LUNA/UST Grieving Thread

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Dave. said:
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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.
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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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Dave. said:
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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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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.
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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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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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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.
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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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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.
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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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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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'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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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.
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So what you're saying is that we should buy DAI?
 
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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You just had Luna, but are you ready for

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Electric bogaloo.

(The value is on mexicoins btw)
 
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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