Is TERRA/Luna kickstarting a new Bitcoin Standard?

[RealMalatesta]

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.

I do agree that "crypto based" is a better term for that. I am not entirely sure if it will work though, I mean it is definitely something that is quite good if it works, but are we sure it would? We need to build a whole economy around it to make it worth something and I am not sure if we could build that.

Otherwise, if it’s going to be like an experiment then it will not reach to a level where it would work and that is why I hope that El Salvador doesn't go too deep into this. They are already a poor nation and if they spend too much on building such a thing (or even the city they are planning) that will require too much money and if it doesn't work it will be using money from a poor nation to make it even poorer.

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[Lanatsa]

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.

If you are really that aware on how these shill and boost up or Fomo on a certain project and telling this and those then you would really be easily get hooked if you arent that experienced enough or knowledgeable on

how these things works or intent behind whenever a coin is on a dump state.Of course there would be people who would be buying on the dip or bottom and then its their job to hype it out on which people

would be really tending to buy and if the price increase then this is where they do released off their bags which is really a casual talk for them to raise or increase hype.

[_act_]

https://mobile.twitter.com/LFG_org/status/1526126703046582272

1/ As of Saturday, May 7, 2022, the Luna Foundation Guard held a reserve consisting of the following assets:
· 80,394 $BTC
· 39,914 $BNB
· 26,281,671 $USDT
· 23,555,590 $USDC
· 1,973,554 $AVAX
· 697,344 $UST
· 1,691,261 $LUNA

LFG | Luna Foundation Guard
@LFG_org
·
2h
8/ As of now, the Foundation’s remaining reserves consist of the following assets:
· 313 $BTC
· 39,914 $BNB
· 1,973,554 $AVAX
· 1,847,079,725 $UST
· 222,713,007 $LUNA (of which 221,021,746 is currently staked with validators)

I only focus on bitcoin, the Luna Foundation Guard (LFG) bought 80,081 BTC but now remain 313 BTC. I was kind of sentimental when the bitcoin was bought and Luna wanted to add more, but this shows again how algorithmic stables coin should be avoided, algorithmic stables coin are not stable coin just like in the past, they are unstable. UST is trading at $0.1269 presently, a coin that was $1 before.

[stompix]

Taro, for example, will open a lot of possibilities to enable tokens on the BTC technology.

Tokens on Bitcoin will not be different than tokens on eth or Solana, the same scams, failures, and overall useless coins will bring more harm than benefits. Let's keep these outside the bitcoin ecosystem.

https://mobile.twitter.com/LFG_org/status/1526126703046582272

How to lose 3.2 billion and a few more tens of millions on top of that, not even counting the so-called market cap of Luna itself, what was that 30 billion before the whole fiasco? I can't believe how a coin full of all features, defi, swaps,nft crashes and burn like an ordinary Ponzi scheme while Dogecoin still stands there, defying every damn trend that has been invented and probably will outlive most of the top 100 coins.

oh wait:

4/ Transferred 52,189 $BTC to trade with a counterparty, net of an excess of 5,313 $BTC that they have returned, for an aggregate 1,515,689,462 $UST
6/ ​​Sold 33,206 $BTC for an aggregate 1,164,018,521 $UST

Did these morons actually sell their BTC for their stable coin which was going down in flames and still not manages to keep it afloat?
Why didn't they let it go all the way down and then buy it back when there was no more printing involved?

[fillippone]

The above tweets are a consequence of the publication of the following story from Elliptic:

What Happened to the $3.5 Billion Terra Reserve? Elliptic Follows the Bitcoin

Following the collapse of Terra’s UST stablecoin, questions have been asked about the fate of the $3.5 billion in Bitcoin (BTC) held in reserve to help prevent exactly such an outcome. We use Elliptic’s blockchain analytics tools to follow the BTC reserves as they were moved following UST's fall.

The fact LFG reacted to this story updating their clients on the fate of the funds AFTER Ellliptic published the story is a clear sign of the true nature of the whole operation.

[YinShuiSiYuan]

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.

Sir I just posted it here to get advice from experienced guys that whether it's good to invest in LUNA at the moment or not? Previously we have seen many coins coming back to original prices after falling to ground. Still efforts are there to revive LUNA.

Terra is working to revive LUNA. Will it revisit its old glory?

[Fatunad]

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.

Sir I just posted it here to get advice from experienced guys that whether it's good to invest in LUNA at the moment or not? Previously we have seen many coins coming back to original prices after falling to ground. Still efforts are there to revive LUNA.

Terra is working to revive LUNA. Will it revisit its old glory?

If they wont really be solving out on having that burning mechanism or something like this then its price is nowhere to go but down or completely be dead.As i remember it does have 9 trillion over all
supply which its really that hard to believe that it would continue to have that kind of value, there are even some rumors for some new pegged token which i dont see for it to get some
attention or recognition specially that Luna does have that very unfortunate event on dropping its price to 100%.

[DooMAD]

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.

Sir I just posted it here to get advice from experienced guys that whether it's good to invest in LUNA at the moment or not?

It's not good.  At all.  You'd have to be morally bankrupt to still support the project when it's on the borderline of qualifying as a scam. 

And where you're still persisting with weak attempts to hype it up, I'm starting to get the impression you're the one trying to pump it so you can get out.

[_act_]

Did these morons actually sell their BTC for their stable coin which was going down in flames and still not manages to keep it afloat?
Why didn't they let it go all the way down and then buy it back when there was no more printing involved?

Yes, they buy more UST, one of the major problem of Terra Foundation Guard is because of their stable coin which is algorithmic stables coins which was not stable but unstable coin, it is not new that algorithmic stables coin are problem and that people do sell more in bear market and lead to it to be an unstable coin, they still created it and what was expected happened, I do not know what they call the problem but it would have been better for them to have just gone just for Luna or not have gone for algorithmic stables coin or they should not have made it algorithmic. After creating the shit stable coin, it brought up problem and they are just trying the take a pig from a dirty place to a clean place, but a pig is a pig.

Sir I just posted it here to get advice from experienced guys that whether it's good to invest in LUNA at the moment or not? Previously we have seen many coins coming back to original prices after falling to ground. Still efforts are there to revive LUNA.

People that invested on the coin at $1 are now regretting it, some people can invest and make profit from it, but know that it is extremely risky to invest in coins like Luna.

[LoyceMobile]

UPDATE, I just converted my $100 USDT to $250 UST, and it's my first time buying a "stable coin" because of the fluctuation.

Let's hope this will be a lesson for those trying to make a quick profit by adopting a "stable currency" and beginning to develop a better model.

How's this going? It's kinda ironic you mentioned turning it into a lesson.
UST isn't backed by anything anymore. I'm surprised it still has 1.4 billion dollar market cap and 12 cents per coin. I'd say it's pure speculation.

[stompix]

UST isn't backed by anything anymore. I'm surprised it still has 1.4 billion dollar market cap and 12 cents per coin. I'd say it's pure speculation.

And surprisingly Terra still has a market cap of 1.1 billion, with about 6 trillion coins printed, price is $0.0001 right now, basically, they could just print a quadrillion and even if it goes to $0.0000001 they would still be worth 1 billion.
But I love the warning on CMC:

Due to the de-pegging of UST, LUNA is experiencing extreme volatility

Yeah, quite volatile indeed. Even the EKG of a zombie would be more animated!

Sir I just posted it here to get advice from experienced guys that whether it's good to invest in LUNA at the moment or not? Previously we have seen many coins coming back to original prices after falling to ground.

The problem is that Luna is doing some real digging after this fall, soon to reach the inner core and burn up in flames.
But you could give us some examples of coins that have fallen from 100$ to one hundred of a cent and recovered since we're unaware of these miracles.!

[icopress]

And surprisingly Terra still has a market cap of 1.1 billion, with about 6 trillion coins printed, price is $0.0001 right now [...]

Now I doubt the current circulation is true as they removed the online data from their website.

Two days ago it was possible to track the circulation of LUNA in real time.

[stompix]

Now I doubt the current circulation is true as they removed the online data from their website.
Two days ago it was possible to track the circulation of LUNA in real time.

I think this :
https://fcd.terra.dev/v1/circulatingsupply/luna
still works, was 6533024440477 got updated to 6533026628706 and then 6533027424422
so, it's still inflating.

Coingecko is best at finding these as it links directly to the sources, unlike CMC.

[Rikafip]

How's this going? It's kinda ironic you mentioned turning it into a lesson.
UST isn't backed by anything anymore. I'm surprised it still has 1.4 billion dollar market cap and 12 cents per coin. I'd say it's pure speculation.

Judging by this post, he already sold UST for bitcoin, with profit. Well, at least I hope he stick to that plan and sold within 3 hours.

UPDATE, After about 30 hours, I can say that what happen with LUNA is profitable, someone made a lot of money. As for what happened to me:

I deposited $100 USDT to 250 UST and after a few deal I made:

 - $150 USDT
 - 0.00341824 Bitcoin (BTC)
 - 70 USDT eq= 30.64600 US$ (will sold it within 3 hours)

And surprisingly Terra still has a market cap of 1.1 billion, with about 6 trillion coins printed, price is $0.0001 right now, basically, they could just print a quadrillion and even if it goes to $0.0000001 they would still be worth 1 billion.

Just another example how misleading market cap can be, yet very popular among newbies when deciding which shitcoin to buy.

[hugeblack]

How's this going? It's kinda ironic you mentioned turning it into a lesson.
UST isn't backed by anything anymore. I'm surprised it still has 1.4 billion dollar market cap and 12 cents per coin. I'd say it's pure speculation.

It was a good deal, the details of which are almost as follows:

I deposited $100 USDT to 250 UST and after a few deal I made:

 - $175 USDT
 - 0.00341824 Bitcoin (BTC)

The good side is that I was able to sell at the right time but unfortunately then everything fell apart.

Judging by this post, he already sold UST for bitcoin, with profit. Well, at least I hope he stick to that plan and sold within 3 hours.

Yes, I sold, from the moment I saw the collapse of Luna's price and the infinite print I was sure that the project was dead.

I think it will be the case of the year, because there is something wrong with the project (not about SHITCOIN or Bitcoin Standard only,) I don't think that selling 80,000 bitcoins will not fix UST/LUNA unless there is an algorithm failure or price manipulation, or scam.
If a thorough investigation is conducted, we may get some new information.

[Rikafip]

Yes, I sold, from the moment I saw the collapse of Luna's price and the infinite print I was sure that the project was dead.

Good move, you probably exited at the last moment. I also thought about gambling 100-200 dollars but in the end I gave up as i suck as a trader and would probably just lose the money.

I think it will be the case of the year, because there is something wrong with the project (not about SHITCOIN or Bitcoin Standard only,) I don't think that selling 80,000 bitcoins will not fix UST/LUNA unless there is an algorithm failure or price manipulation, or scam.

I do hope that this remains fail of the year and as I said before, it will be very hard to top this. It would have to be something huge like one of the top exchanges getting busted, or Tether going through the same thing.

[BITCOIN4X]

Good move, you probably exited at the last moment. I also thought about gambling 100-200 dollars but in the end I gave up as i suck as a trader and would probably just lose the money.

I don't know what will happen to Luna or UST in the future although I also feel sure it won't get any better. But I personally have put $250 in there just to profit from the price volatility. Hopefully I can make a profit, but of course I'm trying to convince myself that $250 isn't going to be $2500 any time soon. Even if I have to fail, it's already considered a loss this year. LOL

[_BlackStar]

I think it will be the case of the year, because there is something wrong with the project (not about SHITCOIN or Bitcoin Standard only,) I don't think that selling 80,000 bitcoins will not fix UST/LUNA unless there is an algorithm failure or price manipulation, or scam.
If a thorough investigation is conducted, we may get some new information.

Yes, it will probably happen and it looks like this case will be very detrimental to second-stage investors. Nowadays some people are eager to bet on these altcoin where they expect huge profits if they manage to recover, but either way this might be something irrational as only a miracle can bring UST and Luna back to $1.

I'm not going to do anything ^{[invest or trade]} other than just maybe hearing that UST and Luna will eventually become shitcoin in the near future.

[DooMAD]

Nowadays some people are eager to bet on these altcoin where they expect huge profits if they manage to recover, but either way this might be something irrational as only a miracle can bring UST and Luna back to $1.

I'm not going to do anything ^{[invest or trade]} other than just maybe hearing that UST and Luna will eventually become shitcoin in the near future.

There's no "eventually" about it.  It was a shitcoin all along and no miracle will ever change that.  I would call it "blatant and immoral market manipulation" if the price did somehow recover.  Miracles should never be confused with malice.

[Rikafip]

I don't know what will happen to Luna or UST in the future although I also feel sure it won't get any better. But I personally have put $250 in there just to profit from the price volatility. Hopefully I can make a profit, but of course I'm trying to convince myself that $250 isn't going to be $2500 any time soon. Even if I have to fail, it's already considered a loss this year. LOL

That really depends when you bought LUNA; if you bought it when price was $0.01, then I think that you can forget about the investemnt, but if you bought it around the current price, then you could maybe end up in profit as there will probably be few more pump&dump cycles before it gets delisted/forked/whatever

I'm not going to do anything ^{[invest or trade]} other than just maybe hearing that UST and Luna will eventually become shitcoin in the near future.

It was shitcoin long before this happened, but many were blinded by their marketcap, volume and whatnot while in reality all Terra had to offer is 20% APY on stablecoin and that was the only reason why anyone used it. More than 70% of all UST was locked in Anchor, meaning this was nothing but a ponzi scheme that had to eventually fall apart and  their "inventive" stablecoin mechanism just sped up the process.

Same thing can be said about many other "top altcoin projects" that will eventually fail as well.