Is TERRA/Luna kickstarting a new Bitcoin Standard?

[fillippone]

TL;DR: if you want a Bitcoin Standard, forget about dollars

I don’t know where you got the idea of a dollar related bitcoin standard; maybe I wasn’t clear about this.
My idea of the bitcoin standard is precisely what you described with your El Salvo coins—issued with Taro over LN.
Of course, this ElSalvo token must enable some unique feature To justify its existence and use instead of bitcoin itself.

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[LoyceMobile]

I don’t know where you got the idea of a dollar related bitcoin standard; maybe I wasn’t clear about this.

I got the idea from mentioning UST, which is was "backed" by Bitcoin for it's dollar value.

My idea of the bitcoin standard is precisely what you described with your El Salvo coins

In that case: it turns out we agree all along

Of course, this ElSalvo token must enable some unique feature To justify its existence and use instead of bitcoin itself.

That's why I used the example of physical banknotes. It's quite unique nowadays already if they're backed by anything, but backing by Bitcoin would be unique for sure.

[DVlog]

I do not know if luna could be rebuilt or not but it will be one of the biggest disasters in crypto history and shows us sometimes how vulnerable Defi could be. May be team could save luna by leaving UST. If they really could repeg UST then it already lose its trust and no one will hold that again. So the team's best bet was to save luna which was not their priority.
 
I have also heard that Do Kown shorted his luna after selling his reserve BTC in a loss. This could be rumors but if this is true then he knew what is going to happen with luna but he didn't warn his community not to buy luna. His mountain-high ego and pride make enemies around him.

[LoyceMobile]

I have also heard that Do Kown shorted his luna after selling his reserve BTC in a loss.

I didn't follow the "who's who" in Luna land, but if this is the same guy in charge of "minting" much more Luna, then it's obvious he knew shorting would pay off.

I now wonder how many people will end up in jail for this.

[DooMAD]

I do not know if luna could be rebuilt or not but it will be one of the biggest disasters in crypto history and shows us sometimes how vulnerable Defi could be. May be team could save luna by leaving UST.

Some things don't deserve to be saved.  Either something survives on merit or it dies.  And Darwin is practically fucking the corpse now.  

This thing is dead.  It's meant to be this way.

[philipma1957]

I do not know if luna could be rebuilt or not but it will be one of the biggest disasters in crypto history and shows us sometimes how vulnerable Defi could be. May be team could save luna by leaving UST.

Some things don't deserve to be saved.  Either something survives on merit or it dies.  And Darwin is practically fucking the corpse now.  

This thing is dead.  It's meant to be this way.

First post in thread  Apr 2 today is May 13.

Over 3 billion lost in under 45 days. by luna/ust

And if you can find the entire “crypto” cap for

April 2 and may 13 I am sure the entire cap dropped over 300 billion.

I am going to look for those numbers as it could be 410 billion which would mean the moron caused 10 billion a day to be lost for 41 days.

today coinmarketcap says the market is 1.283 trillion

my mistake april coinmarketcap was 2.1 trillion

so 820 billion drop in 41 days is 20 billion a day.

nice job by luna /ust real nice.

[stepwilli]

I do not understand why Terra is almost dead and even stable Terra coins are also valued cheaper, I try to find any information about Terra but it seems that information is only speculation that is the fulfillment of Ust holders so that they sell Ust while Ust enthusiasts continue to decline and make prices corrected by more than 40%.

Because, Luna team printed copious amount of Luna and that resulted with the price dropping due to inflation. What they basically did was printing luna, and then using that luna to buy UST, keeping the price of UST higher, and then using the UST to buy bitcoins as well, making their leverage against the shorters better. This resulted with them having a ton of UST and BTC which allowed those two to be strong in their hands.

But, when we are talking about luna getting sacrificed for it, there is no reason why we should believe that it would recover. What they could do right now would be buying Luna with all the bitcoins they have, but then how would they defend UST if anyone attacks again?

[The Sceptical Chymist]

I just saw an interesting tweet from November 2021 in which one user explained how its possible to break Terra and make shit load of money in the process and all you need to do it is 1 billion usd. And of course having "detailed understanding of the Terra Ecosystem". Do Kwon reaction aged well.

Jesus, you all are probably going to think I'm an order of magnitude more retarded than usual, but I'm just now learning what UST is and its relationship to Luna and whatever else....I know I don't follow a lot of altcoins, but it seems like this is a very big deal. 

Sadly, I heard about this whole debacle via Youtube, and in particular this video from a guy I'd never seen before who looks like a shell shocked war veteran but sounds more naive about financial markets than someone who probably makes money talking about markets should be.  Knowledgeable, perhaps, but to be surprised that black swan events happen more often than predicted tells me that he's too young and green to be dishing out information.  But judgement is coming from someone who's seen those black swans flap their evil wings before, so I'll cut the dude some slack.

But hey, I had some cash yesterday and bought a little BTC at my local gas station BTCATM.  Sucks for the crypto community as a whole, but I actually like to buy low.

[Rikafip]

I just saw an interesting tweet from November 2021 in which one user explained how its possible to break Terra and make shit load of money in the process and all you need to do it is 1 billion usd. And of course having "detailed understanding of the Terra Ecosystem". Do Kwon reaction aged well.

Jesus, you all are probably going to think I'm an order of magnitude more retarded than usual, but I'm just now learning what UST is and its relationship to Luna and whatever else....I know I don't follow a lot of altcoins, but it seems like this is a very big deal.  

Hah, you are not the only one who had no clue really about Terra and all of their shenanigans. I started following the situation closely few days ago after shit hit the fan mostly due couple of my friends who lost decent amount of money in this clusterfuck.

Whole that stablecoin mechanism aside, they were giving 20% APY on UST via their defi platform Anchor and that's all really you had to know about this. It simply couldn't end up well.

But hey, I had some cash yesterday and bought a little BTC at my local gas station BTCATM.  Sucks for the crypto community as a whole, but I actually like to buy low.

Same thing here, I also seized the opportunity and bought myself some bitcoin at a hefty discount.

[fillippone]

I just saw an interesting tweet from November 2021 in which one user explained how its possible to break Terra and make shit load of money in the process and all you need to do it is 1 billion usd. And of course having "detailed understanding of the Terra Ecosystem". Do Kwon reaction didn't age well.


Twitter thread: https://twitter.com/FreddieRaynolds/status/1463960623402913797

I saw this thread elsewhere, and came here to post it, but I just discovered that I had somehow missed your post.

This is what I like in crypto: imagination is the only limit: if you can think it, it will happen sooner or later.
Finding 1B capital could be the most difficult part for most, but if the plan is well organized, then the funds will come.

[DVlog]

I just saw an interesting tweet from November 2021 in which one user explained how its possible to break Terra and make shit load of money in the process and all you need to do it is 1 billion usd. And of course having "detailed understanding of the Terra Ecosystem". Do Kwon reaction didn't age well.


Twitter thread: https://twitter.com/FreddieRaynolds/status/1463960623402913797

I saw this thread elsewhere, and came here to post it, but I just discovered that I had somehow missed your post.

This is what I like in crypto: imagination is the only limit: if you can think it, it will happen sooner or later.
Finding 1B capital could be the most difficult part for most, but if the plan is well organized, then the funds will come.

I saw an interview with him where he said 95% of coins will die and it's also entertaining to see some projects die. I have also checked his tweet and most of them show his ego and pride. Somewhere he was threatening other's projects by saying he will destroy them and in someplace he says he love chaos. That man is a lunatic a he gets what he deserves.

[Rikafip]

This is what I like in crypto: imagination is the only limit: if you can think it, it will happen sooner or later.
Finding 1B capital could be the most difficult part for most, but if the plan is well organized, then the funds will come.

DeFi  is like a playground for all those smart people that can find flaws in their "inventive" mechanisms and instead taking this as a constructive criticism, cocky bullshitter easily dismissed it.

I saw an interview with him where he said 95% of coins will die and it's also entertaining to see some projects die. I have also checked his tweet and most of them show his ego and pride. Somewhere he was threatening other's projects by saying he will destroy them and in someplace he says he love chaos. That man is a lunatic a he gets what he deserves.

He said a  lot of bs on twitter, but the biggest one is when he was trying to calm the people down just in order to dump on them his worthless shitcoin. I do feel sorry for all people that lost money in this, but some were so greedy that even after shit hit the fan, they tried to profit from it and got seriously rekt in the process, like the guy in the screenshot below who converted all his BTC to LUNA. All in all, good riddance.

 

[HedgeFx]

All in is for poker players, not for trader. Keep calm and learn the lesson 
 
[/quote]
He said a  lot of bs on twitter, but the biggest one is when he was trying to calm the people down just in order to dump on them his worthless shitcoin. I do feel sorry for all people that lost money in this, but some were so greedy that even after shit hit the fan, they tried to profit from it and got seriously rekt in the process, like the guy in the screenshot below who converted all his BTC to LUNA. All in all, good riddance.

 
[/quote]

[DVlog]

I saw an interview with him where he said 95% of coins will die and it's also entertaining to see some projects die. I have also checked his tweet and most of them show his ego and pride. Somewhere he was threatening other's projects by saying he will destroy them and in someplace he says he love chaos. That man is a lunatic a he gets what he deserves.

He said a  lot of bs on twitter, but the biggest one is when he was trying to calm the people down just in order to dump on them his worthless shitcoin. I do feel sorry for all people that lost money in this, but some were so greedy that even after shit hit the fan, they tried to profit from it and got seriously rekt in the process, like the guy in the screenshot below who converted all his BTC to LUNA. All in all, good riddance.

There was a hard lesson for those who trade only with expectation and greed. Trading is a business, not gambling. I was sure about this massive dump when I saw his tweet about increasing the minting capacity from 293M to 1200M. He thought people will invest more in this dump by seeing this discount price and he will continue dumping his shit.

selling BTC for an altcoin can be only done by lunatics .

[Anonylz]

He said a  lot of bs on twitter, but the biggest one is when he was trying to calm the people down just in order to dump on them his worthless shitcoin. I do feel sorry for all people that lost money in this, but some were so greedy that even after shit hit the fan, they tried to profit from it and got seriously rekt in the process, like the guy in the screenshot below who converted all his BTC to LUNA. All in all, good riddance.

 

This guys timing was rather wrong assuming he actually got the nerves to change his btc to something so insanely volatile. If he was able to buy few minutes before the delist (let's say from binance) with busd pairs, he would have made ridiculous profit within that short period.
Although a very high risk and foolish thing to do, best he could have done is throw in few dollars and make quick gains instead of exchanging all his btc. I sincerely hope he didn't carry on with his ridiculous idea.

[YinShuiSiYuan]

Someone in my Facebook friend list posted this, i am not sure if its true or not. "If you had bought the luna at its bottom $0.000001 for $1000 it would be worth more than $400K in just 3 days. I know people who made it this far and then there are people who lost millions of $$ in and was too afraid to get back in"

Can someone tell me where can I buy terra luna ??

[DooMAD]

Someone in my Facebook friend list posted this, i am not sure if its true or not. "If you had bought the luna at its bottom $0.000001 for $1000 it would be worth more than $400K in just 3 days. I know people who made it this far and then there are people who lost millions of $$ in and was too afraid to get back in"

Can someone tell me where can I buy terra luna ??

Did you not read the rest of the topic?  People are getting shafted and you want to get involved because some random on social media is trying to create some hype, presumably to give themselves the opportunity to get out?  Think this through to conclusion, please.

[_act_]

Some things don't deserve to be saved.  Either something survives on merit or it dies.  And Darwin is practically fucking the corpse now. 

This thing is dead.  It's meant to be this way.

I just checked the marketcap for Luna, I was surprised because I remember when the coins was still above $1, the marketcap was already less than $1 billion and it got to less than $400 million. Later I saw the price at 0.0003 and it is having a marketcap of over $2 billion presently. What kind of coin is Luna? It is having a high marketcap but plagued with devaluation. Also about UST that was $1 before, a stable coin which suppose to be stable but instead it was very volatile and falled below $0.2. It should not be about when the price of Luna will increase again, it should be about people to not trust altcoins. But with the marketcap Luna is having, the coin is not yet dead.

Someone in my Facebook friend list posted this, i am not sure if its true or not. "If you had bought the luna at its bottom $0.000001 for $1000 it would be worth more than $400K in just 3 days. I know people who made it this far and then there are people who lost millions of $$ in and was too afraid to get back in"

Can someone tell me where can I buy terra luna ??

Did you not read the rest of the topic?  People are getting shafted and you want to get involved because some random on social media is trying to create some hype, presumably to give themselves the opportunity to get out?  Think this through to conclusion, please.

That is true but it is what that has happened and some people have the kind of rigid mind but which can be stupid mind to still invest on that coin at its lowest price, all I know is that the coin grew 10x as of now.

[TheNineClub]

On the same interview another very interesting point, the one I was actually thinking about, was raised to the attention: WHAT is Terra? Can we think as a stable coin only? Or being backed, or if not properly backed, at least "assisted" by a BTC treasury, is in reality something different?

It is obviously something different from LN: which is a layer 2 solution allowing users to transact off chain having some BTC " pegged" to their channel.
Here, the concept is quite similar, as UST, if not properly "backed" by BTC is maybe "assisted" by BTC reserves.
The difference is of course in the monetary policy of the two systems: while LN is tied 1:1 with Bitcoin, being essentially LN a "representation " of a (future) state of the blockchain, the UST is tied to the USD, and thus, being stable to the USD, inherits the USD monetary policy.
We could think of mix situation, where a coin is tied not to BTC (deflationary monetary policy), not to the USD (inflationary monetary policy), but to the real purchasing power of the USD (and BTC)

Well, it being tied to something that is stable (and so far the dollar, euro, pound etc have been stable curencies) is what makes it stable. But maybe we should redifine what the name implies. Assisted might not be enough for us to think of it as stable, rather it maybe having some security more than others, but that's it. But then again, being backed to the fullest maybe not ehat crypto was intended to be in the first place so there is a lot to unpack here...

[Kakmakr]

I think they were clever enough with their gamble.....

1. They pre-mined 45% of the total supply of LUNA coins and kept it in reserve.
2. They fooled people into thinking that it was pegged to something.
3. If the plan does not work, they quickly dump the pre-mined coins to buy something to increase trust in their new pegged system.

So effectively they risked ZERO of their own money while this was running.... because they had a backup plan if it failed. (to boost it again and to have it pegged by something real) 

I Plan A succeeded... they would have sold the pre-mined coins for a massive profit, but it failed.... so they now has to gamble that again on something less risky.