Terra USD, proved its not a stablecoin

[capedbaldy]

I think when UST drop until 0.6$ can't called again with stable coin because not have meaning and function as stable coin for UST with Luna network.

USDT also fell because of the FUD news factor due to spam chain messages sent via email, I don't associate with UST even though both coins are stable but both are stable experiencing the same thing falling from the price of $1.

[darxiaomi]

The main thing here its to know how many money Terra as a company lost in this "run" or maybe win.

How many BTC they have to sold to keep the price 1:1.

They re-buy ton of his token a cheap price?. I dont know how to know that but if it was a balance can be done.

[evilgreed]

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.

               Although I won't go so far as to say it is a big ponzi scheme since terra is actually trying to do something to fix this plus the fact that btc dropped like hell making luna and ust follow, I cannot assure otherwise as well. Because even with the fact that I am a huge fan of luna(but did not have ust, lol), I definitely cannot trust their ust anymore stabke coins should be somewhat immune to btc crashes but ust dropped like hell along with btc. I might buy a bit though just for speculative profit potential but nothing more than 2% of my capital.

[blue_hurricanger]

Of course, it going to fall. I've nothing against LUNA, heck I even make some good profit from its system. But the UST peg after LUNA was bound to fall just like this. So much for the decentralization when only stable coins like USDT fare better even if some doubt its ability to back 1:1 with USD. Hope a lot of you learn a lesson about what kind of stable coins WORK when the market is in panic mode.

[bittick]

Look at how garbage this stable token is and as i said that to my friends if UST will fail. This is strong proof if terra luna is not having a proper product for the stable token. They need to sell their bitcoin and i suggest all and covert it into the stable token to make it stable. Terra luna need to do something to save its company from the dump. Just wanna try to watch the new story about stable token.

[jerry0]

Confused about this whole situation here.  Haven't many stablecoins dropped below their peg?  What was the big thing about TERRA USD?  Was it because it dropped so much?  The same thing happened with waves and USDN and it dropped similar to TERRA USD and then went back up to 90% + etc.  How come there wasn't that much talk about USDN compared to TERRA USD?



Also, wasn't it pretty obvious that TERRA USD was eventually going to go back to its peg of a dollar?  When i saw it went to 0.70, i thought... isn't it a no brainer to buy TERRA USD because it eventually will get back to at least 0.95 or so?  Someone did mention the upside was you make max 30 percent but you could lose the whole amount.  But isn't this little risk?



Also i read tons of people on twitter talking about this such as they lost 30% of their life savings and many were immediately selling their TERRA USD correct so they wouldn't lose more?  What i don't understand here is... why are these people so freaked out?  Did they literally had all their live savings in TERRA USD the stablecoin?  But what about Terra coin?  isn't it obvious TERRA USD stablecoin was going to go back to its peg or close to it later on? 



it was mentioned they sold a ton of btc in order to try to get TERRA USD back to its peg.  So if they did that, isn't it obvious worrying about TERRA USD Peg isn't that big of a concern?  Still confused why so many people were freaking out over this.  So why do many people have so much in TERRA USD then?  Heard about anchor staking and they give like 19.5% but is that owning TERRA USD the stablecoin... and earning that amount of interest similar to like how people own GUSD and earn GUSD on gemini?  if that is the case, then i would understand why so many people would own a stablecoin like TERRA USD.  Or is that anchor interest just having TERRA coin and not stable coin?



Even saw on the terra reddit, there was a suicide hotline link shown.  i am still confused why so many people were freaking out?  Again i don't know much about crypto terms such as these sites liquidating shares and things like that but when it was mentioned they were going to sell billion dollars worth of btc to get ust back to its peg, why are people then concerned?  its not like hey ust is keep going down and the company is doing nothing at all to fix the issue?



So let say TERRA USD went to 0.  What would have happened?  All the cryptos would have dropped even more correct?  But are there people that put a ton of their savings in UST or Luna?  The way you see people responses on twitter on this, you feel as if all their savings was on it.  Now would this situation been the same or worst if say this happened to GUSD or USDT or USDC?  im aware UST is a top ten crypto but i couldn't believe why there was so much talk about this.  Were people that owned LUNA much more concerned than those that owned UST?  Assuming one person owned USD while another owned UST.  if you owned UST... the stablecoin should eventually get back to its peg.  LUNA... after a while should go back to its normal prices when bull market right?  So why so much talk about this?

[Ultegra134]

I think when UST drop until 0.6$ can't called again with stable coin because not have meaning and function as stable coin for UST with Luna network.

USDT also fell because of the FUD news factor due to spam chain messages sent via email, I don't associate with UST even though both coins are stable but both are stable experiencing the same thing falling from the price of $1.

I don't see any significant fall in the past 24 hours regarding USDT. Are you sure about that? Because it doesn't sound like a legitimate source. Anyway, back to UST, Do Kwon tweeted that he should be making an announcement on how to recover UST back to its $1 peg. While it has gone pretty close to that (higher was 0.95 if I'm not mistaken), it still struggles to go beyond that. I believe that action will be taken in order to save it.

[prosperoustop]

thats was strange situation, but I understand from this situation, that everything could be in cryptocurrency, also I dont sure about teather  for now

[wxa7115]

Wow finally the real face of terra luna already exposed. So many people are blaming this company even the active chart on CMC have so many people called this as another ponzi scheme. more than 51% dump and the worst thing that i have ever seen these days. People are starting to disbelief with this company and yeah welcome to the top 100 CMC soon. I believe this will become another medium  tier of exchange site. Only using bitcoin as a way to back the stable token. worst thing

The price is slowly stabilizing itself, however such a variation in the price is something we could expect of any coin except stable coins, if the stable coin is also going to experiment huge drops in its price while providing none of the benefits like going up in value then there is no reason to keep holding that stable coin at all as it is not fulfilling its purpose.

I wonder how is buying TerraUSD at the moment? After all if I saw such crash I will keep away from such a stable coin as I would immediately think that there was some fundamental reason for its price to go so low.

[darxiaomi]

Jerry, I think exactly like you, it's both idiotic fear and exaggeration.

If you don't have to use it at that moment, why cry so much?
assuming it returns to 1.
And I repeat those who bought at 0.7 and went to 0.9 is a lot of profit, how many BTC did Luna sell to be able to bank the price?

[TimeTeller]

Jerry, I think exactly like you, it's both idiotic fear and exaggeration.

If you don't have to use it at that moment, why cry so much?
assuming it returns to 1.
And I repeat those who bought at 0.7 and went to 0.9 is a lot of profit, how many BTC did Luna sell to be able to bank the price?

People panic for something they fear about its unknown future.
I do agree that if you have no reason to sell, why sell it at a loss?
Better wait for it to go back to its $0.9-1.0 price range, and maybe sell if you are too worried about this market.
For me, there's nothing to panic about because if you can see the volume, it is still one of the largest in the markets.
So they won't be exiting anytime soon. Better wait for it to recover, sell and get out if you don't want a headache.

[malcovi2]

Jerry, I think exactly like you, it's both idiotic fear and exaggeration.

If you don't have to use it at that moment, why cry so much?
assuming it returns to 1.
And I repeat those who bought at 0.7 and went to 0.9 is a lot of profit, how many BTC did Luna sell to be able to bank the price?

Its not fear or exageration, its a ponzi scheme. This is going to be another titan fiasco.

https://www.coingecko.com/en/coins/terra-luna/usd?chart=7_days#panel

that chart shows something.

if btc and luna keeps on dumping, the stablecoin wont hold.

[Teraboy]

if the value has been down for quite sometime I could guess that most of us has lost trust in this stablecoin because this stablecoin isn’t exactly stable after all.
if you hold any terra USD i guess the best course of action is to wait it out, after all maybe the team behind are trying hard in fixing this and maybe increase their liquidity for this stablecoin
it seems it was caused by the massive correction that we get from btc and all the major coins

[darxiaomi]

I think now the main problem are two things.

1- How many BTC or USD or whatever Terra have to keep the price and comeback to 1.

2- How many trading boys are now seeing the route and dumping more the price to make the profit when they come back 1 usd.

And with this point 2 we come back to point 1.... because if a lot of people come to make that movement in some time maybe they dont have more backrest and...... all traders and Luna go down the pipe.

[Tervelatuk]

I think when UST drop until 0.6$ can't called again with stable coin because not have meaning and function as stable coin for UST with Luna network.

USDT also fell because of the FUD news factor due to spam chain messages sent via email, I don't associate with UST even though both coins are stable but both are stable experiencing the same thing falling from the price of $1.

if tihs stable coins fud still around us , bitcoin hard to recover in near future. more over luna foundation still doing alot thing due ust pegged. if using loan to stablize ust rate , i am believe bitcoin will dumped again .

if btc and luna keeps on dumping, the stablecoin wont hold.

this is big scarry thing we will face at this moment, alot holder selling their assets to prevent more dump that caused by UST.

[Duzter]

The price that was 0.67$ have now crossed $0.76 which is good recovery. The team have given proper detail on this case and has been working to make the market stabilize. Stablecoins were the safe haven when the market is downwards. It was the first attempt by a team to make the dollar peg through a algorithmic process. Anyhow the team will bring back the price to $1, and many will be investing now for assured return.

[Jaered]

Honestly, I didn't have much interest in Terra. I felt it was overhyped. Some quarters even said its going to flippen Ethereum. How? Not gonna happen anytime soon. Maybe after Buterin is dead. Lets see how it pans out

[Ultegra134]

The price that was 0.67$ have now crossed $0.76 which is good recovery. The team have given proper detail on this case and has been working to make the market stabilize. Stablecoins were the safe haven when the market is downwards. It was the first attempt by a team to make the dollar peg through a algorithmic process. Anyhow the team will bring back the price to $1, and many will be investing now for assured return.

Still, its future is extremely vague, it will lose its status. I'm honestly devastated, because I actually sold my UST, which I had unstaked. Personally, making any kind of move looks too much of a gamble to me. I'm just wondering where they'd get the funds to peg UST to $1 again, when Luna's market cap is half of UST's.

[m_nief]

Extremely drop with Terra UST as stable coin but right now not only with UST but also Luna coin have drop almost 60% and touch under $15, I don't see any good future investing with Terra coins and prefer out if you still hold Terra coin or UST. I don't know what happen with developer and what have did make Luna, UST coin drop drastically. Actually most funny with UST as stable coins but can drop until $0.6 and can't reach to $1 like other stable coin. Have to ask and waiting Terra developer what happen with their coin and why could drop drastically and UST as stable coin looks as shit coin.

[poodle63]

Honestly, I didn't have much interest in Terra. I felt it was overhyped. Some quarters even said its going to flippen Ethereum. How? Not gonna happen anytime soon. Maybe after Buterin is dead. Lets see how it pans out

Terra luna was different case. This company is having billions have gone due to the market dump and this company needs to find more money to backed its UST. I see that issued the new loan but that's not enough to backed the UST.
This company was too greedy to compete with the major stable token maker like tether or something else that fully backed by big company like paxos.
End for terra luna is coming very close for us