Is Terra Luna bringing the whole market down?

[southerngentuk]

We know algorithmic stablecoins are new and risky. UST is backed by Luna, and the foundation behind Luna bought so much Bitcoin I believe they're now amongst the top 10 holders.

If UST loses its peg against the dollar and Luna isn't enough to bring it back up, the foundation will have to sell some of its BTC to keep the peg, which applies sell pressure on BTC and brings it down along with the whole crypto market.

Is this what's happening now already?

The war of the super rich is upon us and we are affected, I also don't have much investment in the Luna Terra ecosystem, but honestly witnessing the drama stories these days, I find it very funny to the market this. Perhaps the past mistakes will be a great lesson for the hype and FOMO following the crowd. Hopefully they will not lose momentum in the market. I still think this trick will be even worse in this space next time. Not only Terra, but many other names will also suffer from similar situations like this.

[1715550646]

1715550646

[turbo_trader0101]

Focus on quality projects further on...
https://plcultima.com/en/ is a crypto-ecosystem including:
- cross-platform wallet app
- Visa prepaid cards
- mining rewards
- marketplace
https://twitter.com/PLCU_OFFICIAL/status/1523188228467044354

[sayaya17]

Luna soon will reach $6. The only traders that buy luna are to shorting the market. bunch of guys have planned to sell their terra luna for the stable token. It's over for terra luna. This will become another bad thing to be written in the crypto book history if there was a company who collapse caused by failed to manage its product called stable token. I just wanna see how many traders are still interesting to buy this token. It's sad to see that dumping more than 75% in 3 days. What a shame

no more people will  trust to LUNA , today Luna hit new low again and no buying pressure in this coin. Its become nothing now for Luna and UST , most crypto traders now short Luna till to earth not only moon again. we become witness how dark this Luna rugpull and UST, alot investors become poor man due holding Luna which is recognized as best projects.

I am also very surprised by LUNA's performance, you are right now that LUNA has lost the trust of many investors. After the drastic drop in LUNA prices,
make the demand for LUNA decrease drastically, and LUNA could be a scam project. Even though I am among those who judge LUNA as a good project
and I think LUNA can promise big profits in the future. But my guess was wrong, LUNA experienced a decline of up to 98%, and such a large decline
made LUNA's reputation bad. We can also see that many investors have suffered losses due to the decline in LUNA. I think LUNA has no future with
the current downturn.

[ice18]

This is the risk in crypto currency especially the so called algorithmic stablecoins like UST looks like they did not anticipate this one or they are still in experiment but I really hope they can still recover from this massive price crash in just 3 days, I personally bought LUNA at $16 but good thing I only spend small amount just to try, am going to hold it and see what will happens next.

[blockman]

Now the price is under half a dollar with a decline that will still occur and even some people have also assumed that Luna will die within this year and if it doesn't die, then another big increase could happen to Luna with potential that will continue to grow in the future.

UST is $0.4
Terra is out now of top 100 and priced at $0.06 and it was lower a few hours ago and, is now in ranked 128. That's totally a massive lost for these two projects.
The foundation is losing a lot and people are now starting to say that this is like bitconnect 2.0. I still don't know if that's how it's going but everyone is looking at it every single minute.

[coco23]

Now the price is under half a dollar with a decline that will still occur and even some people have also assumed that Luna will die within this year and if it doesn't die, then another big increase could happen to Luna with potential that will continue to grow in the future.

UST is $0.4
Terra is out now of top 100 and priced at $0.06 and it was lower a few hours ago and, is now in ranked 128. That's totally a massive lost for these two projects.
The foundation is losing a lot and people are now starting to say that this is like bitconnect 2.0. I still don't know if that's how it's going but everyone is looking at it every single minute.

If I still had any UST or LUNA I would just dump them. Currently they try to stabilize UST by "printing" LUNA, which is why the UST price is still relatively stable but LUNA is going down massively. At some point the LUNA marketcap and markets are so small, that this won't be enough anymore, this will be when UST will also go down massively.
Terra should announce a "haircut" on UST, making it $0.2 or so, to stabilize the situation.
(No investment adivce, do you own research)

[$crypto$]

Now the price is under half a dollar with a decline that will still occur and even some people have also assumed that Luna will die within this year and if it doesn't die, then another big increase could happen to Luna with potential that will continue to grow in the future.

UST is $0.4
Terra is out now of top 100 and priced at $0.06 and it was lower a few hours ago and, is now in ranked 128. That's totally a massive lost for these two projects.
The foundation is losing a lot and people are now starting to say that this is like bitconnect 2.0. I still don't know if that's how it's going but everyone is looking at it every single minute.

Terra Luna's bad image is bad, many investors think this will come out as scamers where the price drops 98% but some say this is an attack on an unknown party but this is a fact they can't maintain at the same time a stable coin, namely UST.
Some say their foundation will sell bitcoin and recover the price slowly. Will this convince investors again? It seems difficult that many have been disappointed with this coin, but for it there is none in my portfolio.

[coco23]

Terra Luna's bad image is bad, many investors think this will come out as scamers where the price drops 98% but some say this is an attack on an unknown party but this is a fact they can't maintain at the same time a stable coin, namely UST.
Some say their foundation will sell bitcoin and recover the price slowly. Will this convince investors again? It seems difficult that many have been disappointed with this coin, but for it there is none in my portfolio.

Have they not sold all of their BTC reserves already? I think it is safe to say that their mechanism has failed , regardless of whether they are able to stabilize this situation or not. They are trying things to stabilize it (https://twitter.com/terra_money/status/1524665456476712961), but I think it's too little and too late, now they would have to come with some truly drastic measures.
LUNA won't recover to old prices as it's inflation is already way too high.

[$crypto$]

Terra Luna's bad image is bad, many investors think this will come out as scamers where the price drops 98% but some say this is an attack on an unknown party but this is a fact they can't maintain at the same time a stable coin, namely UST.
Some say their foundation will sell bitcoin and recover the price slowly. Will this convince investors again? It seems difficult that many have been disappointed with this coin, but for it there is none in my portfolio.

Have they not sold all of their BTC reserves already? I think it is safe to say that their mechanism has failed , regardless of whether they are able to stabilize this situation or not. They are trying things to stabilize it (https://twitter.com/terra_money/status/1524665456476712961), but I think it's too little and too late, now they would have to come with some truly drastic measures.
LUNA won't recover to old prices as it's inflation is already way too high.

I don't know about when they will sell BTC to stabilize this but for sure this concern will not change anything, indeed I think it's the same about their mechanism has failed, until the price fell to pieces, but I see the price of TerraUSD (UST) has increased 37% at the current price of $0.62 that's also still not enough to stabilize anything but with the increase in TerraUSD the foundation seems to be doing it.

Now that my friend is getting stressed after seeing Luna's price, she looks suicidal.

[Marvelman]

So far they are minting crazy amounts of Luna and people are taking advantage by buying UST and getting $1 worth of Luna and then selling that to repeat the process.

The supply is growing like crazy however and this will see single digit in the cents pretty soon. When Luna value is Very low then buying UST won’t make sense anymore since they only mint like 1,000,000 per minute.

I mean, really. There must have been some smart people out there who could have predicted this. What were they thinking? The price of LUNA is now less than half a cent on most exchanges. I think they will push it to zero before UST returns to $1. This is so bad for all holders, and also, for the whole market as well.

[livingfree]

This Terra and UST fiasco.

This truly have brought the market down as start but they're not just the whole reason why the market is down. But also there are too many reasons that have been compiled altogether so the impact is totally huge.

Just think of this time that we've officially entered the bear market and you need to be more patient at this time and you should make your plans on what actions you'll do.

it's not just a bear market that caused almost all coin prices to fall but now the price of LUNA has fallen unnaturally, in 2 days the price of LUNA has fallen so deeply even now the price of LUNA coins is under $1. I think this will be a disaster for them. we don't know what the developers did as if they didn't care about the coin anymore so it could fall that deep.

It's now under $1.

That's a total disaster and devastation for those holders that have their money mainly being held on Luna and UST. I saw a tweet from KSI that his $2.8M gone down to $1k.

That's a really sad turn down for him despite him being a lot of money, I can see how much losses he has got with it and for sure the frustration those ordinary people that have mainly invested on it.

[diffract]

You know what's scary?
TRON and ADA are working on new algorithmic stable coins. Previously we had one and look what it's done, what will happen if we have double trouble? These new projects will have a serious reputation to build up, and whoever attacked UST won't sleep on new algo stables.

[blockman]

Now the price is under half a dollar with a decline that will still occur and even some people have also assumed that Luna will die within this year and if it doesn't die, then another big increase could happen to Luna with potential that will continue to grow in the future.

UST is $0.4
Terra is out now of top 100 and priced at $0.06 and it was lower a few hours ago and, is now in ranked 128. That's totally a massive lost for these two projects.
The foundation is losing a lot and people are now starting to say that this is like bitconnect 2.0. I still don't know if that's how it's going but everyone is looking at it every single minute.

Terra Luna's bad image is bad, many investors think this will come out as scamers where the price drops 98% but some say this is an attack on an unknown party but this is a fact they can't maintain at the same time a stable coin, namely UST.
Some say their foundation will sell bitcoin and recover the price slowly. Will this convince investors again? It seems difficult that many have been disappointed with this coin, but for it there is none in my portfolio.

Yeah, everyone is now thinking that they've rug pulled. They've sold their bitcoins and that's why the market has quickly going down. I don't think everyone is confident with them anymore and as much as possible, as an investment, they're avoiding it.
But for traders who can still scalp from them, they will stay and as long as they're profiting from it, they will continue to do it.

[Scripture]

You know what's scary?
TRON and ADA are working on new algorithmic stable coins. Previously we had one and look what it's done, what will happen if we have double trouble? These new projects will have a serious reputation to build up, and whoever attacked UST won't sleep on new algo stables.

Also TETHER shows some drop as well, which supposed to be the stable coin yet its moving as well, this might be the scariest scenario in the market where most of the stable coins are dropping, so I hope no more drop like this because for sure, it can affect the whole market. Bitcoin goes below $30k again, that could be the signal of a long bear market, I hope I'm wrong because many can't really afford to see another long bear.

[EdenHazard]

You know what's scary?
TRON and ADA are working on new algorithmic stable coins. Previously we had one and look what it's done, what will happen if we have double trouble? These new projects will have a serious reputation to build up, and whoever attacked UST won't sleep on new algo stables.

Double trouble incoming indeed if they insist to work on TRON / ADA stable coins ... it's proven very poor .. awful and scared concept on what so called stable coin , look where LUNA now , it's worth $0.00008 from hundred dollar within a month , what a scandal! The UST terra blockchain network has officially stopped working now.

This is terrifying moment. Wild crazy crypto!

[Tony116]

You know what's scary?
TRON and ADA are working on new algorithmic stable coins. Previously we had one and look what it's done, what will happen if we have double trouble? These new projects will have a serious reputation to build up, and whoever attacked UST won't sleep on new algo stables.

Double trouble incoming indeed if they insist to work on TRON / ADA stable coins ... it's proven very poor .. awful and scared concept on what so called stable coin , look where LUNA now , it's worth $0.00008 from hundred dollar within a month , what a scandal! The UST terra blockchain network has officially stopped working now.

This is terrifying moment. Wild crazy crypto!

Luna's lesson is so great, I don't think Tron, Ada or even Near will carry on with this idea. If they still insist on doing it, it's like killing themselves and becoming the next Luna. The Luna crash caused the market to evaporate $600 billion, this is the craziest thing we've ever seen, it's more than the worst thing that happened in 2018. Crypto are crazy and nothing is impossible. I hope newbies will learn from luna's lesson, cryptocurrencies are not a place where we can get rich quickly without risk.

[davincicode666]

You know what's scary?
TRON and ADA are working on new algorithmic stable coins. Previously we had one and look what it's done, what will happen if we have double trouble? These new projects will have a serious reputation to build up, and whoever attacked UST won't sleep on new algo stables.

UST has been in trouble during the downturn with her and Luna recently so it's best to ignore it first and take a look at the others like TRON and ADA you mentioned because I think both of them are still doing very well so far and not having the same problems as UST at the moment.

[Webetcoins]

Luna soon will reach $6. The only traders that buy luna are to shorting the market. bunch of guys have planned to sell their terra luna for the stable token. It's over for terra luna. This will become another bad thing to be written in the crypto book history if there was a company who collapse caused by failed to manage its product called stable token. I just wanna see how many traders are still interesting to buy this token. It's sad to see that dumping more than 75% in 3 days. What a shame

no more people will  trust to LUNA , today Luna hit new low again and no buying pressure in this coin. Its become nothing now for Luna and UST , most crypto traders now short Luna till to earth not only moon again. we become witness how dark this Luna rugpull and UST, alot investors become poor man due holding Luna which is recognized as best projects.

That's scary. Even the project that we already trusted for quite some time can still betray us. I agree with what @X-ray said, this will be recorded in the history of cryptos but it's not something that everyone should be proud of so I am not sure if many people will look back at it someday especially if they are among to those who got scammed by this coin as that can only bring them a stress and heartaches but for sure there are still that will buy this coin as they think this coin can still recover.

Now, we finally know why the market and the price of btc is dumping really hard. This issue might have contributed a lot along with other negativeness.

[AakZaki]

I was so surprised by this, imagine he was almost down 100%. Currently I see in Binance the lowest price reaches 0.003. Even this price is technically unreasonable, if you want to buy it I am also a little afraid because this coin is not yet clear how it will be. The most appropriate if you have residual funds then scalping is the best way.
I slightly disagree if luna has a big effect on BTC. BTC has its own pattern. This time is right in the middle of the halving period and it happened also in last year's halving. So far I think it's still natural, I'm just sorry for those who have Luna at the price of ATH.

[el kaka22]

For sure, there is no denying that at all. I mean it has been bringing it down for few days now and it looks like it's not going to stop anytime soon by the looks of it. It can't impact it that much anymore, all the money got out of it and it won't make that much noise to be fair.

However, what we need to do right now is to check what's going on and see if others could follow. If other coins follow suit then it could be terrible but if not then we are going to be fine. I think that there could be a few more projects that will crash after this, it looks like it's totally possible to repeat the action for at least 2 others but I hope that won't happen.