Hi HODLers,
The bleeding is over... $LUNA and $UST died today... They will go into the Crypto Pop Culture as previous failed projects: ETH DAO, Bitconnect, etc...
The market has acted that these coins are dead and therefore is even moving on over the past 2-3 hours.
I am truly for those that lost their life savings and I have heard terrible things with some even considering taking their lives...
You will get better, financially and mentally.
We are going to face heavy regulatory pressure as I tweeted recently.
The FED has been waiting for this to exploit the public opinion against cryptocurrencies.
UST Price Chart
LUNA Price Chart
I have never see a coin go to 0 in 3 days. Not to mention a Top10 one... Crazy Algorithm I guess.
Stay safe out there, it is a crazy world...
I am really feeling for those who invested heavily into those coins, I heard a lot of stories that got me scared. Such a pity and it might be very difficult to see this project bouncing back.
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It's me again with one more comment
I've just noticed that LUNA printed 6trillion new tokens within recent few days. So even with enormous price drop - they still have market cap above 2$ trillion.
Which is more than BTC or ETH :/
Isn't shocking?
They must figure out how to burn some of current supply. or price of LUNA will tank even more. It is simply not possible for them to be the number 1 crypto (in terms of market cap)
What do you think?
Yours, Piotr
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Hi @vlemon
I fully agree. This is going to bite us all heavily.
Talking about LUNA recent crash - it's indeed such a challenging (and devastating) time for so many investors out there. And for all those people, who decided to store their wealth in UST - people who didn't accept risk of losing their funds (as we do, when we invest in crypto project). All those people hold UST, assuming that they do not take any risk and are just preserving their capital in something which was supposed to be a stable coin.
Many things had happened since LUNA and their UST expolded. In just a couple of days we've already witnessed blame game starting: Blackrock and citadel (together with Gemini) has been accused of market manipulation and they were already blamed for well coordinated attack.
I'm not sure where that rumour came from. Also I dont think that Blackrock or Citadel would ever confirm if they indeed were behind this crash. It seem to be obvious that both would deny. So we may have to wait to know the truth (we may never learn it either way).
It's also hard not to have an impression, that LUNA became a target because they were the first large project which wanted to back up their stable coin reserves with another crypto (BTC). That could anger many powerful people and it would challenge USD as a reserve currency. So perhaps this was the reason why LUNA had to be "an example". So others would not follow ...
PART 2:
I truly wonder if LUNA may find a way to get out of current trouble. They apparently have solid community and many developers building on their blockchain. So perhaps someone new may take over LUNA, get rid of current CEO (Do Kwon), remove UST from their ecosystem (and replace with some traditional stable coin) and try to kick-start this project.
Any thoughts on that? Also: do you hold any LUNA yourself? I bought like 300k during recent dump (spending only small amount of $$$). I accepted that it may be worth ZERO, but having some "skin in the game" is making me research more about this project and follow upcoming news related to it.
Enjoy your weekend buddy,
Yours, Piotr
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Hi Piotr, Nice to have a comment from you!
This seems like a conspiracy theory as of now but could definitely be the case!
As I stated, I believe that if I was the head of the FED or a powerful US person, I would try to shot down this initiative as it does not take a real USD as backing!
If there will be stablecoins, I want them to be backed by the USD printing machine aka the US central bank!
I do not know if they will ever make it back. Probably worth a bet but I believe the damage to the project is too high. Also there are regulatory lawsuits coming in South Korea.
The only thing good on LUNA was UST. And this is gone forever imho.
Thank you so much for this great comment!
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@tipu curate
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Upvoted 👌 (Mana: 3/6) Get profit votes with @tipU :)
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There can still be a resurrection for the Luna token in the future who knows
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I wouldn't touch it for sure...
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It is a complete disaster that will leave one hell of a mark on the future of crypto..let's hope the team can come up with some solutions to compensate those most affected. It seems that Binance is offering help, so let's wait and see
Thanks for sharing @vlemon
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They might come up with something but trust is broken. I believe this is over for Terra...
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Hello @vlemon
Well, yes, it is terrible what is going on, I think even families sold their houses to put the money into this DeFi protocol, which seems really crazy to me, but everyone has their own view of things.
I'm just writing about the interests of some big banks, even the FED in having something like this happen to have more basis to attack the crypto environment.
Let's wait and see what happens, but in the midst of the crisis, this even lends itself to divert attention to other areas.
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I read about it, it could be true and if I were at the top of the FED. I would love something like this to happen. But for now, we do not have any evidence (yet?)
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Your post was upvoted and resteemed on @crypto.defrag
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