'Luna'cy: the crash of Terra Luna

[Majestic-milf]

 It is quite absurd how investors and traders will just jump at the prospect of new coin circulating the market. It's quite unfortunate how this newly issued token( Luna) promptly plunges over the weekend with a knee jerk reaction.
 The volume of Luna 2.0 dropped about 66% in a day as tokens worth over $130 million exchanged hands before it experienced an upsurge.
 Terra's revival plan was to deliver new Luna tokens to holders of the project's now vastly depreciated UST stable coin and also to hodlers of existing tokens.
 According to coinmarketcap data, this tokens were issued at $17.8 and sped up to $19.53 on May 28th. But unsurprisingly enough, as at May 30th, barely 48hrs later, it nosedived over 70%.
  https://www.google.com/url?q=https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/&sa=U&ved=2ahUKEwi9mKnaxpb4AhUhgs4BHV6hCbwQFnoECAkQAg&usg=AOvVaw01QhOFYYX1A9ExSwY_DpT3

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[Ultegra134]

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery. My guess is that those who are still onboard don't have anything else to lose and simply hope that one day, they'd be able to recoup some of their losses. Some others simply try to take the gamble, trying to take advantage of the high volatility, in an attempt to achieve a higher yield.

It sucks big time, I never expected such a downturn, with billions of dollars going down the drain. I managed to exit at an early state, before it got too bad and minimised my losses.

[Rikafip]

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery.

Because huge amount of crypto investors are nothing but a degenerate gamblers that are into all this to get rich quick and nothing else. They don't care about decentralization, being your own bank thing or whther altcoin have any utility. It's not like we didn't have bunch of examples in the past, like ETC that had several 51% attacks yet people are still somehow hodling (even mining) that. There are other well known altcoins that fail miserably like Luna did. My guess is that one of them will be ADA.

Saw recently the meme that explains this Luna 2.0 situation perfectly



 

[TheCoinGrabber]

"LUNAcy" LOL that's a good one. People really don't learn to stay away from these shitcoins. I also doubt the people that invested once it started rising was in any interested in the project. They were just in for a quick buck and are unlucky enough to be left bag-holders.

[serjent05]

This Luna market reaction simply shows that there is already a trust issue with the developer.  Many investors stay away from this newly forked Terra Luna because they had witnessed the incompetent of the people behind Luna.

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery. My guess is that those who are still onboard don't have anything else to lose and simply hope that one day, they'd be able to recoup some of their losses. Some others simply try to take the gamble, trying to take advantage of the high volatility, in an attempt to achieve a higher yield.

Same thought here, those who are caught by the crash can't do anything but to at least play the token left in their hand, hoping to lessen the losses they suffer after LUNC crash.

It sucks big time, I never expected such a downturn, with billions of dollars going down the drain. I managed to exit at an early state, before it got too bad and minimised my losses.

It shouldn't go to zero if Do Kwon did not exponentially increase the supply.  The Luna market was struggling but trying to hold on at a dollar a piece until the developer saturates the market by increasing token emission exponentially. 

[vv181]

Didn't follow up the aftermath of the Luna fiasco, but didn't they airdropped the token on a new chain? If that is so, the price drop should be expected since some of the investors should have known better that the whole idea itself is failed, so they just cashed out any leftovers they have.

Apparently, if there are still people who are embracing the Luna 2.0, I won't call them absurd, instead, I can safely assume that they are just purely gambling. Yet still, it is a freakin lunacy.

[Bitstar_coin]

Is not so surprising because it was obvious many of the affected victims will sell their airdrop shares to recoup some of the huge loss they have experienced. Can't blame investors, people are not sure what future is there for the new luna, if there was going to be huge community support like the previous luna or not. Not to mention the credibility of the terra luna was in question. I think most importantly, investors realize terra luna was not a community-driven coin as they thought it to be, Do Kwon and his close friends have influence over community opinion.

[Fesatmas]

No one thought what happened to Luna, the losses from investors were so big. I myself don't really understand why Do Kwon took the step of making a new Luna. Maybe the goal is to bring back the old Luna, but I think it's hard to succeed. I'm still seeing what he will do next, which I might be interested in getting into.

[ShowOff]

This Luna market reaction simply shows that there is already a trust issue with the developer.  Many investors stay away from this newly forked Terra Luna because they had witnessed the incompetent of the people behind Luna.

I agree that investor confidence issues in developers have caused prices to crash even after this project has made it to the new chain. It is difficult to change the perception of investors and traders if they no longer believe in the ability of the team to develop the project, so that ultimately crashes are inevitable. But anyway we don't know what will happen to Luna and Terra in the future despite all the troubles they are going through right now. Miracles are something we don't know when it will come, maybe most people who hope this project will succeed again are those who believe in miracles. 

[wxa7115]

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery. My guess is that those who are still onboard don't have anything else to lose and simply hope that one day, they'd be able to recoup some of their losses. Some others simply try to take the gamble, trying to take advantage of the high volatility, in an attempt to achieve a higher yield.

It sucks big time, I never expected such a downturn, with billions of dollars going down the drain. I managed to exit at an early state, before it got too bad and minimised my losses.

While I would like all this circus to be over already, this is one of those things that take some time precisely because of the reasons you are giving, there are a few people out there that still cannot accept they have lost almost all the capital they invested in Luna and hope to recover their money one day.

And then we have the speculators which do not care at all about what happened, and they just see the opportunity to make a few dollars before the coin collapses for good, which also extends the period we have to deal with such coin, however do not worry, at some point both Luna coins will disappear and we will be able to leave all of this mess behind us.

[CaVO32]

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery. My guess is that those who are still onboard don't have anything else to lose and simply hope that one day, they'd be able to recoup some of their losses. Some others simply try to take the gamble, trying to take advantage of the high volatility, in an attempt to achieve a higher yield.

It sucks big time, I never expected such a downturn, with billions of dollars going down the drain. I managed to exit at an early state, before it got too bad and minimised my losses.

While I would like all this circus to be over already, this is one of those things that take some time precisely because of the reasons you are giving, there are a few people out there that still cannot accept they have lost almost all the capital they invested in Luna and hope to recover their money one day.

And then we have the speculators which do not care at all about what happened, and they just see the opportunity to make a few dollars before the coin collapses for good, which also extends the period we have to deal with such coin, however do not worry, at some point both Luna coins will disappear and we will be able to leave all of this mess behind us.

And people who got involved will learn their lessons, not only once but twice owed to luna alone. This is what I was thinking, this Luna team just created their ver 2.0, just to give hope to its old holders but will have the same fate in the market. But who can really sue these luna team? They practically screwed a lot of lives. Or it is the people themselves who bought into this are to be blamed by their fate. They chose this project, so no one forced them to buy this crap project.

[Slow death]

The question I can't stop asking myself:

why does anyone still buy this altcoin even after seeing the size of the disaster it had recently?

it seems that people don't value the money they have or they are always believing in fairy tales, last week I happened to see a youtube channel where the owner of the channel was talking about day trading with Luna, so in the comments people were there all motivated to buy this altcoin in the hope of making 10X profits, it was something for sure in my opinion, I even thought I was dreaming and that what I was seeing was not real. how the hell was it possible for me to be seeing that? it looked like people had amnesia

And people who got involved will learn their lessons, not only once but twice owed to luna alone.

if there's something I've seen in these last few weeks that people will never learn a lesson in this type of investment, even if there are many cases like these in a row, people will continue to invest in this type of project

[Jating]

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery. My guess is that those who are still onboard don't have anything else to lose and simply hope that one day, they'd be able to recoup some of their losses. Some others simply try to take the gamble, trying to take advantage of the high volatility, in an attempt to achieve a higher yield.

I agree, and it's because investors are still gullible and thinks that they can recover what they have lost. Luna 2.0 will be worst than the first one, and even they say that they are going to burn billons, it won't solve the issue that there is no money flowing and that it won't e pegged 1:1 to US dollar.

It sucks big time, I never expected such a downturn, with billions of dollars going down the drain. I managed to exit at an early state, before it got too bad and minimised my losses.

No one expected it to fall like that, but maybe just Do Kwon and some of his executives. They are still under investigation in South Korea the last time I read  and at least the investigation will last up to the 3rd week of June. So we will see what will be the outcome.

[shinratensei_]

This token is only giving the exit liquidity for the UST loosers. The price is dropping even deeper right now. Remember that there are still vesting period and im sure the price will be dropping even more from day to the another day. If you are watching the market of luna correctly and the inflation keeps going on and people didn't have intention to hodl their tokens even longer. This is a very risky decisioin for them. UST was a scam and all of coins issued by terra foundations were scam. DO kwon needs to be jailed to learn from his fault.
So many people are loosing again and again just like this time.

[Fatunad]

I don't get why there are still people who believe in Terra, the whole project is dead with absolutely zero chances of recovery.

Because huge amount of crypto investors are nothing but a degenerate gamblers that are into all this to get rich quick and nothing else. They don't care about decentralization, being your own bank thing or whther altcoin have any utility. It's not like we didn't have bunch of examples in the past, like ETC that had several 51% attacks yet people are still somehow hodling (even mining) that. There are other well known altcoins that fail miserably like Luna did. My guess is that one of them will be ADA.

Saw recently the meme that explains this Luna 2.0 situation perfectly

 

People do really love to play with fire eh? They havent learnt up those past mistakes and losing huge money and now they are tending to dive in once again to deal with Luna 2.0?

How these people do make out these kind of considerations if they do really just based up on past events then i dont see for someone to be fooled twice.
Excuses that they could make money this time? That wont really be that sensible which its just sad that people lost lots of money for just making
theirselves fall for the hype.

[Mr. Magkaisa]

For what happened recently in LUNA, I don't think it will spike the price again just like what happened before.
It will be very difficult for Luna right now to recover. After what the founder and CEO of this coin did such as Fraud, changing the
total supply of LUNA, I doubt it will go up again. Maybe for the day trade or short term but not in the long term anymore.

[asriloni]

It seems like the community is trying various effort to know about the truth of this project. There are so many people are starting to trace the real story of luna. The founder was a dictator guy that is always focing its community to follow him. The price already plunged again and that proves that how the guy that called himself as the master of stable token can do nothing to bring back the trust by the investor again. Im sure that people scared to jump into the new luna again.
The new luna already had the same fate with the old luna. this will become useless coin.

[Charles-Tim]

According to coinmarketcap data, this tokens were issued at $17.8 and sped up to $19.53 on May 28th. But unsurprisingly enough, as at May 30th, barely 48hrs later, it nosedived over 70%.

The Luna 2.0 was very volatile when it was launched, it increased from around $18 to almost $20, but later decreased the hour it was launched to $3.4. The price has been very volatile and any price move in bitcoin will be more on Luna 2.0 than even on other altcoins with good marketcap. From around $6, it went up to $12 last week Monday or so, bitcoin only increased from $30100 to $32400. What if bitcoin price plummet to $25000, Luna 2.0 price likely would have gone below $1. It is not a coin to go for until the start of another bull run.

For what happened recently in LUNA, I don't think it will spike the price again just like what happened before.
It will be very difficult for Luna right now to recover. After what the founder and CEO of this coin did such as Fraud, changing the
total supply of LUNA, I doubt it will go up again. Maybe for the day trade or short term but not in the long term anymore.

It depends on the market, for now, nothing good can come up until the bull run finally starts. Luna 2.0 total supply is 1 billion, but likely you meant Lunc, the old Luna.

It seems like the community is trying various effort to know about the truth of this project. There are so many people are starting to trace the real story of luna. The founder was a dictator guy that is always focing its community to follow him.

That is one thing about altcoins, Do Kwon could be a dictator but altcoins are not decentralized, altcoins are just a centralized coin that have leaders the community are following. If you do not want to deal with a centralized coin, then bitcoin is a coin to buy as its founder is not even known and no more contributing to the bitcoin community.

[robelneo]

"LUNAcy" LOL that's a good one. People really don't learn to stay away from these shitcoins. I also doubt the people that invested once it started rising was in any interested in the project. They were just in for a quick buck and are unlucky enough to be left bag-holders.

That's the right and best word to describe this old and new token and we can call Do Kwon a Lunatic developer, the early surge is a sort of manipulation of whales and when small investors move to get in, that's the time whales dump their, small and medium investors and the victim here again.
I have this feeling that these two Luna, the new and the classic one will hug the headlines for many years to come, what happened to Luna is unprecedented in the history of the Cryptocurrency market.

[Wexnident]

It's funny how there was probably someone who took advantage of people believing in Terra recovering to ass pull them again. I know losing money when investing is something normal, but really, investing into something pumped so much believing it would still pump more is just, well, the very reason why newbie investors lose money. Start investing when it's down, not when it's at its peak, that's a one way ticket to going back to the drawing board for looking for new investments.