Terra USD, proved its not a stablecoin

[Ultegra134]

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.

[malcovi2]

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.

[Ultegra134]

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.

[yayayo]

Yes and even when some coins are say they are stable, here's a proof that the claimed stable coin crashes. Right now I am not sure where should I put my money when it is not in cryptocurrency, I am afraid that in BUSD or USDT this could happen too. What do you think?

ya.ya.yo!

[adiebitsler]

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.

The recovery may be gradual, but not in the near future because the decline experienced by Terra Luna was the worst of all the altcoins on the market.
So hoping to recover from Terra Luna is not wrong and also a very natural thing even though some people are starting to doubt about Terra Luna for now.

[amihada]

After luna down, news emerged that it was proven that terra luna opened a stable coin before terra down someone said that, what i'm afraid later when terra luna recovers there will be new news again proven terra luna as a stable coin for me this is not important because everything that is an investment there is still a risk because we know the coin is still unstable in price even though the coin is stable but one day there will be obstacles that will continue to fall,

[evilgreed]

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.

               Still though, I am glad that I was able to gain quite a few profit by selling last year. Although, I really do feel bad for everyone that suffered losses. And to be honest, looking at how it was doing well not dumping too hard a few months into this year I was actually considering to buy back again and was just looking for better entries. I just got lucky that I haven't had any extra busd yet since I was busy DCA-ing on BTC and a few altcoins. Still though, I am observing luna and how it's v2 will turn out. I might consider jumping into it again if I see some good progress.

[Godday]

I saw what the development team did.  Of course I think that Terra-USD is a stable coin because they are backed up with Bitcoin and dollars.  But the problem is when they do a minting system between LUNA and their coin stable.  I think LUNA is a good coin but it seems they are growing too fast and people are just following the trend.  Of course this will cause a bubble effect and when the time comes, it will explode and of course, the result is what we are currently seeing.

[Smack That Ace]

Yes and even when some coins are say they are stable, here's a proof that the claimed stable coin crashes. Right now I am not sure where should I put my money when it is not in cryptocurrency, I am afraid that in BUSD or USDT this could happen too. What do you think?

ya.ya.yo!

UST is different BUSD and USDT, UST is an algorithmically stablecoin, BUSD and USDT are backed by USD. Busd and usdt are 2 centralized stablecoins so it is difficult to say about their future. But one of the recent reports by Tether, the parent company behind USDT, shows that Tether has a total holding 82.4 billion USD, they claim to have excess capacity to guarantee USDT.

The collapse of UST affects Waves' USDN and Kava's USDX. These two stablecoins both fell deeply and fell off the $1 level.
https://tether.to/en/assurance-opinion-once-again-re-affirms-tethers-reserves-fully-backed-reveals-significant-reductions-in-commercial-paper-and-increase-in-us-treasury-bills/

[Ararbermas]

price: $.67 during the time of the post

https://www.coingecko.com/en/coins/terra-usd

Does 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.

panic selling is the main reason since the day one and tbh its very obvious tho, and actually terra is not scam, but the fact that they can handle the situation so the price feel like a rock,. By the way i am thankful as well because i didn't invest in it. But surely they can fix the current situation in the future, where in Patience is key as always.