Ive been looking into the shitshow that is LUNA and Ive had a few people asking me about buying the dip. First of all I have to say that you need to research the token youre buying, second of all, as much as it might seem like a good idea trading a token downhill, this is a special case.
See, #LUNA is different. LUNA is a financial abomination that comes to life when crypto propaganda nonsense meets stupidity.
LUNA PITCH: Decentralized markets need decentralized money.
Not only is LUNA being dumped by holders, its also hyperinflating at a insane rate. Some people have tried to catch the falling knife just to get rekt in the process.
In 4 days the circulating supply has risen from around 300 million to 20+ billion LUNA tokens and it keeps growing.
Normally when people dump a shitcoin, they sell it and that's it.
In the case of #LUNA, firstly people are selling Luna because it's crashing...
But on top of that there's billions in UST that are getting out by creating more Luna at an increasing rate + dumping that instantly.
The lower the price of LUNA gets the more LUNA is printed.
Like having a fire and then pouring gasoline on top of it.
Ive been looking at the price of LUNA on Binance and as it stands now if the UST peg isnt reestablished there will eventually be hundreds of billions of LUNA tokens printed, meaning YOU DO NOT WANT TO HOLD THIS SHIT as that happens.
I cant know for sure but at this point i think the project is dead. It was a amazingly stupid idea that was never going to work.
None of the devs thought to themselves:
"Guys, theres a scenario where LUNA hyperinflates at a rate of 100% a day. We should fix this."
But no. They just waved their hand and let the markets work their magic.
What you're describing with LUNA is a scenario called a "death-spiral" (term originating from convertible bonds I believe, which can create similar effects on a stock's price).
The reason Hive has the haircut limit is to prevent infinite death spirals of the type that it sounds like is happening to LUNA from what you've said. If they didn't put in some protection of this sort, that's pretty dumb (or maybe not, since I don't know who wound up benefiting from this, but if it wasn't dumb, it was unethical), considering we've had it for many years.
the crypto world can learn from us, who knew?
Ive heard it being called that. I cant see how they didnt anticipate this. Either malice or incompetency. You need safeguards in place.
And now that I look at the supply, it hit a trillion before they had to shut down the chain.
I haven't seen any comments about changing the HIVE/HBD haircut limit lately. Still, this should serve as a cautionary tale if any thoughts of tinkering with it come up.
There has been a great deal of excitement about HBD, pointing to the success of UST. I think this pours a bit of cold water on our excitement.
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I don't see any real problems with the proposed increase from 10% to 30%. IMO such a ratio isn't particularly dangerous.
It also doesn't really discourage me as far as the future prospect of HBD. HBD was designed from early on to be better than UST.
As far as utility goes, I had to collect USD payments from 8 people on Hive, and having HBD really made it nice and easy to do it.
Those are wise words, somebody is always making a profit.
It's crazy to see so many people who are new to this (some have even been around a few years) and they think just because this crashed... it is destined to shoot back up to former prices. So many people have been programmed to believe that what goes up must come down and vice versa... However, in some cases such as this one, that just is not true. No way in hell is that happening, if anything the hole will just get deeper. I would not be buying the dip on this one, that is for damn sure.
yep. Its the massive inflation that many dont account for. Now, you can make money trying to guess the price in the short term, and i mean really short term, like 2-5 minutes. But thats crazy imo.
That is a good one, and it's the masterful @URUN again! Love it.
😂
LOL.. in a nutshell.
It passed a trillion tokens before they shut down the chain. Was at 20 billion when i wrote this. haha
I know. I have been watching it with interest!
I've never seen a 99.99% drop, until today. So much red, but this chart is like, i-ant-even-describe-type-of-red. I feel bad for the investors who went balls-deep with this project. I was going to say "hopefully, they got out in time", but man... 1 cent on a 100+ USD token is just... "in time" does not apply here.
Thats what you get with terrible tokenomics. And as it stands now it will keep going and adding nines to the 99.999....%
The end point for Luna
Another shitcoin crashing
What a show! Top ten positions holding crypto turned into 0 so quickly that people did not have a chance to get rid of that. People lost their money. Shiny objects do not look shiny for a long time. It will show its true color sooner or later.
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Bought 500 LUNA at $0.03 haha Didn't knew they were minting that much tokens but whatever - I was aware that the project would die with a probability of 99,999999% but that 0,000001% convined my stupid brain to "invest" (more like gamble) $17 on this shit lol
17 USD for a lesson is cheap :D
In the end they printed more than a trillion tokens before shutting down the chain. lol
I'm happy I haven't bought a couple of them when they were at $100 🙈 But to be honest I feel pretty bad for those who did - this coin is a good example why shouldn't invest all on just one coin
did anyone predict this before it happened ? super happy I didn't touch this mess
Ive seen tweets but Kwon was cocky and acting an asshole to the guy that pointed it out. :D
Hes such a meme.
I meant on Hive, I don't use twitter :)
Maybe on Leo someone caught it but we have HBD here, understand HBD so most people dont bother with other algo-stablecoins.
I was thinking the same thing still I listen to a degen and made some money buying the LUNA dip... guess I got lucky https://leofinance.io/@whywhy/a-positive-story-about-terra-luna-before-it-rips
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Yes - it happened and some are still trading it. I feel sorry for the stakers though.
This is crypto one day you are the top 10 star then the next day you look like a shtcoin. We take our chance and hopefully our calcultated risk pays off most of the times. WE win some we lose some.
I love the Giffy of the gasoline, that's exactly it and while I really don't like laughing at situations where people lose their savings, it does seem like it was just too good to be true that a coin would make such huge gains so fast without there being a possibility of crashing just as equally fast.
The way that these two things were tied together (UST and Luna) has basically ensured that there's this catch 22 death spiral that just keeps getting worse. They are now trying to burn tokens to get UST back to the peg but as they do that, people continue to sell and the price of Luna continues to fall. I personally wouldn't buy that. I've just used this whole market reaction to buy Hive, that dip was well worth it in my opinion.
They shut down the chain. Not much really they can do now.
The market is really experiencing a heavy downfall with LUNA and UST been the main talking point at the moment with such collapse in the system
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Its pretty much the reason of the collapse tied into the bear market wer in.
#LUNA is to crypto what the Russian invasion is to global markets.
It is really not nice experiencing such dip in price
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Every year there is a dramatization on the crypto sphere.
This year Luna is taking it just by itself.
I have a feeling quick growth with no true community upbringing with trials always end in chaos.
Sad many lost their funds and they have to start over.
Now I see Hive takes time to grow.
Maturity pays dividends.
!BEER
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Sorry, out of BEER, please retry later...
.
Cant drop 100%, it can 99.999% :)
I see
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I've bought $20 worth of LUNA just for fun :)
crypto is a really weird place :P
indeed
Thanks for the insight. I didn't know that Binance delisted it. Thanks for sharing.
it is true that we should check the projects and see if there are go enough but Luna seems to take many on aware.
Good enough I stayed in my Hive dreamland lol
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Hahaha what made me laugh the most was the guy who burned everything haha.
I bought at the super dip but I hope it comes at a good price, if it comes at all.
Also, since it is so volatile, it is very good for trading, since you can get a 20% return in 2 or 3 moves.
Of course it is purely a personal decision haha.
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Please let us know how it works out for you.
Well, you analyze the market with the appropriate charts and analyze the price when it goes down, see what the resistance and support levels are and buy when you decide.
OF COURSE, THIS IS UP TO YOUR OWN DECISION AND ANALYSIS.
I know how to analyze.
I am asking to see your work in action.
You don't have to share of course, but I am curious to see how you navigate for the simple fact of being curius.
I'm not touching Luna with a 10 foot pole.
To think that I wanted to "go big" on it one time because I liked the name.
eyeroll
Glad I didn't.
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Luna is done, they should have cut ties with USDT after their mismanagement and the initial price devastation. Now they also crash the whole ecosystem. All those who developed DAPP and their energy is also gone. I'm always astounded by how civilized people around the world have become. Anytime 1000years ago, those people would all have been quartered publicly on a town square in France for entertainment purposes.
The nimbers in this whole ordeal are pretty insane. Im staying far away from this one
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