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Author Topic: The fall of LUNA ?  (Read 358 times)

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The fall of LUNA ?
« on: May 11, 2022, 06:20:56 PM »
sorry, had to write this topic given that the most popular topic on this subsection is the Rise of Luna ...
well guys we got rekt more than 90% drop ... in shitcoins term, it's a rugpull

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The fall of LUNA ?
« on: May 11, 2022, 06:20:56 PM »


pelana vreo

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Re: The fall of LUNA ?
« Reply #1 on: May 13, 2022, 12:54:53 PM »
I think this has something to do with UST, I don't hold LUNA coins, but see the UST and LUNA prices go down, then I also think it can be said with rugpull, LUNA prices continue to fall because UST coins are stable, if UST is not backed up by LUNA, and UST is backed up by USD, it is unlikely that the current situation will not happen.
The latest news is, Binance is suspending LUNA trading

https://www.google.com/amp/s/cointelegraph.com/news/breaking-binance-suspends-luna-and-ust-trading-amid-issues-on-terra-blockchain/amp
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Re: The fall of LUNA ?
« Reply #1 on: May 13, 2022, 12:54:53 PM »
:)

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Re: The fall of LUNA ?
« Reply #2 on: May 13, 2022, 07:38:54 PM »
Bad management? Greed? Stupidity? Bad planning?... What has happened (and continues to happen) with Luna can be described in many ways, but the first thing that came to mind was Bitconnect. Although the case of Luna and UST is different from what happened with Bitconnect, the result is very similar, many people bankrupt, billions of dollars that nobody finds, and a bad image (again) for cryptocurrencies. I think the point of this is that we cannot trust algorithmic stablecoins, but we can trust the ones we already know (USDT, USDC, BUSD and others).

A word of advice to everyone, USDD is also an algorithmic stablecoin and was publicly launched on May 5th (just 8 days ago). We must be careful.
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Re: The fall of LUNA ?
« Reply #3 on: May 13, 2022, 10:40:51 PM »
bad management and arrogance ... when you have a project with such a high valuation, you are required to get advisors and be careful with each decision.

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Re: The fall of LUNA ?
« Reply #4 on: May 14, 2022, 07:17:23 PM »
I agree with you. In any case, the Luna team is already beginning to have more problems than we knew, according to several people close to the project, nobody knows where the Bitcoins valued at more than 1 billion dollars are. Many investors hope that the money will be used to pay people who have lost their investments. In any case, although as I said all this reminds me of Bitconnect and Mt.Gox, people still don't learn, I can't believe there are people who have lost their life savings or their houses to invest, people don't learn.
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Bobcrypto

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Re: The fall of LUNA ?
« Reply #5 on: May 16, 2022, 04:31:56 PM »
I think this has something to do with UST, I don't hold LUNA coins, but see the UST and LUNA prices go down, then I also think it can be said with rugpull, LUNA prices continue to fall because UST coins are stable, if UST is not backed up by LUNA, and UST is backed up by USD, it is unlikely that the current situation will not happen.
The latest news is, Binance is suspending LUNA trading

https://www.google.com/amp/s/cointelegraph.com/news/breaking-binance-suspends-luna-and-ust-trading-amid-issues-on-terra-blockchain/amp

As you may know, the last suspension of Luna trading on Binance platform has been lifted. Trading has began two days ago on the spot Luna/busd and UST/busd pairs respectively. Trading on Coin( $) M future, margin, is still suspended. Also, Kucoin Trading on spot, margin(cross/isolated) has began. The fall of Luna project was unexpected, I am hopping some good rescue plans should be injected for a come back in near future.
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Security ______
Decentralization
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Re: The fall of LUNA ?
« Reply #6 on: May 17, 2022, 07:34:09 PM »
As you may know, the last suspension of Luna trading on Binance platform has been lifted. Trading has began two days ago on the spot Luna/busd and UST/busd pairs respectively. Trading on Coin( $) M future, margin, is still suspended. Also, Kucoin Trading on spot, margin(cross/isolated) has began. The fall of Luna project was unexpected, I am hopping some good rescue plans should be injected for a come back in near future.

I think the problem is already too big to try to fix it. The CEO has said that he plans to burn down half of LUNA's supply and abandon UST, but I think that won't solve anything anymore. The whales have lost a lot of money, but the ones that have really been affected the most have been the small investors, whales can recover economically, but the small investors cannot. Personally, I think LUNA-UST is definitely dead, I doubt anyone will trust the CEO's words again after what happened.
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