'Luna'cy: the crash of Terra Luna

[RussianEnglishTranslation]

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.

Did you see how fast exchanges jumped on board to list Luna 2.0, even after the first one was ruled a scam and Do Kwon was outed as a scammer. Then the exchanges ran a pump and dump on their traders. Compare that with the dozens of exchanges that delisted XRP due to an SEC case and no ruling of illegal activity. The game is rigged folks. This is why I no longer use centralized exchanges or coins associated with them, like BNB chain or Cronos. I only trade on AMMs and invest in decentralized projects like FTM and CNDL.

[el kaka22]

I understand that something major changed in the crypto world when this happened, something that was 80+ dollars one day, ended up being less than 0.0001 cent the other day, so it is definitely a big deal. However, the idea of "what if it just turned to 1 dollars!!! only 1 dollars!! it can do that right???" needs to stop. No it can't, and no it won't. There is no situation where we will see it happen and we need to move on from it already.

I personally never owned any Luna because I knew how algorithm based stables worked, and I will never get anything that they will ever do in the future neither, not going to own that weird new luna 2.0 they created neither.

[MakiHasegawa]

Did you see how fast exchanges jumped on board to list Luna 2.0, even after the first one was ruled a scam and Do Kwon was outed as a scammer. Then the exchanges ran a pump and dump on their traders. Compare that with the dozens of exchanges that delisted XRP due to an SEC case and no ruling of illegal activity. The game is rigged folks. This is why I no longer use centralized exchanges or coins associated with them, like BNB chain or Cronos. I only trade on AMMs and invest in decentralized projects like FTM and CNDL.

You're right, after this luna things i don't really trust cex anymore and just use it if there is no other choices, Still curious why they list it back after it's happens.

[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.

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.

I think some people are naive enough to believe that eventually it will recover back to its former glory. At the moment, even if it reaches a few cents, it would be a miracle, because that would require billions of dollars in market value, which is highly unlikely, since the majority of the cryptocurrency community has abandoned the project and its developer is no longer to be trusted.

[doomloop]

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.

I don’t think this project is ever going to be successful again after falling twice. Luna failed the first and this second one (Luna 2.0) should have been a source of hope for the investors but it happened to also turn out to be a failure now, so how exactly are they going to be able to retain their community /investors?

A lot of investors were already discouraged at first, and the few that were left who were trying to see whether there is still the chance of them recovering what was lost are now going to give up on it, and when they finally do, it’s going to be totally over for the project.

[Ultegra134]

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.

I don’t think this project is ever going to be successful again after falling twice. Luna failed the first and this second one (Luna 2.0) should have been a source of hope for the investors but it happened to also turn out to be a failure now, so how exactly are they going to be able to retain their community /investors?

A lot of investors were already discouraged at first, and the few that were left who were trying to see whether there is still the chance of them recovering what was lost are now going to give up on it, and when they finally do, it’s going to be totally over for the project.

The most probable scenario is that the majority of people still supporting Luna are those who couldn't/wouldn't exit before it went downhill and are simply hoping to recoup some of their losses. Still, there are some others who are simply too naive to understand that it has been zeroed and it'll never recover to former price levels.

Despite all that, the Luna incident has changed the stablecoin scene by proving that algorithmic stablecoins aren't as safe as we deemed, with investors now being sceptical on staking others, such as USDD, which share a pretty similar concept to UST.

I had over 2.000 USD invested in staking UST - BUSD, fortunately I managed to sell at approximately 90 cents, before it went downhill, it was a terrible feeling.

[wxa7115]

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.

Personally I would like to see the luna developers pay for this, however this is going to be incredibly difficult to pull off, and this is because it is known this market is incredibly unstable and volatile, Kwon could always use this argument and say that those which invested in his project knew they were getting into a risky investment and that even if he is sorry they simply lost their money to the markets and not to himself.

While that can excuse may seem to be very weak it could be more than enough to get him free, so I am not very positive about the investors recovering a part of their money or Kwon spending any time on jail.

[LordShanken]

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

I think whales got a quick pump & dump. I doubt that Do Kwon would be so crazy that he would burn his project in the first days. I think the owner has bigger plans and he will scam investors in Luna 2 for a lot more money, but that will happen in some time.

[Jating]

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

I think whales got a quick pump & dump. I doubt that Do Kwon would be so crazy that he would burn his project in the first days. I think the owner has bigger plans and he will scam investors in Luna 2 for a lot more money, but that will happen in some time.

Well those opportunist individuals find their way on Luna 2.0 to pump and dump them and then exited on time. And up to this day, the price is still on a free fall, meaning investors have lost their confidence on it and they can't recovered their stature prior to the collapse.

So it's just a question on investors, whether they want to continue and invest and take the risk or not? Personally, I wouldn't reinvest, the risk is too high specially that we are in a bear market. It's hard to see how can we recover our lost money in Luna this way.

[TelolettOm]

Whatever the name, once a project has crashed, they cannot gain high trust again. Once people still support is at keast to turn back money that they are investing from the previous loss. But after winning, will they be still in that high salute and loyal? I don't think so. Because we are here especially to earn money, not for that kind of mindset.
Btw, why should Luna again? Although it can rise up again, it also has risk to be down again, moreover with thay track record.

[gunhell16]

Well, the crash of Terra Luna will continue to go down in the market as long as Do Kwon is not fixing or resolving its problems.
After what Do Kwon did in changing the total supply of LUNA, in which is the most St***PID things He did and He got a trillions of dollars
and a lot of their investors or holders got mad at Him, so possible in the end Do Kwon could go inside behind the bars. So, my advise is never try to buy this coin anymore because I am pretty sure that its movement in the chart will just only based in dump and pump and only.

[sana54210]

Well, the crash of Terra Luna will continue to go down in the market as long as Do Kwon is not fixing or resolving its problems.
After what Do Kwon did in changing the total supply of LUNA, in which is the most St***PID things He did and He got a trillions of dollars
and a lot of their investors or holders got mad at Him, so possible in the end Do Kwon could go inside behind the bars. So, my advise is never try to buy this coin anymore because I am pretty sure that its movement in the chart will just only based in dump and pump and only.

Trillions of dollars is a bit of an overreacting considering how much money we are talking about. However, he certainly did make millions of dollars from this move for sure, and took the investors for granted and "gave" free money to the market by creating the new luna instead.

So, what he did was took all the money out of the first original Luna, and then gave everyone he did this to some free tokens hoping that they would recover that back from the new Luna. This of course did not work and the new Luna will keep on crashing more and more. It never stayed still even after the first week, and it is going to hurt a lot more people if it goes on like this.