Crypto discussion
- Thread starter Montoya
- Start date
BBC: Cryptocurrency: UK Treasury to regulate some stablecoins https://www.bbc.co.uk/news/business-60983561
If this is a true bear market, then prices will be low for a while, no rush to jump in, but an opportunity to slowly buy anytime you see panic.Seems like a good time to buy, to me!
I don't buy/trade, I create from thin air and hold - but if I did buy and trade, I'd be buying a bit now :-)
wow that is incredible i wonder who dumped and why? Ive been throwing 100 into shiba once a paycheck since the drops started going off i feel like its going to take off again when everything stabilizes.
Well I bought some Luna @ $1.10 cause why the hell not? Lottery ticket and all that. Man I feel bad for the folks who went heavy into it. The Terra Luna subreddit is currently bombarded with suicide posts and links to suicide hotlines. 
Their stablecoin named Terra has an algorithmic peg. If you put in $1USD , you can get 1 UST, and 1 UST is backed by Luna. That peg got thrown off balance and dumping began. They need to mint more Luna to buy more UST to prop it up. As they mint more Luna, it creates a massive supply shock and causes it to dump 90%.
You are correct, buy the fear.Well I bought some Luna @ $1.10 cause why the hell not? Lottery ticket and all that. Man I feel bad for the folks who went heavy into it. The Terra Luna subreddit is currently bombarded with suicide posts and links to suicide hotlines.
Yup.
I think it’ll go back up but it won’t go back up to it’s all time high if ever. Propping UST means that Luna’s circulating supply is now what? 1.6 billion and counting? The sudden increase in supply means the eventual market cap will reflect a much lower token price. There’s room for growth but that $100 ceiling is gone.
The important thing right now is to somehow claw back some semblance of confidence. Maybe a whale taking the chance and/or UST stabilizing. Either way this is a bet for me and something I can afford to lose.
I mean if it pays off…..I’ll go buy a Javelin or something. If not….back to the McDonald’s fry station!
Yeah unbelievable. I’ve never seen such a fall from grace. $120 - $0.01 in 3 days? I’m more annoyed than anything. Didn’t have much riding on this (couple hundred bucks) but the collapse of LUNA has dragged down the entire market. Oh well….opportunity I suppose. Might pick up more ETH. Now if only I had a couple of hundred bucks to throw at ETH lol.