Crash of LUNA and UST

I dumped UST this morning which is collapsing now
:smile:

no no… I keep my 3.43 UST… they’re gonna moon to 1 UST/USD :rofl:

1 Like

Oh wow! One dollar is not always equal to one dollar.

Stablecoin @ 0.93 and falling

I will hodl until it will go to 1.005!

2 Likes

Do Kwon sold all the Terra BTC to support the peg… it doesn’t help

EDIT… not all:

Very entertaining UST crash if you are following… The timing could not be worse for them :sweat_smile:

UST crash is a very useful experience to me. I am aware of crypto market risks, but I couldn’t have imagined that a stablecoin can crash harder than regular crypto. I did borrow USDT to buy and stack UST with a higher yield. I even had gotten a margin warning at KUCoin, but it was of rather technical nature and no position was liquidated.

Well, I can just repeat two proverbs: “You live, you learn” and “Don’t invest in something you don’t understand”.

3 Likes

Hard thing to do in crypto :slightly_smiling_face: From my point of view, none of the so-called stablecoins are stable. The one which comes closest (in my opinion) is UDSC. USDT is also risky, even though it’s the biggest stablecoin out there.

So it might even be better to keep “stables” in BTC or ETH.

2 Likes

Hard luck on this. The beauty of crypto in general is that a lot of it is “tested in prod” but it can leave significant collateral damage as a result.

Not that it would have helped in this instance, but anyone considering looking for yield via smart contracts (custodial or not) should look into insurance products such as Nexus Mutual. Or, at the very least, know what you’re getting into before deploying funds or any significance to you personally.

And now what about UST? Are we panic selling at 0.90-0.94 range :sweat_smile: or do we expect kind of recovery?

I mean can it crash completely?

it only really hat 2 options: 1.00 or 0.00.

I would not put any money in UST knowing that its the 3rd time this has happened (and its almost 24h under 1.00). So i dont see who will buy UST from here?

The good ones don’t touch tether

1 Like

I’m taking a small bet from around 0.80 on Binance with 3 months staking for 20%. Additionally added some LUNA… No risk, no fun… right?

1 Like

better than buying a cashback credit card i guess…

2 Likes

On a serious note, I am liquidating my all locked UST positions except of 200 with the longest term and the highest interest. The potential “reward” of UST recovering and bringing an interest is not worth the risk of its further depreciation and the loss of time now when crypto market dropped heavily.

Again, a very interesting experience to have my only realized loss in crypto with a stablecoin.

1 Like

Not sure how much you lost, but just make sure to read a little bit about what was going on in the background:

https://coingape.com/heres-how-the-attacker-possibly-made-over-800-million-in-a-coordinated-attack-on-ust/

2 Likes

Nothing serious, crypto is a play portfolio for investment practice and psychological training for me.

3 Likes

Great times at the moment to do some training :slightly_smiling_face: Let’s see if the 30k will hold for BTC.

And… history being created in front of our own eyes. Terra LUNA going from the top 10 of cryptocurrencies straigt to the rekt graveyard:

-97.35% in the last 24 hours - we’re talking a top 10 cryptocurrency in terms of market cap getting completely crashed within a day

2 Likes