Luna was pegged to a stable coin UST. Unfortunately UST & Luna was a self liking ice cream cone and that stable coin was worthless. So all of Luna's value was based on nothing as the UST was a derivative of Luna itself.
I am not sure who thought this was a good idea from an economics standpoint but having a crypto that is a derivative of itself to pump it up was designed for a disaster. Billions of $'s lit on fire overnight.
If this is true, we are not yet near the real financial crash. This is what Greg has been predicting too, since the debt market is still stable. I would say time to buy the dips.
The most interesting thing about Luna is that for months the institutional size block orders have been steadily streaming in. All but certain this was an attack or a planned event. I've never seen this sort of block order sell cascade with crypto or with stocks. The goal was likely to crash a stable coin so they can go after them with regulations. For the record, I didn't own any.
Holy shit... what happened to it?
https://coinmarketcap.com/currencies/terra-luna/
I'd heard of it in the crypto circles before, but I hadn't read too deeply into it or done any substantial research on it.
Now I really want to dig into it and read up on what led to its collapse.
Can you link your writings? I would be very interested in reading up on this topic.
Luna was pegged to a stable coin UST. Unfortunately UST & Luna was a self liking ice cream cone and that stable coin was worthless. So all of Luna's value was based on nothing as the UST was a derivative of Luna itself.
I am not sure who thought this was a good idea from an economics standpoint but having a crypto that is a derivative of itself to pump it up was designed for a disaster. Billions of $'s lit on fire overnight.
Makes sense.
I always research the use case of a project before even considering an investment.
What happened to Luna will likely happen to many other projects.
I can't stop laughing... Thank you. Maybe we have a new name for Bradon. SLICCOTUS
It was a scam to begin with. Wall street just made billions on this theft.
People are committing suicide due to this.
BTW, if you want to buy it, its available at ftx.com. Just picked up half a million for 50 bucks or so.
Apparently Blackrock and Citadel might have been involved.
If Blackrock and Citadel are willing to pull a criminal scam like this, they must truly be in a dire position.
If this is true, we are not yet near the real financial crash. This is what Greg has been predicting too, since the debt market is still stable. I would say time to buy the dips.
The most interesting thing about Luna is that for months the institutional size block orders have been steadily streaming in. All but certain this was an attack or a planned event. I've never seen this sort of block order sell cascade with crypto or with stocks. The goal was likely to crash a stable coin so they can go after them with regulations. For the record, I didn't own any.
Interesting, thanks for the insight.
Just check out the market cap on it here: https://coinmarketcap.com/currencies/terra-luna/
Whatever happened to the peg relationship to UST caused it to dilute into oblivion. Whoever developed this was a fool.