Terra USD, proved its not a stablecoin - page 2.

wxa7115

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Quote from: noormcs5 on May 14, 2022, 02:47:04 PM

Quote from: mrongoz_imut on May 13, 2022, 07:46:54 PM

Learned from UST or Terra USD worried with saving and holding stable coin right now, worry have time will drop suddenly like UST, yesterday USDT have drop little although can back up but I worry if USDT like Terra USD drop almost 0.3$ and delist from Binance, right now many stable coin created by several network like BUSD, USDC and I hope they keep as stable coin. UST have looks scam because giving higher APY than usually other stable coin like USDT or BUSD.

There is a difference between USDT/BUSD/ USDC and UST stable coins. The USDT/BUSD/USDC are backed by the physical US dollar whereas UST is an algorithmic stable coin that remains stable because of an algorithm that runs behind it. This algorithm was exploited somehow and it is very bad for the overall crypto industry.
If Luna and UST are unable to recover and come back, people will lose trust in the algorithmic stable coins and the future of these coins will be dead Sad

At this point a recovery is basically impossible, LUNA is down almost 100% while UST is down 94%, I also think like you, this drop is going to put into question all the stable coins that are algorithmic in nature and I would not be surprised if people began to sell them and got traditional stable coins like USDT instead.

Personally I had high hopes for algorithmic stable coins as those that claim to have their coins backed by fiat could always create more coins than the fiat they have available like banks do all the time , use fractional reserve banking and deceive people that way, but with this fiasco then it is very likely that the interest in algorithmic stable coins will go down dramatically.

Ultegra134

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Quote from: Moeda on May 14, 2022, 03:50:12 PM

Quote from: malcovi2 on May 09, 2022, 08:29:27 PM

price: $.67 during the time of the post

https://www.coingecko.com/en/coins/terra-usd

Does anyone know why its losing its value? I havent dived into terra because i am not interested on the project. Im glad, I didnt since i think TerraUsd and Terra affect each other.

I think terra will be exposed a project that is just a big ponzi scheme.

Terra is a scam. If the token price drops to zero, it might as well have happened with tokens in general. But not with stable coins. If the coin's stable price is not 1:1 it is a scam.

I don't believe that it was actually done on purpose (but certainly could have), but that plays little role in this case. Billions were lost, thousands of people lost a good chunk of their money (or even all), including myself. It sucked. On top of that, it damaged cryptocurrencies' reputation, because UST was the third stablecoin in market cap.

bitcoin-shark

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the strategy of the founder to burn so many usd and stake only a few hundred million of luna i do not think will work, it will not revive the fortunes of the project, after such a sudden collapse, investors have lost confidence

Moeda

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Quote from: malcovi2 on May 09, 2022, 08:29:27 PM

price: $.67 during the time of the post

https://www.coingecko.com/en/coins/terra-usd

Does anyone know why its losing its value? I havent dived into terra because i am not interested on the project. Im glad, I didnt since i think TerraUsd and Terra affect each other.

I think terra will be exposed a project that is just a big ponzi scheme.

Terra is a scam. If the token price drops to zero, it might as well have happened with tokens in general. But not with stable coins. If the coin's stable price is not 1:1 it is a scam.

Ultegra134

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Quote from: noormcs5 on May 14, 2022, 02:47:04 PM

Quote from: mrongoz_imut on May 13, 2022, 07:46:54 PM

Learned from UST or Terra USD worried with saving and holding stable coin right now, worry have time will drop suddenly like UST, yesterday USDT have drop little although can back up but I worry if USDT like Terra USD drop almost 0.3$ and delist from Binance, right now many stable coin created by several network like BUSD, USDC and I hope they keep as stable coin. UST have looks scam because giving higher APY than usually other stable coin like USDT or BUSD.

There is a difference between USDT/BUSD/ USDC and UST stable coins. The USDT/BUSD/USDC are backed by the physical US dollar whereas UST is an algorithmic stable coin that remains stable because of an algorithm that runs behind it. This algorithm was exploited somehow and it is very bad for the overall crypto industry.
If Luna and UST are unable to recover and come back, people will lose trust in the algorithmic stable coins and the future of these coins will be dead Sad

According to the developer of Luna, Do Kwon, chances of recovery are extremely slim, since he admitted his own defeat. Most likely, UST will absorb any Luna in an effort to recover UST's peg closer to $1, but even that sounds highly unlikely. There were a few other algorithmic stablecoins in the past, but all failed for quite similar reasons, the cryptocurrency world will surely lose credibility due to the Luna incident.

noormcs5

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Quote from: mrongoz_imut on May 13, 2022, 07:46:54 PM

Learned from UST or Terra USD worried with saving and holding stable coin right now, worry have time will drop suddenly like UST, yesterday USDT have drop little although can back up but I worry if USDT like Terra USD drop almost 0.3$ and delist from Binance, right now many stable coin created by several network like BUSD, USDC and I hope they keep as stable coin. UST have looks scam because giving higher APY than usually other stable coin like USDT or BUSD.

There is a difference between USDT/BUSD/ USDC and UST stable coins. The USDT/BUSD/USDC are backed by the physical US dollar whereas UST is an algorithmic stable coin that remains stable because of an algorithm that runs behind it. This algorithm was exploited somehow and it is very bad for the overall crypto industry.
If Luna and UST are unable to recover and come back, people will lose trust in the algorithmic stable coins and the future of these coins will be dead Sad

mrongoz_imut

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Learned from UST or Terra USD worried with saving and holding stable coin right now, worry have time will drop suddenly like UST, yesterday USDT have drop little although can back up but I worry if USDT like Terra USD drop almost 0.3$ and delist from Binance, right now many stable coin created by several network like BUSD, USDC and I hope they keep as stable coin. UST have looks scam because giving higher APY than usually other stable coin like USDT or BUSD.

evichi

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This phenomenon is really scary and have brought fears to both old and new crypto users. This event is a dent to the crypto space. UST/LUNA ought to have been built to withstand such dump phenomenon or could it not have been prevented? This is really an eye-opener to all crypto enthusiasts and a warning signal to future investors. A big lesson to both investors and crypto technical experts.

savetheFORUM

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Quote from: TimeTeller on May 10, 2022, 05:54:21 PM

People panic for something they fear about its unknown future.
I do agree that if you have no reason to sell, why sell it at a loss?
Better wait for it to go back to its $0.9-1.0 price range, and maybe sell if you are too worried about this market.
For me, there's nothing to panic about because if you can see the volume, it is still one of the largest in the markets.
So they won't be exiting anytime soon. Better wait for it to recover, sell and get out if you don't want a headache.

There are some countries that could arrest you for blasphemy against crypto, I have been reading countless times but still can’t wrap my hand around what you are saying. There are over hundreds benefits of crypto.

By using Bitcoins, users will be contributing to the network and therefore sharing the burden of authorizing transactions, sharing this work greatly reduces transaction cost and thus makes transaction cost negligible. Bitcoins lightens fast transactions, gives you privacy, decentralization, Bitcoins has high return potential and volatility, no government regulations and so forth.

prosperoustop

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I think it was provocation from someone very rich, for a 2 days they are sell UST for a few billions! Sure UST will recover soon!

justdimin

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Quote from: FairUser on May 10, 2022, 05:29:40 AM

I'm also not too surprised to see some stablecoins in the past lose the value they defaulted to, UST has never been something I believe in in this space. Right now we can see dozens of negative stories around it and the whole ecosystem, one of which I think the BTC drop is having bad consequences for the fragile things in the air. this time. And the false promises will soon be exposed. Recently I am also seeing USDD appear

then the same thing will happen again.

That is because it's centralized and there is no reason for it to be "stable" aside from people believing it to be. The moment people start thinking that it is not stable, and everyone sells their USDT crazily, and nobody buys it, what's going to happen? It will fall, it won't be 1 dollars, and that's the problem.

Do you really think that if it was 50 cents, and you buy it and you try to sell it back because it's backed 1 to 1, they would be able to get that much? Of course they won't be able to do that and that's the thing about crypto right now, it's not as great as people imagine and only surviving based on what people are paying and willing to pay.

Kingairdrop

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It was very shocking to see Terra UST. known as a stable coin falling in price. I was very disappointed because i use to believe in the Terra team and i was always counting my Luna as one of the best asset {in cryptocurrency} i ever had. But they (team) just went ahead a shattered my dreams and broke my heart with what they did. I am heart broken

$anounimus$

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Running a stable crypto asset is difficult – we've all seen a number of projects promise to solve this problem and let their token holders trade at above-market prices. At this point, it's hard to tell if TerraUSD is a stablecoin that will succeed in the long term, or if it's just another project built on hot air. The only problem people have with Terra is its liquidity. Once you buy it, there is nowhere to go and nothing more to do with the asset other than the hope that its value will increase. Will Terra be able to prove that it can maintain its position in the face of increasing liquidity demand going forward? I think we will see a series of stablecoin launched next year. It will be a crowded place.

maydna

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If you check UST in KuCoin, you will shock to see the price is at $2,30 while in Binance, the price is still $0.43. But now, the price is down slowly and I don't know if that can increase or not. And I don't know how long the time consuming send UST from Binance to KuCoin so be careful when you want to use this coin to trade. But it is so tempting to try because the profit is too big to imagine Grin

Yes, it is risky to trade this coin so it is better to think twice before you use this chance and don't make a rush decision because that can lead you to get lose.

ANSEL_2.0

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Luna will recover at some point and the real winners will be those that get in at a very bottom price, it's only a matter of time I believe the project will recover but if you are smart you need to buy Luna at a very cheap price, people are already making money shorting Luna.

Dervish doff

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Quote from: malcovi2 on May 09, 2022, 08:29:27 PM

price: $.67 during the time of the post

https://www.coingecko.com/en/coins/terra-usd

Does anyone know why its losing its value? I havent dived into terra because i am not interested on the project. Im glad, I didnt since i think TerraUsd and Terra affect each other.

I think terra will be exposed a project that is just a big ponzi scheme.

In my opinion, Terra USD, turns out to be lacking in its ability to maintain a stable value, I don't think this is the first time that an independent stablecoin has failed to meet expectations, as for other reasons not only Terra USD, namely MakerDao DAI has also proven to be unable to maintain its $1.00 value. should be so, in other sectors, can be analyzed The main conclusion is that fiat currencies and cryptocurrencies are completely incompatible, fiat currencies are centered by design and can be printed indefinitely by the government of a country, while cryptocurrencies, must rely on distributed networks to remain in circulation , making it difficult for any cryptocurrency to keep value, the theory of supply and demand, in effect forever.

d3nz

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Quote from: hichamito37 on May 11, 2022, 10:45:34 AM

Quote from: yurez on May 11, 2022, 04:17:29 AM

Quote from: vv181 on May 11, 2022, 03:13:23 AM

UST barely touch 40 cents and Luna is at 5.5$, oh boy! I think this is not going to end well. I don't see their so-called algorithmic not-so-stable token will restore its reputation anyways.

Looking at today's price of LUNA at $5, I really want to average out and buy more, but this is very dangerous, since the price can drop much lower. The Terra project does not have enough funds to properly support the value of UST and therefore we may see LUNA even cheaper than 50 cents. This is a very bad situation for the entire crypto market.

Too risky if we buy terra and UST now, they have lost a lot of value but there is no guarantee they will rise again. I see no chance of saving Luna in this situation, catching her heart right now is like catching a falling knife. Bear market has more potential coins that we can buy instead of focusing on terra.

It would be much better to take advantage of the market right now and buy while others are dumping but this would be great if you know when to buy and sell. As of now, the value of Luna is $2.27 while the TerraUSD is $0.5137. Trading is really risky but if you know when to buy at the right time then you will earn your profit and avoid Future trading since this is too risky, Spot trading can last long if you have patience.

hichamito37

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Quote from: yurez on May 11, 2022, 04:17:29 AM

Quote from: vv181 on May 11, 2022, 03:13:23 AM

UST barely touch 40 cents and Luna is at 5.5$, oh boy! I think this is not going to end well. I don't see their so-called algorithmic not-so-stable token will restore its reputation anyways.

Looking at today's price of LUNA at $5, I really want to average out and buy more, but this is very dangerous, since the price can drop much lower. The Terra project does not have enough funds to properly support the value of UST and therefore we may see LUNA even cheaper than 50 cents. This is a very bad situation for the entire crypto market.

Too risky if we buy terra and UST now, they have lost a lot of value but there is no guarantee they will rise again. I see no chance of saving Luna in this situation, catching her heart right now is like catching a falling knife. Bear market has more potential coins that we can buy instead of focusing on terra.

JeffBrad12

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Quote from: rum19980 on May 11, 2022, 06:56:53 AM

Binance should DELIST LUNA & ANC Shit or they will Ruin Binance Reputation for supporting SHIT Coins

We will see soon whether binance will decide to delist this token from their exchange site or not. This time each luna traded around 1 dollar at the time im writing this post. I thought that if we will see luna will be dropping even deeper again. It must be below 1 dollar or i do believe each luna must worth around 1 cent. Im sure that if this gonna be a real thing for sure. You must be patience and what you have said above will come true soon

rum19980

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Binance should DELIST LUNA & ANC Shit or they will Ruin Binance Reputation for supporting SHIT Coins

Topic: Terra USD, proved its not a stablecoin - page 2. (Read 787 times)