THE PRICE of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent.

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
#1
THE PRICE of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent.

Scottish Sun

Terra's crash, which ranked among the top 10 most valuable cryptocurrencies, has now seen the fortunes of crypto investors wiped out.

The dramatic crash meant its market cap dropped from above $40bn (£32bn) to just $500m (£409m) - resulting in unprecedented losses for those who cashed in on it.

The majority of the losses were realised overnight - with a 98 per cent price fall in the space of just 24 hours.

Do Kwon, the founder of Terraform Labs, announced on Twitter on Wednesday amid the crash that he has a recovery strategy for the Terra tokens that he will release soon.

Many speculations are also being made that Terraform Labs is in touch with several investors to bring the cryptocurrency back on track.

More details in https://www.thescottishsun.co.uk/money/8...ncy-value/


[Image: luna.png]
Specuvestor: Asset - Business - Structure.
Reply
#2
(12-05-2022, 07:44 PM)cyclone Wrote: THE PRICE of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent.

Scottish Sun

Terra's crash, which ranked among the top 10 most valuable cryptocurrencies, has now seen the fortunes of crypto investors wiped out.

The dramatic crash meant its market cap dropped from above $40bn (£32bn) to just $500m (£409m) - resulting in unprecedented losses for those who cashed in on it.

The majority of the losses were realised overnight - with a 98 per cent price fall in the space of just 24 hours.

Do Kwon, the founder of Terraform Labs, announced on Twitter on Wednesday amid the crash that he has a recovery strategy for the Terra tokens that he will release soon.

Many speculations are also being made that Terraform Labs is in touch with several investors to bring the cryptocurrency back on track.

More details in https://www.thescottishsun.co.uk/money/8...ncy-value/


[Image: luna.png]
It about time the "tulip mania" stopped.

Pump and dump schemes ala dotcom 2.0 or web 3.0 or whatever they wanna call it. 

Hopefully after this wipe out, govs will be more strict in controlling proliferation of these speculative lottery tokens. 

Chinese gov will be happy the banned cryptos in China, at least this fall out wont hurt them.
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com
Reply
#3
(12-05-2022, 08:51 PM)BlueKelah Wrote:
(12-05-2022, 07:44 PM)cyclone Wrote: THE PRICE of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent.

Scottish Sun

Terra's crash, which ranked among the top 10 most valuable cryptocurrencies, has now seen the fortunes of crypto investors wiped out.

The dramatic crash meant its market cap dropped from above $40bn (£32bn) to just $500m (£409m) - resulting in unprecedented losses for those who cashed in on it.

The majority of the losses were realised overnight - with a 98 per cent price fall in the space of just 24 hours.

Do Kwon, the founder of Terraform Labs, announced on Twitter on Wednesday amid the crash that he has a recovery strategy for the Terra tokens that he will release soon.

Many speculations are also being made that Terraform Labs is in touch with several investors to bring the cryptocurrency back on track.

More details in https://www.thescottishsun.co.uk/money/8...ncy-value/


[Image: luna.png]
It about time the "tulip mania" stopped.

Pump and dump schemes ala dotcom 2.0 or web 3.0 or whatever they wanna call it. 

Hopefully after this wipe out, govs will be more strict in controlling proliferation of these speculative lottery tokens. 

Chinese gov will be happy the banned cryptos in China, at least this fall out wont hurt them.

BlueKelah, This old-dog buddy (me) commends you for “sticking-to-your-guns” and consistently maintaining the tag line: “Virtual Currencies are worth virtually nothing”. For what its worth, I agree with you 100%.

Absolutely NOT Vested
RBM, Retired Botanic MatSalleh
Reply
#4
(13-05-2022, 10:20 PM)RBM Wrote:
(12-05-2022, 08:51 PM)BlueKelah Wrote:
(12-05-2022, 07:44 PM)cyclone Wrote: THE PRICE of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent.

Scottish Sun

Terra's crash, which ranked among the top 10 most valuable cryptocurrencies, has now seen the fortunes of crypto investors wiped out.

The dramatic crash meant its market cap dropped from above $40bn (£32bn) to just $500m (£409m) - resulting in unprecedented losses for those who cashed in on it.

The majority of the losses were realised overnight - with a 98 per cent price fall in the space of just 24 hours.

Do Kwon, the founder of Terraform Labs, announced on Twitter on Wednesday amid the crash that he has a recovery strategy for the Terra tokens that he will release soon.

Many speculations are also being made that Terraform Labs is in touch with several investors to bring the cryptocurrency back on track.

More details in https://www.thescottishsun.co.uk/money/8...ncy-value/


[Image: luna.png]
It about time the "tulip mania" stopped.

Pump and dump schemes ala dotcom 2.0 or web 3.0 or whatever they wanna call it. 

Hopefully after this wipe out, govs will be more strict in controlling proliferation of these speculative lottery tokens. 

Chinese gov will be happy the banned cryptos in China, at least this fall out wont hurt them.

BlueKelah, This old-dog buddy (me) commends you for “sticking-to-your-guns” and consistently maintaining the tag line: “Virtual Currencies are worth virtually nothing”. For what its worth, I agree with you 100%.

thanks for the compliment. 

I do have to add that even for fiat currencies, they are almost worth nothing as the supply of these usually outnumber the amount of gold "backing" that central banks keep. 

Russia has taken the first step by pegging Ruble to gold and this has been quite successful with the crash in the Ruble now reversed! 

I believe in time China might also peg their digital yuan to gold, that would be a huge move and would allow yuan to become a much bigger reserve currency. China would then have the new "american gold 美金“ as we used to call the USD in chinese, as USD was initially backed by gold until 1970.
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com
Reply
#5
Evidence suggests that it was a well-funded attack that affected the timing of the Terra/Luna unravel; a large entity apparently sold bitcoin short and went after the TerraUSD peg, right along the lines of how people described that the protocol could be attacked back in 2021. For macro investors, think of it like George Soros going after the Bank of England.

Blaming the attacker misses the point; if something in markets can be successfully attacked, it eventually will be successfully attacked. Algorithmic stablecoins have had a bad track record of failure, and this was the biggest one yet. Since most of their adjustment mechanism was public knowledge, an attacker could know all the specific ways in which to strike it.

Digital Alchemy: A Post-Mortem of the Crypto Crash
https://www.lynalden.com/digital-alchemy/
You can find more of my postings in http://investideas.net/forum/
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)