Is TERRA/Luna kickstarting a new Bitcoin Standard? - page 2.

stompix

legendary

Activity: 2828

Merit: 6108

Blackjack.fun

Quote from: icopress on May 18, 2022, 05:41:31 AM

Now I doubt the current circulation is true as they removed the online data from their website.
Two days ago it was possible to track the circulation of LUNA in real time.

I think this :
https://fcd.terra.dev/v1/circulatingsupply/luna
still works, was 6533024440477 got updated to 6533026628706 and then 6533027424422
so, it's still inflating.

Coingecko is best at finding these as it links directly to the sources, unlike CMC.

icopress

legendary

Activity: 1456

Merit: 5874

light_warrior ... 🕯️

Quote from: stompix on May 18, 2022, 02:07:43 AM

And surprisingly Terra still has a market cap of 1.1 billion, with about 6 trillion coins printed, price is $0.0001 right now [...]

Now I doubt the current circulation is true as they removed the online data from their website.

Two days ago it was possible to track the circulation of LUNA in real time.

stompix

legendary

Activity: 2828

Merit: 6108

Blackjack.fun

Quote from: LoyceMobile on May 17, 2022, 04:23:06 PM

UST isn't backed by anything anymore. I'm surprised it still has 1.4 billion dollar market cap and 12 cents per coin. I'd say it's pure speculation.

And surprisingly Terra still has a market cap of 1.1 billion, with about 6 trillion coins printed, price is $0.0001 right now, basically, they could just print a quadrillion and even if it goes to $0.0000001 they would still be worth 1 billion.
But I love the warning on CMC:

Quote from: YinShuiSiYuan on May 16, 2022, 12:11:17 PM

Sir I just posted it here to get advice from experienced guys that whether it's good to invest in LUNA at the moment or not? Previously we have seen many coins coming back to original prices after falling to ground.

The problem is that Luna is doing some real digging after this fall, soon to reach the inner core and burn up in flames.
But you could give us some examples of coins that have fallen from 100$ to one hundred of a cent and recovered since we're unaware of these miracles.!

LoyceMobile

hero member

Activity: 1643

Merit: 683

LoyceV on the road. Or couch.

Quote from: hugeblack on May 11, 2022, 07:21:28 AM

UPDATE, I just converted my $100 USDT to $250 UST, and it's my first time buying a "stable coin" because of the fluctuation.

Let's hope this will be a lesson for those trying to make a quick profit by adopting a "stable currency" and beginning to develop a better model.

How's this going? It's kinda ironic you mentioned turning it into a lesson.
UST isn't backed by anything anymore. I'm surprised it still has 1.4 billion dollar market cap and 12 cents per coin. I'd say it's pure speculation.

_act_

hero member

Activity: 868

Merit: 1094

Quote from: stompix on May 16, 2022, 07:45:35 AM

Did these morons actually sell their BTC for their stable coin which was going down in flames and still not manages to keep it afloat?
Why didn't they let it go all the way down and then buy it back when there was no more printing involved?

Yes, they buy more UST, one of the major problem of Terra Foundation Guard is because of their stable coin which is algorithmic stables coins which was not stable but unstable coin, it is not new that algorithmic stables coin are problem and that people do sell more in bear market and lead to it to be an unstable coin, they still created it and what was expected happened, I do not know what they call the problem but it would have been better for them to have just gone just for Luna or not have gone for algorithmic stables coin or they should not have made it algorithmic. After creating the shit stable coin, it brought up problem and they are just trying the take a pig from a dirty place to a clean place, but a pig is a pig.

Quote from: YinShuiSiYuan on May 16, 2022, 12:11:17 PM

Sir I just posted it here to get advice from experienced guys that whether it's good to invest in LUNA at the moment or not? Previously we have seen many coins coming back to original prices after falling to ground. Still efforts are there to revive LUNA.

People that invested on the coin at $1 are now regretting it, some people can invest and make profit from it, but know that it is extremely risky to invest in coins like Luna.

DooMAD

legendary

Activity: 3724

Merit: 3063

Leave no FUD unchallenged

Quote from: YinShuiSiYuan on May 16, 2022, 12:11:17 PM

Quote from: DooMAD on May 15, 2022, 05:31:37 AM

Did you not read the rest of the topic? People are getting shafted and you want to get involved because some random on social media is trying to create some hype, presumably to give themselves the opportunity to get out? Think this through to conclusion, please.

Sir I just posted it here to get advice from experienced guys that whether it's good to invest in LUNA at the moment or not?

It's not good. At all. You'd have to be morally bankrupt to still support the project when it's on the borderline of qualifying as a scam.

And where you're still persisting with weak attempts to hype it up, I'm starting to get the impression you're the one trying to pump it so you can get out.

Fatunad

sr. member

Activity: 2226

Merit: 347

Quote from: YinShuiSiYuan on May 16, 2022, 12:11:17 PM

Quote from: DooMAD on May 15, 2022, 05:31:37 AM

Did you not read the rest of the topic? People are getting shafted and you want to get involved because some random on social media is trying to create some hype, presumably to give themselves the opportunity to get out? Think this through to conclusion, please.

Sir I just posted it here to get advice from experienced guys that whether it's good to invest in LUNA at the moment or not? Previously we have seen many coins coming back to original prices after falling to ground. Still efforts are there to revive LUNA.

Terra is working to revive LUNA. Will it revisit its old glory?

If they wont really be solving out on having that burning mechanism or something like this then its price is nowhere to go but down or completely be dead.As i remember it does have 9 trillion over all
supply which its really that hard to believe that it would continue to have that kind of value, there are even some rumors for some new pegged token which i dont see for it to get some
attention or recognition specially that Luna does have that very unfortunate event on dropping its price to 100%.

YinShuiSiYuan

hero member

Activity: 1680

Merit: 505

Quote from: DooMAD on May 15, 2022, 05:31:37 AM

Did you not read the rest of the topic? People are getting shafted and you want to get involved because some random on social media is trying to create some hype, presumably to give themselves the opportunity to get out? Think this through to conclusion, please.

Sir I just posted it here to get advice from experienced guys that whether it's good to invest in LUNA at the moment or not? Previously we have seen many coins coming back to original prices after falling to ground. Still efforts are there to revive LUNA.

Terra is working to revive LUNA. Will it revisit its old glory?

fillippone

legendary

Activity: 2114

Merit: 15144

Fully fledged Merit Cycler - Golden Feather 22-23

The above tweets are a consequence of the publication of the following story from Elliptic:

What Happened to the $3.5 Billion Terra Reserve? Elliptic Follows the Bitcoin

Quote

Following the collapse of Terra’s UST stablecoin, questions have been asked about the fate of the $3.5 billion in Bitcoin (BTC) held in reserve to help prevent exactly such an outcome. We use Elliptic’s blockchain analytics tools to follow the BTC reserves as they were moved following UST's fall.

The fact LFG reacted to this story updating their clients on the fate of the funds AFTER Ellliptic published the story is a clear sign of the true nature of the whole operation.

stompix

legendary

Activity: 2828

Merit: 6108

Blackjack.fun

Quote from: fillippone on May 12, 2022, 06:08:37 PM

Taro, for example, will open a lot of possibilities to enable tokens on the BTC technology.

Tokens on Bitcoin will not be different than tokens on eth or Solana, the same scams, failures, and overall useless coins will bring more harm than benefits. Let's keep these outside the bitcoin ecosystem.

Quote from: _act_ on May 16, 2022, 07:26:46 AM

https://mobile.twitter.com/LFG_org/status/1526126703046582272

How to lose 3.2 billion and a few more tens of millions on top of that, not even counting the so-called market cap of Luna itself, what was that 30 billion before the whole fiasco? I can't believe how a coin full of all features, defi, swaps,nft crashes and burn like an ordinary Ponzi scheme while Dogecoin still stands there, defying every damn trend that has been invented and probably will outlive most of the top 100 coins.

oh wait:

Quote

4/ Transferred 52,189 $BTC to trade with a counterparty, net of an excess of 5,313 $BTC that they have returned, for an aggregate 1,515,689,462 $UST
6/ Sold 33,206 $BTC for an aggregate 1,164,018,521 $UST

Did these morons actually sell their BTC for their stable coin which was going down in flames and still not manages to keep it afloat?
Why didn't they let it go all the way down and then buy it back when there was no more printing involved?

_act_

hero member

Activity: 868

Merit: 1094

https://mobile.twitter.com/LFG_org/status/1526126703046582272

Quote

1/ As of Saturday, May 7, 2022, the Luna Foundation Guard held a reserve consisting of the following assets:
· 80,394 $BTC
· 39,914 $BNB
· 26,281,671 $USDT
· 23,555,590 $USDC
· 1,973,554 $AVAX
· 697,344 $UST
· 1,691,261 $LUNA

Quote

LFG | Luna Foundation Guard
@LFG_org
·
2h
8/ As of now, the Foundation’s remaining reserves consist of the following assets:
· 313 $BTC
· 39,914 $BNB
· 1,973,554 $AVAX
· 1,847,079,725 $UST
· 222,713,007 $LUNA (of which 221,021,746 is currently staked with validators)

I only focus on bitcoin, the Luna Foundation Guard (LFG) bought 80,081 BTC but now remain 313 BTC. I was kind of sentimental when the bitcoin was bought and Luna wanted to add more, but this shows again how algorithmic stables coin should be avoided, algorithmic stables coin are not stable coin just like in the past, they are unstable. UST is trading at $0.1269 presently, a coin that was $1 before.

Lanatsa

hero member

Activity: 2786

Merit: 646

Quote from: DooMAD on May 15, 2022, 05:31:37 AM

Quote from: YinShuiSiYuan on May 15, 2022, 02:55:30 AM

Someone in my Facebook friend list posted this, i am not sure if its true or not. "If you had bought the luna at its bottom $0.000001 for $1000 it would be worth more than $400K in just 3 days. I know people who made it this far and then there are people who lost millions of $$ in and was too afraid to get back in"

Can someone tell me where can I buy terra luna ??

Did you not read the rest of the topic? People are getting shafted and you want to get involved because some random on social media is trying to create some hype, presumably to give themselves the opportunity to get out? Think this through to conclusion, please.

If you are really that aware on how these shill and boost up or Fomo on a certain project and telling this and those then you would really be easily get hooked if you arent that experienced enough or knowledgeable on

how these things works or intent behind whenever a coin is on a dump state.Of course there would be people who would be buying on the dip or bottom and then its their job to hype it out on which people

would be really tending to buy and if the price increase then this is where they do released off their bags which is really a casual talk for them to raise or increase hype.

RealMalatesta

legendary

Activity: 2338

Merit: 1124

Quote from: fillippone on May 13, 2022, 06:24:26 AM

Quote from: LoyceMobile on May 13, 2022, 05:05:24 AM

TL;DR: if you want a Bitcoin Standard, forget about dollars Wink

I don’t know where you got the idea of a dollar related bitcoin standard; maybe I wasn’t clear about this.
My idea of the bitcoin standard is precisely what you described with your El Salvo coins—issued with Taro over LN.
Of course, this ElSalvo token must enable some unique feature To justify its existence and use instead of bitcoin itself.

I do agree that "crypto based" is a better term for that. I am not entirely sure if it will work though, I mean it is definitely something that is quite good if it works, but are we sure it would? We need to build a whole economy around it to make it worth something and I am not sure if we could build that.

Otherwise, if it’s going to be like an experiment then it will not reach to a level where it would work and that is why I hope that El Salvador doesn't go too deep into this. They are already a poor nation and if they spend too much on building such a thing (or even the city they are planning) that will require too much money and if it doesn't work it will be using money from a poor nation to make it even poorer.

Kakmakr

legendary

Activity: 3430

Merit: 1957

Leading Crypto Sports Betting & Casino Platform

I think they were clever enough with their gamble.....

1. They pre-mined 45% of the total supply of LUNA coins and kept it in reserve.
2. They fooled people into thinking that it was pegged to something.
3. If the plan does not work, they quickly dump the pre-mined coins to buy something to increase trust in their new pegged system.

So effectively they risked ZERO of their own money while this was running.... because they had a backup plan if it failed. (to boost it again and to have it pegged by something real) Roll Eyes

I Plan A succeeded... they would have sold the pre-mined coins for a massive profit, but it failed.... so they now has to gamble that again on something less risky. Roll Eyes

TheNineClub

full member

Activity: 616

Merit: 161

Quote from: fillippone on April 02, 2022, 06:26:12 PM

On the same interview another very interesting point, the one I was actually thinking about, was raised to the attention: WHAT is Terra? Can we think as a stable coin only? Or being backed, or if not properly backed, at least "assisted" by a BTC treasury, is in reality something different?

It is obviously something different from LN: which is a layer 2 solution allowing users to transact off chain having some BTC " pegged" to their channel.
Here, the concept is quite similar, as UST, if not properly "backed" by BTC is maybe "assisted" by BTC reserves.
The difference is of course in the monetary policy of the two systems: while LN is tied 1:1 with Bitcoin, being essentially LN a "representation " of a (future) state of the blockchain, the UST is tied to the USD, and thus, being stable to the USD, inherits the USD monetary policy.
We could think of mix situation, where a coin is tied not to BTC (deflationary monetary policy), not to the USD (inflationary monetary policy), but to the real purchasing power of the USD (and BTC)

Well, it being tied to something that is stable (and so far the dollar, euro, pound etc have been stable curencies) is what makes it stable. But maybe we should redifine what the name implies. Assisted might not be enough for us to think of it as stable, rather it maybe having some security more than others, but that's it. But then again, being backed to the fullest maybe not ehat crypto was intended to be in the first place so there is a lot to unpack here...

_act_

hero member

Activity: 868

Merit: 1094

Quote from: DooMAD on May 13, 2022, 12:47:19 PM

Some things don't deserve to be saved. Either something survives on merit or it dies. And Darwin is practically fucking the corpse now.

This thing is dead. It's meant to be this way.

I just checked the marketcap for Luna, I was surprised because I remember when the coins was still above $1, the marketcap was already less than $1 billion and it got to less than $400 million. Later I saw the price at 0.0003 and it is having a marketcap of over $2 billion presently. What kind of coin is Luna? It is having a high marketcap but plagued with devaluation. Also about UST that was $1 before, a stable coin which suppose to be stable but instead it was very volatile and falled below $0.2. It should not be about when the price of Luna will increase again, it should be about people to not trust altcoins. But with the marketcap Luna is having, the coin is not yet dead.

Quote from: DooMAD on May 15, 2022, 05:31:37 AM

Quote from: YinShuiSiYuan on May 15, 2022, 02:55:30 AM

Someone in my Facebook friend list posted this, i am not sure if its true or not. "If you had bought the luna at its bottom $0.000001 for $1000 it would be worth more than $400K in just 3 days. I know people who made it this far and then there are people who lost millions of $$ in and was too afraid to get back in"

Can someone tell me where can I buy terra luna ??

Did you not read the rest of the topic? People are getting shafted and you want to get involved because some random on social media is trying to create some hype, presumably to give themselves the opportunity to get out? Think this through to conclusion, please.

That is true but it is what that has happened and some people have the kind of rigid mind but which can be stupid mind to still invest on that coin at its lowest price, all I know is that the coin grew 10x as of now.

DooMAD

legendary

Activity: 3724

Merit: 3063

Leave no FUD unchallenged

Quote from: YinShuiSiYuan on May 15, 2022, 02:55:30 AM

Someone in my Facebook friend list posted this, i am not sure if its true or not. "If you had bought the luna at its bottom $0.000001 for $1000 it would be worth more than $400K in just 3 days. I know people who made it this far and then there are people who lost millions of $$ in and was too afraid to get back in"

Can someone tell me where can I buy terra luna ??

Did you not read the rest of the topic? People are getting shafted and you want to get involved because some random on social media is trying to create some hype, presumably to give themselves the opportunity to get out? Think this through to conclusion, please.

YinShuiSiYuan

hero member

Activity: 1680

Merit: 505

Someone in my Facebook friend list posted this, i am not sure if its true or not. "If you had bought the luna at its bottom $0.000001 for $1000 it would be worth more than $400K in just 3 days. I know people who made it this far and then there are people who lost millions of $$ in and was too afraid to get back in"

Can someone tell me where can I buy terra luna ??

Anonylz

hero member

Activity: 2562

Merit: 577

Quote from: Rikafip on May 14, 2022, 06:11:13 AM

He said a lot of bs on twitter, but the biggest one is when he was trying to calm the people down just in order to dump on them his worthless shitcoin. I do feel sorry for all people that lost money in this, but some were so greedy that even after shit hit the fan, they tried to profit from it and got seriously rekt in the process, like the guy in the screenshot below who converted all his BTC to LUNA. All in all, good riddance.

This guys timing was rather wrong assuming he actually got the nerves to change his btc to something so insanely volatile. If he was able to buy few minutes before the delist (let's say from binance) with busd pairs, he would have made ridiculous profit within that short period.
Although a very high risk and foolish thing to do, best he could have done is throw in few dollars and make quick gains instead of exchanging all his btc. I sincerely hope he didn't carry on with his ridiculous idea.

DVlog

full member

Activity: 476

Merit: 212

Tontogether | Save Smart & Win Big

Quote from: Rikafip on May 14, 2022, 06:11:13 AM

Quote from: DVlog on May 14, 2022, 12:10:14 AM

I saw an interview with him where he said 95% of coins will die and it's also entertaining to see some projects die. I have also checked his tweet and most of them show his ego and pride. Somewhere he was threatening other's projects by saying he will destroy them and in someplace he says he love chaos. That man is a lunatic a he gets what he deserves.

He said a lot of bs on twitter, but the biggest one is when he was trying to calm the people down just in order to dump on them his worthless shitcoin. I do feel sorry for all people that lost money in this, but some were so greedy that even after shit hit the fan, they tried to profit from it and got seriously rekt in the process, like the guy in the screenshot below who converted all his BTC to LUNA. All in all, good riddance.

There was a hard lesson for those who trade only with expectation and greed. Trading is a business, not gambling. I was sure about this massive dump when I saw his tweet about increasing the minting capacity from 293M to 1200M. He thought people will invest more in this dump by seeing this discount price and he will continue dumping his shit.

selling BTC for an altcoin can be only done by lunatics Wink

.

Topic: Is TERRA/Luna kickstarting a new Bitcoin Standard? - page 2. (Read 1360 times)