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Anorthernsoul
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  • 2 months later...
  • 1 month later...

I don't know if anyone on here besides myself and Quiff actually did pay attention to this stuff but there's a fantastic meltdown going on right now and we appear to be entering the bear market properly. One of the biggest coins dropped from $90 to.. currently at about $0.05. Not a confidence thing though tbf, it had its underlying system exploited and money just caned out of it. We are almost certainly going to see this space regulated now, at least as far as stablecoins go.

 

Fun times :lol: 

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Luna is a great example of people not understanding what they've bought tbf, although some are calling it a ponzi scheme with a measured amount of accuracy IMO. What has happened in a nutshell is that the sister coin to it, UST, lost its pegging with the dollar (which was why it existed, and the whole ecosystem relied on it). When that happens, Luna has to balance it up - and it happened so hard, through being attacked by a hedgefund as far as anyone can tell, that Luna simply couldn't keep up. Consequently they've had to resort to hyperinflation and are mass printing Luna in order to push up UST - the hope being, I think, that doing so will save the ecosystem.

 

Remains to be seen but a lot of people have lost a great deal of money, and this was meant to be one of the safer options in the space. Undone by the the overlooking of a systemic error.

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34 minutes ago, Rayvin said:

Luna is a great example of people not understanding what they've bought tbf, although some are calling it a ponzi scheme with a measured amount of accuracy IMO. What has happened in a nutshell is that the sister coin to it, UST, lost its pegging with the dollar (which was why it existed, and the whole ecosystem relied on it). When that happens, Luna has to balance it up - and it happened so hard, through being attacked by a hedgefund as far as anyone can tell, that Luna simply couldn't keep up. Consequently they've had to resort to hyperinflation and are mass printing Luna in order to push up UST - the hope being, I think, that doing so will save the ecosystem.

 

Remains to be seen but a lot of people have lost a great deal of money, and this was meant to be one of the safer options in the space. Undone by the the overlooking of a systemic error.


Day of reckoning for crypto, long overdue. 

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Just now, Dr Gloom said:


Day of reckoning for crypto, long overdue. 

 

You say that but it's not the first time this has happened :lol: 

 

It'll be interesting to see what happens from here but it's not going to die. What it may do, and I think it likely a positive, is shake off all the people who had no idea what they were investing in and were just chasing gains. Until the next time it comes around of course.

 

Blockchain isn't going anywhere though, and cryptocurrencies are the mechanism by which it operates.

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8 minutes ago, spongebob toonpants said:

https://twitter.com/FreddieRaynolds/status/1463960623402913797?s=20&t=I5krAFED-NZ3aEjXPivYrA

 

Don't know why tweet hasn't embedded, but it's someone saying how to export Luna 6 months ago and predicting exactly what happened 

 

Yeah there's plenty of people loading up on the "I told you so" perspective for Luna. It's a really good lesson in actually taking the time to understand what you're investing in and how it works, because it very much was viewed as the industry darling in terms of stability. To be let down by an exploit like this is a real shame and will heap scrutiny on the other stablecoins and the industry in general. All because Do Kwon didn't take criticism properly.

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  • 6 months later...

Once you see behind the curtain with some of these lads. Like I would NEVER buy a Tesla now that I've seen the cavalier approach Musk has taken with twitter. These people are cowboys. 

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Who would have thought that swapping real money for something that isn't tangible and doesn't exist, would turn your money into something that isn't tangible and doesn't exist.

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