Terra USD, proved its not a stablecoin

[prosperoustop]

I think it was provocation from someone very rich, for a 2 days they are sell UST for a few billions! Sure UST will recover soon!

[savetheFORUM]

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.

There are some countries that could arrest you for blasphemy against crypto, I have been reading countless times but still can’t wrap my hand around what you are saying. There are over hundreds benefits of crypto.

By using Bitcoins, users will be contributing to the network and therefore sharing the burden of authorizing transactions, sharing this work greatly reduces transaction cost and thus makes transaction cost negligible. Bitcoins lightens fast  transactions, gives you privacy, decentralization, Bitcoins has high return potential and volatility, no government regulations and so forth.

[evichi]

This phenomenon is really scary and have brought fears to both old and new crypto users. This event is a dent to the crypto space. UST/LUNA ought to have been built to withstand such dump phenomenon or could it not have been prevented? This is really an eye-opener to all crypto enthusiasts and a warning signal to future investors. A big lesson to both investors and crypto technical experts.   

[mrongoz_imut]

Learned from UST or Terra USD worried with saving and holding stable coin right now, worry have time will drop suddenly like UST, yesterday USDT have drop little although can back up but I worry if USDT like Terra USD drop almost 0.3$ and delist from Binance, right now many stable coin created by several network like BUSD, USDC and I hope they keep as stable coin. UST have looks scam because giving higher APY than usually other stable coin like USDT or BUSD.

[noormcs5]

Learned from UST or Terra USD worried with saving and holding stable coin right now, worry have time will drop suddenly like UST, yesterday USDT have drop little although can back up but I worry if USDT like Terra USD drop almost 0.3$ and delist from Binance, right now many stable coin created by several network like BUSD, USDC and I hope they keep as stable coin. UST have looks scam because giving higher APY than usually other stable coin like USDT or BUSD.

There is a difference between USDT/BUSD/ USDC and UST stable coins. The USDT/BUSD/USDC are backed by the physical US dollar whereas UST is an algorithmic stable coin that remains stable because of an algorithm that runs behind it. This algorithm was exploited somehow and it is very bad for the overall crypto industry.
If  Luna and UST are unable to recover and come back, people will lose trust in the algorithmic stable coins and the future of these coins will be dead 

[Ultegra134]

Learned from UST or Terra USD worried with saving and holding stable coin right now, worry have time will drop suddenly like UST, yesterday USDT have drop little although can back up but I worry if USDT like Terra USD drop almost 0.3$ and delist from Binance, right now many stable coin created by several network like BUSD, USDC and I hope they keep as stable coin. UST have looks scam because giving higher APY than usually other stable coin like USDT or BUSD.

There is a difference between USDT/BUSD/ USDC and UST stable coins. The USDT/BUSD/USDC are backed by the physical US dollar whereas UST is an algorithmic stable coin that remains stable because of an algorithm that runs behind it. This algorithm was exploited somehow and it is very bad for the overall crypto industry.
If  Luna and UST are unable to recover and come back, people will lose trust in the algorithmic stable coins and the future of these coins will be dead 

According to the developer of Luna, Do Kwon, chances of recovery are extremely slim, since he admitted his own defeat. Most likely, UST will absorb any Luna in an effort to recover UST's peg closer to $1, but even that sounds highly unlikely. There were a few other algorithmic stablecoins in the past, but all failed for quite similar reasons, the cryptocurrency world will surely lose credibility due to the Luna incident.

[Moeda]

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.

Terra is a scam. If the token price drops to zero, it might as well have happened with tokens in general. But not with stable coins. If the coin's stable price is not 1:1 it is a scam.

[bitcoin-shark]

the strategy of the founder to burn so many usd and stake only a few hundred million of luna i do not think will work, it will not revive the fortunes of the project, after such a sudden collapse, investors have lost confidence

[Ultegra134]

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.

Terra is a scam. If the token price drops to zero, it might as well have happened with tokens in general. But not with stable coins. If the coin's stable price is not 1:1 it is a scam.

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.

[wxa7115]

Learned from UST or Terra USD worried with saving and holding stable coin right now, worry have time will drop suddenly like UST, yesterday USDT have drop little although can back up but I worry if USDT like Terra USD drop almost 0.3$ and delist from Binance, right now many stable coin created by several network like BUSD, USDC and I hope they keep as stable coin. UST have looks scam because giving higher APY than usually other stable coin like USDT or BUSD.

There is a difference between USDT/BUSD/ USDC and UST stable coins. The USDT/BUSD/USDC are backed by the physical US dollar whereas UST is an algorithmic stable coin that remains stable because of an algorithm that runs behind it. This algorithm was exploited somehow and it is very bad for the overall crypto industry.
If  Luna and UST are unable to recover and come back, people will lose trust in the algorithmic stable coins and the future of these coins will be dead 

At this point a recovery is basically impossible, LUNA is down almost 100% while UST is down 94%, I also think like you, this drop is going to put into question all the stable coins that are algorithmic in nature and I would not be surprised if people began to sell them and got traditional stable coins like USDT instead.

Personally I had high hopes for algorithmic stable coins as those that claim to have their coins backed by fiat could always create more coins than the fiat they have available like banks do all the time , use fractional reserve banking and deceive people that way, but with this fiasco then it is very likely that the interest in algorithmic stable coins will go down dramatically.

[makishart]

I think it was provocation from someone very rich, for a 2 days they are sell UST for a few billions! Sure UST will recover soon!

It's better if you understand how UST algorithmic stable token worth before try to blame someone else for that. there's no provocation. The design that used by this stable token was so bad compared with another stable token in the market.
There's no reason to blame someone richest caused by that. The team must become the party that must be blamed for this as they were putting their investors into the big risk.
Majority of investors are loosing their money

[dlightag]

Terra project simply known as Luna Coin, it has put many investors on high jump, base on the price dump it clear that is mindset of ponzi scheme, how people loose they money in a few days, including they stable-coin called Tera-UST that suppose to be 1:1 but still failed and dip in price beyond major. which i am victim holding LUNA Coin, from Top to Bottom worth less than 1$. 

[Rampagoe004]

Actually terra luna is one of the very good projects and this we can see from the development of the project, because there is a fatal mistake made by the team so that the project price drops so much, and very many investors lose their assets because of investing in the project and currently terra luna wants to get back up but all need a process because there must be a big update that must be done so that this project is not considered a scheme ponzi.

[capedbaldy]

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.

The impact of UST is very bad for the cryptocurrency market because the negative impact has dropped the market deeper, but however the collapse of the crypto market will be stronger in the future because all the negative impacts are always resolved starting from the beginning of the cryptocurrency market, crypto has come a long way to get better in terms of digital money.

[blockman]

Terra project simply known as Luna Coin, it has put many investors on high jump, base on the price dump it clear that is mindset of ponzi scheme, how people loose they money in a few days, including they stable-coin called Tera-UST that suppose to be 1:1 but still failed and dip in price beyond major. which i am victim holding LUNA Coin, from Top to Bottom worth less than 1$. 

It's actually a lot of zeroes now on decimal for its price. Yeah, that's what people are calling it, a ponzi scheme that has been found out too late.
Well, all of those people that have lost their money on this can think of anything about the project as it's hard to accept losses for this project that you have invest a lot of money. It's very hard to think of on how did this project and as well as Luna ended badly.

[strunberg]

Actually terra luna is one of the very good projects and this we can see from the development of the project, because there is a fatal mistake made by the team so that the project price drops so much, and very many investors lose their assets because of investing in the project and currently terra luna wants to get back up but all need a process because there must be a big update that must be done so that this project is not considered a scheme ponzi.

looks like someone know a mistake from luna project and used it to destroy luna structurely and coordinated and it make another investors panic selling their ust and luna. since beginning alot investors put their big hope luna could reach $1k this year but unfortunately this hope destroyed when bug in this algorithm founded.

[andyou1234]

Actually terra luna is one of the very good projects and this we can see from the development of the project, because there is a fatal mistake made by the team so that the project price drops so much, and very many investors lose their assets because of investing in the project and currently terra luna wants to get back up but all need a process because there must be a big update that must be done so that this project is not considered a scheme ponzi.

looks like someone know a mistake from luna project and used it to destroy luna structurely and coordinated and it make another investors panic selling their ust and luna. since beginning alot investors put their big hope luna could reach $1k this year but unfortunately this hope destroyed when bug in this algorithm founded.

Yes, I have high hopes for Terra Luna, because I am one of the victims of this decline, but what can I do, I have to hold back and hope that in the future the price of Luna can increase again of course the development team must can fix this gap so that Terra Luna can stay afloat in crypto, and can recover the losses of its users.

[Ultegra134]

Actually terra luna is one of the very good projects and this we can see from the development of the project, because there is a fatal mistake made by the team so that the project price drops so much, and very many investors lose their assets because of investing in the project and currently terra luna wants to get back up but all need a process because there must be a big update that must be done so that this project is not considered a scheme ponzi.

looks like someone know a mistake from luna project and used it to destroy luna structurely and coordinated and it make another investors panic selling their ust and luna. since beginning alot investors put their big hope luna could reach $1k this year but unfortunately this hope destroyed when bug in this algorithm founded.

Yes, I have high hopes for Terra Luna, because I am one of the victims of this decline, but what can I do, I have to hold back and hope that in the future the price of Luna can increase again of course the development team must can fix this gap so that Terra Luna can stay afloat in crypto, and can recover the losses of its users.

They've voted for a recovery plan a few hours ago, didn't pay much attention though. However, I find it highly unlikely for it to recover, it would require billions of dollars just for Luna to reach $1. Millions if not billions of coins have been minted the past few weeks, pratically resulting in a coin of zero value.

[diminizio]

I believe the main factor is the weakness of making Bitcoin as a guarantee for Terra USD to be a stable coin. in fact they will be really dizzy if they face their coins and bitcoins going down at the same time then it will definitely be chaotic like now. I agree more with stable coins being backed up with real assets, because backing them up with cryptocurrencies is certainly a risky coin stable.

[evilgreed]

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.