THE PRICE of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent.

[cyclone]

THE PRICE of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent.

Scottish Sun

Terra's crash, which ranked among the top 10 most valuable cryptocurrencies, has now seen the fortunes of crypto investors wiped out.

The dramatic crash meant its market cap dropped from above $40bn (£32bn) to just $500m (£409m) - resulting in unprecedented losses for those who cashed in on it.

The majority of the losses were realised overnight - with a 98 per cent price fall in the space of just 24 hours.

Do Kwon, the founder of Terraform Labs, announced on Twitter on Wednesday amid the crash that he has a recovery strategy for the Terra tokens that he will release soon.

Many speculations are also being made that Terraform Labs is in touch with several investors to bring the cryptocurrency back on track.

More details in https://www.thescottishsun.co.uk/money/8...ncy-value/

[BlueKelah]

THE PRICE of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent.

Scottish Sun

Terra's crash, which ranked among the top 10 most valuable cryptocurrencies, has now seen the fortunes of crypto investors wiped out.

The dramatic crash meant its market cap dropped from above $40bn (£32bn) to just $500m (£409m) - resulting in unprecedented losses for those who cashed in on it.

The majority of the losses were realised overnight - with a 98 per cent price fall in the space of just 24 hours.

Do Kwon, the founder of Terraform Labs, announced on Twitter on Wednesday amid the crash that he has a recovery strategy for the Terra tokens that he will release soon.

Many speculations are also being made that Terraform Labs is in touch with several investors to bring the cryptocurrency back on track.

More details in https://www.thescottishsun.co.uk/money/8...ncy-value/

It about time the "tulip mania" stopped.

Pump and dump schemes ala dotcom 2.0 or web 3.0 or whatever they wanna call it. 

Hopefully after this wipe out, govs will be more strict in controlling proliferation of these speculative lottery tokens. 

Chinese gov will be happy the banned cryptos in China, at least this fall out wont hurt them.

[RBM]

THE PRICE of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent.

Scottish Sun

Terra's crash, which ranked among the top 10 most valuable cryptocurrencies, has now seen the fortunes of crypto investors wiped out.

The dramatic crash meant its market cap dropped from above $40bn (£32bn) to just $500m (£409m) - resulting in unprecedented losses for those who cashed in on it.

The majority of the losses were realised overnight - with a 98 per cent price fall in the space of just 24 hours.

Do Kwon, the founder of Terraform Labs, announced on Twitter on Wednesday amid the crash that he has a recovery strategy for the Terra tokens that he will release soon.

Many speculations are also being made that Terraform Labs is in touch with several investors to bring the cryptocurrency back on track.

More details in https://www.thescottishsun.co.uk/money/8...ncy-value/

It about time the "tulip mania" stopped.

Pump and dump schemes ala dotcom 2.0 or web 3.0 or whatever they wanna call it. 

Hopefully after this wipe out, govs will be more strict in controlling proliferation of these speculative lottery tokens. 

Chinese gov will be happy the banned cryptos in China, at least this fall out wont hurt them.

BlueKelah, This old-dog buddy (me) commends you for “sticking-to-your-guns” and consistently maintaining the tag line: “Virtual Currencies are worth virtually nothing”. For what its worth, I agree with you 100%.

Absolutely NOT Vested

[BlueKelah]

THE PRICE of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent.

Scottish Sun

Terra's crash, which ranked among the top 10 most valuable cryptocurrencies, has now seen the fortunes of crypto investors wiped out.

The dramatic crash meant its market cap dropped from above $40bn (£32bn) to just $500m (£409m) - resulting in unprecedented losses for those who cashed in on it.

The majority of the losses were realised overnight - with a 98 per cent price fall in the space of just 24 hours.

Do Kwon, the founder of Terraform Labs, announced on Twitter on Wednesday amid the crash that he has a recovery strategy for the Terra tokens that he will release soon.

Many speculations are also being made that Terraform Labs is in touch with several investors to bring the cryptocurrency back on track.

More details in https://www.thescottishsun.co.uk/money/8...ncy-value/

It about time the "tulip mania" stopped.

Pump and dump schemes ala dotcom 2.0 or web 3.0 or whatever they wanna call it. 

Hopefully after this wipe out, govs will be more strict in controlling proliferation of these speculative lottery tokens. 

Chinese gov will be happy the banned cryptos in China, at least this fall out wont hurt them.

BlueKelah, This old-dog buddy (me) commends you for “sticking-to-your-guns” and consistently maintaining the tag line: “Virtual Currencies are worth virtually nothing”. For what its worth, I agree with you 100%.

thanks for the compliment. 

I do have to add that even for fiat currencies, they are almost worth nothing as the supply of these usually outnumber the amount of gold "backing" that central banks keep. 

Russia has taken the first step by pegging Ruble to gold and this has been quite successful with the crash in the Ruble now reversed! 

I believe in time China might also peg their digital yuan to gold, that would be a huge move and would allow yuan to become a much bigger reserve currency. China would then have the new "american gold 美金“ as we used to call the USD in chinese, as USD was initially backed by gold until 1970.

[Behappyalways]

Evidence suggests that it was a well-funded attack that affected the timing of the Terra/Luna unravel; a large entity apparently sold bitcoin short and went after the TerraUSD peg, right along the lines of how people described that the protocol could be attacked back in 2021. For macro investors, think of it like George Soros going after the Bank of England.

Blaming the attacker misses the point; if something in markets can be successfully attacked, it eventually will be successfully attacked. Algorithmic stablecoins have had a bad track record of failure, and this was the biggest one yet. Since most of their adjustment mechanism was public knowledge, an attacker could know all the specific ways in which to strike it.

Digital Alchemy: A Post-Mortem of the Crypto Crash
https://www.lynalden.com/digital-alchemy/

[dreamybear]

While I am not vested in crypto, I find it interesting but also complicated to understand. In fact, the Terra ecosystem is pretty impressive  - there are many projects and areas, even one which mimic shares. From the way I look at it, it seems to be trying to build some sort of monetary system that could also handle real-life functions.

Interestingly, there is a video recorded 18 Mar 2022 about Luna/UST. Foresight ?

Personally, I view the crypto space with an open mind; I think it's worth understanding for general knowledge, maybe one day it may somehow evolve to become mainstream.

-------------------------------------

https://www.terra.money/ecosystem
https://www.coindesk.com/tech/2020/12/03...-and-aapl/

Undeniable Proof that LUNA + UST = Ponzi (18 Mar 2022)
https://www.youtube.com/watch?v=y_otSD3LYCA

[BlueKelah]

While I am not vested in crypto, I find it interesting but also complicated to understand. In fact, the Terra ecosystem is pretty impressive  - there are many projects and areas, even one which mimic shares. From the way I look at it, it seems to be trying to build some sort of monetary system that could also handle real-life functions.

Interestingly, there is a video recorded 18 Mar 2022 about Luna/UST. Foresight ?

Personally, I view the crypto space with an open mind; I think it's worth understanding for general knowledge, maybe one day it may somehow evolve to become mainstream.

-------------------------------------

https://www.terra.money/ecosystem
https://www.coindesk.com/tech/2020/12/03...-and-aapl/

Undeniable Proof that LUNA + UST = Ponzi (18 Mar 2022)
https://www.youtube.com/watch?v=y_otSD3LYCA

The problem with crypto in general is they try be an alternative currency/finance system to the fiat currency system using a distributed computing system.

This creates two fallacies which can never be overcome.

1) In order to become mainstream they need central bank approval and regulation. So big investor and funds are able to pour money into the system.  However once you get a lot of regulation like current finance industry, it totally defeats the purpose of being distributed as it would be controlled by a central gov entity!!  The gov can just shutdown users account etc.. like recently in canada the truckers who had their crypto accounts frozen. This is a very big fundamental conundrum, which I think may prevent cryptos from become mainstream.

2) Distributed computing system means it is less efficient than centralised system, more duplication of data etc.. (thats why we use centralised systems for most computing platforms, even though we had distributed tech couple decades ago) You need miners/someone to provide the computing power and you need a forever appreaciating token/cryptocurrency price to pay them. Once the price starts falling apart, it becomes unprofitable to mine and the network will adjust downwards and slows down, transactions take longer and basically it become useless for payment etc..

[¯|_(ツ)_/¯]

agree with the 2 fallacies. 

Just wanted to take note that the recent luna ambushed is nothing but motivated by $$$ - a successful raid that wipe out the crypto dream.

From 2 million to 30k... read the story
https://kpo-and-czm.blogspot.com/2022/05...-luna.html

Thou they did not pump in 2m, but it's still a big amount of $$$ that they loss.  

I'm sad that both had decided to take a break from blogging but I'm glad that they still have a few K passive income. 

As part of learning, this is what they says (cut and paste for lazy reader):

Code:

1. Always take profits. I hardly thought of taking profits because I had so much conviction that UST will eventually become the top stablecoin. Why should I take profit now when LUNA is going to be a few hundred dollars by end of the year? After all, those that made huge profits are those that held on for many years right (e.g. Google, Apple, Amazon, BTC, ETH, etc.)? I am just glad that we managed to walk away with some profits at the end of the day.
2. Diversify
3. Do not overleverage
4. Do not borrow fiat to invest in crypto
5. Algorithmic stablecoin just isn't going to work

Gratitude.

[¯|_(ツ)_/¯]

Kelvin rightfully pointed out his concerns and suspicions on USDT after he noticed that USDT could also be depegged - which is inline with my shocking observation too.

For those vested, only buy with $$$ that you could afford to lose and never borrow to play crypto.

Have fun:



https://synapsetrading.com/trading-guide...urrencies/

Gratitude!