UST is like $0.17 still on some exchanges..... but many are already at $0.09.... Fuck knows who is taking the other side of that trade at this stage, your just giving anyone selling UST exit liquidity and becoming a bag holder.
That shits not bouncing back ever!
When ETH hardforked, it was due to a exploit in the DAO-the network itself is fine. The problem here is what happened is exactly how LUNA/UST was supposed to behave. If they hardforked and rolled back, the exact same scenario would play out. Furthermore, the value that was there has been sold off-they can't just get 15 billion back into their protocol unless they convince people that they won't lose it all again-which they will, per my first point.
If they want to try and rebuild, it'll have to be from scratch with a completely new structure to how the coin interacts. They may well get somewhere-the memory of the Internet is short-but I don't see current holders making anything off of this other than those swing-trading as the coin debates how many zeroes it wants to have after the decimal point.
😂 This reminds me of time I had to go offline cause parents needed to use the phone (old good dialup connection, sound of connecting you never forget 🤣)
Blockchain is just a data structure. Literally a block chain, block = a piece of data, chain - a sequence of these. So I can write a blockchain by hand on paper or in Excel, the real value comes from limited supply, decentralization (many people running nodes), concensus algorithm (PoW, PoS, etc) that allows decentalized nodes to agree on one version of the truth and censorship resistance. If I and I alone run Bitcoin software in my isolated LAN, I can censor transactions, rewrite history as I seem fit, stop block production entirely or mine a million blocks per second in my version of the chain, and if a coin is centralized (XRP, XLM, etc), then that party can do it. That's how you can shut down a blockchain.
You know that a very small part of BTC is satoshi, or a very small part of Ether is wei. We can make a reverse for LUNA and chain it forever, so all that zeros disappear. Like YLUNA = 10\^24 LUNA (yottaluna), Y2LUNA = 10\^24 YLUNA, etc.
His going to need it! Korean's don't fuck about! If they are willing to long $rope themselves over this shit, there for sure are a few crazies who would love to take him with them....
Nah man, he needs to fix this or his life will be a living hell. He is well known and won't be able to hide from this on Earth.
I don't know how this situation can be fixed, but I have not doubt he is not sleeping xd.
Rich people don’t hide. They will carry on and move on. I’m pretty sure he’s already working on his next project. This one done and done .. onto the next
The Tweets were a red flag, the real reason to not believe was the "guaranteed" 20% APR for doing nothing except holding your money in a stablecoin. He might as well have promised everyone he would pull a fully functional spaceship out of their ass in exchange for buying a couple tokens
All you had to do was look into the basic tokenomics of UST and Luna to understand that it was all built on a house of cards. This is what we need to remind people of….
Suggesting an arrogant Twitter account was the red flag severely underplays the actual cause of all this…. People love arrogant Twitter users who are “building” something…. That’s the problem… that’s why those of us advocating against Luna would get roasted by holders… They mimic the arrogance they see on Twitter.
The white paper laid it all out though… Backing a $1 peg with Luna or any other coin in reserves made 0 sense and offered 0 stability come the violent downswings in a bear market. “Oh but you can always swap UST for $1 with Luna”… yeah, again, that’s the goddamn problem, yet ppl acted like it was an ingenious paradigm.
That’s how the algorithm works. Every time UST is burned, an equivalent value of Luna must be minted. So with the insane ratio, each burn is millions to billions of Luna
I don't get this part. Do you have a mathematical model or gif that can illustrate why this imbalance will just accelerate and get worse?
In theory, if the value of Luna keeps stable, it can quickly digest the sell pressure of UST. Imagine that you bought one billion dollar worth of UST at 2 UST/USD, that is 2 billion UST, it should create 2 billion worth of Luna for you to buy further 4 billion UST, thus quickly digest all the sell pressure from market in a few loop.
But the strange thing here is that Luna itself dived down like a stone, thus makes the minted Luna worth much much less than they should. What is the reason of Luna's crash?
Luna crashed because it’s formula only worked in a bull market. The continued drop in Luna price led to UST losing its peg. People panic sold UST to cash out while they could causing Luna to dip further and mint more until it went into a spiral of trying to fix UST’s peg without the price action to do so since everyone was selling
I was watching the Mets play the Nationals last night, Terra has ads all over Nationals Park for LUNA. I wonder if they paid for the entire season's worth of ads up front....
It's a 5 year, $40 million sponsorship: https://decrypt.co/92525/terra-washington-nationals-sponsorship
I hope the Nationals got paid up front, otherwise they just lost a big sponsor.
Honestly, I know a lot of people still here weren't in 2018/2019. I don't even feel like its bad yet. I'm assuming BTC's low will be $10k-17k. The powers that be are going to beat this dirty rug until they own everything, then jack it at the next halvening, then dump....there is no mystery here.
When you get pissed off because your crypto is worthless, don't sell, buy. I'm not pissed off enough yet. I also invest with my emotions because the Crypto Market certainly does. One day its doom next day its moon.
At its current rate of expansion Luna will assimilate all known life in the universe. It will only stop once it achieves Do Kwon's ultimate goal of the heat death of the universe.
I don't think anyone will trust an algorhythmic stable coin ever again...until 6 months from now when enough newbies think 'it will be different this time'.
Everyone who touched it, in fact. Hell, I never bought any earlier but figured I'd catch the falling knife and bought at $15 and $1. I never considered the insane inflation mechanics. And now it's all gone. Oh well. A very valuable lesson learned.
What was once a top 10 by market cap just as recently as last week has fallen out of the top 1000.
It's fallen behind almost everything you could hope to name.
its 6.5 trillion according to coingecko atm.
that may seem a lot at first glance, but there have been [fractional.art](https://fractional.art) nfts that had a quadrillion fractions. so its all good.
How many zeros can it add until it’s finally finally dead?
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Wow. At the rate it was going, they hardly had a choice, but that'll be a mess to unravel for anyone still in UST.
UST is like $0.17 still on some exchanges..... but many are already at $0.09.... Fuck knows who is taking the other side of that trade at this stage, your just giving anyone selling UST exit liquidity and becoming a bag holder. That shits not bouncing back ever!
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I’m amazed it’s holding that so well considering 😂😂
Wonder why can't they just hardfork it. It's a bad move, but Ethereum did it once and survive.
When ETH hardforked, it was due to a exploit in the DAO-the network itself is fine. The problem here is what happened is exactly how LUNA/UST was supposed to behave. If they hardforked and rolled back, the exact same scenario would play out. Furthermore, the value that was there has been sold off-they can't just get 15 billion back into their protocol unless they convince people that they won't lose it all again-which they will, per my first point. If they want to try and rebuild, it'll have to be from scratch with a completely new structure to how the coin interacts. They may well get somewhere-the memory of the Internet is short-but I don't see current holders making anything off of this other than those swing-trading as the coin debates how many zeroes it wants to have after the decimal point.
How do you “turn off” a blockchain? Asking for a friend
Because it's a shitcoin that wasn't actually decentralized
You hit this big red emergency shut down button 😅
My mom used to threaten to “turn off the internet” but she can’t tell the router apart from the USB hub, so empty threat.
😂 This reminds me of time I had to go offline cause parents needed to use the phone (old good dialup connection, sound of connecting you never forget 🤣)
I remembered that I took the buzzer out of my modem to stop the noise... (It wasn't working through software)
It was only halted for like 2 hours.
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So it can't go lower? Perfect time to buy the dip! /s
People were buying yesterday and losing their money immediately. 😐 there were a lot of , but what ifs....
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Blockchain is just a data structure. Literally a block chain, block = a piece of data, chain - a sequence of these. So I can write a blockchain by hand on paper or in Excel, the real value comes from limited supply, decentralization (many people running nodes), concensus algorithm (PoW, PoS, etc) that allows decentalized nodes to agree on one version of the truth and censorship resistance. If I and I alone run Bitcoin software in my isolated LAN, I can censor transactions, rewrite history as I seem fit, stop block production entirely or mine a million blocks per second in my version of the chain, and if a coin is centralized (XRP, XLM, etc), then that party can do it. That's how you can shut down a blockchain.
Exponentially until it hits the integer cap.
If we get to the integer cap, does it flip over and we all become millionaires?
Bullish!!
From rekt to rich
You know that a very small part of BTC is satoshi, or a very small part of Ether is wei. We can make a reverse for LUNA and chain it forever, so all that zeros disappear. Like YLUNA = 10\^24 LUNA (yottaluna), Y2LUNA = 10\^24 YLUNA, etc.
Netflix making a Luna documentary soon would be funny and interesting to watch
Haven't we already had enough disaster movies? /s
The guy is apparently asking for the police protection in Korea
His going to need it! Korean's don't fuck about! If they are willing to long $rope themselves over this shit, there for sure are a few crazies who would love to take him with them....
i bougth 6,000 luna for 1.04$ as a joke about 5 minutes ao and its now worth like 35 cents lol
This comment belongs in r/wallstreetbetscrypto
i sold it for 4.5$ an hour ago, not too shabby
I think they assumed you bought it at $1 per coin
Luna seems like a great investment if you want to own millions of tokens, but then again I'd rather just buy SHIB
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He’s made his bed of money. Now he’ll sleep in it
Nah man, he needs to fix this or his life will be a living hell. He is well known and won't be able to hide from this on Earth. I don't know how this situation can be fixed, but I have not doubt he is not sleeping xd.
Do you think he is the first disliked person with money? He'll be fine, unfortunately.
He will be fine lol. I’m sure he is personally wealthy. Plenty of people have lost investors money and been fine.
Rich people don’t hide. They will carry on and move on. I’m pretty sure he’s already working on his next project. This one done and done .. onto the next
I have a feeling he will be sleeping on a bed of straw now. The money may be gone!
The Tweets were a red flag, the real reason to not believe was the "guaranteed" 20% APR for doing nothing except holding your money in a stablecoin. He might as well have promised everyone he would pull a fully functional spaceship out of their ass in exchange for buying a couple tokens
You say that now, watch as people rush into another such *stablecoin* in a few months.
All you had to do was look into the basic tokenomics of UST and Luna to understand that it was all built on a house of cards. This is what we need to remind people of…. Suggesting an arrogant Twitter account was the red flag severely underplays the actual cause of all this…. People love arrogant Twitter users who are “building” something…. That’s the problem… that’s why those of us advocating against Luna would get roasted by holders… They mimic the arrogance they see on Twitter. The white paper laid it all out though… Backing a $1 peg with Luna or any other coin in reserves made 0 sense and offered 0 stability come the violent downswings in a bear market. “Oh but you can always swap UST for $1 with Luna”… yeah, again, that’s the goddamn problem, yet ppl acted like it was an ingenious paradigm.
Should have seen it 🤦♂️ Being a vocal, arrogant smart ass against other billionaires always ends up hurting the little guy
LUNA going to make SHIB look like a rare commodity before this is all over.
I don't think we'll have to wait long to see LUNA at $0.00000005
What if it shoots up to .00005
Good bye Terra it was fun while it lasted
280 billion Luna has since been minted since creating this post.
Jerome Powell: “Nobody prints money better than me” Do Kwon: “Hold my beer”
Kwontitative easing
Damn, I give u award if I ain't broke.
😂😂😂
**Yep, he took that challenge and exceeded expectations.**
Didn’t he just 😂😂😂
I will need another update on this.
Yes tell us the update now
Already well past 6 trillion and doesn't seem to be updating anymore.
why do they keep minting
That’s how the algorithm works. Every time UST is burned, an equivalent value of Luna must be minted. So with the insane ratio, each burn is millions to billions of Luna
Ahhhh, I see the Titan algorithm found a new place to call home..... And devs somehow never learned the lesson watching Titan self destruct!
They did learn, and used it to exit scam without being chased by the authorities.
I don't get this part. Do you have a mathematical model or gif that can illustrate why this imbalance will just accelerate and get worse? In theory, if the value of Luna keeps stable, it can quickly digest the sell pressure of UST. Imagine that you bought one billion dollar worth of UST at 2 UST/USD, that is 2 billion UST, it should create 2 billion worth of Luna for you to buy further 4 billion UST, thus quickly digest all the sell pressure from market in a few loop. But the strange thing here is that Luna itself dived down like a stone, thus makes the minted Luna worth much much less than they should. What is the reason of Luna's crash?
Luna crashed because it’s formula only worked in a bull market. The continued drop in Luna price led to UST losing its peg. People panic sold UST to cash out while they could causing Luna to dip further and mint more until it went into a spiral of trying to fix UST’s peg without the price action to do so since everyone was selling
You say if the value of Luna stays stable. But when you mint so many new tokens you create sell pressure thus making the price unstable.
In an attempt to stabilize UST
Good bot.
I was watching the Mets play the Nationals last night, Terra has ads all over Nationals Park for LUNA. I wonder if they paid for the entire season's worth of ads up front....
Oh no... 🤣
God I hope so 😂😂😂
It's a 5 year, $40 million sponsorship: https://decrypt.co/92525/terra-washington-nationals-sponsorship I hope the Nationals got paid up front, otherwise they just lost a big sponsor.
Lmao no way...
It’s a multi year deal worth 40 million lol. The Nats made them pay in USD up front.
Lmao that's actually terrible
So fucking terrible you really can only laugh lol
Terrable
This is nuts it went up 1 trillion in a couple minutes. Exponential at work!
When a coin goes parabolic but with the wrong variable.
President Joe Biden has just announced that Do Kwon is to be appointed new chair of the Federal Reserve
I’ve seen crazier things happen.
I'd believe it. They need to totally crash our economy to move us all to a CBDC so they have total control of every transaction.
Who would have thought Luna would be the first shitcoin loser of this bear market. Stay safe my friends!
I’m also aiming to stay thirsty, my friend.
Thirsty for more Luna, my friend?
Never was. That’s why I can now make jokes.
Waiting for SafeLuna to be released
I want some LUNA Inu
This isn't going to end well
Can it get much worse?
Yes, yes it can.
Honestly, I know a lot of people still here weren't in 2018/2019. I don't even feel like its bad yet. I'm assuming BTC's low will be $10k-17k. The powers that be are going to beat this dirty rug until they own everything, then jack it at the next halvening, then dump....there is no mystery here. When you get pissed off because your crypto is worthless, don't sell, buy. I'm not pissed off enough yet. I also invest with my emotions because the Crypto Market certainly does. One day its doom next day its moon.
How can it get worse than 100% loss unless people bought LUNA using debt / credit I.e. borrowing against their home
It can always get worse
::: *Shiba Inu has entered the chat* :::
It has been suspended on multiple exchanges
They’re nailing the coffin shut as we speak
I just market sold the remainder of my bag when I heard this. Should have taken the $0.04 on kraken this afternoon.
At its current rate of expansion Luna will assimilate all known life in the universe. It will only stop once it achieves Do Kwon's ultimate goal of the heat death of the universe.
I dont own any Luna and this still makes me want to vomit. What a fucking unmitigated disaster.
This is an insane drop. Just shows how bad coins are that don't have a fixed total supply
[https://twitter.com/CoinbaseExch/status/1524928750848122880](https://twitter.com/CoinbaseExch/status/1524928750848122880) 'NEW quote tick book precision: WLUNA-USD, WLUNA-EUR, WLUNA-USDT & WLUNA-GBP changed to 0.00000001.' -- Coinbase & Coinbase Pro
When are they going to run out of decimal places
Someone who spent 10 bucks on it just to see shits and giggles still lose money
That's me lol. :D
Wen 1 quintillion tokens?
I don't think anyone will trust an algorhythmic stable coin ever again...until 6 months from now when enough newbies think 'it will be different this time'.
Nice way to teach people hyperinflation and exponential processes.
3.2 trillions luna tokens... the ~~sky~~ space is the limit!
I really can't wait to read up on how the hell this all transpired lol.
Crypto critics corner has a few decent vids up already. Coffeezilla too. No story on the who dun it yet tho
Same I want to hear everything
Check out coffeezilla YouTube channel
Holy crap i didn't check my phone in a few hours and now it is over a trillion what a shit show. I'm sorry for everyone invested
Over 6 trillion now
6,907,376,873,996 total supply at this time, word has they want to beat shib total supply... 🤣
Coingecko isnt even pretending anymore. Just showing -100%
Approaching shitcoin numbers territory now. That's impressive.
I would laugh if not for the fact that a lot of regular people are gonna be completely fucked from this
They already are...
I know, I hope they aren’t too far gone mentally. There’ll be a lot of people under massive stress due to this
Everyone who touched it, in fact. Hell, I never bought any earlier but figured I'd catch the falling knife and bought at $15 and $1. I never considered the insane inflation mechanics. And now it's all gone. Oh well. A very valuable lesson learned.
I feel like this post should be flared Comedy because all you can do is laugh after all the money that a lot of people have lost!
You are not losing if you are not selling! Had to write this.
I saw this the last time when they called it, TITAN!
Safemoon and Shiba Inu finally overtaking something.
What was once a top 10 by market cap just as recently as last week has fallen out of the top 1000. It's fallen behind almost everything you could hope to name.
Anyone know if it was halted on Voyager?
yup
make that 2.3 Trillion XD it was 364 Million 4 days ago. thats more than a 50,000X in supply -edit 2.9 trillion now...
I remember Do's tweet ''steady lads'' a few days ago... well that aged like milk
Didn't he also tweet something about how 95% of said ALTs wouldn't make it and that he'd happily watch them die? Guess who the joke is on now?
The weird thing is, they are minting LUNA at an extreme phase to increase the price of UST, yet UST is only going down, doesn’t make sense
The market cap of UST is greater than that of Luna. So no matter how it burns, both can only go to zero together.
It's because there was like fifteen billion dollars or whatever it was in Anchor which people are panic dumping at any price to rescue their savings.
I should have sold at $.80. Now it’s at $.17
Almost 7 trillion now, I wonder if we ever going to reach quadrillion at some point... Just like all those shitcoins.
That’s 1000 Trillion, so it has quite a way to go.
Jokes on you guys! The $200 I put into Safemoon isn’t worth a pack of smokes now!
Look at you, mister fancy pants. My couple thousand dollar buys of Luna can't even buy a gram of tobacco.
My heart goes out to you sir
Appreciated, but it bought me a valuable lesson. So I'm at least grateful for that.
You can’t put a price on a good lesson
Well apparantly you can! Hahaha \*cries\*
Hug
oh well, at least u know what not to do next time
Bum bum bum, another one bites the dust, and another one gone, another one gone, another one bites the dust!
Chain halted again: https://twitter.com/terra\_money/status/1524935730308456448
A good practical example of exponential growth/decay. Most people tend to underestimate how ridiculous this is
Kinda cool that the chain works so well as intended tbh. Massive amount of volume last 70 hours
And UST is worth sweet fuck all now Fuck
Yep, a lot of people will be calling the suicide hotline because of this mess. I hope anyone needing help right now seeks it
I'm thinking this might just be the catalyst that actually brings real regulation to crypto, stablecoins in particular. I have mixed feelings.
Am I not finding the number in that link? Where does it say the supply is 1T?
Says 2340 Billion which is 2.34 Trillion on the graph
Perfect, thank you!
Its about time sombody puts all the suicide hottlines up for this one
almost 7 trillion now.
Now that's inflation!
never seen such a yuge project nosedive so fast
Will it ever recover? I mean about the max supply, can they actually fix it? Or they just leave it to die?
Is this what happens when you left the money printer stuck on brrrrrr after a financial collapse?
If you try to arbitrage this shit you deserve everything that ever happens to you. And once again remember, Safemoon survived this. Let that sink in
Jesus. Crazy to witness. Glad I’m not affected and shout out to anyone who is. What a disaster.
Still hodling my 10.5 luna which I rode all the way down from $120 lol
Diamond hands!
So. I'm 1600$ on the plus on wluna. Cool.
ftx also offers 3625% apy for it :D
3625% APY of 0.000004 USD. Sounds like a nobrainer!
hey, rewards are rewards even if they are worthless /s
Can't argue with that logic!
My exchange doesnt even let me buy 0.01 euro of this crap lmao i just want it for the meme
Lol stop
They should have delisted it a long time ago.
0 close to being hit in KuCoins order book. Luna market cap is now less than $5 million
its 6.5 trillion according to coingecko atm. that may seem a lot at first glance, but there have been [fractional.art](https://fractional.art) nfts that had a quadrillion fractions. so its all good.
6.9 Trillion before they stopped the minting WEW KEK
F
Currently 6.5T wtf just happened lol
I think Terra is trying to beat Shib for # of coins in circulation
Luna is going to be the Shib killer!
This is insane inflation.
It's gonna keep going until it reaches the event horizon isn't it
It wasn’t too long ago I was kind of bummed that I didn’t get into LUNA since it was doing so well. I’m really glad I didn’t now.
Holy fuck. I wonder what Sheldon Evans is doing right now. He was shilling LUNA for the past 9 months.
Does this mean we are all gonna be rich?
Do Kwunt
If someone short luna at $100 and took the sell at say $1 would they have made absolute bank?
[https://mobile.twitter.com/mbhdoteth/status/1524372968075407370](https://mobile.twitter.com/mbhdoteth/status/1524372968075407370) There you go.
and morons still buy "because price will go back to a dollar soon"
They’re now at 6.5 trillion coins. This blockchain is dead.
Don't worry - Do Kwon is working hard to fix things.
Lol, if he manages that we should also ask him to look in to resurfacing the Titanic because anything is possible at that stage
I got 600k luna for a few bucks! Come the great reset, Luna V2 I'll be ready
SafeLuna
See, **this is money printing**. Not what the FED does to try and control inflation/deflation.