1 Billion USTC Burned ! possible X100 Increase

Xal0lex

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Quote from: rum19980 on June 04, 2022, 12:49:43 PM

Hi everyone
more then 1 Billion USTC burned in the previous few days USTC Total & circulating supply was 11 Billions now
reduced to 10 Billions only do you think the price of USTC will go to 1$ if they burn more USTC ?
https://coinmarketcap.com/currencies/terrausd/

Well, what x100 can have an absolute scam, on which even the institutionals lost money? Obviously, there will be no such growth, everyone has switched to Terra 2.0. There is no point in pumping liquidity into an old project. If it were that simple, the developers would just burn a huge amount of coins to spur the project into insane growth. Why the whole Terra 2.0 campaign then?

Charles-Tim

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Quote from: serjent05 on June 04, 2022, 02:33:56 PM

There is no assurance that the price of USTC will go up to $1 again after they burn a certain Billion of tokens. We should consider first the factors that affect the price of the crypto market. We all know that investors' trust in Luna is wavering and the demand dictates the price of a token. So no wonder how many UST tokens they burn, if they don't rebuild the trust of investors, all this burning will be in vain.

USCD is not an algorithmic stables coin like UST, algorithmic stable coins had history of unstable price unlike stable coins like USDT, USDC and other fiat backed stable coin, UST is never like that but a coin that. Even if the some supply of USDC is truly burned, it will be done in a way it still maintain its stable price of $1.

Quote from: Dr.Osh on June 05, 2022, 12:21:04 AM

if the CEO wants to fix this, he needs to stabilize the new coin, as well as compensate the people holding UST before the price drops.

There is nothing that can be done if the coin remain algorithmic stable coin, its price can never be stable unlike fiat backed coins like USDC.

Dr.Osh

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In fact, the stability of a coin is not based on the burn, but how stable the coin is backed by the backing. however, currently USTC actually has a very far from stable coin price. even when it was burned, the price was still at $0.01xx. I'm pretty sure that people are afraid to hold this coin steady. if the CEO wants to fix this, he needs to stabilize the new coin, as well as compensate the people holding UST before the price drops.

bittick

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The burn meant nothing. this scam token has no reserved fund to back it to be back as stable token again. I hope that if you shall not be so stupid to believe the burn will bring the price of USTC back to go up. This will never happen. The main thing is if you are watching it correctly and then you may need to understand how it works.

1. It's not backed by anything.
2. The supply is still huge and that's why this become another shit token.
3. All of reserved funds to back this already drowned by the developers.

No chance for this scam token to go up again.

Baofeng

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Burning will not save USTC, I think it will just show it's weaknesses again. How can they say that burning will be a good solution long term? They really need to back it up 1:1 to USDT and it's obvious that they don't have the capital right now and I doubt that they can recover what they've lost here.

And on the contrary, I think it just makes things complicated, maybe they are using other models like like Evergrow Coin (https://evergrowegc.com/), but for Luna it might be different because they just came from a big disaster and again, this might not restore to it's peg of $1.00. And if it ever does, there could be more questions going to be raised as this might be some entities manipulating the price. So it's a lose-lose situation for them.

TimeTeller

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Quote from: batang_bitcoin on June 04, 2022, 05:51:59 PM

Even if they burn all of it, a lot of people have already lost their confidence and trust to anything that's related to Luna Foundation Guard. Don't be too overhyped with such moves because it's already too late for them. What's done is already done and it cannot be retrieved anymore and even if they do it correctly this time, there are issues and cases that the owners and members of it has to face in South Korea. That's already a red flag and if they ever overcome it and win against those allegations or able to answer most of those cases. Still, go back to the first cause of it because it's hard to return the trust of the community.

Please be cautious on this project if you decide to invest again on this team.
They can always pull off another scheme because right now, it seems they can get away with it.
A lot of people were screwed and ruined by this project, so better think many times before you jump again on this one.
No one can assure you that you can gain profits from this. But for me, one thing for sure is that the team already gained much from their project.

batang_bitcoin

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Even if they burn all of it, a lot of people have already lost their confidence and trust to anything that's related to Luna Foundation Guard. Don't be too overhyped with such moves because it's already too late for them. What's done is already done and it cannot be retrieved anymore and even if they do it correctly this time, there are issues and cases that the owners and members of it has to face in South Korea. That's already a red flag and if they ever overcome it and win against those allegations or able to answer most of those cases. Still, go back to the first cause of it because it's hard to return the trust of the community.

nurilham

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Quote from: rum19980 on June 04, 2022, 12:49:43 PM

-snip- do you think the price of USTC will go to 1$ if they burn more USTC?

If there will be more burnings, it is very possible that the price increases. But no one can guarantee the price to increase to $1. The price is purely determined by the market, so the price is difficult to predict. However, with the current price $0.017, it won't be easy to increase to $1. And USTC needs a bigger thing to make people more interested to buy it. Not only about burning, but USTC must also have another reason to value $1. The current situation seems not proper to support $1 as the value of USTC.

bitkanu

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Even after billions of burning it barely does nothing with its value, I'm guessing that most of the former UST holders has deducted that at this point UST is just a shitcoin and nothing more, not to mention that the LUNA Classic is also considered as garbage abandoned even by its own team.
I'm guessing even if they did burn half of the supply it barely does nothing to the value at all so it's better just to move on, maybe the team just gonna release a new version of UST in the future instead.

Jating

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Well that's the first goal right, peg it to 1:1 as this is so called stable coins. But still that's a long way to go from the current price. And specially with the way the market is moving right now, I seriously doubt that they can back from its glory days. I mean the investors lost a lot of money on them, and you can't fool this investors twice. In the first place, why do they go with this kind of strategy anyways, it's not the first time that we've seen coins even though billions have been burn, the tokens is still not worth to their projected price.

Kavelj22

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Maybe if it wasn't a stable coin (should be backed by dollars), the value of the rest supply portion after burn should go high as the supply becomes limited.
However, and for almost all the cryptocurrencies "called stable", they are backed by nothing, means created from thin of air. Burning them (or a portion) at a certain level cannot give the reason of even why they were burned or even why they were created at first place.

MAAManda

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Quote from: rum19980 on June 04, 2022, 12:49:43 PM

do you think the price of USTC will go to 1$ if they burn more USTC ?

In theory, if the supply decreases in the market, then the price will rise, so if USTC is burned even more, it is not impossible for USTC to return to the price of $1. The question is, will we see massive burning? of course not. $LUNC and $USTC are failed projects, the team from Luna itself will of course prioritize their V2 project. Don't expect too much from failed projects like $LUNC and $USTC.

youdacapt

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Quote from: rum19980 on June 04, 2022, 12:49:43 PM

Hi everyone
more then 1 Billion USTC burned in the previous few days USTC Total & circulating supply was 11 Billions now
reduced to 10 Billions only do you think the price of USTC will go to 1$ if they burn more USTC ?
https://coinmarketcap.com/currencies/terrausd/

Token burn does not lead to rise in price. You cannot just burn tokens for the sake of it. If i may ask, which token was burnt. Is it the tokens from the total supply that was burnt? or tokens were bought back from the circulating supply to be burnt? There are more strategic ways to push up token price and this comes with building valuable products and value. Burning tokens from the total supply will make zero effect.

Also, why are you shilling here ? lol

serjent05

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There is no assurance that the price of USTC will go up to $1 again after they burn a certain Billion of tokens. We should consider first the factors that affect the price of the crypto market. We all know that investors' trust in Luna is wavering and the demand dictates the price of a token. So no wonder how many UST tokens they burn, if they don't rebuild the trust of investors, all this burning will be in vain.

rum19980

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Hi everyone
more then 1 Billion USTC burned in the previous few days USTC Total & circulating supply was 11 Billions now
reduced to 10 Billions only do you think the price of USTC will go to 1$ if they burn more USTC ?
https://coinmarketcap.com/currencies/terrausd/

Topic: 1 Billion USTC Burned ! possible X100 Increase (Read 135 times)