No government will want to promote anything they can't control and regulate. Bitcoin is like a threat to the government and all centralized financial institutions. I won't say ignorance is responsible for their defamation of crypto most especially Bitcoin but i will rather link it to fear of the unknown. A fear of what becomes of their nations if the can no longer regulate the flow of funds around their countries
Certainly they wouldn't promote crypto, since they are against the principles of the capitalist system, however, you should also take into account that most people have a very superficial knowledge regarding cryptocurrencies, thus, it's quite understandable for a decent percentage of people to think of them as a ponzi or a scam. |
|
|
|
I don't believe that it was actually done on purpose (but certainly could have), but that plays little role in this case. Billions were lost, thousands of people lost a good chunk of their money (or even all), including myself. It sucked. On top of that, it damaged cryptocurrencies' reputation, because UST was the third stablecoin in market cap.
Indeed, I believe that no one really ever wanted this tragedy to happen. And if we try to think as a developer, it would be impossible for someone that is known by tons of people to actually scam his investors, that would be something like looking for a hammer to smash your own head. And even if that's not the case, as a developer you put hours and hours of time, money and effort on a project you developed which succeeded having tons of people investing on it and using its services, it would be stupid to throw it all away just for the money(although billions) which would be like hell to hide and liquidate and would likely get you imprisoned. It really doesn't make sense. One thing that I see here is that the decisions made were wrong which has caused terrible and irreversible consequences that affected everyone connected to this project along with the entirety of this industry in the eyes of people that barely knows how things work here. Of course, the developers are to blame and should be held accountable for their mistakes but I don't think it would be proper to call them scammers just because of this. Honestly, I keep beating myself for not reading their whitepaper earlier. I never expected that one of most largest stablecoins in market cap could fail in such way. Even if I had read it though, I'm still positive that I'd still fallen for it, who would have expected such a turn. You dont even need to read the whitepaper, the 20% apy would make you curious where does the money come from. That made me not touch terra back but i hope the companies under it recover from this shit show. I wasn't staking in Anchor, but at Beefy via the BUSD-UST pair, achieving an average APY of 10-15% in average, could be a little more but I don't remember exactly. 20% APY isn't uncommon enough to raise major red flags to me. I've seen quite a few vaults averaging 12-15%, at least for a decent time period. |
|
|
|
He is going to be trying his best to keep the few followers he has and try to make it into something much bigger. I have to say, it's going to be quite difficult to do it, and we are going to face what could be crashing of a person along with the coin as well.
Do Kwon will not go down easily, he is not just going to go "oh I used to have a coin that topped at top 10 and then it crashed so hard that I am just a crypto worker nowadays earning a salary and not famous at all", people do not go from those highs to suddenly lows. So, he will try his best until he can't anymore until he is totally gone, and that will hurt him, and all of his followers.
He isn't going down that easy, however, his reputation has been destroyed, unless there was an actual way to reimburse even partially all investors who lost their funds, which is impossible of course. On the other hand, I'm curious whether or not he could be arrested for fraud or market manipulation, since cryptocurrencies are not regulated, because it's something that has been trending the past few weeks. |
|
|
|
I don't believe that it was actually done on purpose (but certainly could have), but that plays little role in this case. Billions were lost, thousands of people lost a good chunk of their money (or even all), including myself. It sucked. On top of that, it damaged cryptocurrencies' reputation, because UST was the third stablecoin in market cap.
Indeed, I believe that no one really ever wanted this tragedy to happen. And if we try to think as a developer, it would be impossible for someone that is known by tons of people to actually scam his investors, that would be something like looking for a hammer to smash your own head. And even if that's not the case, as a developer you put hours and hours of time, money and effort on a project you developed which succeeded having tons of people investing on it and using its services, it would be stupid to throw it all away just for the money(although billions) which would be like hell to hide and liquidate and would likely get you imprisoned. It really doesn't make sense. One thing that I see here is that the decisions made were wrong which has caused terrible and irreversible consequences that affected everyone connected to this project along with the entirety of this industry in the eyes of people that barely knows how things work here. Of course, the developers are to blame and should be held accountable for their mistakes but I don't think it would be proper to call them scammers just because of this. Honestly, I keep beating myself for not reading their whitepaper earlier. I never expected that one of most largest stablecoins in market cap could fail in such way. Even if I had read it though, I'm still positive that I'd still fallen for it, who would have expected such a turn. |
|
|
|
I don't know what Do Kwon intentions are, and even if he wants to fix his mistakes, I will definitely avoid all his projects. I am convinced that a large majority of investors will do this same.
If he wanted to fix the errors that were in the LUNA algorithm, he should do it much earlier.
Unfortunately, but after such a huge catastrophe associated with a whole series of mistakes he made, he will never be able to regain confidence in the cryptocurrency market. In my opinion, he should just change the industry.
That's more likely the best approach. Despite that the whole incident didn't look intentional, it's currently of minimal importance whether it was on purpose or not. Now, I wouldn't trust a single penny to any of his projects, I seriously doubt that any of his recovery plans will have an effect at all. Thousands of people have lost money, including myself, he's not going to compensate any of the losses, and no matter how unfortunate that is, it's understandable, he's not a bank with insured assets, no one forced us to trust him and his projects. Not sure about it though, it seems to be something fishy going on as there are a lot of news that this might be their plan and there are companies benefited from the catastrophe like there is connivance and insider trading. He is trying to compensate but we don't know how he will do it. So yeah, if you think you lost your money here so it's better to move on. And hopefully learn our lessons from this. Fortunately, I managed to swap my UST tokens to another stablecoin before it severely crashed, reducing my losses. I'm pretty sure that quite a few people benefited from the incident and wouldn't be surprised if that also included Do Kwon and his team as well. On top of that, a few hours before the second major crash, Do Kwon was tweeting about his so-called recovery plans and to remain calm, without giving out any valid details that could potentially save UST and Luna, probably to just keep the hype going. It seemed extremely fishy, like he actually knew what was about to happen. |
|
|
|
I don't know what Do Kwon intentions are, and even if he wants to fix his mistakes, I will definitely avoid all his projects. I am convinced that a large majority of investors will do this same.
If he wanted to fix the errors that were in the LUNA algorithm, he should do it much earlier.
Unfortunately, but after such a huge catastrophe associated with a whole series of mistakes he made, he will never be able to regain confidence in the cryptocurrency market. In my opinion, he should just change the industry.
That's more likely the best approach. Despite that the whole incident didn't look intentional, it's currently of minimal importance whether it was on purpose or not. Now, I wouldn't trust a single penny to any of his projects, I seriously doubt that any of his recovery plans will have an effect at all. Thousands of people have lost money, including myself, he's not going to compensate any of the losses, and no matter how unfortunate that is, it's understandable, he's not a bank with insured assets, no one forced us to trust him and his projects. |
|
|
|
Perhaps on some level, people fear change. They fear abandoning horses for automobiles. Outhouses for indoor toilets. This fear of change extends to new emerging trends like bitcoin and crypto.
It took 10 years for sailors to mass adopt the explanation of vitamin C deficiency causing scurvy. Even when all of the available evidence and documentation points to a single cause. There is still considerable fear and controversy associated with it.
Even if bitcoin and crypto were a perfect and flawless technology with no disadvantages. It would still take people time to overcome their fear of change and adopt it.
That's accurate, people are afraid of anything that's fundamentally different from what they're used to. As I've mentioned before, on another thread, Cryptocurrencies are relatively new, while people in governance are usually of an older generation. People often associate cryptocurrencies with scams or Ponzi's, but that's entirely not true. Unfortunately, instances of scam coins, rug pulls or even failures such as Terra, whether they were intentionally or not hurt their credibility and how people perceive them. People are very skeptical, I remember that at the beginning people were very wary of a service like PayPal and I think we could find the same resistance to credit cards or fiat when they were first introduced, so it is natural that people are skeptical about something like bitcoin, the problem is that people see what it is happening with terra and then they make general assumptions about the market, supposing that all coins including bitcoin are the same, which is slowing down the adoption of bitcoin even more, and if to this we add that this plays perfectly into the hands of politicians then it is no wonder adoption is so slow. Certainly, people are afraid of change, even if it's for the better, because it's changing their perceived way of thinking. Certainly, the Terra incident, which is extremely saddening since billions were lost within a few days, isn't helping how cryptocurrencies are perceived. On top of that, any so-called plans for recovery backfired. While I don't think that it was intentional, it has certainly caused long-term damage to cryptocurrencies, with people quickly assuming that they're all a bubble about to burst, or just another ponzi. |
|
|
|
Actually terra luna is one of the very good projects and this we can see from the development of the project, because there is a fatal mistake made by the team so that the project price drops so much, and very many investors lose their assets because of investing in the project and currently terra luna wants to get back up but all need a process because there must be a big update that must be done so that this project is not considered a scheme ponzi.
looks like someone know a mistake from luna project and used it to destroy luna structurely and coordinated and it make another investors panic selling their ust and luna. since beginning alot investors put their big hope luna could reach $1k this year but unfortunately this hope destroyed when bug in this algorithm founded. Yes, I have high hopes for Terra Luna, because I am one of the victims of this decline, but what can I do, I have to hold back and hope that in the future the price of Luna can increase again of course the development team must can fix this gap so that Terra Luna can stay afloat in crypto, and can recover the losses of its users. They've voted for a recovery plan a few hours ago, didn't pay much attention though. However, I find it highly unlikely for it to recover, it would require billions of dollars just for Luna to reach $1. Millions if not billions of coins have been minted the past few weeks, pratically resulting in a coin of zero value. |
|
|
|
Perhaps on some level, people fear change. They fear abandoning horses for automobiles. Outhouses for indoor toilets. This fear of change extends to new emerging trends like bitcoin and crypto.
It took 10 years for sailors to mass adopt the explanation of vitamin C deficiency causing scurvy. Even when all of the available evidence and documentation points to a single cause. There is still considerable fear and controversy associated with it.
Even if bitcoin and crypto were a perfect and flawless technology with no disadvantages. It would still take people time to overcome their fear of change and adopt it.
That's accurate, people are afraid of anything that's fundamentally different from what they're used to. As I've mentioned before, on another thread, Cryptocurrencies are relatively new, while people in governance are usually of an older generation. People often associate cryptocurrencies with scams or Ponzi's, but that's entirely not true. Unfortunately, instances of scam coins, rug pulls or even failures such as Terra, whether they were intentionally or not hurt their credibility and how people perceive them. |
|
|
|
Putin is not going to last another 10 years if the suspicion of dementia turns out to be true. I'm guessing he'll be mentally incapacitated long before the Ukrainian conflict reaches a conclusion. No need for Europe to send in the commandos. Fortunately for him, he won't have to see the epitome of military dismay following a war that would last years and result in no geopolitical gains. It would have been a harsh sight to beholden.
I worry about Putin's successor more than anything. May he be more restrained and mentally fortified than Putin.
He doesn't look too good the past few weeks, at least that's what the media shows, but the videos I've seen do show that he's feeling a little off and unwell. I even read that he has blood cancer and is extremely ill, however, how could we possibly confirm this? Could it be another propaganda to make him look weak and vulnerable? Could he be doing it on purpose too? Who knows. If that's all true, I wouldn't be surprised if he's removed from governance, murdered, or even have a military coup against him. |
|
|
|
It certainly is a coordinated attack against cryptocurrencies. Crypto is extremely new to be liable for even 5% of conducted illegal activities. There are certainly ongoing activities in the Darknet, revolving Bitcoin, but that's just the tip of the iceberg. I never claimed myself that it's a replacement for fiat, these two could easily co-exist, with a few regulations probably, I don't get why governments are so negative regarding their adoption.
Of course. Governments don't want people using crypto because it removes their ability to control money. With a decentralized system as crypto/Blockchain tech, it's nearly impossible to confiscate, freeze, or even manipulate someone else's account at governments' own will. It's the first time in history where money gets separated from the state. Just like the Internet, crypto is a double-edged sword. People can use it either for good or bad things. As much as crypto is claimed to be used for illegal activities, the truth is that Fiat is the one used mostly for said purpose. It's all an effort from governments to drive as much people away from crypto as possible. I wouldn't worry about what they're saying against crypto as long as it works as intended. Just my thoughts  I'm not sure if that's the only reason to be honest. In my opinion, ignorance is also to blame, lack of knowledge often leads to these kinds of conclusions. I don't believe that any of those people in governance actually know what cryptocurrencies are, but just see what they want and simply stick to that. Cryptocurrencies are relatively new, thus it's pretty normal to see such kind of behavior, since politicians are usually of older age, who have lived during a completely different generation. |
|
|
|
price: $.67 during the time of the post https://www.coingecko.com/en/coins/terra-usdDoes anyone know why its losing its value? I havent dived into terra because i am not interested on the project. Im glad, I didnt since i think TerraUsd and Terra affect each other. I think terra will be exposed a project that is just a big ponzi scheme. Terra is a scam. If the token price drops to zero, it might as well have happened with tokens in general. But not with stable coins. If the coin's stable price is not 1:1 it is a scam. I don't believe that it was actually done on purpose (but certainly could have), but that plays little role in this case. Billions were lost, thousands of people lost a good chunk of their money (or even all), including myself. It sucked. On top of that, it damaged cryptocurrencies' reputation, because UST was the third stablecoin in market cap. |
|
|
|
I agree we can buy Bitcoin at any price we want and we think it's low enough to buy. Because Bitcoin is different from altcoins which is sometimes more difficult to predict and sometimes some altcoins take a long time to recover. So in my opinion buying Bitcoin at any price will still be profitable, the most important thing is that we never do a cutloss when Bitcoin is experiencing a decline. And we must be patient when deciding to invest in Bitcoin, so when buying Bitcoin and the price suddenly drops, we don't need to panic.
It was the altcoins that are easy to predict because it mainly follows btc movements but we still didn't know if which assets btc relies on, which makes this coin hard to predict. Some relies on analysis like watching the charts or watching the news to help them decide their next moves. I think this is helpful sometimes and can be better than predicting randomly where you only rely mostly in luck. There is no limit if how much we can buy or if what price makes the market open for the public to start buying but everyone is free here to do what they want and by that, why will we rush? Being calm is still the best thing to possess. That's the "issue". Diversifying isn't always providing you safety of your investment, since most altcoins follow Bitcoin's movement, due to being closely correlated. Don't get me wrong, not putting everything in one basket is a correct strategy, especially with Altcoins, after seeing what happened not only to Luna, but also to Fantom for instance, which had simultaneously crashed over 50% but no one bothered to mention it because everyone had their eyes fixed to Luna and UST. |
|
|
|
Learned from UST or Terra USD worried with saving and holding stable coin right now, worry have time will drop suddenly like UST, yesterday USDT have drop little although can back up but I worry if USDT like Terra USD drop almost 0.3$ and delist from Binance, right now many stable coin created by several network like BUSD, USDC and I hope they keep as stable coin. UST have looks scam because giving higher APY than usually other stable coin like USDT or BUSD.
There is a difference between USDT/BUSD/ USDC and UST stable coins. The USDT/BUSD/USDC are backed by the physical US dollar whereas UST is an algorithmic stable coin that remains stable because of an algorithm that runs behind it. This algorithm was exploited somehow and it is very bad for the overall crypto industry. If Luna and UST are unable to recover and come back, people will lose trust in the algorithmic stable coins and the future of these coins will be dead  According to the developer of Luna, Do Kwon, chances of recovery are extremely slim, since he admitted his own defeat. Most likely, UST will absorb any Luna in an effort to recover UST's peg closer to $1, but even that sounds highly unlikely. There were a few other algorithmic stablecoins in the past, but all failed for quite similar reasons, the cryptocurrency world will surely lose credibility due to the Luna incident. |
|
|
|
Have the right timing, the market is very unstable and yes the price can drop again, honestly there’s no bottom yet and every drop is still possible to happen. Though I don’t have much buying power, so If I think the price is already cheap and good to buy, better for me to execute it right away. Waiting can be more challenging, you might miss the opportunity because of too much waiting.
Unfortunately, you can't fight the right timing if we keep thinking more drops or more pumps. What I mean is that if we think this is about a good price to buy then have to do it, nor to think we have to wait for the price to even drop more as we know we can predict for the incoming change. I bought Bitcoin at $30k, not that it is going deeper, then I buy more. Probably we're not yet reached the bottom but I don't think it was a smart idea to wait for that as "what if it never happens" and we miss the trend. Yup, finding the "right" timing is a tedious process, which can't be predicted nor is it something that you could have known. While on the one hand, waiting for the perfect dip could potentially lead to losing a great opportunity, because that dip never occurred (has happened to me when Elon Musk pumped the market). On the other hand though, OP's point is that the market is extremely fragile at the moment, thus, Bitcoin's price could fall even more in the next few days. I'll agree with OP on this one, it's best to be cautious about any purchases, the market is extremely volatile at the moment and I wouldn't be surprised if Bitcoin went below the $25.000 mark. |
|
|
|
Now the market was increased in a short period.Nearly 7.5 percentage of the bitcoin price was recovered very shortly.Even now it’s better to inverse your money.When the price of bitcoin was back to 40k dollars.It will be huge profit for all the investment.So don’t delay to inverse on the trusted coin.The trusted coin will be the best move for now.Many cricketers also had their investment in bitcoin.
Hold your horses, don't get too excited, Bitcoin barely noticed a $2.500 difference in price and is currently showing signs of downtrend. The market is way too uncertain now, I'd advise making any purchases with extremely caution, while patience is the key to a successful trade. Bitcoin could easily be susceptible to another fall, since the Luna and UST incident didn't really help cryptocurrencies, thus, I wouldn't be surprised if it went below $27.000 in the next few days. If we do based up with some technicals then it is really still on that downtrend and having this slight increase might be the start of recovery or u turn of the market trend or simply a buyback from people or investor but if you dont mind on entering on what ever price it would be then it would really be your choice because we do have different goals or plans towards our investment. It cant be avoided that doubts and hesitance would be there and this is where risk management level or risk taking matter on each person. At the moment, the least possible scenario is the recovery. The market is a complete mess due to the Terra incident, which has caused great uncertainty throughout investors. Everyone is skeptical at the moment and it's extremely likely that it will take quite long to recover at a healthy level. The main reason I'm being skeptical is because I believe that we haven't reached the bottom yet, my prediction is that the scenario of Bitcoin crashing down to $25.000-$26.000 is highly probable. |
|
|
|
Now the market was increased in a short period.Nearly 7.5 percentage of the bitcoin price was recovered very shortly.Even now it’s better to inverse your money.When the price of bitcoin was back to 40k dollars.It will be huge profit for all the investment.So don’t delay to inverse on the trusted coin.The trusted coin will be the best move for now.Many cricketers also had their investment in bitcoin.
Hold your horses, don't get too excited, Bitcoin barely noticed a $2.500 difference in price and is currently showing signs of downtrend. The market is way too uncertain now, I'd advise making any purchases with extremely caution, while patience is the key to a successful trade. Bitcoin could easily be susceptible to another fall, since the Luna and UST incident didn't really help cryptocurrencies, thus, I wouldn't be surprised if it went below $27.000 in the next few days. |
|
|
|
I'd say it's better if you not invest on crypto aka shitcoins, but just invest in Bitcoin. The rule of buy low and sell high can't be used on shitcoins because they doesn't have any fundamental and easier to manipulated due to low market cap + centralized. Bitcoin is the only one coin who have fundamental and you can analyze how much it will goes to bottom etc. Looking on 200 week moving average the bottom may likely around $24,500, however no one can know does it will happen or not, but at least it can help your decision.
If you didn't have good analysis, you do Dollar Cost Averaging by buy Bitcoin every day/week/biweekly/month in any prices. So in the long term based on Bitcoin's history, you'll enjoy the profit.
Totally agree, stick to Bitcoin, or at least some trusted altcoins such as Ethereum, Litecoin and possibly Binance. People got screwed over with Luna, investing in overly hyped coins that supposedly showed huge potential but quickly came to an end. It's really saddening, because myself included lost money that I had put on UST, thinking they were safe, only to be proven wrong. Despite the fact that Bitcoin has lost over 50% of its value since November, I'm not too worried. I'm patient enough to wait and trust its potential, if it was any other altcoin, I'd be extremely frustrated right now. |
|
|
|
It infuriates me when people claim that cryptocurrencies are the root of all evil. I fully understand that they are used in illegal activities, such as buying/selling drug substances, guns, illegal accounts etc. on Darknet markets, however, fiat is still the primary currency being used for this kind of illegal activities. Alright, ban cryptocurrencies to avoid such incidents, because that should do it!
It's just an effort from governments in order to spread FUD (fear, uncertainty, doubt). After all, they don't want people using crypto on top of Fiat. I've said that many times already. You and I know that Fiat is heavily used for illegal activities (not crypto). Which criminal would want to use something as widely unpredictable and unstable as crypto itself? Considering that most merchants and businesses accept Fiat, there's every reason to ignore crypto in the first place. I'd prefer crypto to be as distant from criminals as possible in order to get the green light from governments worldwide. It's a good thing major cryptocurrencies like Bitcoin and Ethereum are transparent by design, else they would've been completely rejected by the government by now. As long as decentralization prevails, nothing else matters. Just my thoughts It certainly is a coordinated attack against cryptocurrencies. Crypto is extremely new to be liable for even 5% of conducted illegal activities. There are certainly ongoing activities in the Darknet, revolving Bitcoin, but that's just the tip of the iceberg. I never claimed myself that it's a replacement for fiat, these two could easily co-exist, with a few regulations probably, I don't get why governments are so negative regarding their adoption. |
|
|
|
Ok, so we're right in the drop zone right now. Again. Thought we might see a bounce after 29k but turned out to be absolutely and pitifully weak, we've just slid right down about 6% and might even get a new low in next hours, and then I'm really not sure if we survive above 25k by Sunday.
^No news update can save this current flop. Hang on tight.
On top of that, the whole situation with Luna and UST isn't helping, and certainly became the icing on the cake. This incident also creates a distressing situation environment regarding cryptocurrencies, which will have a devastating effect on the market in the long-term as people will deem cryptocurrencies as manipulated assets, ponzis and scams. |
|
|
|
|
Show Posts
