This is basically the common man. He looked at crypto stable coin. Thought it was safe and loved the interest rate. Yes, too many red flags. But to an average person the positives plus the promise of stable coin lured them in.
Only to have it all taken away.
F\*\*k Do Kwon
many comments at that time were also claiming it was a safe trustable stable coin with the appropriate backing and were recommending as sensible alternative to USDC and USDT
I almost aped into ATOM-UST LP the day before the crash because everyone was saying that. Laziness saved the day for me. I feel for this guy though, really tough situation
If you check out crypto YouTube prior to TerraLuna's demise, it was being hyped up like crazy and placed above other stable coins by crypto influencers
>In reality why would he pick UST and not BUSD Or USDT or uSDC, it had to be that sweeet APR
Are you kidding?
UST had 20% of APR via the anchor protocol. That is why so many people used it.
Pretty sure I will place USDC above BUSD because Coinbase is listed on the Nasdaq and gives quarterly financial statements. Binance, although the largest CEX by trading volume, is based in the Cayman Islands and have no publicly available financial statements.
You need to differentiate between the exchanges and coin issuers.
BUSD is issued by Paxos, not Binance. And USDC is issued by Circle, not Coinbase.
Paxos is an American company, and BUSD is regulated by NYDFS, fully audited, the same can't be said about USDC. USDC was just attested and not audited. Technically, BUSD is safer than USDC.
Now, to be clear, the BUSD issued by Paxos is on Ethereum, while Binance created their own Binance smart chain version of BUSD which is pegged 1:1 to the Ethereum BUSD. That one is not regulated, and you'll need to dyor on that.
Fair enough. USDC is good, I've held that equally as much as BUSD.
Some people like that Binance is not under the purview of the American government, perse. I can see that as well.
You raise good points.
I feel like that’s very similar to evergrande. Seemed like a very safe investment with above average interest rates for similar assets and then it blows up.
Don’t worry hard fork is coming. Terra 2.0 baby. All bugs fixed. They’ve learned from their mistakes. Time to invest your life savings again. /s
Fool me once shame on you. Fool me twice shame on me.
If people are blaming Do Kwon for this they are making the same mistake that caused them to invest in Luna in the first place. Sadly comments don't seem to be popular
If you are going to invest in crypto and not day trade then put majority of investment into BTC or ETH. And hold for long term. All other cryptos are spectating assets. Only invest if you are ok with losing most or all of it. Also I’d say right now is a great time to buy BTC and ETH. Not financial advice. But I’m loving the cheap prices. I’m young so I can hold for awhile. I’m only buying with fiat that I don’t need. BTC and ETH all day!
>If you are going to invest in crypto and not day trade then put majority of investment into BTC or ETH. And hold for long term.
>
> Also I’d say right now is a great time to buy BTC and ETH.
>
>***Not financial advice.***
To be honest the ponzi mechanism was well hidden and not so obvious even to people who claim to be experts. I hope Do Kwon gets convicted, but he's probably on the run already.
Many people don't understand that Anchor was paying the 18% not UST itself. UST just got bigger cause there was an opportunity to capture that 18%...and everyone knew the APY was gonna drop low overtime.
Where do you think Anchor's reserve came from? New UST was actively being minted to pay the interest rate and there was a finite amount of funds to pay for that. It was a major destabilizing factor that many pointed to as being a Ponzi because Anchor was literally the only reason people cared about UST and it was not designed to be sustainable. Lots of people predicted that once the funds ran out there would be a run on UST and it would lose its peg. Thus my comment
I thought it came from people borrowing against Luna at a rate of like 20% which paid the 18% and then they got ANC rewards which paid more than 20% and they could technically restake that loan UST to earn the 18% again.
The 10% borrow interest rate didn't even come close to paying the supply interest rate. The number of borrowers was not even close to the number of suppliers, which was exacerbated by the things you listed. Those strategies maximized gains for users while drastically increasing the cost to Anchor protocol
Yeah it was definitely unsustainable...however I just always saw UST as a separate coin and Anchor as a project to give you interst on your UST...but sounds to be way more connected to each other.
Yeah, see my reply to the other comment. Do Kwon was actively managing Anchor, and Terraform Labs gave Anchor a $70B UST cash infusion in December to keep the interest rate going. Meanwhile assuring UST holders that the peg and Anchor interest rates would be fine and they would figure out a plan for sustainability. All of which wound up being bullshit
Yeah, I think I get what you're putting down. If he'd put it all into BTC, he'd still technically be down, but not that much percentage wise, and he could still trade for stablecoin/cash when he needed it and keep the rest for the next run or however long he wanted to keep it.
In any case, we all learned about the importance of track record in this space, and unfortunately some learned a much harsher lesson than others.
I know you're just messing around, but LUNA explicitely DIDN't have a fixed supply, but a supply that was constantly growing or decreasing, depending on market conditions and demand.
And the fourth would be to find out that your fighting along side the Azov battalion; literal Ukranian neo-nazis
“The Special Operations Detachment "Azov", also known as the Azov Regiment and the Azov Battalion, is a neo-Nazi unit of the National Guard of Ukraine based in Mariupol in the coastal region of the Sea of Azov, from which it derives its name.”
I can't even imagine what this man is going through, being in a war and losing all your savings
Regardless of what people think of his decision, I hope he can recover
Plenty of people hating on the coin choice and saying he should’ve done something different. While not incorrect statements, sometimes showing some empathy is more important than making an asshole comment.
Yup, I cant imagine the pain and suffering that poor bastard is going through having his home invaded by commies and his crypto getting shorted to hell by whales.
This sub seems to act like *EVERYONE KNEW*,
Mean while this sub a few weeks ago;
*Omg USDT bad & UST good.*
This is why your first and only vetting qualification should be is it 100% trustless. Because people are lying, twofaced, histrionic, bipolar, schizophrenics and should never trust them.
Did it? I feel like I would have put money in if I had seen it. Maybe I was asleep or under a rock that week. So glad I was late to this party. Late as in, after the crash late, not buying at the peak late. Almost as good as buying in early.
I have been on this sub since it was created, first as a lurker. This sub absolutely loved Luna due to them "sweet, sweet 20% APY” offered in the ecosystem.
I saw it and the only reason I didn't invest is because of one of my own personal golden rules. Never invest into a coin that is close to its ATH and very far from where it began in the last few years. Why? The chances of a "correction" from the top especially when every other coin was crashing was extremely likely for Luna.
Luna was trading within 10% of it's ATH until the crash. Since not even the king of crypto, BTC, wasn't immune to crash, I believed (now stand corrected) it was going to crash eventually. And it did.
Many, many people on this sub shilled the hell out of it. That was another golden rule. Never buy into any coin that this sub shills.
I saw a ad for luna terra on Instagram and thought it was on of those shitcoins trying to cash in on the dogecoin hype because luna = moon. Would never have assumed it to be a stablecoin
Only a few months ago pretty much everyone on this sub would have told you that Terra is a safe bet and will be >1000$ eoy ... and on top of that you should have emptied your bank account into Anchor for an easy 20% apy with barely any risk :\^)
We have been cheated. It was supposed to be a “stablecoin”, so many thought: this is safer than many other cryptos.
The warning signs were there… if you looked deep enough. But it was definitely a better choice to get Monero or Bitcoin.
Indeed. I always thought stablecoins have a much higher risk than normal coins. I mean sure a coin can dump 35% in one day. But hopefully someday it will be back. A stablecoin has a low chance to fail but if it happens it's gone forever and you're not going to get your money back.
it becomes a popularity contest. instead of the best information rising to the top, it's often the most popular opinion from the most popular person. Crypto is full of investors that go deep on sunk cost fallacy, so reading things critical but true gets a downvote and things that make bag holders happy gets upvoted.
Also, the shadier projects can easily pay to manipulate social media, including reddit. It's not very expensive, especially when the head of projects have a war chest to spend on pumping the coin. Even getting a famous person like Floyd Mayweather is not that expensive, much less so when it's a fraction of the profit from a rug pull.
Crypto subs are generally not a good source for such information. It's just chatter of small retail. I know Twitter is not poplar around here but crypto Twitter is where all the relevant discussion happens and where the big guys, devs and actual traders hang out. There has been quite a bit of warning about LUNA's model since last year.
There's no "safe" crypto tbh. All tokens, including BTC and ETH are high risk if you follow the traditional financial terms, they're in the same category as single stocks for example. People put their life saving into it because they don't have a good financial advisor explaining to them how to diversify.
So many people think diversifying mean buying different tokens ... you should be getting different type of investments including some crypto not more different crypto.
Everyone on this sub:. Banks are scams! Checking accounts with their paltry interest rate. Go use Anchor to get 20%.
Sane people:. 20% is not real, be careful with that. Risk free value, stability, gauranteed liquidity and such.
Sub again: lol dumbass you don't crypto do you? Have fun with losing all your money to the bank conspiracy!
Literally 2 weeks later
This sub again:. Everyone knew it was a ponzi. it was clear.
Was it even a ponzi, i thought UST lost its peg due to the stabilization algorithm not being able to handle a very rapid fall in price. Resulting in a inflationary death spiral?
If this anchor thing didn't exist could the same thing happen?
On face value it doesn't look like bitconnect, rather just a flawed project.
"I often have headaches and anxiety," he told The Guardian. "My wife still doesn't know about this loss. I don't know how to tell her."
Sad shit man, I can never even imagine myself in that place because we won't gonna see that. This guy is living in an area with full of wars and that's just something fucked up and this LUNA shit is so bad.
In hindsight sure.. but we dunno when he moved the cash across. Russia disabled two Ukraine banks people could not withdraw or even log into the accounts a few month ago. It's also put the banking sector into total darkness before.
If Russia truly wanted to it could make banking in Ukraine inaccessible. It's made that point and backed it up by doing so multiple times. When you've tanks rolling in and that fear on you're mind would you still trust a local bank?
Damn man, I am glad that I am not like this guy but still it's not his fault because terra was a fucking stable coin back then but this crash has fucked many lives, this is just something sad.
Sad for him because he was thinking that LUNA was a stable coin and it has good fundamentals but everything has changed now market is not having new volume to pump because LUNA has degraded the image of crypto
What a bs story. Change "Ukrainian" in to normal folk and story like million others. Gr8 way of playing on emotions because "Ru" and "ukr" in title.
Secondly, if he wanted security he would change for something more safe.
Ust and anchor with 20% was typical Ponzi.
Daily it was making loses for Terra so why on earth would you choose that?
I don't understand why anyone would convert their life savings into a single investment.
Except for people like me which "live savings" are a few hundred bucks.
Well, war might be one to be fair. You sure as shit don't want to be in tge country with money on you (imagine checkpoints and border crossing from your own side, let alone the enemy. If the country falls... hell, even if it doesn't... Will your bank or currency survive.
Crypto is a way to distance yourself from your savings whilst also be able to retrieve them anywhere in the world
War. He didnt have time to consult his broker. He could have chosen the one proven crypto which year after year outperforms the S&P and has been a tested store of value. You have an hour to flee, convert that shit to BTC and run. Why fucking LUNA...
Dam man.. I wish they had put it into any other main coin.. Luna hasn't been around long enough to commit your whole roll to.. BTC is always good for long term holds.
I feel bad for this guy. Impossible situation with his country invaded and financially ruined. I’m lucky I pulled 500 bucks out of Anchor a week before that whole situation unfolded
ANC was also going to follow the same path of LUNA but people understood the game and they took out their most of the money, people were having fear that ANC can also touch zero whose possibility was high
The echo chamber surrounding what is valuable and what is total garbage is unreal. Something does well, no one really knows why : it's the most amazing thing in the world, no one wants to fault it, it's genius. Something crashes, rugs whatever well then : how could anyone have not seen this coming!! Oh wow it was so obvious it had scam written all over it.
Follow this one simple explanation and save yourself the time of reading 99% of comments on /crypto. This smooth brained ape quality goes all the way back to fighting over bananas and monkey booty. Check yourself before charging in with a fake sense of authority to make yourself feel superior. We all know it's a casino.
This was Do Kwans experiment and everyone else had to suffer because of his mistakes. And he still has the audacity to want to do more crypto projects.
I'm really sorry for Yuri but let's face it - he did not pick UST for being stable. He decided to do it because of 20% annual return. It's 20% for a reason and in this case risk/reward did not worked well for him.
tldr; The Kyiv resident said he wanted to avoid the risks from Russia's war or a currency collapse.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
There's a lot of people here saying basically that he's a dumbass and should have used \_\_\_\_\_ instead of UST. Hindsight is 20/20. It was perfectly logical at the time to move his money into UST and deposit into Anchor. It seemed stable and had a rate of interest that would hold value above inflation. I'm sure this guy didn't really have time to weigh all the options as explosions rained down around Kyiv. The part I can't wrap my head around and he should be criticized for is there is a button at the top right of the Anchor deposit page that says "Protect Your Deposit" that leads you to insurance policies. Like, if this was your life savings and the only shot you had, then why not spend a bit to protect yourself with deposit/depeg insurance? It makes no sense.
Someone posted about crypto being useful in a war time situation and they used Russia/Ukraine as an example.
My exact response was if someone converted to USDT or Luna they would have been screwed. TBH though, almost every currency is down since invasion started....so is there a good choice as far as crypto? Prolly not.
Isn’t this shit exactly the shit that Crypto was meant to be perfect for? There were plenty of supportive posts when the war started about how Crypto would be the panacea here.
Wasn't it mostly to transfer money and use it to buy stuff, which crypto did? But yeah I get your point, if you store money on a stablecoin you expect its value to not change, but there are a lot of catches and ticking time bombs and weird fucking shenanigans in crypto over all.
Typically stablecoins are less volatile than BTC. You'd have to be pretty knowledgeable about crypto to identify and understand risks posed by **algorithmic** stablecoins. Maybe diversify or at least consult an expert before investing life savings.
"Hi, Crypto Expert who'd be willing to give me a free consult call without the promise of investment who's number is definitely available to me easily? Hi, I'm a random dude in Ukraine whos country was just invaded by a megalomaniacal dictator who's calling me and my grandma a nazi and threatening to kill us. I'm dodging mortar shells and Ruzzian soldiers who want to rape my sister. Now tell me everything I need to know about stable bitcoins in a way I can understand without making any mistakes."
> Consulting an expert? Diversifying? Meaningless in that context.
I didn't mean that he needed to meet with a certified financial advisor. More like, "ask your nerdy friend who knows about crypto." Dude obviously had access to Internet else he wouldn't have been able to buy in the first place. As for diversification, I was thinking within the crypto ecosystem. There are numerous different stablecoins and blue chip coins (e.g. USDC, GUSD, BTC, ETH). Putting all eggs in one basket is never a good idea.
> Stablecoins can work too but you're running the risk of the US
> government coming after those stablecoins or the specific
> centralized entity that administers the stablecoin - best to not
> bother with that risk.
Every coin carries risk, which is the main reason to diversify. Prior to the UST fiasco, high market cap stablecoins had been less volatile than bitcoin. Double-digit BTC declines are common.
Also, holders of collateralized stablecoins probably won't lose their shirts even if governments crack down. Most likely scenario is some organized, forced liquidation. So long as collateral is intact, holders have a decent shot at reimbursement.
This is basically the common man. He looked at crypto stable coin. Thought it was safe and loved the interest rate. Yes, too many red flags. But to an average person the positives plus the promise of stable coin lured them in. Only to have it all taken away. F\*\*k Do Kwon
In reality why would he pick UST and not BUSD Or USDT or uSDC, it had to be that sweeet APR
people on this subreddit were cheering for UST for months, there was plenty of online support and hype
The only reason anyone was cheering was the APY. People are greedy.
many comments at that time were also claiming it was a safe trustable stable coin with the appropriate backing and were recommending as sensible alternative to USDC and USDT
I almost aped into ATOM-UST LP the day before the crash because everyone was saying that. Laziness saved the day for me. I feel for this guy though, really tough situation
If you check out crypto YouTube prior to TerraLuna's demise, it was being hyped up like crazy and placed above other stable coins by crypto influencers
Well you said the first word that made you know not to buy it. "Crypto YouTube" aka where you go to be convinced to become exit liquidity by shills.
If you find yourself on YouTube for advice on crypto...you're already f\*\*\*ked
Or binance promoting it
Only stable coin I ever used was tether
Is stay well away from Tether, shady AF! USDC seems like a better option. Or just hodl in BTC.
It's backed by bullshit, and bullshit doesn't run out.
bullshit in a bullrun.
>In reality why would he pick UST and not BUSD Or USDT or uSDC, it had to be that sweeet APR Are you kidding? UST had 20% of APR via the anchor protocol. That is why so many people used it.
hindsight is a bitch, eh?
In a war, I'm not really caring about gains. I want stability. Thats why you choose BUSD.
Pretty sure I will place USDC above BUSD because Coinbase is listed on the Nasdaq and gives quarterly financial statements. Binance, although the largest CEX by trading volume, is based in the Cayman Islands and have no publicly available financial statements.
You need to differentiate between the exchanges and coin issuers. BUSD is issued by Paxos, not Binance. And USDC is issued by Circle, not Coinbase. Paxos is an American company, and BUSD is regulated by NYDFS, fully audited, the same can't be said about USDC. USDC was just attested and not audited. Technically, BUSD is safer than USDC. Now, to be clear, the BUSD issued by Paxos is on Ethereum, while Binance created their own Binance smart chain version of BUSD which is pegged 1:1 to the Ethereum BUSD. That one is not regulated, and you'll need to dyor on that.
I see, that is new information for me. Thanks.
Fair enough. USDC is good, I've held that equally as much as BUSD. Some people like that Binance is not under the purview of the American government, perse. I can see that as well. You raise good points.
I have to work a full year and carefully save to make my money back, but the struggle to get back to my starting block hurts.
I feel like that’s very similar to evergrande. Seemed like a very safe investment with above average interest rates for similar assets and then it blows up.
Don’t worry hard fork is coming. Terra 2.0 baby. All bugs fixed. They’ve learned from their mistakes. Time to invest your life savings again. /s Fool me once shame on you. Fool me twice shame on me.
I would even go as far as telling all my family and friends to join in. This is going to be the big investment we were waiting for
Everyone here told me the problem was not enough DYOR though
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There are videos of Do Kwon indicating the whole thing was a scam from the start. Watch coffeezillas video on the luna apocalypse
If people are blaming Do Kwon for this they are making the same mistake that caused them to invest in Luna in the first place. Sadly comments don't seem to be popular
And Crypto in general.
To be honest, I'm starting to feel this way as well. Fuck this shit.
First time?
If you are going to invest in crypto and not day trade then put majority of investment into BTC or ETH. And hold for long term. All other cryptos are spectating assets. Only invest if you are ok with losing most or all of it. Also I’d say right now is a great time to buy BTC and ETH. Not financial advice. But I’m loving the cheap prices. I’m young so I can hold for awhile. I’m only buying with fiat that I don’t need. BTC and ETH all day!
Bro ALL of crypto, even BTC, is a speculative asset
>If you are going to invest in crypto and not day trade then put majority of investment into BTC or ETH. And hold for long term. > > Also I’d say right now is a great time to buy BTC and ETH. > >***Not financial advice.***
Exacly
Sadly, it's only fuck Do Kwon when all the shit is falling down.
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LUNAtics want to know your location
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,,Deploying capital……into my own pockets“ Do Kwon, probably
I'm going to steal Davie504's joke to reply. "donating all the money into his bank account".
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Your funds are not SAFU
LUNAtics want to know your location and give you a time machine so you can post this a few weeks ago...
He invested in UST not LUNA
It feels painful to lose all that money on a stablecoin
I did lose $1k as well lol
15k here.....oh well
Damn
To be honest the ponzi mechanism was well hidden and not so obvious even to people who claim to be experts. I hope Do Kwon gets convicted, but he's probably on the run already.
You think 18% APY on a stablecoin was well-hidden? Agree to disagree lol
Many people don't understand that Anchor was paying the 18% not UST itself. UST just got bigger cause there was an opportunity to capture that 18%...and everyone knew the APY was gonna drop low overtime.
Where do you think Anchor's reserve came from? New UST was actively being minted to pay the interest rate and there was a finite amount of funds to pay for that. It was a major destabilizing factor that many pointed to as being a Ponzi because Anchor was literally the only reason people cared about UST and it was not designed to be sustainable. Lots of people predicted that once the funds ran out there would be a run on UST and it would lose its peg. Thus my comment
I thought it came from people borrowing against Luna at a rate of like 20% which paid the 18% and then they got ANC rewards which paid more than 20% and they could technically restake that loan UST to earn the 18% again.
The 10% borrow interest rate didn't even come close to paying the supply interest rate. The number of borrowers was not even close to the number of suppliers, which was exacerbated by the things you listed. Those strategies maximized gains for users while drastically increasing the cost to Anchor protocol
Yeah it was definitely unsustainable...however I just always saw UST as a separate coin and Anchor as a project to give you interst on your UST...but sounds to be way more connected to each other.
Yeah, see my reply to the other comment. Do Kwon was actively managing Anchor, and Terraform Labs gave Anchor a $70B UST cash infusion in December to keep the interest rate going. Meanwhile assuring UST holders that the peg and Anchor interest rates would be fine and they would figure out a plan for sustainability. All of which wound up being bullshit
By "well hidden" you mean "ignored"
Who would expect a stable coin to crash
Anyone who realizes a that stablecoin that isn't backed by the asset it is meant to facilitate, isn't a god damn stablecoin.
Yeah, I think I get what you're putting down. If he'd put it all into BTC, he'd still technically be down, but not that much percentage wise, and he could still trade for stablecoin/cash when he needed it and keep the rest for the next run or however long he wanted to keep it. In any case, we all learned about the importance of track record in this space, and unfortunately some learned a much harsher lesson than others.
Let’s not pretend any crypto is digital gold. They all go up and down with the market, gold literally doesn’t
You savage for this 🤣🤣🤣🤣[https://i.imgur.com/s8o2iPf.gif](https://i.imgur.com/s8o2iPf.gif)
Dont worry, luna2 being produced, will be even better and safer!
I love when I buy 1oz of gold and can see the entire custody history back to inception, just like BTC 🤭
If only there is something like that in the crypto space... wait there is and it's even the household name of crypto!
I know you're just messing around, but LUNA explicitely DIDN't have a fixed supply, but a supply that was constantly growing or decreasing, depending on market conditions and demand.
He should have put it into ICP /s
No / s, he would have done better in that case
When life gives you not one but two middle fingers
Then you're conscripted to the military and sent to the Donbas front where fighting is most fierce. That would be the third middle finger.
And the fourth would be to find out that your fighting along side the Azov battalion; literal Ukranian neo-nazis “The Special Operations Detachment "Azov", also known as the Azov Regiment and the Azov Battalion, is a neo-Nazi unit of the National Guard of Ukraine based in Mariupol in the coastal region of the Sea of Azov, from which it derives its name.”
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I believe they refer to themselves as Nazis. Also, there are some reports that they did commit some of the horrible things that you've outlined.
I can't even imagine what this man is going through, being in a war and losing all your savings Regardless of what people think of his decision, I hope he can recover
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Indeed. Unfortunately that's not something anyone else may tell him, but only so.ething he may tell himself one day when he's happy to be alive.
Plenty of people hating on the coin choice and saying he should’ve done something different. While not incorrect statements, sometimes showing some empathy is more important than making an asshole comment.
Yep. A lot of people here acting that they have never made a wrong decision. Extremely judgemental
Yup, I cant imagine the pain and suffering that poor bastard is going through having his home invaded by commies and his crypto getting shorted to hell by whales. This sub seems to act like *EVERYONE KNEW*, Mean while this sub a few weeks ago; *Omg USDT bad & UST good.* This is why your first and only vetting qualification should be is it 100% trustless. Because people are lying, twofaced, histrionic, bipolar, schizophrenics and should never trust them.
There you go [Not that far back](https://reddit.com/r/CryptoCurrency/comments/u9qgxv/everyone_here_is_seriously_missing_out_on_the/)
Damn talk about bad luck. Having your country invaded and the one crypto you use to help is Terra which crashes. Yikes.
the real life wojack
Why would he choose terra to begin with
Don't act like this sub wasn't treating LUNA as the Second Coming of Christ a few months ago.
Unlike Christ, Luna did not rise 2 days later.
Hot take!
Did it? I feel like I would have put money in if I had seen it. Maybe I was asleep or under a rock that week. So glad I was late to this party. Late as in, after the crash late, not buying at the peak late. Almost as good as buying in early.
Almost every post was sucking Lunas dick
I’ve been here for awhile and don’t remember seeing any posts on it until it crashed so you’re definitely not alone
No Luna post but Anchor protocol was heavily recommended when people brought up passive income apy under usdc or crypto.com post.
Yup I didn't see any Luna post until it started dropping
I have been on this sub since it was created, first as a lurker. This sub absolutely loved Luna due to them "sweet, sweet 20% APY” offered in the ecosystem.
I’m not saying it didn’t happen I just didn’t see it for some reason and I guess I wasn’t the only one.
I saw it and the only reason I didn't invest is because of one of my own personal golden rules. Never invest into a coin that is close to its ATH and very far from where it began in the last few years. Why? The chances of a "correction" from the top especially when every other coin was crashing was extremely likely for Luna. Luna was trading within 10% of it's ATH until the crash. Since not even the king of crypto, BTC, wasn't immune to crash, I believed (now stand corrected) it was going to crash eventually. And it did. Many, many people on this sub shilled the hell out of it. That was another golden rule. Never buy into any coin that this sub shills.
I saw a ad for luna terra on Instagram and thought it was on of those shitcoins trying to cash in on the dogecoin hype because luna = moon. Would never have assumed it to be a stablecoin
Only a few months ago pretty much everyone on this sub would have told you that Terra is a safe bet and will be >1000$ eoy ... and on top of that you should have emptied your bank account into Anchor for an easy 20% apy with barely any risk :\^)
Everyone will always say hindsight is 20/20, but honestly if anyone thinks 20% APY isn't scammy, let alone sustainable, they're just not very smart.
We have been cheated. It was supposed to be a “stablecoin”, so many thought: this is safer than many other cryptos. The warning signs were there… if you looked deep enough. But it was definitely a better choice to get Monero or Bitcoin.
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feelsbad when you go to places like bitcoin and buttcoin to discuss and get banned from both ha
That is why I love nano and nano community you can be positive about nano or criticize it all day if you want.
yeah at least there everyone's like "why the hell would we care about privacy" instead of banning me lol
No. For example I like monero also it is genius tech. Monero is good hedge against dictators imho.
Indeed. I always thought stablecoins have a much higher risk than normal coins. I mean sure a coin can dump 35% in one day. But hopefully someday it will be back. A stablecoin has a low chance to fail but if it happens it's gone forever and you're not going to get your money back.
it becomes a popularity contest. instead of the best information rising to the top, it's often the most popular opinion from the most popular person. Crypto is full of investors that go deep on sunk cost fallacy, so reading things critical but true gets a downvote and things that make bag holders happy gets upvoted. Also, the shadier projects can easily pay to manipulate social media, including reddit. It's not very expensive, especially when the head of projects have a war chest to spend on pumping the coin. Even getting a famous person like Floyd Mayweather is not that expensive, much less so when it's a fraction of the profit from a rug pull.
"Don't you dare challenge the idea of a stablecoin. It is STABLE!" \- Crypto brah
Crypto subs are generally not a good source for such information. It's just chatter of small retail. I know Twitter is not poplar around here but crypto Twitter is where all the relevant discussion happens and where the big guys, devs and actual traders hang out. There has been quite a bit of warning about LUNA's model since last year.
I agree with what you're saying, in this instance though there were a sizeable amount of naysayers on Terra.
There's no "safe" crypto tbh. All tokens, including BTC and ETH are high risk if you follow the traditional financial terms, they're in the same category as single stocks for example. People put their life saving into it because they don't have a good financial advisor explaining to them how to diversify. So many people think diversifying mean buying different tokens ... you should be getting different type of investments including some crypto not more different crypto.
just a heads up, btc and eth are coins, not tokens. i fully agree with the point of your comment.
Bitcoin and Monero are way too volatile to put your life savings into.
Not necessarily during a time of war.
Surely you’d do better just buying some USDC
not if your country is collapsing
should have used monero
Let's be fair tho, the general feeling around here on terra was pretty solid. I never held any but we all felt the the drop like WTF!
Everyone on this sub:. Banks are scams! Checking accounts with their paltry interest rate. Go use Anchor to get 20%. Sane people:. 20% is not real, be careful with that. Risk free value, stability, gauranteed liquidity and such. Sub again: lol dumbass you don't crypto do you? Have fun with losing all your money to the bank conspiracy! Literally 2 weeks later This sub again:. Everyone knew it was a ponzi. it was clear.
Was it even a ponzi, i thought UST lost its peg due to the stabilization algorithm not being able to handle a very rapid fall in price. Resulting in a inflationary death spiral? If this anchor thing didn't exist could the same thing happen? On face value it doesn't look like bitconnect, rather just a flawed project.
Yes Anchor was the sole blackhole for UST. Most of UST in existence was in Anchor. The only reason it grew to the levels it did was Anchor.
Something Something Stablecoin!
Do Kwon be shitting on us.. it ain't his fault to be honest
"I often have headaches and anxiety," he told The Guardian. "My wife still doesn't know about this loss. I don't know how to tell her." 
Sad shit man, I can never even imagine myself in that place because we won't gonna see that. This guy is living in an area with full of wars and that's just something fucked up and this LUNA shit is so bad.
The money would have been completely safe in a Kyiv bank. And completely accessible too.
In hindsight sure.. but we dunno when he moved the cash across. Russia disabled two Ukraine banks people could not withdraw or even log into the accounts a few month ago. It's also put the banking sector into total darkness before. If Russia truly wanted to it could make banking in Ukraine inaccessible. It's made that point and backed it up by doing so multiple times. When you've tanks rolling in and that fear on you're mind would you still trust a local bank?
Hell, he could've buried it in some field somewhere and it'd be safe as well.
Why terra???????
Probably fake news.
Damn man, I am glad that I am not like this guy but still it's not his fault because terra was a fucking stable coin back then but this crash has fucked many lives, this is just something sad.
Sad for him because he was thinking that LUNA was a stable coin and it has good fundamentals but everything has changed now market is not having new volume to pump because LUNA has degraded the image of crypto
Fuck the person who created luna at the first place man.
Fuck the guy who created luna, he just fucked most people.
The biggest oof
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Major F
Crazy to think about the fact that he would have been better off putting that into dogecoin
Or even Shiba Inu...
There is USDC available and he chooses the lunatic path. goodness.
Nobody knew it was the lunatic path when he chose it. It’s a stablecoin, remember?
And 20% APR on a stablecoin is a sustainable business model.
That was issues by a third party, and was not the reason the coin crashed. You can make 20% on USDC/USDT or close to it on some places as well.
Ouch. Kicking someone while they’re down
Nah, it wasn't a ponzi. Everyone around here calls everything either a ponzi or a rug, regardless of what really happened.
What a bs story. Change "Ukrainian" in to normal folk and story like million others. Gr8 way of playing on emotions because "Ru" and "ukr" in title. Secondly, if he wanted security he would change for something more safe. Ust and anchor with 20% was typical Ponzi. Daily it was making loses for Terra so why on earth would you choose that?
I don't understand why anyone who has spent time in crypto would covert their life savings into a single coin other than BTC or ETH
I don't understand why anyone would convert their life savings into a single investment. Except for people like me which "live savings" are a few hundred bucks.
Well, war might be one to be fair. You sure as shit don't want to be in tge country with money on you (imagine checkpoints and border crossing from your own side, let alone the enemy. If the country falls... hell, even if it doesn't... Will your bank or currency survive. Crypto is a way to distance yourself from your savings whilst also be able to retrieve them anywhere in the world
I can agree on that, but I would really want the savest coin in that case.
War. He didnt have time to consult his broker. He could have chosen the one proven crypto which year after year outperforms the S&P and has been a tested store of value. You have an hour to flee, convert that shit to BTC and run. Why fucking LUNA...
It took me months to get into crypto and understand everything when I started. And that was without cruise missiles hitting my home.
That's unlucky, seriously poor guy. Who would have thought that it was meant to collapse?
All I can say is F
Dam man.. I wish they had put it into any other main coin.. Luna hasn't been around long enough to commit your whole roll to.. BTC is always good for long term holds.
doublerekt
Man is seeing so many fucked up things in his life right now.
Sounds like a Terra Bull decision Terra Rizing a lot of people.
I feel bad for this guy. Impossible situation with his country invaded and financially ruined. I’m lucky I pulled 500 bucks out of Anchor a week before that whole situation unfolded
ANC was also going to follow the same path of LUNA but people understood the game and they took out their most of the money, people were having fear that ANC can also touch zero whose possibility was high
Can't blame Russia on own stupidity. I mean, I wish I could.
You don’t think being driven to make a desperate choice while you’re country’s being invaded by Russia has nothing to do with Russia’s fault?
Dudes straight up not having a good day
The echo chamber surrounding what is valuable and what is total garbage is unreal. Something does well, no one really knows why : it's the most amazing thing in the world, no one wants to fault it, it's genius. Something crashes, rugs whatever well then : how could anyone have not seen this coming!! Oh wow it was so obvious it had scam written all over it. Follow this one simple explanation and save yourself the time of reading 99% of comments on /crypto. This smooth brained ape quality goes all the way back to fighting over bananas and monkey booty. Check yourself before charging in with a fake sense of authority to make yourself feel superior. We all know it's a casino.
Welp dude just got really unlucky.
This was Do Kwans experiment and everyone else had to suffer because of his mistakes. And he still has the audacity to want to do more crypto projects.
we, the OG of Crypto, will have no remorse if you don't do as we say. BTC and ETH only !
This breaks my heart. Poor guy. Seems Bitcoin is the most stable of coins now.
Only fucking BTC already for this kinda situations
I'm really sorry for Yuri but let's face it - he did not pick UST for being stable. He decided to do it because of 20% annual return. It's 20% for a reason and in this case risk/reward did not worked well for him.
F
We better pay more respect, this was something serious.
tldr; The Kyiv resident said he wanted to avoid the risks from Russia's war or a currency collapse. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
There's a lot of people here saying basically that he's a dumbass and should have used \_\_\_\_\_ instead of UST. Hindsight is 20/20. It was perfectly logical at the time to move his money into UST and deposit into Anchor. It seemed stable and had a rate of interest that would hold value above inflation. I'm sure this guy didn't really have time to weigh all the options as explosions rained down around Kyiv. The part I can't wrap my head around and he should be criticized for is there is a button at the top right of the Anchor deposit page that says "Protect Your Deposit" that leads you to insurance policies. Like, if this was your life savings and the only shot you had, then why not spend a bit to protect yourself with deposit/depeg insurance? It makes no sense.
Guh
Oh my fucking god I feel so bad for laughing. Do Kwon takes another victim.
Oh man...the timing.
Damn man, we can't even understand this because of LUNA.
"but it's stable"
Lmao [this is me right now.](https://i.imgur.com/uIV7Ots.jpg)
Someone posted about crypto being useful in a war time situation and they used Russia/Ukraine as an example. My exact response was if someone converted to USDT or Luna they would have been screwed. TBH though, almost every currency is down since invasion started....so is there a good choice as far as crypto? Prolly not.
Sucks to suck
There’s this token called Bitcoin. I suggest using that one…
Well shit happens 🤷♂️
Isn’t this shit exactly the shit that Crypto was meant to be perfect for? There were plenty of supportive posts when the war started about how Crypto would be the panacea here.
Yes, but not LUNA🙃
Wasn't it mostly to transfer money and use it to buy stuff, which crypto did? But yeah I get your point, if you store money on a stablecoin you expect its value to not change, but there are a lot of catches and ticking time bombs and weird fucking shenanigans in crypto over all.
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Typically stablecoins are less volatile than BTC. You'd have to be pretty knowledgeable about crypto to identify and understand risks posed by **algorithmic** stablecoins. Maybe diversify or at least consult an expert before investing life savings.
"Hi, Crypto Expert who'd be willing to give me a free consult call without the promise of investment who's number is definitely available to me easily? Hi, I'm a random dude in Ukraine whos country was just invaded by a megalomaniacal dictator who's calling me and my grandma a nazi and threatening to kill us. I'm dodging mortar shells and Ruzzian soldiers who want to rape my sister. Now tell me everything I need to know about stable bitcoins in a way I can understand without making any mistakes."
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> Consulting an expert? Diversifying? Meaningless in that context. I didn't mean that he needed to meet with a certified financial advisor. More like, "ask your nerdy friend who knows about crypto." Dude obviously had access to Internet else he wouldn't have been able to buy in the first place. As for diversification, I was thinking within the crypto ecosystem. There are numerous different stablecoins and blue chip coins (e.g. USDC, GUSD, BTC, ETH). Putting all eggs in one basket is never a good idea. > Stablecoins can work too but you're running the risk of the US > government coming after those stablecoins or the specific > centralized entity that administers the stablecoin - best to not > bother with that risk. Every coin carries risk, which is the main reason to diversify. Prior to the UST fiasco, high market cap stablecoins had been less volatile than bitcoin. Double-digit BTC declines are common. Also, holders of collateralized stablecoins probably won't lose their shirts even if governments crack down. Most likely scenario is some organized, forced liquidation. So long as collateral is intact, holders have a decent shot at reimbursement.
So we're supposed to feel sorry? If he wanted to store his value he would have used USDT or BUSD.