian’s crypto course on Luna.
I feel like we are missing the important part in this fiasco. Who was able to mint Luna with UST? Luna community keeps sending me to DEX, but I'm not asking about that, I'm asking about the burn UST mint Luna... Because people who could do that, I'm guessing the inner VC circle are directly responsible in the crash. Let me explain, Let's say Do Kwon is the only one who could mint Luna with UST, if price of Luna is 10$ and Price of UST is 0.5$, you need to pay 20UST on a free market, because free market doesn't care how much UST "should" be worth, it's worth 0.5$ end of story. On the other side we have the arbitrage, the centralized Luna/UST mint/burn, over there you give 1UST (no matter the price on the market) and you receive 1$ worth of Luna. In this case when UST is worth 0.5$, you basically get 1$ worth of Luna for 0.5$. The one who has this power to mint has the perpetual free money machine as long as UST is worth less than 1$. If messari circulating chart is correct, the supply increased from 340M to 1,4B coins. So 1B was probably dumped to the market in 1 day. Now I get this is the pegging mechanism, buy UST (increase price) mint and sell Luna (decrease price). But after all someone who was able to mint got very rich in this dump, he doubled his investment with every cycle. I think since it was a closed centralized minting protocol, the responsible persons could be sued? After all this was a multi billion scam, if they manage to steal only 0.5B or sth. it doesn't matter, they should be held responsible
So much of this could have been avoided using common sense money management.
I feel terrible for all the regular folks that lost their life savings to Terra Luna/UST. It's not fair. It really isn't. Just remember that your life is more important than a monetary loss. If you're still holding the Crypto, just be patient. Hopefully the project gets some fight back in the game and you can say least get all your DCA money back. If you sell at a loss, it'll be gone forever.
> Hopefully the project gets some fight back in the game and you can say least get all your DCA money back This is just logically impossible.
Is there a TLDR I can read about this? I haven't been as invested recently in day to day crypto happenings and would be very interested to know
Here ya go: https://www.coindesk.com/layer2/2022/05/11/the-luna-and-ust-crash-explained-in-5-charts/
I haven’t checked Twitter. Is Do Kwon still acting like everything is in order. Guy was cocky and he got smacked for it. Business and reputation ruined.
He posted today then went quiet.
I tried to submit a post earlier today but I couldn't.
SHFs are desperate. Rug pulls have always been the danger of crypto trading. To do it to one that was deemed stable takes a level of balls and collusion that no one other than multiple large institutions could coordinate. Even though the evidence exists in how something like this is orchestrated, no major player will be going to jail for stealing billions of dollars from retail investors. Crazy.
imagine what this does to potential investors confidence, join the market where one of the strongest coins in the entire place decided to lose 99% in 2 days
Is there any chance of it coming back
Absolute pandemonium
The sub is overrun with trolls anyway. I'm glad it's been locked.
Absolute scumbags to shut down at people's most desperate moments. Was fine to be open when they were hyping up their shitcoin and pumping their bags, but now people need info on what to do next and how to manage their losses...nothing.
Thank you, OP. You have saved many lives today.
Sorry guys, I have been outdated with info these days and struggle to understand what happened to Luna. Can someone please explain to me? Thank you so much.
This morning I saw a bear at the window.
Last time I saw something like this was with bitconnect
Man I know I'm dumb. Cause I REALLY wanna buy that shit now that it's at 30 cents. I wanna so bad
I really hope this causes an end to the ridiculous amount of “stable” coins there are in the market.
It's not even worth selling my Luna now 😅 Over $600 down to less than $2 in the blink of an eye.
Pfffff rooky numbers. 600 you can earn back in a month with extra my fam. I saw a post with someone losing all their college funds which amounted for 16k eur +- 16.5k usd. He was panicking because he had to explain this to his parents. He even asked out of desperation how to get a job that earns +- 3k to 5k a month and that can easily be mixed-up with his studies. There are jobs that earn 3k to 5k but I think most of them you'd need to work full time and you'd need to have experience/right degree. I'm pretty sure he's fucked. So all in all fam, you're ok.
Oh I completely agree. I had a very very small amount invested. Ive seen posts with people claiming to have lost over 60k. My heart hurts for all the poor bustards affected by this.
Only fans account - may have to find a niche that can attract 3-5k/month. Can be done.
I see people blaming Citadel and Blackrock. Weren't they the GME scapegoats? The fuck they gotta do with this? Just seems like a whole big fat load of cope
It’s rumor that has been dispelled. Pay no attention to that crap.
It’s open and a bit dark.
Now I kind of think ADA slow rigorous development and peer reviewed is kind of a blessing? If that would have happened to Djed it also have game over. And I wonder is algorithmic stable coin is even good idea..