RIP LUNA & UST ! Is USDD be same like that..

[usekevin]

No need to announce the R.I.P status for the Luna and UST.Because the most of the LUNA investors withdrew their funds from the LUNA by two reason.One is due to panic of losing their money for long.Secondly the had cash out from Luna by the money need of the economic situation.So we can't blame the LUNA for this, we need to hold over Luna with some trust.Because in trading trust play the vital role for the success.

[bocyaj]

When most of people scolding about the LUNA and other altcoin.Few people are looking for the further dump to inverse their money. This is the crypto trading.This is what we facing over couple of year.Most of you not know this fact and scolding the Luna.But it's not a new phenomenon for the cryptosystem.From 2017, many new people became the billionaires and millionaire by investing their money to crytocurrency.

[takngantuk]

this is a big case, stablecoin but not really stable. I haven't seen anything like this since my first time investing in crypto. imagine the USD stablecoin falling very deep to 0.3$. this is the most ridiculous thing i've ever seen. this problem is because Do kwon is too sure, the result makes everyone panic. he moved Bitcoin reserves a few days ago. made everyone speculate, its impact of distrust in UST and Luna. Luna and UST are game over, soon this project will die.

[Jackl87]

Luna is a role model no doubt and LUNA is the only reason for the Popularity of the Pegged Decentralized stable currency in true words. But Luna showed a massive DIP reason its stable coin pegged with the LUNA lost its value to 77 cents remember that it's due to market fud/panic and heavy transfer of funds so Whatever the reason but due that LUNA made 50% dip estimated. $5B a massive Capital loss in the UST.

If a so called stable coin is not really stable and is fluctuating more than 1 or 2 percent of above or below the currency that it is pegged to it is already bad enough in my opinion because this means if you transfer 10000 $-pegged stable coins to "real" USD then you will lose 200$ if the stablecoin price is only 2% to low. What we are witnessing with UST at the moment though is on a completely different level. The price of UST was at 0,30 a few hours ago. No it's price is back at 0,47 $ at the moment but of course this is still absolutely catastrophic for the whole Terra ecosystem. I can really imagine that this could be the end of Terra.

[kidbounty]

 I doubt when UST returns to 1$ there will still be people who want to hold LUNA. investor confidence has completely disappeared, just imagine in less than one day LUNA crashes to 90%. for top-ranked coins, this is absolutely insane. I personally have no interest in this project. even if the price falls below 1$, I won't buy it.

[tvplus006]

...The current crisis is a huge challenge for Luna team.  Some supporters of Luna still believe that they still have enough reserves to bring back UST to 1 dollar. let's watch and wait how things shape up in coming days

Without the investment of large capital, the problem with UST will not be solved. Luna Foundation Guard has fully used its BTC, which was supposed to support the value of UST and now, according to their statements, they are looking for $1 billion to support the algorithmic stablecoin Terra USD.

[Sayeds56]

I doubt when UST returns to 1$ there will still be people who want to hold LUNA. investor confidence has completely disappeared, just imagine in less than one day LUNA crashes to 90%. for top-ranked coins, this is absolutely insane. I personally have no interest in this project. even if the price falls below 1$, I won't buy it.

You are absolutely right. There is 90% chance Luna price can crash to zero but I think Founder & CEO of Luna Foundation Do Kwon is very committed person and he will do all what he can to avoid total failure of Luna foundation, he is already brain storming with his team to figure out a workable solution to restore confidence of investors in Luna. For the time being  It is better to sit on the  sidelines and don't make any impulsive buying in the market.

[kojektea]

I believe the core team from UST made a fatal mistake making their stable coins completely destroyed even worst they can't recover, it's getting stronger because binance immediately delisted for LUNA and UST. As for USDD, I just saw it, but I don't trust the stability of new coins anymore since the UST incident, it's better to see them grow until many people believe in them, so far there are stable coins that are more certain, even USDT in trx the transaction fees are very cheap .

[Jating]

I believe the core team from UST made a fatal mistake making their stable coins completely destroyed even worst they can't recover, it's getting stronger because binance immediately delisted for LUNA and UST. As for USDD, I just saw it, but I don't trust the stability of new coins anymore since the UST incident, it's better to see them grow until many people believe in them, so far there are stable coins that are more certain, even USDT in trx the transaction fees are very cheap .

Oh well, they for sure have learn this lessons, a very expensive one as the price of their stable coins wasn't 'stable' at all because of the massive bank run that happen to them. I also curious as to why there are a massive sell and what triggers it. Because they have reported that they have invested their reserves on bitcoin instead of $, they have to sell at a lost now just to have their stable coins 1:1.

[fzkto]

Probably no one expected such a scam from LUNA. The price is now 1.5 USD, although three days ago it was 80 USD. I haven't seen such a sharp drop since Bitconnect. I understand that the price will continue to fall because the owners decided to print new coins. This is very epic. Now we can conclude that all algorithmic stables are not reliable!

[vanesha]

what happened with UST and LUNA makes everyone afraid to follow DeFi which is based on Stable coins, it would be better if it was USDT or USDC even though they don't promise big returns but at least they are more trustworthy. After hearing about UST, I've also always heard about USDD which has similarities to UST, if my advice is with the incident we should be really careful with coin stability, or better not put a lot of money there.

[rhomelmabini]

This FUD with UST and LUNA is the main driving force now for other crypto to decline and just by posting this reply the LUNA token is at a dollar below and 30 cents for UST. What could be worst? Just this time Bitcoin hit 29k too, though it's still above the line from the recent low that hits in July of 2021. Oops, is it a bear month or a FUD month?

[bitkanu]

This token is dead right now. Terra foundation is selling all of assets on its portfolios in a big loss started from bitcoin avax and many more to defend its peg but it's actually fail as they are selling in a big loss. that means this foundation has no enough money to back the remaining UST that available in the market. That's why people are using UST as a way to cash out through terra luna. More UST burn and luna minted from the contract. The worst thing this day

[Smack That Ace]

Well I guess the damage has been done to their reputation? And if I remember it correctly, they decided to infuse their reserves with BTC which I think is the biggest reason why the price of BTC suddenly goes down hard because they are selling it like hot pancakes just to be able to cover the 1:1 of their stable coins. Not sure if we are going to trust them with this kind of 'dumb' move, much better to look for alternatives.

Luna dumps heavily but it will still retraced back. It's all matter of time. This is the likely the best time to bagged as much pieces of the coins as possible. The market is currently down, now is the best time to bagged as much coins as possible, inother to gained from the dip. One of the major reasons other Crypto are dipping is because the dumps of Bitcoin affects them all. Even Ethereum work align with Bitcoin price actions. Whales are selling their coins, those who buy high are selling low due to FUD in the space.

I don't think it can come back, this could be the end for Luna and UST. Luna's death will be a blow to the bitcoin market, and as the market continues to crash, we're back into 2018 massacre season.

Luna's demise had a huge impact on overall market sentiment, investors are concerned about the riskiness of altcoins. BTC is down a bit but altcoins are still bleeding, it's a withdrawal from altcoins. Maybe the market will continue to crash, take a closer look before taking this as a buying opportunity.

[LogitechMouse]

Terra who got an ATH of around $119 is now at $2.60. Also take note that this downfall happened around 5 weeks after LUNA got its ATH.
On the other hand, UST who is supposed to be pegged with USD just de-pegged and now its price is around $0.47.

I just don't know if LUNA will come back after what happened to them unless the developers will make a effective solution to their problems as well as putting UST to be pegged with USD again. On the other hand, what happened to them will make investors to think twice or thrice to whether they will invest into this token or not. I'm not holding any of them but its quite unfortunate to see a coin going down in just a few weeks. Very unfortunate to the investors as well who bought this coin at its peak or near its peak.

[fzkto]

What happened to LUNA and UST today is a good example of how no stablecoins is reliable, especially algorithmic ones that are backed by a native token. Now other similar scenarios could happen with other stablecoins. For example, Tron foundation said they will allocate $2 billion to support USDD, due to today's LUNA events.

[Sayeds56]

What happened to LUNA and UST today is a good example of how no stablecoins is reliable, especially algorithmic ones that are backed by a native token. Now other similar scenarios could happen with other stablecoins. For example, Tron foundation said they will allocate $2 billion to support USDD, due to today's LUNA events.

It can happen with any stable coin not only with algorithmic ones, we have witnessed price of USDT declined to $0.57 in the past so every stable coin is vulnerable. I think we should hold mix of all stable coins including USDC which is considered most secure because it is  redeemable on a 1:1 basis for US dollars, backed by dollar denominated assets held in segregated accounts with US regulated financial institutions.

https://help.coinbase.com/en/coinbase/getting-started/crypto-education/usd-coin-usdc-faq

[blue_hurricanger]

What happened to LUNA and UST today is a good example of how no stablecoins is reliable, especially algorithmic ones that are backed by a native token. Now other similar scenarios could happen with other stablecoins. For example, Tron foundation said they will allocate $2 billion to support USDD, due to today's LUNA events.

It can happen with any stable coin not only with algorithmic ones, we have witnessed price of USDT declined to $0.57 in the past so every stable coin is vulnerable. I think we should hold mix of all stable coins including USDC which is considered most secure because it is  redeemable on a 1:1 basis for US dollars, backed by dollar denominated assets held in segregated accounts with US regulated financial institutions.

https://help.coinbase.com/en/coinbase/getting-started/crypto-education/usd-coin-usdc-faq

FUD news about stable coins can make them lose value in a short amount of time but the case of Terra backed up by Luna is different. I totally agree no stable coins are true to its 1:1 peg all time, 24/7 but Terra with unrealistic algorithmic between its stable coin and Luna is completely stupid. This is just the start of overhype coins that think they can start to mint their own stable coin which is even more unreliable than stable coins that promise the real USD or by exchanges.

[judaspriest]

This token is dead right now. Terra foundation is selling all of assets on its portfolios in a big loss started from bitcoin avax and many more to defend its peg but it's actually fail as they are selling in a big loss. that means this foundation has no enough money to back the remaining UST that available in the market. That's why people are using UST as a way to cash out through terra luna. More UST burn and luna minted from the contract. The worst thing this day

Really something very surprising! Because I am in the crypto world for a long time and was surprised to see the stable coin experiencing rugpull,
of course it made me afraid to save the next USDT or USDC, because of this incident, I am sure everyone in this world will also think that way

[naira]

Not a few of us are affected. This is not a problem for the Luna team, but a group of people who have planned adult benefits to attack the Luna ecosystem from the start. I found a tweet that simulated how Luna was made to break up until this bad. This is only speculation that tries to be analyzed by one of the Twitter users who made chronology at the beginning of the Luna disposal process on a large scale. The goal is not only to drop Luna but indirectly they also really want to reduce the price of Bitcoin.

https://twitter.com/4484/status/1524006086147252227

ok here is how the $luna $ust attack was coordinated & executed. 🧵 (quoted from a friend)

- attacker OTC accumulated $1bn of UST
- borrowed $3bn in $btc
- spread around some fud about peg and bank runs
- dumped the fuck out of their $3bn $btc on market to trigger wider panic

- 10 min after LFG pulled some liquidity from curve in preparation for 4pool the attackers pounced
- first cleared all liquidity from curve (needed just $350m $ust to do that)
- then started dumping their $ust on Binance
- creating a small depeg

- terra market module configured for $150m daily throughput for peg restoration would be enough if liquidity on curve was the intended $4bn instead of $350m
- people in small panic because $btc tanking and small $ust depeg so LFG started selling $btc to restore peg

- that's exactly what the attackers wanted because they've shorted $btc
- LFG dumping $btc while attackers putting pressure on by dumping $ust
- the more $btc sold the lower $btc tanked increasing panic the more $ust sell pressure the attackers needed

- finally people mass panicking and mass congestion hit the chain, cexs suspended withdrawals and shit hit the fan -> bank run on anchor
- Jump/LFG likely realized whats happening somewhere in the middle of their $btc reserve bag, stopped dumping $btc to save the peg, let it burn

- now peg is being restored naturally via the market module
- rumors about big deals made during the night

All of this would not be economically viable if the 4pool was live. Because clearing the 4pool alone would require $3bn instead of $350m. The timing was not a coincidence.