'Luna'cy: the crash of Terra Luna - page 2.

Slow death

legendary

Activity: 3164

Merit: 1127

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The question I can't stop asking myself:

why does anyone still buy this altcoin even after seeing the size of the disaster it had recently?

it seems that people don't value the money they have or they are always believing in fairy tales, last week I happened to see a youtube channel where the owner of the channel was talking about day trading with Luna, so in the comments people were there all motivated to buy this altcoin in the hope of making 10X profits, it was something for sure in my opinion, I even thought I was dreaming and that what I was seeing was not real. how the hell was it possible for me to be seeing that? it looked like people had amnesia

Quote from: CaVO32 on June 05, 2022, 03:19:13 PM

And people who got involved will learn their lessons, not only once but twice owed to luna alone.

if there's something I've seen in these last few weeks that people will never learn a lesson in this type of investment, even if there are many cases like these in a row, people will continue to invest in this type of project

CaVO32

full member

Activity: 1848

Merit: 158

Quote from: wxa7115 on June 05, 2022, 02:55:10 PM

Quote from: Ultegra134 on June 05, 2022, 10:43:57 AM

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery. My guess is that those who are still onboard don't have anything else to lose and simply hope that one day, they'd be able to recoup some of their losses. Some others simply try to take the gamble, trying to take advantage of the high volatility, in an attempt to achieve a higher yield.

It sucks big time, I never expected such a downturn, with billions of dollars going down the drain. I managed to exit at an early state, before it got too bad and minimised my losses.

While I would like all this circus to be over already, this is one of those things that take some time precisely because of the reasons you are giving, there are a few people out there that still cannot accept they have lost almost all the capital they invested in Luna and hope to recover their money one day.

And then we have the speculators which do not care at all about what happened, and they just see the opportunity to make a few dollars before the coin collapses for good, which also extends the period we have to deal with such coin, however do not worry, at some point both Luna coins will disappear and we will be able to leave all of this mess behind us.

And people who got involved will learn their lessons, not only once but twice owed to luna alone. This is what I was thinking, this Luna team just created their ver 2.0, just to give hope to its old holders but will have the same fate in the market. But who can really sue these luna team? They practically screwed a lot of lives. Or it is the people themselves who bought into this are to be blamed by their fate. They chose this project, so no one forced them to buy this crap project.

wxa7115

hero member

Activity: 2814

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Quote from: Ultegra134 on June 05, 2022, 10:43:57 AM

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery. My guess is that those who are still onboard don't have anything else to lose and simply hope that one day, they'd be able to recoup some of their losses. Some others simply try to take the gamble, trying to take advantage of the high volatility, in an attempt to achieve a higher yield.

It sucks big time, I never expected such a downturn, with billions of dollars going down the drain. I managed to exit at an early state, before it got too bad and minimised my losses.

While I would like all this circus to be over already, this is one of those things that take some time precisely because of the reasons you are giving, there are a few people out there that still cannot accept they have lost almost all the capital they invested in Luna and hope to recover their money one day.

And then we have the speculators which do not care at all about what happened, and they just see the opportunity to make a few dollars before the coin collapses for good, which also extends the period we have to deal with such coin, however do not worry, at some point both Luna coins will disappear and we will be able to leave all of this mess behind us.

ShowOff

legendary

Activity: 2618

Merit: 1181

Quote from: serjent05 on June 05, 2022, 12:21:16 PM

This Luna market reaction simply shows that there is already a trust issue with the developer. Many investors stay away from this newly forked Terra Luna because they had witnessed the incompetent of the people behind Luna.

I agree that investor confidence issues in developers have caused prices to crash even after this project has made it to the new chain. It is difficult to change the perception of investors and traders if they no longer believe in the ability of the team to develop the project, so that ultimately crashes are inevitable. But anyway we don't know what will happen to Luna and Terra in the future despite all the troubles they are going through right now. Miracles are something we don't know when it will come, maybe most people who hope this project will succeed again are those who believe in miracles. Cheesy

Fesatmas

sr. member

Activity: 2268

Merit: 275

No one thought what happened to Luna, the losses from investors were so big. I myself don't really understand why Do Kwon took the step of making a new Luna. Maybe the goal is to bring back the old Luna, but I think it's hard to succeed. I'm still seeing what he will do next, which I might be interested in getting into.

Bitstar_coin

hero member

Activity: 2478

Merit: 695

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Is not so surprising because it was obvious many of the affected victims will sell their airdrop shares to recoup some of the huge loss they have experienced. Can't blame investors, people are not sure what future is there for the new luna, if there was going to be huge community support like the previous luna or not. Not to mention the credibility of the terra luna was in question. I think most importantly, investors realize terra luna was not a community-driven coin as they thought it to be, Do Kwon and his close friends have influence over community opinion.

vv181

legendary

Activity: 1932

Merit: 1273

Didn't follow up the aftermath of the Luna fiasco, but didn't they airdropped the token on a new chain? If that is so, the price drop should be expected since some of the investors should have known better that the whole idea itself is failed, so they just cashed out any leftovers they have.

Apparently, if there are still people who are embracing the Luna 2.0, I won't call them absurd, instead, I can safely assume that they are just purely gambling. Yet still, it is a freakin lunacy. Cheesy

serjent05

legendary

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This Luna market reaction simply shows that there is already a trust issue with the developer. Many investors stay away from this newly forked Terra Luna because they had witnessed the incompetent of the people behind Luna.

Quote from: Ultegra134 on June 05, 2022, 10:43:57 AM

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery. My guess is that those who are still onboard don't have anything else to lose and simply hope that one day, they'd be able to recoup some of their losses. Some others simply try to take the gamble, trying to take advantage of the high volatility, in an attempt to achieve a higher yield.

Same thought here, those who are caught by the crash can't do anything but to at least play the token left in their hand, hoping to lessen the losses they suffer after LUNC crash.

Quote from: Ultegra134 on June 05, 2022, 10:43:57 AM

It sucks big time, I never expected such a downturn, with billions of dollars going down the drain. I managed to exit at an early state, before it got too bad and minimised my losses.

It shouldn't go to zero if Do Kwon did not exponentially increase the supply. The Luna market was struggling but trying to hold on at a dollar a piece until the developer saturates the market by increasing token emission exponentially.

TheCoinGrabber

sr. member

Activity: 994

Merit: 302

"LUNAcy" LOL that's a good one. People really don't learn to stay away from these shitcoins. I also doubt the people that invested once it started rising was in any interested in the project. They were just in for a quick buck and are unlucky enough to be left bag-holders.

Rikafip

legendary

Activity: 1722

Merit: 5937

Quote from: Ultegra134 on June 05, 2022, 10:43:57 AM

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery.

Because huge amount of crypto investors are nothing but a degenerate gamblers that are into all this to get rich quick and nothing else. They don't care about decentralization, being your own bank thing or whther altcoin have any utility. It's not like we didn't have bunch of examples in the past, like ETC that had several 51% attacks yet people are still somehow hodling (even mining) that. There are other well known altcoins that fail miserably like Luna did. My guess is that one of them will be ADA.

Saw recently the meme that explains this Luna 2.0 situation perfectly

Ultegra134

hero member

Activity: 1680

Merit: 845

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery. My guess is that those who are still onboard don't have anything else to lose and simply hope that one day, they'd be able to recoup some of their losses. Some others simply try to take the gamble, trying to take advantage of the high volatility, in an attempt to achieve a higher yield.

It sucks big time, I never expected such a downturn, with billions of dollars going down the drain. I managed to exit at an early state, before it got too bad and minimised my losses.

Majestic-milf

hero member

Activity: 966

Merit: 620

It is quite absurd how investors and traders will just jump at the prospect of new coin circulating the market. It's quite unfortunate how this newly issued token( Luna) promptly plunges over the weekend with a knee jerk reaction.
The volume of Luna 2.0 dropped about 66% in a day as tokens worth over $130 million exchanged hands before it experienced an upsurge.
Terra's revival plan was to deliver new Luna tokens to holders of the project's now vastly depreciated UST stable coin and also to hodlers of existing tokens.
According to coinmarketcap data, this tokens were issued at $17.8 and sped up to $19.53 on May 28th. But unsurprisingly enough, as at May 30th, barely 48hrs later, it nosedived over 70%.
https://www.google.com/url?q=https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/&sa=U&ved=2ahUKEwi9mKnaxpb4AhUhgs4BHV6hCbwQFnoECAkQAg&usg=AOvVaw01QhOFYYX1A9ExSwY_DpT3

Topic: 'Luna'cy: the crash of Terra Luna - page 2. (Read 236 times)