Are you here when Luna crashed?

[Suleiman the Magnificent]

Luna's crash was a period of complete chaos in the market. Almost no coins had any credibility left. People were terrified, but the cryptocurrency market managed to weather this potentially deadly period.

[Dunamisx]

Can someone tell me if something happened to stable coins when Luna crashed some years back?

During during the Luna incidents some years back, it cost a lot of investors who had invested in it and many way able to convert their assets to stable coin because of the so the decline that has been sustained for a longer behavior to maintain everything completely crushed down for Luna, those that were able to quickly observe this made their decision faster and receive to an extent from the massive lost than those routine it is just an illusion and keep holding until they become a complete loser.

[RewFrew]

This is a question for those who are in the market when Luna crashed.

A friend is warning me to becareful with stable coins because if anything happened they could be affected and he made mentioned of Luna days.

I tried thinking what happened 🤔 I couldn't remember anything.

Can someone tell me if something happened to stable coins when Luna crashed some years back?

My brother reminded me of the pain. My girlfriend didn't give me what LUNA hurt me. I dreamed a lot about LUNA and invested a lot even by borrowing from others and investing in this LUNA. But being deceived by LUNA in such a way will probably carry the pain for the rest of my life. But I learned a lot from it. I had a great lesson because I made another mistake. The mistake was that I invested all my capital in one place in LUNA. It really shouldn't have been done.

Your friend warned you, no one warned us, if we had been careful, we might have been saved from this danger to some extent. However, there is no end to learning, I am trying to do better in the future by using this lesson.

[Abiky]

This is a question for those who are in the market when Luna crashed.

A friend is warning me to becareful with stable coins because if anything happened they could be affected and he made mentioned of Luna days.

I tried thinking what happened 🤔 I couldn't remember anything.

Can someone tell me if something happened to stable coins when Luna crashed some years back?

When LUNA crashed, investors began to lose trust in stablecoins. Centralized exchanges began offering proof of their reserves after the downfall of FTX thereafter. It took quite some time before trust rebuilt itself. As a result of the Terra/LUNA crash, the number of algorithmic stablecoins are relatively-scarce these days. They might as well be non-existent. A good thing, because it removed uncertainty surrounding stablecoins.

Collaterized counterparts, although centralized, have a much lower risk. It's what has been dominating the market these days. The next big thing is Bitcoin-backed stablecoins. Hopefully, things don't get messed up again in the future. Or it will be another LUNA 2.0 scandal.

[Alonso_]

Luna's crash was a period of complete chaos in the market. Almost no coins had any credibility left. People were terrified, but the cryptocurrency market managed to weather this potentially deadly period.

It was a horrible experience when LUNA crashed, personally I saw people who was devastated by the crashing of LUNA and I was also devastated by the crashing, I wasn’t really expecting that to happen, just like you have said there was Chaos and people who hold LUNA was very disappointed and devastated, I believe so many people lost hope in whatever that have to do with cryptocurrency, most people where now feeling there is no hope with cryptocurrency, I think the crypto market had to gain it’s credibility through bitcoin because most of this cryptocurrency only depends on Bitcoin to thrive.

[ChisomP]

Luna's stable coin (UST) algorithm sucks, that's why it could not hold, they were not really backed so when pressure was mounted on it, it did not survive. USDT and USDC on the other hand have strong background, and backings, so you shouldn't worry too much about them while referencing UST. I am not saying it is not risk free, but due to how they are designed, they are fundamentally different from UST.

[Odusko]

This is a question for those who are in the market when Luna crashed.

A friend is warning me to becareful with stable coins because if anything happened they could be affected and he made mentioned of Luna days.

I tried thinking what happened 🤔 I couldn't remember anything.

Can someone tell me if something happened to stable coins when Luna crashed some years back?

The best place to get the right information about the Luna crash incident is through search and read multiple sources of the cause, but what I can tell you is that, the Luna tarra project was doing incredibly well until there was an incident involving the CEO and there after the Luna stable coin lost it pegged to USD that was when the whole thing crashed, before it gradually recovered to the current market level.

[Abiky]

The best place to get the right information about the Luna crash incident is through search and read multiple sources of the cause, but what I can tell you is that, the Luna tarra project was doing incredibly well until there was an incident involving the CEO and there after the Luna stable coin lost it pegged to USD that was when the whole thing crashed, before it gradually recovered to the current market level.

LUNA crashed was so "hard" that not even a new iteration of the project (dubbed Terra 2.0) had any success. The brand/name is already tainted. Especially when investors lost a lot of money as a result of the crash. I've noticed that after the downfall of Terra/LUNA's UST stablecoin, algorithmic stablecoins came down to a "halt". All of the stablecoins you see right now are either collaterized by crypto or backed by real Fiat. Perhaps, the market learned its lesson after the LUNA scandal.

Not only LUNA became history, but also the FTX exchange. One thing came after another, causing a temporary blow to the entire crypto industry. Thank goodness we're already past that. Regulators are now paying close attention to the industry, so the odds of something like this repeating itself in the future would be slim. We'll see what happens...

[JaanusRaim]

The Luna 2022 historical event in the cryptocurrency history even if you are not around that period of time in the cryptocurrency forum, you will definitely hear about that incident that took the price from $80 to near zero price, that was the biggest dump in the entire cryptocurrency history, none have broken that record until now, this shows and point that cryptocurrency assets most especially the altcoins section are highly volatile.

The Luna 2022 crash was also remarkable because up to 3x price differences in Luna/USD exchange rates emerged between Kraken, Coinex and Coinbase and these differences lasted not seconds but minutes. I have never before or later seen so big price differences between cryptocurrency exchanges.

[jossiel]

I was there when it crashed.

People thought that they're doing a genius thing when they continue to buy a lot of bitcoin to support their stable coin.

But, behind that we don't know that it's just a stunt so that they don't look sketchy at all.

[TastyChillySauce00]

The Luna 2022 historical event in the cryptocurrency history even if you are not around that period of time in the cryptocurrency forum, you will definitely hear about that incident that took the price from $80 to near zero price, that was the biggest dump in the entire cryptocurrency history, none have broken that record until now, this shows and point that cryptocurrency assets most especially the altcoins section are highly volatile.

The Luna 2022 crash was also remarkable because up to 3x price differences in Luna/USD exchange rates emerged between Kraken, Coinex and Coinbase and these differences lasted not seconds but minutes. I have never before or later seen so big price differences between cryptocurrency exchanges.

Liquidity was squeezed so hard back then, nobody want to arbitrage nor want to take the elevated risk on the collapse of the algorithmic stablecoin and the endless printing of Luna just to restore the peg.
It was crazy, good thing I wasn't holding UST and was never a fan of it. A stablecoin should be backed by t-bill otherwise it's susceptible to depegging.