Shorting lunc (former original luna) and losing 99% assets

[libert19]

Even sharp fall as LUNC could make you lose assets.

A good article, cause I was one of those who thought it's that easy.

https://cointelegraph.com/news/korean-startup-uprise-lost-20m-shorting-luna

[cryptoaddictchie]

Thats because of a tremendous volatility. Of course eveyone thinks that shorting a damage project could lift their profits high but there are factors whom we cant anticipate like possible whale manipulations.  Of course these guys are watching the long and short positions and might chance to favoe which are those gonna lose more. So this possibility is also can, I wonder how the company can handle that kind of losses.

[sunsilk]

That's painful, they've relied on a bot for their trades with leverages. And they've used their customers fund to put into leverage. I don't know if that's exactly their business and how it goes.

But this is another reminder to all of those investors that are thinking it's safe to put all of your assets into websites like this and the same with the exchanges. You'll never know what's happening behind their curtains.

[Coin_trader]

Either side is both risky because retail traders usually follow the hype trend so even if you are whale and open a position in different direction. You can still get rekt if other whales manipulate the trend into opposite direction to your position. Until now, I never stop believing that sometimes Exchange is involved on market manipulation by shaking stop losses of whales position since they are the only one who has access on the stop losses price of whales position while they have sufficient liquidity to manipulate the market since they are not completely regulated.

[yazher]

Damn! they were a trusted company since their investors came from corporations and high net-worth persons and the result was not really praiseworthy since their lossing their assets rather than securing them. What could have gone wrong? I mean these people know exactly how to handle their money and yet, they fell to some kind of sales talk from the LUNC. Since they didn't really have some kind of plan when their market has fallen the first time, they shouldn't be trusted the second time because they don't really deserve it.

[Morningstarr]

Thats because of a tremendous volatility. Of course eveyone thinks that shorting a damage project could lift their profits high but there are factors whom we cant anticipate like possible whale manipulations.  Of course these guys are watching the long and short positions and might chance to favoe which are those gonna lose more. So this possibility is also can, I wonder how the company can handle that kind of losses.

I agree with you that when Luna started falling badly, the investment of many people sank, but there were very few who made a lot of money with future trading by opening short positions with high leverage. However, after the launch of LUNC. People did not trust it as much as before due to increasing in its supply and declining market cap, everyone thought that a short position should be opened on it so that it could make more profit or reduce its loss. Now here is a common-sense thing if everyone will make a profit then how will the market run But people, as usual, fell back into the whales' trap.

[Jating]

Well they can blame it to their supposedly "AI" trading bot, Lol. So what lessons do we learn from here?

1. Bots are not a sure fire to give you profits, and as much as you claim that it is very intelligent enough to predict and forecast the market? Still going to fail because of so many factors.

2. Don't put your asset into one basket. If you have done this with Luna, obviously, by now you have lost your crypto investment.

3. Just trust yourself, no need to used those so called services, because again, it's not a guarantee.

[WalkerIVIV]

No doubt. That company wants instant profit by shorting luna while this scam token is very volatile. I were scalping this token but since the chart didn't look healthy and i retire from trading this token. Once you think this coin will be going to short but it can be manipulated to be long. The market is unpredictable but i do believe if they have agreed with what happened with them. So that's their fault. I would not be surprised if there was also another company who has been facing the same problem,

[tbct_mt2]

Even sharp fall as LUNC could make you lose assets.

A good article, cause I was one of those who thought it's that easy.

Shorting at bottom after panic ends is terrible as short squeeze will liquidate your position.

For Luna Classic, I believe it will recover in future, slowly but it will and I am sure many people who short it will be liquidated.

After relisted on Binance with BUSD, later it has another pair with USDT and later with leverage for trading. It is not coincidence to see its leverage trading back. It is for short liquidations. I hold Luna Classic and I believe in its slow recovery. In addition, I hope people will not be killed if they short Luna Classic.

[Silberman]

Even sharp fall as LUNC could make you lose assets.

A good article, cause I was one of those who thought it's that easy.

https://cointelegraph.com/news/korean-startup-uprise-lost-20m-shorting-luna

Yet another example of why it is better to stay away from such projects, and if you cannot really do so then you need to invest a very small amount of money so in the case you are wrong your losses are small, in reality I am not surprised by this, after the crash of luna I kept an eye on it every day and like most people I predicted there would be some spikes in the price after that and that is exactly what happened, unfortunately these people did not know that and now they are paying the price for their ignorance.

[Teraboy]

Luna classic is the epitome of trash coin, it quite literally just full of manipulation and everyones that holding it just dreaming that they could someday become rich meanwhile it's the ones that manipulates the market that become rich.
if any startups invests in LUNC the outcome is kinda obvious, they definitely gonna lost their investment since it's like gambling after all.
I guess the loss that LUNC has incurred has reached billions of dollars if things like market manipulation keeps going.

[JeromeTash]

A good article, cause I was one of those who thought it's that easy.

it's never easy. I shorted Luna and made some insane profits in it, but there was one more time I shorted and would have had my position get liquidated if my stop loss was not on. Imagine, it was 3x leverage  .

From the article:

Uprise’s trading desk Heybit uses an artificial intelligence (AI) trading system that was designed to reduce the risks associated with leveraged trading.

It's funny that a bot that was designed to reduce the risks instead got the customers REKT

[justdimin]

when Luna started falling badly, the investment of many people sank, but there were very few who made a lot of money with future trading by opening short positions with high leverage. However, after the launch of LUNC. People did not trust it as much as before due to increasing in its supply and declining market cap, everyone thought that a short position should be opened on it so that it could make more profit or reduce its loss. Now here is a common-sense thing if everyone will make a profit then how will the market run But people, as usual, fell back into the whales' trap.

That short futures were a big big danger zone during that time. People did a huge leverage for shorting, but there were times when it did small upticks. It means that even though it went lower, the short positions were liquidated. I remember many times when it was under 1 dollar, getting to few cents and even lower, and it did like 1 cent higher price and liquidated all shorts and then kept going down even more.

This caused not many people to make money like you assume. Sure those people made money with some of their bets, but they lost money on some of their trades as well. Hence, it wasn't a clear money making method, it was a bit of a risky move.

[FanEagle]

It's not shocking to have these kinds of results. I mean if you are looking for shorting, and you do that with big numbers, based entirely on the trajectory of something then you should be ready with a big stop loss when things go wrong. I personally believe that LUNC will crash for sure, there is no denying that but at the same time I wouldn't short it because with some good market movements upside, there could be a small time recovery.

Just because it will crash to zero and not have any value, doesn't mean that it can't have some upsides here and there while going down neither. If you short right when it starts to go up, then you will lose all the money you invested, especially if you do not have a stop loss.

[crzy]

Even sharp fall as LUNC could make you lose assets.

A good article, cause I was one of those who thought it's that easy.

https://cointelegraph.com/news/korean-startup-uprise-lost-20m-shorting-luna

As expected, this project is dying and no more investor will trust this kind of project after what happened. I wonder why are you still analyzing this failed project, are you still planning to do short or you are trap on this project? Well, the volatility is very high and its risk, better to stay away from this project and go be active on a good one where you can have a good profit.

[serjent05]

Even sharp fall as LUNC could make you lose assets.

A good article, cause I was one of those who thought it's that easy.

https://cointelegraph.com/news/korean-startup-uprise-lost-20m-shorting-luna

They could have profited if they follow through with a buy when Luna Classic took a dive and bottomed.   This is luna classic's data:
All-time Low $0.000000999967 May 13, 2022 (about 2 months)
Current price: $0.00011019
source: https://www.coingecko.com/en/coins/terra-luna-classic

It was a great move that they shorted their trades but it was a mistake when they did not follow through when it went dipper.  They could have profited 10881.9% if they bought at the bottom.  I believe there are professional traders in that start-up, so I wonder why they did not take advantage of their knowledge.

[libert19]

Even sharp fall as LUNC could make you lose assets.

A good article, cause I was one of those who thought it's that easy.

https://cointelegraph.com/news/korean-startup-uprise-lost-20m-shorting-luna

They could have profited if they follow through with a buy when Luna Classic took a dive and bottomed.   This is luna classic's data:
All-time Low $0.000000999967 May 13, 2022 (about 2 months)
Current price: $0.00011019
source: https://www.coingecko.com/en/coins/terra-luna-classic

How were they supposed to know? It only looks obvious in hindsight.

[Silberman]

A good article, cause I was one of those who thought it's that easy.

it's never easy. I shorted Luna and made some insane profits in it, but there was one more time I shorted and would have had my position get liquidated if my stop loss was not on. Imagine, it was 3x leverage  .

From the article:

Uprise’s trading desk Heybit uses an artificial intelligence (AI) trading system that was designed to reduce the risks associated with leveraged trading.

It's funny that a bot that was designed to reduce the risks instead got the customers REKT

Bots getting the traders behind them in trouble is nothing rare, and that is because people do not really understand their own trading systems and they do not even backtest them at all, and the few that do so have a horrible money management strategy and they lose their money anyway as their risk of bankruptcy is incredibly high, so just a few losses are more than enough to lose almost all their capital, when in fact a risk of bankruptcy any other than zero is completely unacceptable.

[Xal0lex]

This once again proves that altcoins have no bottom and can fall very, very deeply, almost indefinitely, bypassing all kinds of analytical charts, technical analysis and indicators. Altcoins and borrowed funds are a terrible cocktail, which is a prohibitive risk and leads almost always to the same sad outcome - liquidation.

[wheelz1200]

Even sharp fall as LUNC could make you lose assets.

A good article, cause I was one of those who thought it's that easy.

https://cointelegraph.com/news/korean-startup-uprise-lost-20m-shorting-luna

Well of course.  Any asset that is crazy volatile like luna right now will end up getting you called if you are on margin.  Why in the world would you short or long anything like lun is beyond me lol.