# LUNA/UST Grieving Thread



## The Repeated Meme (May 16, 2022)

I am so fucking felted right now. I bought UST because Okcoin was offering a 16-20% variable apy on it. I purchased $1000 worth a couple months ago and have lost about $900 so far, I have not sold any in case it ever regains its peg to the US Dollar.

I never even considered this would happen because I assumed there was some mechanism in place to ensure it was always pegged to around $1. I feel foolish for not doing more research but in my defense I've never had A problem with stablecoins.

Seriously considering investing in $ROPE soon. Discuss.


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## Justtocheck (May 16, 2022)

It won't regain the peg. Just sell at this point. Every algorithmic stablecoin has failed and probably will. I'm just waiting for tether to collapse and tank the market to buy in hard. Did you know that tether isn't even backed one to one by dollars but mostly comercial paper (debt issued)? It will all come tumbling down, tumbling down, tumbling down.


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## Kosher Dill (May 16, 2022)

The Repeated Meme said:
			
		

> in my defense I've never had A problem with stablecoins


No one ever does, until they do.


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## The Repeated Meme (May 16, 2022)

Justtocheck said:


> It won't regain the peg. Just sell at this point. Every algorithmic stablecoin has failed and probably will. I'm just waiting for tether to collapse and tank the market to buy in hard. Did you know that tether isn't even backed one to one by dollars but mostly comercial paper (debt issued)? It will all come tumbling down, tumbling down, tumbling down.


I learned that after the fact, sadly. I doubt it will regain its peg as well but you never know. Plus it's not like another hundred dollar loss would do much more damage at this point.


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## Justtocheck (May 16, 2022)

The Repeated Meme said:


> I learned that after the fact, sadly. I doubt it will regain its peg as well but you never know. Plus it's not like another hundred dollar loss would do much more damage at this point.


BTW, just out of curiosity, have you ever read the white paper of a crypto coin?


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## The Repeated Meme (May 16, 2022)

Justtocheck said:


> BTW, just out of curiosity, have you ever read the white paper of a crypto coin?


Nope.


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## Anura (May 16, 2022)

I bought $20 USD worth (360k at the time) and sold for $120


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## Blasterisk (May 16, 2022)

One time I was in crypto rehab with this kid named Oscar who got stung by a bee, right on the lip! We couldn't even talk to each other until the fifth week 'cuz both of our lips were so swollen and when he did start speaking he just spoke Polish. I happen to know like three words in Polish; but now I know four because Oscar taught me the word for valueless! USTa!

"Your cryptos all crashed, USTa. How do you spell that?"


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## Joe Swanson (May 16, 2022)

This is why you don't trade your shekels for meme money, and if you end up making a fortune in meme money you cash it out asap


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## Breadbassket (May 17, 2022)

Few winners, many losers when it comes to Luna.  It is a bit poetic something that claimed to be "stable" turned out to be built on sand. Sucks for the people who lost big though.


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## MrTroll (May 17, 2022)

I don't know nothing about this "digital coin" stuff. I prefer to get pegged the old-fashioned way, thank you.


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## Gimmick Account (May 17, 2022)

Justtocheck said:


> Every algorithmic stablecoin has failed and probably will. I'm just waiting for tether to collapse and tank the market to buy in hard.


Yeah despite this wiping out half my gainz in other stuff I'm secretly kind of happy if it kills stablecoins. Something like this was inevitable so it's better to happen now than later when we're approaching some actual interesting developments that aren't just memes and stimcheques. It's only a shame it wasn't sooner.


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## Justtocheck (May 17, 2022)

The Repeated Meme said:


> Nope.


Well, reading is cheaper than losing an investment. Just think about it. Being an ape is not cool bruv.


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## Retarded INTP (May 17, 2022)

Got 500 000 of this for 30$ or 50$ I don't remember. Didn't sell when it went above 300$. It's fucking ridiculous, but I am hoping to see some sort of emergency plan (burning mecanism, fork, whatever) getting implemented and allowing me to profit in the end. It's wine money so if it dies for good I'd give 0 fuck and buy beers instead. This entire mess is the most interesting thing of this year as far as crypto is concerned. Who knows what kind of fucked up consequences will follow this clusterfuck.


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## FFinfo (May 17, 2022)

The Repeated Meme said:


> Nope.


This is the problem with nu-crypto. Just kidding, this happens every cycle, though, and is part of why the crypto market is what it is. Also, this is probably the end of the cycle. I wouldn't be surprised to see BTC crashing down to the teen-thousands again. Could be wrong, but I'd been wondering what this cycle's bitconnect was going to be and bitconnect killed (or rather, heralded the end of) the last cycle.


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## The Repeated Meme (May 17, 2022)

Justtocheck said:


> Well, reading is cheaper than losing an investment. Just think about it. Being an ape is not cool bruv.


Reading is for nerds.


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## Some Curious Person (May 17, 2022)

IDK, my hopium is that there's too much on the line for UST - VC's lost big on it, too. They must be looking at ways to save it. It was top 4 by marketcap in a while. I didn't own any luna but I still keep my UST in case of a bailout. While reviving luna is pretty much impossible, I believe repegging UST is easier, simply by overhauling the entire mechanism.


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## Justtocheck (May 17, 2022)

The Repeated Meme said:


> Reading is for nerds.


And so is not losing money.


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## Gender of peace (May 17, 2022)

There is a popular governance proposal to compensate small holders of UST. See https://agora.terra.money/t/proposa...using-lfg-funds-favouring-small-wallets/6471/

This proposal has the support of CZ (head of Binance) because the situation could really set back mass adoption of crypto by damaging what little credibility it has. I think there are people with deep pockets watching this situation and realizing it could reduce retail demand (and thus lower prices for crypto across the board) quite substantially. There may be an intervention for that reason alone. If I had UST, I would hold that for now, personally.

Eta: my understanding is that Binance effectively holds a majority stake in the Terra ecosystem as a validator, please correct me if I am mistaken. That means they have considerable influence over these governance proposals. The other popular option is a hard fork that would destroy any remaining value in UST, an unpleasant option imo.


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## Dave. (May 18, 2022)




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## Give Them Enough Rope (May 18, 2022)

Fuck you all, I just bought over 20k and I'll get a chunky PC when LUNA rises from the ashes.


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## FFinfo (May 19, 2022)

Dave. said:


> View attachment 3296600
> View attachment 3296599


This happened a lot in the previous cycle, too. F to my fallen "bought ETH at pennies and flipped it into scams last cycle" brothers.


Gender of peace said:


> There is a popular governance proposal to compensate small holders of UST. See https://agora.terra.money/t/proposa...using-lfg-funds-favouring-small-wallets/6471/
> 
> This proposal has the support of CZ (head of Binance) because the situation could really set back mass adoption of crypto by damaging what little credibility it has. I think there are people with deep pockets watching this situation and realizing it could reduce retail demand (and thus lower prices for crypto across the board) quite substantially. There may be an intervention for that reason alone. If I had UST, I would hold that for now, personally.
> 
> Eta: my understanding is that Binance effectively holds a majority stake in the Terra ecosystem as a validator, please correct me if I am mistaken. That means they have considerable influence over these governance proposals. The other popular option is a hard fork that would destroy any remaining value in UST, an unpleasant option imo.


Utimately, bailouts will just cause the same undermining, though that might not stop it (People still whine about ETH's fork). If the cryptocurrencies aren't no takesies backsies it just becomes more bad-investor welfare/


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## wtfNeedSignUp (May 19, 2022)

Dave. said:


> View attachment 3296600
> View attachment 3296599


Besides the innate tragedy/comedy of getting rich off high risk high reward investments only to lose it all for what he thought was low risk, it's amazing people can be so retarded by putting their entire life savings on a single coin, rather than spread it over several types of investments in several sectors so a single coin tanking wouldn't force them to move with their parents.


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## Retarded INTP (May 19, 2022)

wtfNeedSignUp said:


> Besides the innate tragedy/comedy of getting rich off high risk high reward investments only to lose it all for what he thought was low risk, it's amazing people can be so retarded by putting their entire life savings on a single coin, rather than spread it over several types of investments in several sectors so a single coin tanking wouldn't force them to move with their parents.


This is sheer stupidity and I enjoy a good, cold beer every single time I see a tard getting rekt by the market. Financial dwarwinism is such a beautiful thing. This being said, I may be on the path to become a fucking alcoholic with the events of this month.


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## Polock (May 19, 2022)

Swapped a underperforming coin into UST to eventually use to buy something else literally 1 day before the crash. Didn't care about the 20% staking on ANKR (see: ponzi scheme). I needed a stablecoin to sit on for a short period of time, UST was the most reputable one on this defi platform I was using.

Very sad.

On the plus side, for fun I bought $100 (I think it was just short of 4 million tokens) of LUNA at .00002, sold at .0002, so that offset my losses a little bit.
I'm praying that those UST get compensated at least a little bit. Its not like it was a ruinous loss in total amount, but it still hurt - very annoyed at my bad luck.


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## The Repeated Meme (May 19, 2022)

Retarded INTP said:


> This is sheer stupidity and I enjoy a good, cold beer every single time I see a tard getting rekt by the market. Financial dwarwinism is such a beautiful thing. This being said, I may be on the path to become a fucking alcoholic with the events of this month.


I'm just glad I'm not one of those people who lost millions of dollars. It still hurts, but it could have been a lot worse. Now while I do have now pretty much all of my savings in bitcoin, and it is underperforming, I don't need that money right away and I expect it'll go up in the next couple of years. Thinking of selling once it hits 60k; that would net me a massive return.


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## Retarded INTP (May 19, 2022)

The Repeated Meme said:


> I'm just glad I'm not one of those people who lost millions of dollars. It still hurts, but it could have been a lot worse. Now while I do have now pretty much all of my savings in bitcoin, and it is underperforming, I don't need that money right away and I expect it'll go up in the next couple of years. Thinking of selling once it hits 60k; that would net me a massive return.


I was really just talking about the trannies who put all of their savings in any altcoin, especially Luna. I simply can't feel any pity nor empathy for that. If you act like a tard, you die like a tard. 

BTC and ETH are completely different beasts. I still think you're a moron for risking your entire savings in cryptos, but I would actually feel bad for you if you were to lose that money. At least, you picked the best volatile asset out there. Being a moron is better than being a drooling braindead retard.


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## HackerX (May 19, 2022)

The one good thing about this is I came across the Coffeezilla channel on youtube.  He's got more than a million subs, which would immediately make me think he's pozzed, but at least as far as youtube videos they are consise and not overly complicated.


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## Maurice Caine (May 19, 2022)

Never bought a dime in any of this new-age 'crypto' shit (why would you buy fake money anyways? Last I heard the Brazilian Real was a thing since '94) but this shit makes me sad.


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## Netizennameless (May 22, 2022)

Dave. said:


> View attachment 3296600
> View attachment 3296599


i mean, at least's he's fucking 20 and can just continue his life as a normal poor.  Besides he learned a lifetime lesson and could do it again.  Now he understands the importance of not going all in one one asset.


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## BigThaiGreenCurry (May 22, 2022)

'Stablecoins' are a myth in general. Unless you have the US Government backing them they can all fail.

If entire countries can't defend their currencies when they peg them (either to gold, or to USD/Euro etc) why would you think some nerds with 'algos' could do it.

Currency Arbitrage (between real value/pegged value) is a fun thing that hedge funds do, and will occur for stablecoins also.


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## Lit Cigarette (May 23, 2022)

BigThaiGreenCurry said:


> 'Stablecoins' are a myth in general. Unless you have the US Government backing them they can all fail.
> 
> If entire countries can't defend their currencies when they peg them (either to gold, or to USD/Euro etc) why would you think some nerds with 'algos' could do it.
> 
> Currency Arbitrage (between real value/pegged value) is a fun thing that hedge funds do, and will occur for stablecoins also.



So what you're saying is that we should buy DAI?


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## BigThaiGreenCurry (May 24, 2022)

Lit Cigarette said:


> So what you're saying is that we should buy DAI?


Sure. Please remortgage your house to do so and post your gains here.


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## SITHRAK! (May 24, 2022)

Gimmick Account said:


> I'm secretly kind of happy if it kills stablecoins


You can have my Dai when you prise it from my cold dead fingers.


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## BlackPuppet (May 29, 2022)

Tether is going to collapse the market further, Luna/UST was just the appetizer.  But about Luna, I'm not suprised all this happened in the firat place.  DAOs are a ticking time bomb cause they don't actually have enough rewards.  If what's proping up the token is rewards something has got to give.  I would only trust staking like CSPR due to the staking in the over 100 node operators.  It's up to the person to see if an operator is trustworthy.


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## Doppelmonger (Jun 3, 2022)

You just had Luna, but are you ready for



Electric bogaloo.

(The value is on mexicoins btw)


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## The Repeated Meme (Jul 13, 2022)

Sold my UST. I've completely given up hope it's ever going to regain it's peg. I'll take the L on this one and report the loss on my tax return. I feel like such an idiot for not investing in something safer like GUSD. I really should have known 18% APY was unsustainable.

Let this failure serve as a reminder to everyone investing in cryto: Always do your research, and if something sounds too good to be true, it is.


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