Yeah - I read that thread also. They almost made 1 billion by this attack - and ruined LUNA forever.
Funny (not) thing: someone mentioned this potential attack to Do Kwon already in November 2021, but I guess the inflated ego of Do Kwon simply didn’t allow him to listen. Karma can be a bitch sometimes.
well its back a 25c now. lol
Didn’t buy then, certainly wouldn’t buy now haha
Well, who’s buying LUNA now hast quite an impressive DCA. I took another tiny bet…
the supply will just grow and grow and grow till the price its completly gone or till no one wants to sell ust anymore.
The algo will produce luna till it can. Buying luna is like burning money at this point (with extra steps).
That said i bought a few 100 for shits and gigles.
buy and forget… for the giggles and maybe wonders… as well couple 100s.
I’m sorry for some guys having all net worth in LUNA…
I bought 200 Luna just for fun 
I wonder if on Kraken Luna staking there will be still UST and LUNA distributed… and how much it will be.
Don’t know why I care, but plz someone explain it to me in one sentence, what is Terra, TerraUSD and Luna? Why are these names all put together?
Terra is the network (I think on top of another one). LUNA and TerraUSD (UST) are tokens on this network. UST is stablecoin and LUNA is used (somehow) to peg the UST to USD.
not correct… I google… built with cosmos SDK
Basically very intricate houses built on sand (aka hope), as far as I understand. I find it curiously fascinating.
Terra itself was created in January 2018, LUNA was (approximately) created in April 2019, while TerraUSD (UST) was only created in September 2020 (as a stablecoin).
What killed LUNA was the link to UST. As long as 1 UST = 1 USD, everything is fine. If the rate drops significantly, you can earn a lot of money using arbitrage by burning UST and minting LUNA. That’s what happened yesterday and two days ago - someone making BIG arbitrage gains (we’re talking billions of USD) by using this mechanism.
Cool, thanks guys. But all these people who have invested their money in LUNA haven’t known about this potential exploit? Even the founder didn’t know?
A lot of warnings in the crypto industry since 2020, I’m sure a big part of retail investors didn’t care because of greed.
Do Kwon, the CEO, insulted on twitter people who talked about the fundamental risk of Terra stable : https://twitter.com/stablekwon/status/1464897977793728514?ref_src=twsrc^tfw
Here you can watch a Ben Felix style video about what happened with UST und LUNA (minus the advertisement around 10:50) Much better explained than I could ever do it.
The founder is an a$$hole who behaved like he’s the king of the world in the past. Inflated ego squared. So either he simply didn’t know, or just chose to ignore it.
The founder knew about the risk already half a year ago, when someone mentioned it to him on Twitter. I’m just searching to find where it was…
Or maybe even worse: he knew about it right from the beginning: https://twitter.com/realryunsu/status/1524321203590418433
Edit: @hereby hereby just posted the link. Thanks!
Well people where blinded by the 20% APR and the fact that LUNA had insane gains over 2 years (since every ust created lowered the LUNA in circulation).
Hard to stay rational when you are always winning…
And now LUNA is positioned #392 at coinmarketcap! Incredible.
Liquidated all UST positions. Not a time for side bets, I need funds to save my main leveraged portfolio.
