$1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets - page 2.

masulum

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hmph..

Quote from: crwth on May 23, 2022, 12:20:31 PM

This is just too much and I hope the people who have invested could recover from this. Imagine liquidating most of your assets to recover. I think this is one of the reasons why the market is down for a while. It's just a discounted price so maybe getting Luna is not bad? lol. ^{This is not financial advice}

After all, LUNA is a story, they instantly made people from millionaires into moneyless people, however, LUNA has also created new millionaires, this happen again for people who managed to buy at the price of 0.0000012 a few days ago, and then pumping happens to 0.0005, this is an important lesson for all of us to always pay attention to potential dumps.

If we are just a trader, it would be very good if we always set a stop loss. Thus, we can at least save some of our money. However, sometimes people think of buying back, and when they do not pay attention to market conditions, they have to cut losses again.

Now, LUNA holders must think well, lost money can be found with other invested money in the future, lest the case of 8 people who committed suicide because of LUNA doesn't happen again. I thought that the 2017 case would not be repeated, but LUNA made this dark history happen again. Hopefully this is the end, in the next bear market, no one will give up their lives because their assets go down after investing in crypto.

JeffBrad12

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The small investors of luna will be so hard to accept this but based on what happened and they are loosing their money and the will never able to recover it. As far as i know that if CZ was loosing only small amounts of money but compared with the small investors which have been loosing their life and what already happened with binance was nothing. UST holders got nothing and these holders are abandoned. Do kwon think that if ust is not useful anymore. It was choosing to reimburse the UST hodlers through distributing the new token.
It's very sad to see that but in this case UST holders are loosing everything.

crwth

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Quote from: Strongkored on May 23, 2022, 07:09:50 AM

I've never touched LUNA so far especially after what happened not interested in entering their market and what happened to luna gave a lesson that crypto is very risky so you have to understand each risk well

This would be a decision that would make or break you in terms of how much you are willing to risk and that you will believe that Luna will and can recover from the current happenings. We all know that UST has been left for dead and wouldn't come back but for Luna, it might be a different story. This is why I'm wondering if anyone would see how risky and might be profitable in the coming year Luna can be if it recovered or something.

Quote from: D ltr on May 23, 2022, 10:38:16 AM

will not buy back luna , i have sold my luna when the value fell 30% of my initial capital at least i didn't lose too much
I'm grateful I'm not like my other friends they haven't had time to sell their Luna

At least you have cut your losses earlier. It seems that would be just hours before it all came crashing down, right? I'm pretty sad for the people who have lost 99% of their investment in Luna. That's just terrible.

This is just too much and I hope the people who have invested could recover from this. Imagine liquidating most of your assets to recover. I think this is one of the reasons why the market is down for a while. It's just a discounted price so maybe getting Luna is not bad? lol. ^{This is not financial advice}

Anonylz

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I was actually shocked to hear that from cz, that was a huge amount of money that went under the bridge. This luna incident really affects many investors, retailers, whales and even exchange like binance. I know binance is a big exchange and may not feel the impact of this loss but am sad for the retailers and small investors who had their life savings on luna, i think for their sake, Do kwon needs to do something to save luna so that investors can recover their loss.

Tony116

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Quote from: Mehedi72 on May 23, 2022, 01:06:39 AM

Not only him but also there are others billionaire who's fund trun into zero because of luna. Even there are lot of people including my friends who became rich by holding with big amounts of luna and those persons are lost everything now.
Its good to see Binance CEO, Zhao requested luna team for compensation but reality is, luna team will never give any compensation to anyone as luna is already scam. So don't hope again with this token and its better to move on

Zhao and Vitalik suggested to the Luna team to compensate retail investors first instead of compensating funds, but I also think they will never do. Luna is the biggest scam project in the crypto industry and should stop hoping for its return and they will compensate us. The Korean government is said to be looking into the collapse of Luna, which caused billions of dollars in losses for investors and I hope Dokwon will be summoned to the court soon to explain the case.

Not only Binance but also other venture capital funds such as Three Arrows Capital, Galaxy Digital and Pantera Capital also confirmed huge investments in Luna and most of them suffered heavy losses due to Luna.

diminizio

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Well, even though it's a big loss but something like this can't be predicted with certainty. We always think that LUNA, which is already in the top ten positions on coinmarketcap, will survive in the long term and can even grow well seeing the development of its projects which are in great demand. But everyone was shocked by the attack on LUNA which cost a lot of people, and it really won't be recovered in a short time, there is no other way but to accept it because we are prepared to invest with this kind of risk.

D ltr

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Quote from: crwth on May 23, 2022, 04:41:18 AM

Has anybody thought of buying Luna despite what's happening?

will not buy back luna , i have sold my luna when the value fell 30% of my initial capital at least i didn't lose too much
I'm grateful I'm not like my other friends they haven't had time to sell their Luna

asriloni

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Quote from: RussianEnglishTranslation on May 23, 2022, 09:47:38 AM

Terra was a scam from the start and CZ is holding the BTC reserves,

The bitcoin was only sitting in the binance hotwallet and i guess terra ceo and binance cz were know everything about the funds. This is a very big question that have not answered yet. As you can see there are bunch of people that have been complaining about that. The problem is public can't know so well about the transparency. If you are seeing fatman and there are bunch of questions that being asked anytime. CEo of luna was refusing to answer about where is the fund through give the proof of transaction.
Do kwon was silently using the funds to buy lambo maybe.

RussianEnglishTranslation

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Terra was a scam from the start and CZ is holding the BTC reserves, they were never sold to support the peg. The silver lining is that anyone affected by Terra can claim a free airdrop from Candle Labs and there are bounties for the Luna devs from NEAR protocol and CandleLabsdotorg. I think BNB chain has a grants program too but Candle is the only one I am aware of that is giving out airdrops and bounties. I received mine over the weekend.

X-ray

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Even CZ was calling this as the most stupid developers. They were taking a very big risk by betting into the new token that will be released soon. CZ was saying like that caused by binance was not the same like retail company, this company is having so many reserved funds and im sure that small amounts that have been loosing to the UST and LUNA meant nothing for binance. The different thing when it was like stablegain which was a small startup platforms that didn't have reserved funds and whole of team must be jailed as investors are filling legal action against this small startup

kojektea

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this was an unexpected event, everyone would assume that LUNA is in the top 10 coinmarketcap positions, it has made us believe that investing in LUNA has very good potential for the future, even Binance CEO classmates are also affected, not only us who lost assets. It's really terrible, some people even put all their assets in LUNA then they can't withdraw it, but anyway regret can't be done, all we do is accept big losses from LUNA's investment and learn from this experience.

uelque

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Quote from: Flexystar on May 23, 2022, 12:08:41 AM

I am not sure how Terra will help Binance, but CEO Zhao requested the project team to compensate the Binance users for this down turn.

I don't think Terra can compensate binance users for what happened because the project team is surely in a big loss too plus they are having problems with how they can further save their coin. Plus there are millions of binance users. And I also don't think luna can ever recover from what happened, for me, there is a very high chance that it will just keep on going down no matter what the project team would do. It's much better for them to just start a new project and learn from what happened and try to make a coin much better than luna and then try to compensate luna investors somehow afterward if they can.

sunsilk

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It's likely that the Terra foundation has given a huge chunk of Luna as they've became listed to Binance. CZ didn't saw that coming when the price plummets so fast and he probably thought that it will recover.

But looking at the perspective and recovery plan of Luna and UST, there's no hope as he said it from his mouth. Yeah, he might be poor again as a meme but he's still a billionaire.

Bitstar_coin

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I like the way cz open up to the public on Twitter about their investment in luna because some Twitter users already accusing cz of dumping their luna bag even when he did nothing of such. Cz shows his commitment to what he does, he didn't chicken out when the ship was sinking despite the huge amount. I doubt same can be said about the luna ceo Do Kwon, he must have probably sold his bag before the whole thing went down.

Ararbermas

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Quote from: Dr.Osh on May 23, 2022, 06:43:06 AM

even so, it is clear that the CEO of Binance is disappointed with the project. The proof is, Binance had announced that it would delist LUNA and UST coins, but it was canceled with several conditions. despite his huge net worth, losing $1.6 billion would also have an impact on the company or himself. however, this happened not only to binance, but to most LUNA holdings before the dump occurred. I see that CZ wants to support the recovery of this project, but seeing that this project has reached the bottom, I think this even takes a long time and costs a lot of money

i think it will not getting worse as well if binance didn't announced that luna would be listed, because surely it can make an impact. Now they're disappointed? Well, obviously a lot of people not only them, especially those who put all in and entire savings and now become literally poor again. Lol and i know that what CZ said above is a message for everyone that we need to accept the results, not because he lost a large of money in it.

Strongkored

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Quote from: Flexystar on May 23, 2022, 12:08:41 AM

I am not sure how Terra will help Binance, but CEO Zhao requested the project team to compensate the Binance users for this down turn.

Before the LUNA team gives compensation they are obliged to be transparent about what actually happened. But the next question whether they are able to compensate may be their compensation move by creating new coins and taking snapshots of LUNA holders

Quote from: crwth on May 23, 2022, 04:41:18 AM

Has anybody thought of buying Luna despite what's happening?

I've never touched LUNA so far especially after what happened not interested in entering their market and what happened to luna gave a lesson that crypto is very risky so you have to understand each risk well

Dr.Osh

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even so, it is clear that the CEO of Binance is disappointed with the project. The proof is, Binance had announced that it would delist LUNA and UST coins, but it was canceled with several conditions. despite his huge net worth, losing $1.6 billion would also have an impact on the company or himself. however, this happened not only to binance, but to most LUNA holdings before the dump occurred. I see that CZ wants to support the recovery of this project, but seeing that this project has reached the bottom, I think this even takes a long time and costs a lot of money

Baofeng

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Quote from: nimogsm on May 23, 2022, 04:58:06 AM

I think he is absolutely calm because he will earn a lot more over time.In a business where there is such a lot of money, it is simply not possible without mistakes, a lot of people have lost their money and it will be a very expensive lesson for many that there is no stability and reliability in cryptocurrency.

Of course he will, maybe he just want to magnify and let everyone know that he lost too. But for sure, he has a lot of investments that he is not telling us and he still worth billions.

And maybe he will also telling us subliminally that crypto investment is really a big risk, it's either you know how to mitigate the risk or you have plan B, (invest what you can afford to lose).

inanilujimi

sr. member

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Maybe this is what is called a real diamond hand.
I applaud that CZ is more concerned with small investors first than having to be concerned with himself for compensation that doesn't necessarily exist.
but it must be remembered that there are also many people who make big profits when buying dip luna.

nimogsm

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I think he is absolutely calm because he will earn a lot more over time.In a business where there is such a lot of money, it is simply not possible without mistakes, a lot of people have lost their money and it will be a very expensive lesson for many that there is no stability and reliability in cryptocurrency.

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