Just curious to know if any Anons have been following this token? What kind of people were pushing it?
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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.
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.