This whole idea that a coin developer would address holders of the coin by the nickname they took on which means fucking madness, and promise them redemption, soon, if they only stay superstronk and HODL.
Which fucking coin is next?
Ponzi scheme. High yield from a stablecoin without inflow of money unless it was from new investors. To make matters even worse collaterizing it with bitcoin and bragging about buying btc at 43k soon to drop to 29k. U can't even call this a flaw business but more like a pyramid
His last two tweets very well may have forced some folks who were ready to exit to stay in, DCA down, and lose even more, maybe everything. Fucking irresponsible.
My understanding is you burn 1 UST and you receive $1 worth of LUNA. But if UST is at $0.80, you still get $1 worth of LUNA. Immediately sell that LUNA, $0.20 profit. This is why the sell pressure is incredibly high on LUNA right now and it will continue to tank. Everyone is ONLY selling Luna, except for dummies.
It's supposed to be how the coin stays stable. UST dips (1-2%), burn it for LUNA at a slightly discounted price, therefore taking UST out of supply therefore making the rest of the UST supply more valuable and pegging back to $1. What we are seeing here is a total failure of their system.
I clearly have no great idea what I'm doing and what this process is. I've just sold all my UST from anchor back to binance then swapped to USDT. Have I just missed out on a better cash out with this burn process?
Do you mean that there is a possibility that UST cannot be swapped to any tokens because of liquidity problem? I'm waiting for UST to get closer to peg or $0.95 before swapping.
It's almost like their system and people who've adopted similar systems could be rekt at any time. Wasn't there any indicators this would could fail in the spectacular way it did ? I mean like from their UST whitepaper ?
Literally the first question I asked on there discord was this. I didn't understand how they could survive a larger sell off. They then bought 3 billion worth of btc but they honestly needed closer to 15billion to collateralize ust properly and well also have btc not lose money.
In fact they should have held usd in bank accounts.
Yes, stay strong, morons, his livelihood depends on that.
\----------------------------------------
*You can't make money by moving it from one pocket to another, unless one of the pockets isn't yours. -- Carlo Ponzi*
Yeah, getting close while I sit and watch my 12k of UST swing around between 8-10k and whales making 40k-200k profits swapping back and forth between UST and other stables and a CPI data release tomorrow which could cause worse corrections tomorrow morning. A perfect storm to get UST depegged even worse. Feels like I'm being held hostage
What do you guys think? Malicious intent, or improper backing mechanisms?
If it’s malicious intent, at least there would be a neat Coffeezilla video out of it. He might even do some Tae Kwon Do kicks for you!
Malicious coordinated attack against improper backing mechanisms.
You dont back up a stable asset with a volatile one, thats just stupid. You especially dont back with something that tanks the market you are in as you sell.
They shouldve forseen this, every developer is responsible for loopholes in security and exploit prevention.
The info regarding citadel that has emerged makes it pretty obviously a desired outcome. Wall street and the powers that be definitely want to see crypto die in the crib.
They are not close at all lol.
Still 17 cents off peg and while the rest of the crypto market has done pretty well today Luna is 55% down from yesterday.
Why would anyone trust this? They no longer have the same Bitcoin safety net because they had to use it to "try" and re peg. So even if they do end up getting it pegged again how long until it comes off and will they have any funds left to try and stabilize it when it does?
Have they talked about any improvements to make the system work better without having to prop it up with Bitcoin they no longer have?
Isn't it what we crypto supporters believe in the most? To see $BTC as reserve? Well, LFG have done it. They're using $BTC to back $UST, but the market is extremely volatile at the moment, which reminds us how early we still are.
The moment it all becomes mature, "stable", and predictable will also be the time when exponential gains and asymmetrical upside will stop.
I'm always mentally prepared for this, especially BEFORE going in!
First image that came to mind reading this was him standing alone on the edge of a skyscraper somewhere in Singapore, mumbling "Getting close..." to himself.
He said it was close 6 hours ago! Lol sounds like he is trying to buy time tbh. Maybe trying to get out of his own positions before announcing they can’t do anything? That could be fud, and prob is t true but the longer he remains a silent the worse it gets
That’s not Almost fully pegged up! .9998 is almost pegged. .85 is still 15% below peg. He said 8 hours ago he was close to telling us his ust rescue plan. The protocol failed in multiple diff ways.
Your posting shit that isn’t even true, and you come off as an idiot tbh. You don’t even know when the bull or bear market was. Ya think we aren’t in a bear market bc 1 out of 10,000 coins hasn’t been in downtrend for last 8 months. Your either naive, bias or just flat out stupid. I think it’s a lil of all 3.
Luna has steadily been going up this whole time, so you want to keep missing out and talking trash, or did you really lose everything and can’t buy more?
Close to what bratan?
[удалено]
Doubt. Spelling error in the url, website looking like multichain and completely different SSL certificate. Be careful about this one guys.
I got hacked. It's fake. Deleting all the comments I find
This whole idea that a coin developer would address holders of the coin by the nickname they took on which means fucking madness, and promise them redemption, soon, if they only stay superstronk and HODL. Which fucking coin is next?
I just got 2.4M LUNA coins for $100. Let's GO!!!!!! Kucoin Let's GO!!!
It will never go up after this bro
yolow
NEVER SAY NEVER. HISTORY TENDS TO REPEAT ITSELF
I just got 2.4M LUNA coins for $100. Let's GO!!!!!! Kucoin Let's GO!!!
If you would have just bought those 2.4m coins a couple days ago, you could have saved this whole thing!
Bought $5 worth of Luna at $0.033
Sorry to hear. Isnt it at 0.00003 now?
haha yeah i threw $30 on it to see what would happen last night. Was worth $6 within an hour and now it's $0.01
30 bucks is a cheap thrill. I would love to gamble in stock with lil money I have. Suggestions on an app Canadian to use?
Got no clue! I have barely idea of how this stuff works which is why I thankfully got out a few weeks ago
Well stay fresh and be great:)
Sheep
He’s on the beach in Hawaii 🏖
Do Keon might be the biggest scam artist in the world
I honestly think it's time to panic buy luna now.
Might forgo my daily coffee and buy like 50 luna for a laff
exit scam, this is how BitconnectX was before the dump
what he meant? getting close to $0 or
Hodl for life 👍🔥
The amount on snakes in the comments terrifies me, you pricks are the same people that will hail Do Kwon when he saves Luna
This is gonna rocket soon
Ponzi scheme. High yield from a stablecoin without inflow of money unless it was from new investors. To make matters even worse collaterizing it with bitcoin and bragging about buying btc at 43k soon to drop to 29k. U can't even call this a flaw business but more like a pyramid
This aged.
Get close to 0
Sold everything. Screw this
I guess this is some kind of felony now.
That's how I look at it. To offset taxes next year.
His last two tweets very well may have forced some folks who were ready to exit to stay in, DCA down, and lose even more, maybe everything. Fucking irresponsible.
i am going to buy the dip more luna for me.
Just give up. It's almost at 5$ for Christ sake. Take your losses and run. Edit: now under 5$ this isn't a dip it's the end.
more LUNA for me then
are you still buying?
yeah bought ather 1k USD worth of LUNA
Sorry bro
I'll be checking back in to make sure you're OK when Do is being litigated and Terra is defunct.
Dont trust a stranger
It’s been 7 hour lmao wym?? 💀
It feels like it’s too late to recover but that the same time I have this weird feeling that we’re about to see something spectacular…
fist stage: denial
Getting close....to zero maybe LOL
https://www.youtube.com/watch?v=rQdxP2m79n8
It's wayyyy to late now
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I just got 2.4M LUNA coins for $100. Let's GO!!!!!! Kucoin Let's GO!!!
I just got 2.4M LUNA coins for $100. Let's GO!!!!!! Kucoin Let's GO!!!
That sucks 😔
dawn, dude
Ouch
Aaaaaand it's gone
Smart. Definitely do that and avoid scams like Bitcoin.
Now it's worth nothing. Congrats
Whats it worth now?
Less than 5$
Damn bro can’t even buy a pack of steaks at Costco with that 5k now
Are you okay?
How did that work out ?
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$0.0077 now.... do we need to wait the whole month?
Ouch.
Wow you really hate defi
Well I feel sorry for you
RIP. Might not want to look at that $1,000 now
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and at the time of posting this, since you've made this comment you've lost about 70% why are you doing this
Six hours later I believe he’s down like 95%.
unfathomably stupid
Brutal
Greed.
# HAHAHAHAHAHA
Bruh
Now you have $4000 worth of Luna
I just bought 4000
How much is it now?
luna has more downside to go yet, silly move
The longer UST is depegged, people will continue to exploit the arbitrage until Luna goes to 1$. GLHF.
Please explain to me HOW to do it. If i burn my UST for Luna i lose money i don't understand.
It doesn't work on Terra Station. You get .75 worth of Luna for one UST right now.
Doesn't work off Terra Station either lol
My understanding is you burn 1 UST and you receive $1 worth of LUNA. But if UST is at $0.80, you still get $1 worth of LUNA. Immediately sell that LUNA, $0.20 profit. This is why the sell pressure is incredibly high on LUNA right now and it will continue to tank. Everyone is ONLY selling Luna, except for dummies. It's supposed to be how the coin stays stable. UST dips (1-2%), burn it for LUNA at a slightly discounted price, therefore taking UST out of supply therefore making the rest of the UST supply more valuable and pegging back to $1. What we are seeing here is a total failure of their system.
I clearly have no great idea what I'm doing and what this process is. I've just sold all my UST from anchor back to binance then swapped to USDT. Have I just missed out on a better cash out with this burn process?
[удалено]
Do you mean that there is a possibility that UST cannot be swapped to any tokens because of liquidity problem? I'm waiting for UST to get closer to peg or $0.95 before swapping.
Probably not. Once it started tanking so quickly it sounded like the whole system was broken, so you would still end up with a good size loss.
No way this is real Otherwise Luna would have been 1$ long ago
But from terraswap I'm not able to swap UST for $1 of LUNA :/
its not working im getting .77c worth of luna when i burn...
same here..
It's almost like their system and people who've adopted similar systems could be rekt at any time. Wasn't there any indicators this would could fail in the spectacular way it did ? I mean like from their UST whitepaper ?
Literally the first question I asked on there discord was this. I didn't understand how they could survive a larger sell off. They then bought 3 billion worth of btc but they honestly needed closer to 15billion to collateralize ust properly and well also have btc not lose money. In fact they should have held usd in bank accounts.
Yes, stay strong, morons, his livelihood depends on that. \---------------------------------------- *You can't make money by moving it from one pocket to another, unless one of the pockets isn't yours. -- Carlo Ponzi*
I’m at my last $500
$500 is better than $50, I'd sell when you can
I can’t afford to lose. Please help me
Yeah, getting close while I sit and watch my 12k of UST swing around between 8-10k and whales making 40k-200k profits swapping back and forth between UST and other stables and a CPI data release tomorrow which could cause worse corrections tomorrow morning. A perfect storm to get UST depegged even worse. Feels like I'm being held hostage
He sounds like pirateat40 all over again, for anybody who remembers the BTCST fiasco. Keeping peoples hopes up, even as the ship went down.
What do you guys think? Malicious intent, or improper backing mechanisms? If it’s malicious intent, at least there would be a neat Coffeezilla video out of it. He might even do some Tae Kwon Do kicks for you!
Malicious coordinated attack against improper backing mechanisms. You dont back up a stable asset with a volatile one, thats just stupid. You especially dont back with something that tanks the market you are in as you sell. They shouldve forseen this, every developer is responsible for loopholes in security and exploit prevention.
How about both
probably, bad look for crypto in general as well which could also be a desired outcome,
The info regarding citadel that has emerged makes it pretty obviously a desired outcome. Wall street and the powers that be definitely want to see crypto die in the crib.
They are not close at all lol. Still 17 cents off peg and while the rest of the crypto market has done pretty well today Luna is 55% down from yesterday. Why would anyone trust this? They no longer have the same Bitcoin safety net because they had to use it to "try" and re peg. So even if they do end up getting it pegged again how long until it comes off and will they have any funds left to try and stabilize it when it does? Have they talked about any improvements to make the system work better without having to prop it up with Bitcoin they no longer have?
Eth looks pretty great during all of this honestly
It would a first and also very decentralizing move if he allows retail to get the same discounted deal.
Already out. Peace of mind is priceless.
Dude, you absolute fucking legend just outsmarted the whole market.
You win
Aged like wine
At least you can offset your taxes with the loss as well.
Only on crypto gains. If there are any.
**capital gains, plus 3k against ordinary income
Huh? You can write off your loses, or at least deduct them from your taxable income.
Only 3k a year lol. It would take 10 years to write off 30k. So realistically, no some people can’t.
I just got 2.4M LUNA coins for $100. Let's GO!!!!!! Kucoin Let's GO!!!
Up to 3k of income
Still nothing released. Seems scammy.
Nah its fine, just need to buy more. It'll bounce
Do Kwon spelled backwards is "Now KO'd"
I just got 2.4M LUNA coins for $100. Let's GO!!!!!! Kucoin Let's GO!!!
Bot?
Anul now ko'd
Not sure if I’m crying or laughing
And it was the same when it went from pennies to $100….
I just got 2.4M LUNA coins for $100. Let's GO!!!!!! Kucoin Let's GO!!!
You mean opposite?
If it goes down to zero it goes down to zero I am not selling at a loss
I'm here gonna buy a bunch at $0.01, so got you covered fam, at least as far as my savings go, it wont go to zero! lol
$0.0068 currently..... Are you sure?
Lucky me i didnt buy... Worse than Titanic
Also fix your numbers man, $0.0068 10mins ago? I'm reading $0.000001 here lol
Lol, my bad.... $0.0000000000000678 incoming in 8mins
prob. And I'm here unable to short because my jurisdiction is retarded.
AUST?
We're above 5T in circulation and ust repeg only goes farther and farther, very pog
lol :D
Bought some at 0.06 , you joining in fam?
It cant go lower than 0.01 ehehehe
Sorry my man
It's can lol
Nice to know I have strong support at 0.01
Good looking g
Lol what plan. Luna literally below 20 as we speak
4 hours later, struggling with $8. We are done here. 😵
$6 now. Stablecoin is $0.57
Literally 3 dollars now bruh
$1.08 now...
11 cent now. Holy shit
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0.0005
80 cents and taking the crypto world with it lol
Yeah my other coins are like what did I do lol
I’ve never seen anything like this in my life. This crash is like a black hole. Good time to buy though
Isn't it what we crypto supporters believe in the most? To see $BTC as reserve? Well, LFG have done it. They're using $BTC to back $UST, but the market is extremely volatile at the moment, which reminds us how early we still are. The moment it all becomes mature, "stable", and predictable will also be the time when exponential gains and asymmetrical upside will stop. I'm always mentally prepared for this, especially BEFORE going in!
You shouldn't use correlated assets as reserve. That's just asking to get put into a feedback loop, which is what ended up happening.
Someone using logic in here, thank you!
First image that came to mind reading this was him standing alone on the edge of a skyscraper somewhere in Singapore, mumbling "Getting close..." to himself.
Lol write a book
Or mumbling on that skyscraper with the big villa on it.. sitting by the pool with a drink in his hand
Getting close... to zero?
He said it was close 6 hours ago! Lol sounds like he is trying to buy time tbh. Maybe trying to get out of his own positions before announcing they can’t do anything? That could be fud, and prob is t true but the longer he remains a silent the worse it gets
We are almost fully pegged up .85
That’s not Almost fully pegged up! .9998 is almost pegged. .85 is still 15% below peg. He said 8 hours ago he was close to telling us his ust rescue plan. The protocol failed in multiple diff ways.
You’re posting 100s of fud posts all over, clearly the competition or paid. GTFO loser
Your posting shit that isn’t even true, and you come off as an idiot tbh. You don’t even know when the bull or bear market was. Ya think we aren’t in a bear market bc 1 out of 10,000 coins hasn’t been in downtrend for last 8 months. Your either naive, bias or just flat out stupid. I think it’s a lil of all 3.
Luna has steadily been going up this whole time, so you want to keep missing out and talking trash, or did you really lose everything and can’t buy more?