Guys stay away from Crypto

[hyperbole]

NOT a financial advice but Ilantivi chala unnayi.

 

TerraLuna had a stablecoin (UST) that was pegged to the dollar as well as their own native coin (LUNA). If you converted your money to UST you could deposit it into the Anchor Protocol where you’d get 20% yields. It got a lot of people. Your money is pegged to the dollar so you don’t have crazy crypto volatility so it was marketed as safe. The LUNA coin was also doing very well for a while.

Anyone who’d done any research was just waiting for it to fail as it wasn’t backed by USD like you’d imagine a stable coin would have to be in order to be, well, stable. Possibly an intentional attack, someone started dumping a bunch of UST into the market when the liquidity was low and it didn’t hold. UST fell to $.99 then $.97. The institutional investors who knew it was a time bomb dumped their billions, and it crashed completely in the span of 24 hours and is now at $.12. Part of their algorithm involved minting more LUNA to keep UST at $1. The circulating supply of LUNA went from billions to trillions taking the price from $86 to $0.0001.

It is absolutely the biggest and worst thing to happen in crypto so far. Tens of billions gone, mostly taken from retail investors’ “savings” accounts

 

[Anta Assamey]

[Ravi860]

orinayano 700k naaa

 

[hyperbole]

2 minutes ago, Anta Assamey said:

Thanks added disclaimer 

[TrishaManiac]

malli market legusthadi...don't worry

[Ravi860]

11 minutes ago, TrishaManiac said:

malli market legusthadi...don't worry

LUNA disaster bhayya..its gone. I thought its a good coin not like crap coins. you never know. Imagine it is $80 2 weeks back now $0.000085

[Epic]

25 minutes ago, hyperbole said:

Part of their algorithm involved minting more LUNA to keep UST at $1. The circulating supply of LUNA went from billions to trillions taking the price from $86 to $0.0001.

Is thing legal or hacked?

[Naaperushiva]

11 minutes ago, Epic said:

Is thing legal or hacked?

It's somewhat legal........somebody used the peg algorithm(it has some loopholes) to their advantage and crashed...the problem here is that ust doesn't have more stable(usd) funds to back it...

[hyperbole]

12 minutes ago, Ravi860 said:

LUNA disaster bhayya..its gone. I thought its a good coin not like crap coins. you never know. Imagine it is $80 2 weeks back now $0.000085

Did you read what happened, UST  is tied to other coins aa well, when UST plummeted LUNA stated issuing more coins to balance it in the process plummeted its own value. Also they sold $3 billion BTC to save UST. There is no fault of LUNA, the problem was UST which was thought as a safe investment and not suspectable to volatility like crypto. 
 

This is scary as

[Naaperushiva]

4 minutes ago, hyperbole said:

Did you read what happened, UST  is tied to other coins aa well, when UST plummeted LUNA stated issuing more coins to balance it in the process plummeted its own value. Also they sold $3 billion BTC to save UST. There is no fault of LUNA, the problem was UST which was thought as a safe investment and not suspectable to volatility like crypto. 
 

This is scary as

Yes, it was tied to btc . The guy who exploited the algo crashed both ust and btc together to depeg the value...

[BeerBob123]

Okka mukka ardam kaledhu bhayya 

but I don’t invest in Crypto

so I’m safe

[Higher_Purpose]

Better to buy Luna now 😂 100K koni pettochu pedthe easy ga manchi profits vosthayi 

[VictoryTDP]

16 minutes ago, Higher_Purpose said:

Better to buy Luna now 😂 100K koni pettochu pedthe easy ga manchi profits vosthayi 

[kittaya]

43 minutes ago, Higher_Purpose said:

Better to buy Luna now 😂 100K koni pettochu pedthe easy ga manchi profits vosthayi 

nti vachedhiiii.... 

its gone case... poyindhi ani cheppesthe okesari, ppl will suicide and they will get killed... in twitter Binance and Luna creator talking drama, so ppl dont scare and will forget after some time.... 

 

[kittaya]

44 minutes ago, Higher_Purpose said:

Better to buy Luna now 😂 100K koni pettochu pedthe easy ga manchi profits vosthayi 

Luna malli value peragali ante, they have to burn the Luna piece by piece..