- Joined
- Apr 12, 2003
- Posts
- 19,380
Hope you have lots of chips for all the dips … LUNA is going to cause a domino
People are committing suicide. Seems it was a bad idea to bet the farm on crypto or something.
Hope you have lots of chips for all the dips … LUNA is going to cause a domino
bing bong!lol i'm still way up. fuck yo couch
That one way playing it , hard to call a top or bottom .best to play with house money .I was up 170k at the peak last year, after starting with 30k at the start of this thread. In January I was down to 100k, pulled out 50k and “gambled“ the other 50k on a couple of high risk node tokens that look to be toast. It’s been an interesting ride.
You’re lighting your money on fire. There is still 6 billion trapped in UST. For that to exit they need to keep printing LUNA. It will just keep adding zeros to infinity at this point. The only way to make money from LUNA is to short it but it’s too late for that now. I saw on twitter someone shorted it on Binance with $300 when it was over $100 with 50x leverage and made 600k from that trade.And now it would be worth $2. Down to a penny.
I'm going to through a couple hundred bucks at it. If it rebounds to even a dollar, that's a hefty profit.
Wagering a combination of stimmy/unemployment drying up, hyper inflation, and everyone dumb enough to really "invest" in this just spent their tax returns.200B up in smoke, in a day.
What triggered the calamity?
Absolutely this pandemic created the perfect storm allow unlimited government money printing , stimulus checks to push one of the hottest run in the stock market in the last 2 years , and have a few company with trillion dollar market cap . The good times are ending .Wagering a combination of stimmy/unemployment drying up, hyper inflation, and everyone dumb enough to really "invest" in this just spent their tax returns.
Also, headline:
People discovering intangible digital objects actually have no tangible value, more at 11.
Why on earth would you have thought that was a good idea?Threw $200 at Terra yesterday and now it's worth less than a buck. Lol.
Lighting it on fire indeed.
the simple way to summarize it is that a bad actor(s), probably taking advantage of uncertainty in the overall market, threw a bunch of money to de-peg UST. there are some other factors like curve and anchor, but basically, once the peg was lost terra foundation used their reserves (in btc, luna, avax, and maybe some others) to try to re-peg. when that failed, investors panicked and sold off LUNA at a massive rate to initiate a death spiral. the on-chain swap works so that for every luna burned you get the equivalent USD values worth of UST and vice versa. so, once the bottom fell out of luna well below a dollar it created hyper inflation as the system tried to absorb the excess UST.200B up in smoke, in a day.
What triggered the calamity?
Eh, you know, I'm a Vegas guy. Unwise gambling is our thing.
I figured it would probably dip more, but I didn't expect THAT much more.
It's a couple hundo. I can live with losing that compared to the other folks who lost upwards of millions and possibly all their savings.
Sounds like a lot of pegging occured.the simple way to summarize it is that a bad actor(s), probably taking advantage of uncertainty in the overall market, threw a bunch of money to de-peg UST. there are some other factors like curve and anchor, but basically, once the peg was lost terra foundation used their reserves (in btc, luna, avax, and maybe some others) to try to re-peg. when that failed, investors panicked and sold off LUNA at a massive rate to initiate a death spiral. the on-chain swap works so that for every luna burned you get the equivalent USD values worth of UST and vice versa. so, once the bottom fell out of luna well below a dollar it created hyper inflation as the system tried to absorb the excess UST.
jelly?Sounds like a lot of pegging occured.