Topic: RIP LUNA & UST ! Is USDD be same like that.. - page 2. (Read 639 times)
i'm not sure and don't want to speculate that USDD will collapse, but LUNA and UST right now are really hitting us all. In fact, in less than a week, the price of LUNA fell from $85 to $0.18. this is really a bad drop considering how many assets their team holds. even the stable coins they made are not stable anymore. after that the addition of a LUNA delist from binance made the price push fall even more. however, it's been a very bad decline this year. I hope this is the worst, and prices start to recover.
So far USDD is doing well, but I'm sure what happened with UST and LUNA makes everyone think with similar coins. USDD is also a stable DeFi coin, of course there are indications something similar could happen again, but as long as that hasn't happened I hope everyone can put it to good use. What UST experienced may also be carelessness on their part, because so far I haven't heard of this happening because of hackers, but it makes more sense if there was something wrong with the team they did.
Stable coin but the value dropped half of its actual value then there is a fundamental error in the project or we should not call it as a stable coin, I got a notification from coindesk or something about LUNA drop and it looks like the coin will die soon because people will be selling it more and more to save from further loss which will lead to chain reaction of selling.
The actual stable coin should be pegged with something either fiat or by smart contracts so the value of token supposed to not to fall at any circumstances.
The actual stable coin should be pegged with something either fiat or by smart contracts so the value of token supposed to not to fall at any circumstances.
I worry what happened woth Luna and UST coin have impact later with USDT as stable coin. Looks crazy with IST as Terra stable coin drop from $1 become $0.3 although right now have rewch good price above $0.7. Investor worry with saving USDT as digital cryptocurrency asset after seeing how drop price from UST, but most crazy thing when getting Luna coin drop to $1 from $100.
Luna's movement shocks some people who are all in, but gives advantages for those who play short
Luna's reputation is on the verge of collapse I don't know what will happen next
i can only lament the fate of luna pray that i don't go crazy because of luna
RIP LUNA
Luna's reputation is on the verge of collapse I don't know what will happen next
i can only lament the fate of luna pray that i don't go crazy because of luna
RIP LUNA
Currently the team is trying to recover from the situation, especially with the fall in the price of BTC which is currently experiencing a very sharp decline so there is a lot of panic in the market and if we are observant and can take advantage of this moment we can get high profits, as we see Currently UST has recovered its price to 0.7$, although yesterday it had dropped to 0.3$, proving that Terra Luna is still very ready to face this situation.
This drop of Luna definitely indicates that there is a big problem with stability somewhere. After such a steep rise, such a steep fall has seriously damaged Luna's reputation. In my personal opinion, I don't know what will happen over time, but after this time, I honestly do not trust Luna at all and will definitely not put it in my basket. But it is also a seriously loved cryptocurrency by certain groups and countries. It is a crypto currency that should be avoided after this time.
maybe i guess luna can't bring back a life that has lasted so long. The founder of the coin must have felt that his name was tarnished by investors, well, even if there was an error, this could certainly be a lesson for the founders. What comes to mind are the true big Luna investors who are likely to risk big losses in the last few days
Looks like a massive constructed & planned out ponzi scheme. I feel sorry for anybody who invested significant money into this scam. This is the crypto food chain though, some people need to get burnt to realise bitcoin is the most trusted, reliable coin.
I dont think it is end for Luna and UST, I think it is unique and great chance to make money, but very carefuly!
I saw ust going to the great position again is that possible to do things great by team again i saw everybodys broke heart and i also lost more in luna todays dip can it be again go up like before? I think team working behind ust more stable!!
Everyone should be more careful now with their stable coin as a choice. What's safe is bitcoin, yes the price changes but its value remains the same.
As in the whole market, bitcoin is still the best option if you're going to keep your money on it for a long time. There won't be any potential rug pull or any manipulation that will happen. In market speaking, there will always be manipulation but if it's about standing in the test of time, bitcoin has been tested.
As in the whole market, bitcoin is still the best option if you're going to keep your money on it for a long time. There won't be any potential rug pull or any manipulation that will happen. In market speaking, there will always be manipulation but if it's about standing in the test of time, bitcoin has been tested.
Not a few of us are affected. This is not a problem for the Luna team, but a group of people who have planned adult benefits to attack the Luna ecosystem from the start. I found a tweet that simulated how Luna was made to break up until this bad. This is only speculation that tries to be analyzed by one of the Twitter users who made chronology at the beginning of the Luna disposal process on a large scale. The goal is not only to drop Luna but indirectly they also really want to reduce the price of Bitcoin.
https://twitter.com/4484/status/1524006086147252227
https://twitter.com/4484/status/1524006086147252227
Quote
ok here is how the $luna $ust attack was coordinated & executed. 🧵 (quoted from a friend)
- attacker OTC accumulated $1bn of UST
- borrowed $3bn in $btc
- spread around some fud about peg and bank runs
- dumped the fuck out of their $3bn $btc on market to trigger wider panic
- 10 min after LFG pulled some liquidity from curve in preparation for 4pool the attackers pounced
- first cleared all liquidity from curve (needed just $350m $ust to do that)
- then started dumping their $ust on Binance
- creating a small depeg
- terra market module configured for $150m daily throughput for peg restoration would be enough if liquidity on curve was the intended $4bn instead of $350m
- people in small panic because $btc tanking and small $ust depeg so LFG started selling $btc to restore peg
- that's exactly what the attackers wanted because they've shorted $btc
- LFG dumping $btc while attackers putting pressure on by dumping $ust
- the more $btc sold the lower $btc tanked increasing panic the more $ust sell pressure the attackers needed
- finally people mass panicking and mass congestion hit the chain, cexs suspended withdrawals and shit hit the fan -> bank run on anchor
- Jump/LFG likely realized whats happening somewhere in the middle of their $btc reserve bag, stopped dumping $btc to save the peg, let it burn
- now peg is being restored naturally via the market module
- rumors about big deals made during the night
All of this would not be economically viable if the 4pool was live. Because clearing the 4pool alone would require $3bn instead of $350m. The timing was not a coincidence.
- attacker OTC accumulated $1bn of UST
- borrowed $3bn in $btc
- spread around some fud about peg and bank runs
- dumped the fuck out of their $3bn $btc on market to trigger wider panic
- 10 min after LFG pulled some liquidity from curve in preparation for 4pool the attackers pounced
- first cleared all liquidity from curve (needed just $350m $ust to do that)
- then started dumping their $ust on Binance
- creating a small depeg
- terra market module configured for $150m daily throughput for peg restoration would be enough if liquidity on curve was the intended $4bn instead of $350m
- people in small panic because $btc tanking and small $ust depeg so LFG started selling $btc to restore peg
- that's exactly what the attackers wanted because they've shorted $btc
- LFG dumping $btc while attackers putting pressure on by dumping $ust
- the more $btc sold the lower $btc tanked increasing panic the more $ust sell pressure the attackers needed
- finally people mass panicking and mass congestion hit the chain, cexs suspended withdrawals and shit hit the fan -> bank run on anchor
- Jump/LFG likely realized whats happening somewhere in the middle of their $btc reserve bag, stopped dumping $btc to save the peg, let it burn
- now peg is being restored naturally via the market module
- rumors about big deals made during the night
All of this would not be economically viable if the 4pool was live. Because clearing the 4pool alone would require $3bn instead of $350m. The timing was not a coincidence.
This token is dead right now. Terra foundation is selling all of assets on its portfolios in a big loss started from bitcoin avax and many more to defend its peg but it's actually fail as they are selling in a big loss. that means this foundation has no enough money to back the remaining UST that available in the market. That's why people are using UST as a way to cash out through terra luna. More UST burn and luna minted from the contract. The worst thing this day
Really something very surprising! Because I am in the crypto world for a long time and was surprised to see the stable coin experiencing rugpull, of course it made me afraid to save the next USDT or USDC, because of this incident, I am sure everyone in this world will also think that way
What happened to LUNA and UST today is a good example of how no stablecoins is reliable, especially algorithmic ones that are backed by a native token. Now other similar scenarios could happen with other stablecoins. For example, Tron foundation said they will allocate $2 billion to support USDD, due to today's LUNA events.
It can happen with any stable coin not only with algorithmic ones, we have witnessed price of USDT declined to $0.57 in the past so every stable coin is vulnerable. I think we should hold mix of all stable coins including USDC which is considered most secure because it is redeemable on a 1:1 basis for US dollars, backed by dollar denominated assets held in segregated accounts with US regulated financial institutions.
https://help.coinbase.com/en/coinbase/getting-started/crypto-education/usd-coin-usdc-faq
What happened to LUNA and UST today is a good example of how no stablecoins is reliable, especially algorithmic ones that are backed by a native token. Now other similar scenarios could happen with other stablecoins. For example, Tron foundation said they will allocate $2 billion to support USDD, due to today's LUNA events.
It can happen with any stable coin not only with algorithmic ones, we have witnessed price of USDT declined to $0.57 in the past so every stable coin is vulnerable. I think we should hold mix of all stable coins including USDC which is considered most secure because it is redeemable on a 1:1 basis for US dollars, backed by dollar denominated assets held in segregated accounts with US regulated financial institutions.
https://help.coinbase.com/en/coinbase/getting-started/crypto-education/usd-coin-usdc-faq
What happened to LUNA and UST today is a good example of how no stablecoins is reliable, especially algorithmic ones that are backed by a native token. Now other similar scenarios could happen with other stablecoins. For example, Tron foundation said they will allocate $2 billion to support USDD, due to today's LUNA events.
Terra who got an ATH of around $119 is now at $2.60. Also take note that this downfall happened around 5 weeks after LUNA got its ATH.
On the other hand, UST who is supposed to be pegged with USD just de-pegged and now its price is around $0.47.
I just don't know if LUNA will come back after what happened to them unless the developers will make a effective solution to their problems as well as putting UST to be pegged with USD again. On the other hand, what happened to them will make investors to think twice or thrice to whether they will invest into this token or not. I'm not holding any of them but its quite unfortunate to see a coin going down in just a few weeks. Very unfortunate to the investors as well who bought this coin at its peak or near its peak.
On the other hand, UST who is supposed to be pegged with USD just de-pegged and now its price is around $0.47.
I just don't know if LUNA will come back after what happened to them unless the developers will make a effective solution to their problems as well as putting UST to be pegged with USD again. On the other hand, what happened to them will make investors to think twice or thrice to whether they will invest into this token or not. I'm not holding any of them but its quite unfortunate to see a coin going down in just a few weeks. Very unfortunate to the investors as well who bought this coin at its peak or near its peak.
Well I guess the damage has been done to their reputation? And if I remember it correctly, they decided to infuse their reserves with BTC which I think is the biggest reason why the price of BTC suddenly goes down hard because they are selling it like hot pancakes just to be able to cover the 1:1 of their stable coins. Not sure if we are going to trust them with this kind of 'dumb' move, much better to look for alternatives.
Luna dumps heavily but it will still retraced back. It's all matter of time. This is the likely the best time to bagged as much pieces of the coins as possible. The market is currently down, now is the best time to bagged as much coins as possible, inother to gained from the dip. One of the major reasons other Crypto are dipping is because the dumps of Bitcoin affects them all. Even Ethereum work align with Bitcoin price actions. Whales are selling their coins, those who buy high are selling low due to FUD in the space. I don't think it can come back, this could be the end for Luna and UST. Luna's death will be a blow to the bitcoin market, and as the market continues to crash, we're back into 2018 massacre season.
Luna's demise had a huge impact on overall market sentiment, investors are concerned about the riskiness of altcoins. BTC is down a bit but altcoins are still bleeding, it's a withdrawal from altcoins. Maybe the market will continue to crash, take a closer look before taking this as a buying opportunity.
This token is dead right now. Terra foundation is selling all of assets on its portfolios in a big loss started from bitcoin avax and many more to defend its peg but it's actually fail as they are selling in a big loss. that means this foundation has no enough money to back the remaining UST that available in the market. That's why people are using UST as a way to cash out through terra luna. More UST burn and luna minted from the contract. The worst thing this day
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