Is TERRA/Luna kickstarting a new Bitcoin Standard? - page 3.

HedgeFx

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All in is for poker players, not for trader. Keep calm and learn the lesson

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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.

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Rikafip

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Quote from: fillippone on May 13, 2022, 05:50:58 PM

This is what I like in crypto: imagination is the only limit: if you can think it, it will happen sooner or later.
Finding 1B capital could be the most difficult part for most, but if the plan is well organized, then the funds will come.

DeFi is like a playground for all those smart people that can find flaws in their "inventive" mechanisms and instead taking this as a constructive criticism, cocky bullshitter easily dismissed it.

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.

DVlog

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Quote from: fillippone on May 13, 2022, 05:50:58 PM

Quote from: Rikafip on May 12, 2022, 11:08:32 AM

I just saw an interesting tweet from November 2021 in which one user explained how its possible to break Terra and make shit load of money in the process and all you need to do it is 1 billion usd. And of course having "detailed understanding of the Terra Ecosystem". Do Kwon reaction didn't age well.

Twitter thread: https://twitter.com/FreddieRaynolds/status/1463960623402913797

I saw this thread elsewhere, and came here to post it, but I just discovered that I had somehow missed your post.

This is what I like in crypto: imagination is the only limit: if you can think it, it will happen sooner or later.
Finding 1B capital could be the most difficult part for most, but if the plan is well organized, then the funds will come.

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.

fillippone

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Quote from: Rikafip on May 12, 2022, 11:08:32 AM

I just saw an interesting tweet from November 2021 in which one user explained how its possible to break Terra and make shit load of money in the process and all you need to do it is 1 billion usd. And of course having "detailed understanding of the Terra Ecosystem". Do Kwon reaction didn't age well.

Twitter thread: https://twitter.com/FreddieRaynolds/status/1463960623402913797

I saw this thread elsewhere, and came here to post it, but I just discovered that I had somehow missed your post.

This is what I like in crypto: imagination is the only limit: if you can think it, it will happen sooner or later.
Finding 1B capital could be the most difficult part for most, but if the plan is well organized, then the funds will come.

Rikafip

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Quote from: The Sceptical Chymist on May 13, 2022, 05:34:16 PM

Quote from: Rikafip on May 12, 2022, 11:08:32 AM

I just saw an interesting tweet from November 2021 in which one user explained how its possible to break Terra and make shit load of money in the process and all you need to do it is 1 billion usd. And of course having "detailed understanding of the Terra Ecosystem". Do Kwon reaction aged well.

Jesus, you all are probably going to think I'm an order of magnitude more retarded than usual, but I'm just now learning what UST is and its relationship to Luna and whatever else....I know I don't follow a lot of altcoins, but it seems like this is a very big deal.

Hah, you are not the only one who had no clue really about Terra and all of their shenanigans. I started following the situation closely few days ago after shit hit the fan mostly due couple of my friends who lost decent amount of money in this clusterfuck.

Whole that stablecoin mechanism aside, they were giving 20% APY on UST via their defi platform Anchor and that's all really you had to know about this. It simply couldn't end up well.

Quote from: The Sceptical Chymist on May 13, 2022, 05:34:16 PM

But hey, I had some cash yesterday and bought a little BTC at my local gas station BTCATM. Sucks for the crypto community as a whole, but I actually like to buy low.

Same thing here, I also seized the opportunity and bought myself some bitcoin at a hefty discount.

The Sceptical Chymist

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Quote from: Rikafip on May 12, 2022, 11:08:32 AM

I just saw an interesting tweet from November 2021 in which one user explained how its possible to break Terra and make shit load of money in the process and all you need to do it is 1 billion usd. And of course having "detailed understanding of the Terra Ecosystem". Do Kwon reaction aged well.

Jesus, you all are probably going to think I'm an order of magnitude more retarded than usual, but I'm just now learning what UST is and its relationship to Luna and whatever else....I know I don't follow a lot of altcoins, but it seems like this is a very big deal.

Sadly, I heard about this whole debacle via Youtube, and in particular this video from a guy I'd never seen before who looks like a shell shocked war veteran but sounds more naive about financial markets than someone who probably makes money talking about markets should be. Knowledgeable, perhaps, but to be surprised that black swan events happen more often than predicted tells me that he's too young and green to be dishing out information. But judgement is coming from someone who's seen those black swans flap their evil wings before, so I'll cut the dude some slack.

But hey, I had some cash yesterday and bought a little BTC at my local gas station BTCATM. Sucks for the crypto community as a whole, but I actually like to buy low.

stepwilli

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Quote from: Pejoh Asu on May 12, 2022, 05:17:13 AM

I do not understand why Terra is almost dead and even stable Terra coins are also valued cheaper, I try to find any information about Terra but it seems that information is only speculation that is the fulfillment of Ust holders so that they sell Ust while Ust enthusiasts continue to decline and make prices corrected by more than 40%.

Because, Luna team printed copious amount of Luna and that resulted with the price dropping due to inflation. What they basically did was printing luna, and then using that luna to buy UST, keeping the price of UST higher, and then using the UST to buy bitcoins as well, making their leverage against the shorters better. This resulted with them having a ton of UST and BTC which allowed those two to be strong in their hands.

But, when we are talking about luna getting sacrificed for it, there is no reason why we should believe that it would recover. What they could do right now would be buying Luna with all the bitcoins they have, but then how would they defend UST if anyone attacks again?

philipma1957

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

Quote from: DVlog on May 13, 2022, 10:02:02 AM

I do not know if luna could be rebuilt or not but it will be one of the biggest disasters in crypto history and shows us sometimes how vulnerable Defi could be. May be team could save luna by leaving UST.

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.

First post in thread Apr 2 today is May 13.

Over 3 billion lost in under 45 days. by luna/ust

And if you can find the entire “crypto” cap for

April 2 and may 13 I am sure the entire cap dropped over 300 billion.

I am going to look for those numbers as it could be 410 billion which would mean the moron caused 10 billion a day to be lost for 41 days.

today coinmarketcap says the market is 1.283 trillion

my mistake april coinmarketcap was 2.1 trillion

so 820 billion drop in 41 days is 20 billion a day.

nice job by luna /ust real nice.

DooMAD

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Quote from: DVlog on May 13, 2022, 10:02:02 AM

I do not know if luna could be rebuilt or not but it will be one of the biggest disasters in crypto history and shows us sometimes how vulnerable Defi could be. May be team could save luna by leaving UST.

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.

LoyceMobile

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Quote from: DVlog on May 13, 2022, 10:02:02 AM

I have also heard that Do Kown shorted his luna after selling his reserve BTC in a loss.

I didn't follow the "who's who" in Luna land, but if this is the same guy in charge of "minting" much more Luna, then it's obvious he knew shorting would pay off.

I now wonder how many people will end up in jail for this.

DVlog

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I do not know if luna could be rebuilt or not but it will be one of the biggest disasters in crypto history and shows us sometimes how vulnerable Defi could be. May be team could save luna by leaving UST. If they really could repeg UST then it already lose its trust and no one will hold that again. So the team's best bet was to save luna which was not their priority.

I have also heard that Do Kown shorted his luna after selling his reserve BTC in a loss. This could be rumors but if this is true then he knew what is going to happen with luna but he didn't warn his community not to buy luna. His mountain-high ego and pride make enemies around him.

LoyceMobile

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

I don’t know where you got the idea of a dollar related bitcoin standard; maybe I wasn’t clear about this.

I got the idea from mentioning UST, which is was "backed" by Bitcoin for it's dollar value.

Quote

My idea of the bitcoin standard is precisely what you described with your El Salvo coins

In that case: it turns out we agree all along Wink

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Of course, this ElSalvo token must enable some unique feature To justify its existence and use instead of bitcoin itself.

That's why I used the example of physical banknotes. It's quite unique nowadays already if they're backed by anything, but backing by Bitcoin would be unique for sure.

fillippone

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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.

LoyceMobile

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

Quote from: LoyceMobile on May 12, 2022, 01:17:54 PM

The whole idea of a Bitcoin Standard is wrong: with the gold standard, a dollar was worth a certain amount of gold. With a Bitcoin Standard, a TerraShitcoin should have been worth a certain amount of Bitcoin. That would make it just another fake wrapped Bitcoin, so there's no point other than earning money for the creator.
You can't use one thing to peg something to something else.
That means the "Bitcoin Standard" is just as buzz word, typical for money grabbing schemes.

Well, I won't be so sure about this.
What is a BTC on the lightning network? Those are satoshi outside the blockchain pegged to Satoshis on the blockchain.

Bitcoin LN is not just pegged, it's pegged by signed transactions. But more importantly: it doesn't make any promise about the value in another currency than it's own. That's a crucial difference.

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

This was the main purpose of this thread, without getting too interest in LUNA's fate. But of course, things in this universe happen often faster than thought.

I'd expect an opposite implementation of the Bitcoin Standard: let's take El Salvador as an example, and let's assume they implement a Bitcoin Standard. Instead of holding 10 tonnes of gold, they hold 19,348 Bitcoin (worth about the same as 10 tonnes of gold). The can now issue banknotes, let's call them ElSalvos, worth 19,348 Bitcoin. If they issue 1 billion ElSalvos, each Elsalvo is worth 0.0193mBTC. At the El Salvador Central Bank, you can exchange your ElSalvos for Bitcoin if you want.

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

_act_

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Quote from: hatshepsut93 on May 13, 2022, 01:26:04 AM

This isn't the first time DeFi and algorithmic token resulted in a disaster, and not the last one.

That is true, it has not been the first time algorithmic stables coin are like this, they are not stable, if anyone wants to go for a stable coin, it is better to go for the ones that are backed by fiat like dollar, out of the four types of stable coin, algorithmic ones are the worse and they are not stable coins but unstable, not that they are only unstable, they are unstable in a way the price will decrease significantly. I saw TerraUST at $0.9 and it decreased further to $0.7 and them to less than $1, UST which is TerraUSD is now at $0.1638, that is definitely not a stable coin.

hatshepsut93

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Quote from: hatshepsut93 on April 08, 2022, 06:26:51 PM

Call me a Bitcoin maximalist, but I view all these algorithmic stablecoins as just a new and more elaborate method for scamming investors and traders - we've seen quite enough rugpulls, hacks (that could be just inside jobs), premine dumps, pump and dump schemes. So the fact that some shitcoin project owns a lot of BTC to support the price of their token doesn't mean anything - in the long run they will have to liquidate more and more BTC to support the price. I don't see any reason why would the masses want to adopt this token, and that's the thing that most people ignore - it doesn't matter if a token has web3, NFT, smart contracts, zero fees and all the other stuff that is there to attract investors; without real users such product is doomed.

My comment aged well Cheesy

This isn't the first time DeFi and algorithmic token resulted in a disaster, and not the last one.

Quote from: stompix on May 12, 2022, 01:38:46 PM

Quote from: Dunamisx on May 12, 2022, 01:28:20 PM

I don't think Luna will make it to live again because it has gone as far below 0.04 as at this morning

It's below one cent, 0.008.
I find it funny how a lot of bagholders that are screaming now about how this has happened were the same people mocking Warren Buffett on Twitter for being an old fart and not understanding how revolutionary Defi is.

And average crypto enthusiast knows nothing about the technology and how it works, they invest purely on endorcements and popularity of hashtags. The altcoin and token market is just one big HYIP, people just refuse to realize it and still want to believe that it's a legitimate industry.

fillippone

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Quote from: LoyceMobile on May 12, 2022, 01:17:54 PM

The whole idea of a Bitcoin Standard is wrong: with the gold standard, a dollar was worth a certain amount of gold. With a Bitcoin Standard, a TerraShitcoin should have been worth a certain amount of Bitcoin. That would make it just another fake wrapped Bitcoin, so there's no point other than earning money for the creator.
You can't use one thing to peg something to something else.
That means the "Bitcoin Standard" is just as buzz word, typical for money grabbing schemes.

Well, I won't be so sure about this.
What is a BTC on the lightning network? Those are satoshi outside the blockchain pegged to Satoshis on the blockchain. Is a bitcoin on the Lightning Network less a bitcoin than the ones on the blockchain? I doubt so.
Taro, for example, will open a lot of possibilities to enable tokens on the BTC technology. How will be this different from a Bitcoin Standard?

This was the main purpose of this thread, without getting too interest in LUNA's fate. But of course, things in this universe happen often faster than thought.

ajochems

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Many people who had get into the crypto by placing their first investment in Luna.By this many people getting bad impression against the bitcoin.The new people was thinking to inverse on the bitcoin was very sad.Because the price of bitcoin was keep reducing and breaking the new low value.All the crypto market was an bearish market.Kindly avoid to inverse on Luna again.

CaVO32

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Quote from: tyz on May 12, 2022, 05:17:13 PM

What we are currently seeing with Luna and TerraUSD is not the first time it has happened with algorithm-based stablecoins. Already a few weeks ago something similar happened with Waves and its stablecoin USDN. The parallels are clear. Terra was mainly backed by Luna and Bitcoin, USDN mainly by Waves. I am now convinced that algorithmically based stablecoins backed by crypto are not really stablecoins. They can be stable, but they can also deviate strongly from the original value and travel the whole crypto market into the abyss.

Since they are not pegged into any fiat asset, and just by algo, the movement of this coin for me, is really dependent on the dev team managing it. With its decline, what would be the reasoning that they are telling to people? Whales manipulating its price? We don't exactly know if this is the start of fall of this project. For those holders, better keep an eye of their social media updates and other channels so you will have idea where this coin is heading to. Before they totally exit this market, better sell what you have.

tyz

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What we are currently seeing with Luna and TerraUSD is not the first time it has happened with algorithm-based stablecoins. Already a few weeks ago something similar happened with Waves and its stablecoin USDN. The parallels are clear. Terra was mainly backed by Luna and Bitcoin, USDN mainly by Waves. I am now convinced that algorithmically based stablecoins backed by crypto are not really stablecoins. They can be stable, but they can also deviate strongly from the original value and travel the whole crypto market into the abyss.

Topic: Is TERRA/Luna kickstarting a new Bitcoin Standard? - page 3. (Read 1360 times)